Fundamentals

https://fountain.fm/show/EUdSfx8792GOAPMKXJwM

Co-Host of Rock-Paper-Bitcoin podcast

Study math, be sovereign

Bit by bit, Block by block, We're gonna change the world without firing a shot.

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npub12eml5kmtrjmdt0h8shgg32gye5yqsf2jha6a70jrqt82q9d960sspky99g

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ph@nostrplebs.com

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fundamentals@getalby.com

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Last Notes

2024-09-27 23:46:17

My personal reflection is that its much easier to attack things than to get behind things - but thats not a reason to stop attacking things that need to be attacked.
I just need to make sure I'm also building.

2024-09-27 21:27:43

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In what way? I’ve heard a good amount of criticism about it but it mainly comes down to the fact that I don’t value fiat gains.
Always appreciate you Vic.

2024-09-26 10:48:20

https://fountain.fm/episode/KX2S9DxXNSsx97DiwVje

2024-09-20 21:49:12

Ever wonder why companies don’t try to make money anymore?
It’s all about corporate debt and “stakeholder equity”
A company cannot be viewed as having a likelihood of defaulting on
It’s debt. In order for that to happen, they have to be eligible for a bailout if things really do go badly.
So companies need to commit significant resources - just about all they have - toward being “worthy” of a bailout should the time come. This entails malinvestments of time and effort such as DEI, Climate, etc. and generally being on the good side of the state and those who determine who gets bailed out.
You know who’ determines who gets bailed out? Think Blackrock.
So all of these unproductive projects ate sucking resources, as a priority above making money.
Additionally, companies are at the gunpoint of the centralized voting proxies of asset managers like Vanguard, State Street, and Blackrock. No company’s board wants to be ousted by these people.
These people who have nothing to do with these companies - just custody the assets of their investors - end up driving the fulcrum of governance at all of these companies to the end that they are no longer allocating resources to profitable projects in fear of upsetting these terrorists.
Companies are violating their fiduciary duty to their shareholders en masse and nobody seems to be doing anything about it.

2024-09-18 19:25:39

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Thank you kindly!

2024-09-18 16:38:52

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Also, when i used the term "you" i was referring to the proverbial you not the personal you. Other than these things, I can't imagine what caused your reaction - maybe having a rough day - so I wish you some strength.

2024-09-18 16:28:52

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Sry - I don’t see what you’re saying. It’s gonna take me a while before I can look at these books . I just answered your question or at least put a fine point on it

2024-09-18 15:11:11

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The first 3 orders are frequently seen on the wild but the 4th order will ruin your financial system.
If you don’t see it, you get robbed in sats you can’t understand.

2024-09-14 01:36:18

Everybody Has A Price (even Satoshi)
https://risk-fundamentals.ghost.io/everybody-has-a-price/
originally posted at https://stacker.news/items/684077

2024-09-13 12:18:28

Bitcoin compelled a new number system
https://fountain.fm/clip/kIg0geYeqEHAeslI4Rp2
#math #bitcoin #algebra

2024-09-09 17:55:50

https://fountain.fm/episode/UkeJzFjPn5698ppYFvuT
Listen to the funniest episode of the Bugle yet.

2024-09-03 19:09:14

https://fountain.fm/episode/Q9BmP6e4pgoYn8rsi6eP

2024-08-31 10:53:11

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I prefer the entertainment I grew up but this is pretty funny.

2024-08-25 01:24:21

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the one we drop Thursday

2024-08-24 23:28:53

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It was incredible. I thought I was in an an episode of Star Trek. I think you’re gonna like how we covered it.

2024-08-24 15:22:27

I’m boosting this now so my Nostr friends see this: We covered this episode on Rock Laper Bitcoin. If you’re seeing this , you definitely want to listen to this and a couple of the preceding eps
https://fountain.fm/episode/17sC5k1I3ItYD2AlPuCU
#nevent1q…6ftn

2024-07-28 12:18:13

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Listen to the RHR episode. Better to watch video so you can see the body language.
Opsec isn’t funny - so don’t hire a comedian to roast you if you don’t want that happening.
Marty got easily 100x more brutal insults and he took it like a champ.

