my book Layered Money is a great place to start on Treasury and Repo 101. lot of basics.

i spent 1 year in back office, 1 year in risk, and 4 years on a trading desk as a trader. all four years i traded for execution. the last two of those years i also contributed to strategy, including having my own trades on. used bloomberg and my own excel spreadsheets for everything. the spreadsheets were built with help from in house mentors as well as sell side sales and trading and research folks.

the davos crowd seems to be a group of people that act like they are smart, and have fooled some people and governments, its like they have a filled a vacuum, caus democracy produces lawmakers that probably have no clue how to govern, or what laws to make, so this creates room for the davos crowd to set the agenda. sorry that wasnt really my place to comment on that.

my most comprehensive interview on this process was with John Vallis https://www.youtube.com/watch?v=odrFNIAC8ag

on getting started in bitcoin and LN, you have to get familiar with different types of wallets, send transactions to yourself and to others, and use bitcoin. if you're not fascinated with it by that point, the power of using money without intermediaries, then you probably shouldn't be involved in bitcoin. there is pure magic in that experience of USING bitcoin.

publishing a book was a labor of love. i had to sacrifice a lot personally and otherwise to make it happen. but i had a story to tell that i believe has never been told before, and that motivated me to put it out.

that is a good nuance to point out, and yes it was the pension funds that have the assets, and blackrock was rescued in order to save the pension funds, but it was blackrock's fault that they structured their portfolios in a way that made them subject to a margin call death spiral. too many derivatives on their books. the manager was irresponsible in this case, and the pension funds did need to be protected. it was both, you could say

i have no inside knowledge of large institutions stacking. what i do know is that universities are heavily invested in VC, which is somewhat invested in bitcoin broadly. my outlook for bitcoin in 2023 is modestly bullish. i think it can make a charge back to the upper range of where it was in 2021

i think this is a very economics-heavy question, so i'll slightly divert my answer. i don't think it matters about current central bank policy being inflationary versus bitcoin being deflationary, because the two will coexist. we will have a choice between the two as people, companies, and countries. both will exist in tandem. the market will determine what is "superior" but even that is the wrong word, in my opinion. is that a fair answer?

You might find this read interesting

You can download the ebook (.pdf) for free.

my wife and I have a 4yr old girl. we teach her a lot at home and are heavily involved in her education. the internet is extremely powerful in this regard. Khan Academy kids, for example, a free resource that has already taught my daughter the basics of reading way before her schooling could have. we are there with her to amplify the ipad, and we read to her all the time.

she also sits with me at my trading desk for 5-10 mins a week and i talk to her about charting and we look at candlesticks together. i guess my advice is, put everything you can into their education, because nobody else is going to teach them what you can.

in Europe: you can't. if you don't take your kids to school the regime will force you or take your kids entirely.

see reply to @myles below, but one KPI is certainly total BTC in LN, which is above 5k and growing nicely. another milestone that i watch for is companies publishing interest rates on routing activity, in any capacity. that will just attract attention to the LNRR thesis and the idea of LN derived interest rates

Joe Consorti and I wrote an update to my original work earlier this summer, The Time Value of Lightning Network. in that, we demonstrate how active the "routing for yield" ecosystem is. the rates are fairly low, and the total capital is "only" 5k BTC, or only $100 million, so the ecosystem is nowhere near institutional yet. the theory has played out way beyond my own expectations, seeing businesses build products that have been inspired by my LNRR thesis is wild. nothing really changed much with my thesis, it will be slow to get to institutional size, and probably beyond my expectations in terms of the impact of my original paper.

i think they are going lower across the curve over a 12 month time horizon. 12mo target is probably sub 3% on 10s and mid 3%s on 2s

Contact or anything Michael Crichton, although it has been probably 15 years since I've read a full sci fi novel :(

non fiction only reader now but i hope that changes over time

yes, but i don't believe failure in that situation is the best word. it could just be limited in its use, not really expanding beyond its role as a somewhat-outside-the-mainstream digital gold. would bitcoin staying at $19k for the next 10 years constitute failure? or just disappointment? that's how i would frame it

i almost feel like it's a trap to say that bitcoin is missing something. in my opinion, it's one of the most incredible innovations of our lifetimes, and certainly one of the most powerful applications of the internet ever. trying to say something is missing from bitcoin can only lead to "don't bite off more than you can chew". i'm in awe of bitcoin's maturation. holding 400bn of market cap 14 years in.

it won't replace the dollar, only live side by side with it. doesn't matter what time frame

golf is one of the best mental exercises. teaches patience. i learned how to compete in life via competing in golf. it's also an amazing place to clear your mind. sometimes i'll forget about everything else in the world for a few hours.

I know you didn't ask me but....It's one of the 3 most important games to learn in life. 1)Chess (it's the game of Kings and all the pieces go back into the box - you also learn about consequences REALLY fast) 2) Texas Holdem (it's the Cadillac of poker and one of the only games I know of that it's against the rules to tell the truth...you can't say I have two aces to your opponent...it teaches you to bluff and min/max your winnings as well as how to gamble and what your limits are) 3) Golf - 100% what @bhatiaipc said but also...take someone you don't know out golfing and learn what kind of person they are...do they cheat? give themselves a mulligan? not follow the rules or common currencies? do they get pissed off because they aren't as good as pros or couldn't make a ridiculously hard shot? How do they treat the staff? Do they just want to gamble and BS? Lots to learn about others as well as yourself.