I'm still keeping a pretty low profile about this whole thing, so I'm gonna list a few things in this post and let the clever Stackers assemble the clues.
BM Finance Issue letter dropped the other day. It's bland, nonsensical, and boring. Unreadable. (Plus typos and grammar errors I'd never make...)
...and I'm getting ChatGPT vibes.
Turns out I'm right about that:
Anyway, here are some extracts from what my intro letter looked like before, uh, something happened.
Satoshi created the hardest money in human history. His creation liberated us from an ever-more invasive financial-privacy apparatus, gave us teleportable monetary value outside a credit system, and offered an escape from the financial institutions running our lives… only to have us, his intellectual descendants and champions of his ideas, shove his invention onto financially engineered Wall Street plays.
We invented absolute digital scarcity and the world’s best “outside money”, only to have it brought back inside the banking fold — first via some software company nobody had heard of and then storming through the stock market gates, reaching a crescendo in 2025.
...it isn’t just relevant for us to cover the financialization of Bitcoin — it’s our journalistic obligation to investigate the phenomenon, thoroughly and critically. That’s how a free world operates, on or off Bitcoin.
And:
Historically, Q3 is when things blow up in financial markets — from America’s early panics in 1857, 1873, or the Panic of 1907, to the modern ones of Lehman Brothers in 2008 or the repo market crisis in 2019. Perhaps the bitcoin houses of financial cards fall apart right as this issue hits the shelves.
Only time will tell whether this is the source for eternal bitcoin riches or merely this cycle’s FTX, destined for debt-ridden implosion. In the meantime, we all have to make sense of this new reality.
"Welcome!"
P.S., I had a version in there instead of "financial houses of cards" that said, "judging by stock market prices, they're already falling apart..."
That one is getting more appropriate by the minute now that pretty much every BTCTC trades below mNAV 1.
Enjoy, friends!