2024-07-28 11:43:11

My biggest takeaways from the Bitcoin Conference
1. Matt Odell can’t take a joke (from a comedian he hired to be on his own show) and it’s actually worrisome to me how bad he is at it. An exercise in humility is warranted given how many people rely on his leadership
2. The next 4 years are going to be the craziest in my 50 years of life and I’m not prepared.
3. Privacy will continue go be reduced to a niche movement.
4, Ross Ulbricht should not be in prison but he became a virtue signal at the conference. Nobody seems to be putting pressure to discuss Samourai when they broke no laws and is a far more meaningful and consequential situation to Bitcoin.
5. There are young guys in the space who inspire the hell out of me and it’s good to know that there are people who will fight the good fight.
6. Bitcoin is great and doesn’t GAF about the circus. It’s the constant.

2024-07-10 10:26:08

It’s good to test your worldview once in a while with normies that you respect.
It’s good to have a normie or two that we respect in the world.
The echo chamber around Bitcoin can be limiting and powerful. You can make it stronger by stress-testing it in the wild every so often.

2024-07-08 12:21:39

FASBs fair value rule that goes into effect on 12/31 of this year will cause the biggest rugging and devaluation of the financial system since 2007/2008 and will likely make the GFC look benign.
Why is this?
Because there is no requirement for any company to prove that they can move the coins in their treasury.
Therefore if Coimbase loses coins - and doesn’t tell anybody (which they won’t) then Bitcoin will continue to accumulate and appreciate until they can no longer keep the Ponzi alive. By that time one can only imagine what the write-down will be across the balance sheets of every company in the US. It could be many trillions by the time it’s caught.
There is a simple solution. FASB can require that a company proves it can move its keys in order to declare the value on its balance sheet.
At a minimum, they get a signed statement from their custodian “certifying” that the coins can be moved - or they can be compelled to provide a digital signature.
Adding this requirement will not only remove the risk of a trillion dollar write-down of a central custodian- but it will cause massive innovation in the custody space for institutions. It would incentivize the roads to be built and would also incentivize more companies to hold Bitcoin in their treasury.
TLDR - there’s no requirement for any company to prove that can move the Bitcoin in their treasury - in order to claim the USD value on their balance sheet - this opens the door to trillions of $$ of write downs if we discover this after hyperbitcoinization.

2024-07-01 00:00:15

I have been drinking Otis' coffee for nearly 6 months.
Most coffee stinks. Tha's just a fact. Otis' coffee is actually good. I've hunted for the best coffees in the world for years.
I would vouch for the quality with every unit of my reputational capital. He also packs well, has sent as much as 20 bags to me, is always prompt. and is an all around good pleb.
Paying in Bitcoin is a really big plus. I cancelled my Blue Bottle subscription after starting my relationship with Otis.
If you're a coffee person - you should get in touch with Otis about his coffee.
#note1qmt…yq9j

2024-06-28 11:53:00

Throughout my career as an actuary, my crusade has primarily been about the definition of “real money”
My colleagues unanimously think that “real money” is what the regulatory capital models allow them to say they have in their holding companies.
I have argued for years that P/L and cash are real money and that their paper mark-to-model results are bullshit.
Let’s not even get into the fact that cash in dollars isn’t real money - but that’s there as well.
Bottom line - insurance companies and pensions are standing on absolute shams of actuarial opinion. They are backed by assumptions and when they are lucky enough to realize them - they are exposed to the perpetual bleed of fiat currency.

2024-01-31 11:33:11

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We go from 10M to 3M and the next golden age of building begins. Now 4 billion people know what only a few million learned from Gox.
I CANT WAIT!!!

