2minutebitcoin on Nostr: You can’t afford 100-story buildings in Manhattan unless you’re the center of a ...
You can’t afford 100-story buildings in Manhattan unless you’re the center of a financial empire!
The skyscrapers in New York are constructed from the value extracted by financial intermediaries.
As they say in Vegas - those hotels aren’t built by winning gamblers.
There are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.
If you’re buying the security, you’re buying at the top of the spread.
If you’re selling, you’re selling at the bottom of the spread. The spread is 2%.
So if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.
Life is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.
-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here
https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlovePublished at
2023-05-14 10:01:24Event JSON
{
"id": "881d09d2abda71131b638fcc8b8e785141d8eb0aeaa44ffba86a879d4e723399",
"pubkey": "0ea2dab3366701f28beb086adc8849b28c64a25048088fa6b2e5604eff369d71",
"created_at": 1684058484,
"kind": 1,
"tags": [],
"content": "You can’t afford 100-story buildings in Manhattan unless you’re the center of a financial empire!\n\nThe skyscrapers in New York are constructed from the value extracted by financial intermediaries.\nAs they say in Vegas - those hotels aren’t built by winning gamblers.\n\nThere are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.\n\nIf you’re buying the security, you’re buying at the top of the spread.\nIf you’re selling, you’re selling at the bottom of the spread. The spread is 2%.\n\nSo if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.\n\nLife is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.\n\n-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlove",
"sig": "28134231430ef481d26ffe77980a14c0d37713b826ee863752883e474c9f1403973fdf8dc37538ade251352d46ef49a09c8dedff746a1c52807aa0e0ed0cb0c7"
}