Apocalyptic scenario if bitcoin is 1M in 3 months
Next step will be consolidating power from big banks to the biggest central bank.
Thank Satoshi we have bitcoin
Ammunition for CBDCs and regulation
I think that's what is happening (seeing some stuff on twitter but who knows how accurate it is) along with them looking to raise more money via equity issuance / other means.
They have enough when they sell their bonds for 60 cents on the dollar to cover shortfall and incur billion dollars of realized losses
Fractional reserve banking is literally a ponzi business model. If everyone wants their money at the same time no money is to be found. Similarities to Silvergate involve the banks having to liquidate bonds at steep losses to fund withdrawals. The effects of interest rate hikes combined with human psychology around the illusion of confidence in a bank.
imo this isn't a crypto thing but a systemically fragile banking thing...literally the reason Satoshi invented bitcoin - Chancellor on the second brink of bailouts
HODL until Bitcoin reprices everything to be denominated in sats at their utilitarian value.
SN has a pretty diverse set of viewpoints. Zaps are basically an extension of what SN has been doing for awhile
Honestly CBDCs are already here with how little cash is used and how Visa, Mastercard and Stripe understand what everyone purchases.
Privacy in exchange for 2% cashback.
If merchants realized the benefits of having instant settlement with Lightning / Bitcoin offering a 2% discount (or even 1.5% discount) with Bitcoin settlement.
This is literally how bitcoin creates deflation and prices everything in it while generating medium of exchange use cases.
I think everyone is over reacting to inscriptions. Soft forks introduce risk (to decrease blocksize) and should be avoided. The best way to keep unwanted transactions off chain are to bid more than them.
Time to see how decentralized everything really is. Let the bitcoin circular economy emerge
The most interesting thing about CBDCs imo is that it aligns the interests of commercial banks with those that oppose them (bitcoiners for example).
Commercial banks become redundant and unnecessary in a CBDC world. Will be interesting to see how lobbying efforts play out
Luke reminds me of a combo of Booth, Saylor, and Lowery
Its important for a fee market to develop for long term bitcoin mining incentives.
Bitcoin is the ultimate environment for supply and demand constrained by consensus rules.
RBF creates a more efficient market for determining transaction fees and the demand for block space.
"Ideas have humans"
inverted thinking is a prerequisite to trying to understand bitcoin
Yea, sometimes it can take days or even weeks to get 4+ mixes. Seems to only mix 1 utxo of the same category at a time. Key is disabling lockscreen on your computer and letting it run sparrow until everything eventually mixes into your cold storage wallet
The whole “self custody is too hard” narrative coming out of this is a psyops attack. Something is really fishy here
Re-hypothecated bitcoin is a shitcoin anyways. CeFi businesses eventually go full fiat shit coinery
Trying to play Farcaster off as "decentralized" seems moronic. My favorite is how the table shows it's entirely built atop ethereum and any claims of neutrality or farcaster being able to be a base social layer is just dumb imo.
This isn't bet...its marketing spend.
For 1M Balaji creates a marketing campaign that will garner 10M+ worth of publicity