2024-01-30 16:33:45

By the time the chickens come home to roost on Blackrock teaming up with Coinbase to launch the Bitcoin ETF -
A large % of the issuance will be involved in a ponzi that will require liquidation.
I say it happens in 2030 and XBTUSD tanks from 10m to 3m
Plan accordingly

2023-10-04 12:26:08

It’s apparent now that companies in the UK we’re borrowing off the bond gains in their pensions to fund their operations.
This was not the intention of LDI which stood for “Liability Driven Investments”. The purpose was to match the liabilities exposure to rates with assets. Long duration bonds did the trick.
That companies spent the gains on operations and not matched their liabilities with them is pure corruption and they deserved to be liquidated last September when their collateral impaired.
That these companies had to pilfer their pension plan to fund their operations speaks to the malinvestment of their existence to begin with. That they were 1) allowed to do so; and 2) bailed out when it broke speaks to how corrupt the UK is and how little they actually care about those pensioners.
The question we ask now as TSY yields make another climb is: who else was looting their pensions and who is about to get caught?

2023-09-14 14:11:11

https://fountain.fm/episode/jbuPPbl1Ld8WY4WsQ0jE
Shane Gillis, Star Trek, Phish (of course), Oliver Anthony, and the fairest and most rigorous pleb breakdown of Swan’s situation you will hear anywhere

2023-09-11 17:15:25

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My adversarial brain is wary that this will be a case for more KYC on mining pools

2023-09-08 21:12:49

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Swan will do good in the world again but they won’t recover the standing they had.

2023-09-08 20:02:43

Swan’s relationship with PrimeTrust as the lead sponsor of Pacific Bitcoin 2022 was far deeper and more meaningful than the Strikes, Folds, Coinbits, etc of the world.
They only saw dollar signs with them and never saw this coming. Now their customers freedom money is in the benevolent hands of Ripple of all places.
Swan will never recover the influential position they had - ever. Sometimes fessing up to your mistakes is just about seeing them and not making them worse.
It’s gonna be super weird at that conference this year.

2023-08-28 10:44:35

There will exist a Bitcoin University.
My admission standard would be to show ownership of 10% of the prior epoch block reward as held Bitcoin. Sign the UTXOs and you’re in.
No academic pursuit can ever exist unless the student is in total control of his time.

2023-08-22 14:45:12

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Gotta follow the right accounts. I think it takes time to curate a good feed on Nostr but the content is there - maybe less of it but 100x higher signal.

2023-06-29 11:39:25

Being able to buy Bitcoin with Fiat is like orgasming with porno
https://fountain.fm/episode/bKjnVOv0N00MavnN9OQu

2023-05-29 13:28:52

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The 2 biggest conveyers of Cypherpunk signal in the 80s and early 90s were Phish and Metallica.
https://risk-fundamentals.ghost.io/phish-and-bitcoin-a-continuum-of-genius-network-effects-and-unintentional-foreshadowing/
Both are relevant figures in the history of information sharing. Metallica fought Napster with all their might while Phish encourages the free spread of their tapes and was the first band to sell concert recordings right after their shows.
One company links them - nugs.net - they are worth learning about.

2023-05-29 13:22:15

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Metallica brought the signal hard on their seminal first 4 albums. I believe they were being inspired by the cypherpunks whether they knew it or not.
Their Black album was meant to get more people to pay attention to their signal. They paid a heavy price to use their stinger in that moment but that’s what the Gods wanted.

2023-05-29 13:11:28

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Lady justice has been raped, truth assassin
Rolls of red tape seal your lips, now you're done in
Their money tips her scales again, make your deal
Just what is truth? I cannot tell, cannot feel

2023-05-17 18:43:06

https://risk-fundamentals.ghost.io/building-annuities-on-the-lightning-protocol/

2023-05-08 18:17:48

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Is this the consolation gift they gave to ppl who were turned away at Coventry?

2023-04-17 15:43:16

1/4 of all the coins on Bitcoin’s network are dedicated to backing a trustless payments system called the Lightning Network.
That is a staggering amount of Bitcoin that is solely directed for this purpose.
Bitcoin is becoming more and more scarce every block.

2023-04-17 13:14:31

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Yes - we can try and reach them through fear - but I would rather go to the source. The band themselves.
I’m getting it clearly through alternate paths or mixed in with the signal you’re sending - can I live while I’m young?
There was a spiritual struggle in the 80s who clearly saw potential in Trey et al. Borh good and evil battled for their creative ears and we got what we got.
Even if the normie Phish fan never gets it - I want Bitcoiners to know our way of life existed. It’s either a cautionary tale of the Lizards or it’s continuing to be written because Bitcoin WAS invented and it changed everything.

