Thank you for posting this.

I may have failed to get across a key point which is - as fiat continues to debase and devalue - the incentive to not get it are going to disappear and everyones price goes up as a result.

its hard to imagine in such a centralized fiat world that we live in now but these arrangements and incentives have existed for thousands of years.

they're an ally in the sense that they are incentivized to prevent a government or anyone else from damaging your property.

its the cost of losing clients when you can't borrow infinitely to raise them agaiin. in todays system, there's no real penalty to an insurer denying claims because they have an infinite marketing budget.

yes but in a hard money system, the penalty of not paying a claim is pretty severe. The original statement i was arguing was the comment that insurance is anti-soverign - Im not arguing that its trustless.

property insurance aligns an insurer's incentive with the insured and strengthens ones protection of property. One now has an ally against the state who is incentivized by skin in the game.

Austrians wrote extensively on this.

"rampant" capitalism under a system of soft money ends up flowing back up to the state. In a hard money system rampant capitalism, if permitted, should only really lead to the creation of capital .

Once can attempt to use their entrepenrial wealth and capital creation to amass power but the opportunity cost of doing so becomes enormous.

You forgot a fundamental lack of understanding of Bitcoin and money and a super high time preference.

What's depressing about it is the imbalance and asymmetry of value being paid to do these jobs. It's hard to earn bitcoin and it isn't worth much relative to the time spent earning it relative to fiat. This is going to change. The people in the 1 job model are going to be destroyed when their jobs pay fairly.

Gonna shamelessly plug my pod. This episode is special:

tldr: Blackrock is a liability driven investor who 1) doesn’t want to be bailed out ever again; 2) hates bonds worse than Greg Foss; 3) understands btc enough to use it as the risk-free asset for portfolio construction: 4) sees the ETF as a way to hedge the upshock risk that bit them last September.

Implication is that they’re not necessarily in it for NGU - but they’re using it for existential purposes and will likely see it through.

Will start to create enhanced SPX etfs sprinkling in the btc ETF - then will move as far as they can towards 100%

Doctors: mainly the idea that they're independently educated

I would think Gavin but he knew exactly who he was and it turned out for the best. Maybe CSW but he clearly imagined that scenario as well.

Maybe its just the fact that he couldn't stay.

Thank you sir!

Nobody who really understands bitcoin gives a shit about carnivores, conspiracies, and whatever other social piccadillos people think hurt adoption.

People adopt bitcoin because they see the value for themselves.

I think people have a distorted view of what adoption actually is.

There's no portfolio construction model that would allow Bitcoin to have more than a 5% allocation without a constraint.

You have to understand what "high Sharpe ratio" asset classes do to portfolio optimization models.

These models are garbage and we can be sure Blackrock will advise nobody in this manner.

But we were meant to see this report for a reason - thats where the signal lives.

Framing Bitcoin as an investment is the worst possible thing people do for adoption. Drives me crazy.

People who don't save are in no position to be investing anything. The idea that you're creating productive capital with your "investment" is delusional and psychotic and you'll never actually save with that mindset.

You'll also get rekt by capital gains and getting rugged in good markets and by price action in bad markets.