2023-04-11 11:35:40

Stack first!
Stack hard!
No mercy!

2023-04-08 10:08:53

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Me too. I maxed credit cards and hit the limits and had to 1) accept I couldn’t spend anymore; and 2) accept that I had to pay every cent of the debt.
Never had unsecured debt since and never will.

2023-04-07 10:59:22

I have a friend who fixes miners. I think of him like a veterinarian who restores life to the living. He literally creates hash, difficulty, and security with his hands.
Every expired miner that comes back to life and online makes the network more decentralized, makes it more costly to attack, and makes every SHA256 hash that much more focused, purposeful, and consequential.
It’s possible that when aliens consider our solar system - they see nothing but electrical output. It’s possible that every hash added to the network promotes the discovery of more and cheaper power, leading to a larger population that uses even more power.
It’s possible that the ultimate breakthrough in power and human flourishing will come when aliens who master space travel notice us enough to come here and teach us how to take power usage to the next level and support 50 billion people thriving on Earth.
It’s also possible that every day we don’t show that potential - we set ourselves up for predation by the same beings or ourselves.
Repair a miner or send a dead one to my friend. We have aliens to meet.

2023-04-03 10:40:58

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People who can’t cope with disappointment become a slave to avoiding them and they’re NGMI.
Time is scarce and life is too short to be that type of a pussy. Shoot your shot until they go in a lot.
Life is hard enough without this self inflicted handicap. Don’t just find a silver lining - bask in the fact that you survived to shoot again.
Make the world pay for not killing you!

2023-04-02 16:30:29

Discovering Bitcoin was like having a baby.
1. I rearranged my life to read and listen to podcasts for several hours a day
2. When I finally got it, I couldn’t take my eyes off it.
3. I reevaluated everything I thought I knew about life to account for it’s presence.
4. I learned how to care for it and how to make it thrive in my care.
5. I endured people telling me it has no value
6. It’s us against the world
7. I lost it in a horrific boating accident.

2023-03-27 11:04:37

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To rigorously apply your analogy - HIV is a fiat disease. There are no symptoms and a correlation was conjured to scare a lot of people into experimental medicine.
I would choose HIV and take my chances that my own fitness keeps me healthy.

2023-03-24 11:14:39

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The bailout was for long duration bonds impaired by the recent rate hikes. The Fed will likely buy long bonds indefinitely, driving down rates on the long end (10-30 years)
On the short end, the markets are speculating as to how many rate cuts will be done in the next 1-2 years - that’s what’s driving the price of 2Y treasuries.

2023-03-24 10:26:24

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Nah - it’s the markets perception of the Feds pivot.

2023-03-15 13:21:22

I’m having writers block.
What rhymes with fiat-cumlord?

2023-03-15 11:07:25

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Booyah!
Hit the 3 dots and Copy Note ID - then paste after an @

2023-03-15 11:06:48

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Take 2 of the test
#[2]

2023-03-15 01:15:14

We forgot about that train derailment and toxic chemical spill pretty quickly. It was only a couple of weeks ago.

2023-03-10 14:24:03

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We had a lively discussion on this last night at the Lancaster meetup.
Mileage varies. It’s early but it’s inevitable that some health insurance will be needed for Bitcoiners.

2023-03-07 23:01:30

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The point of the exercise is to show that locking in todays prices isn’t enough - we have to kill fiat to make everything cheaper.

2023-03-07 22:56:30

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I basically multiplied 50c x 3 x 365 x 50 years and got about 27k which I rounded down to 1 btc

2023-03-07 12:48:55

Guys - I ran some numbers. I’m a retirement expert in Fiat but how much bitcoin do we need to retire?
There’s no good answers so here’s an example:
If I want to eat 3 eggs/day for the rest of my life - I’d need 1 full bitcoin to protect the cost of 50c an egg.
I say this because I think it’s really important to support rancher movements like The Beef Initiative - it’s the only way to get the price of food down so it doesn’t cost a 50yr old a whole coin just to feed himself breakfast. #jawn