Blue Collar Bitcoin

bluecollarbitcoin.io

Firefighters explore economics, finance & #Bitcoin (Josh & Dan shared profile)

Public Key

npub1a3hrd4wfawr578d5y5l0qgmh7lx8q6tumfq0h7eymmttt52veexqkcfg37

NIP-05 Address

bluecollarbitcoin@NostrVerified.com

NIP-57 Address

bluecollarbitcoin@fountain.fm

Profile Code

nprofile1qqswcm3k6hy7hp60rk6z20hsydml0nrsd97d5s8mlvjda44469xvunqydhq07

Author Public Key

npub1a3hrd4wfawr578d5y5l0qgmh7lx8q6tumfq0h7eymmttt52veexqkcfg37

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Last Notes

2024-03-22 23:46:42

Just left Chili’s🌶️
Average guest was 50-100 lb overweight.
And gotta be honest, the food HIT.🤣

2024-03-13 12:50:06

This morning is a good time to remind everyone that #Bitcoin has died 476 times.
https://99bitcoins.com/bitcoin-obituaries/

2024-03-11 11:54:28

69 is over. Now #Bitcoin is just straight up fucking.
And we’re here to watch.🤷‍♂️

2024-03-08 00:09:01

Too much #bitcoin today can mean less #bitcoin in the future.
Make sure the size of ur stack relative to ur net worth matches ur level of job security & cash flow (present & future).

2024-03-01 23:40:05

Um.…looks like the #Bitcoin ETF was a big f**king deal.

2024-02-25 02:37:47

Your #bitcoin stack won’t make you happy.
Don’t fall into that trap.

2024-02-22 20:42:54

RIGHT NOW is likely the best risk adjusted time in history to buy #Bitcoin

2024-02-15 15:41:35

“#Bitcoin is a Weapon of Math Destruction. WMD.”
—Sam Phillips

2024-02-02 19:17:15

#Bitcoin gives no fucks.
With this protocol, nothing is sacred and it has no opinion. It just executes…LIKE A GORGEOUS PSYCHOPATH.
@npub1az9…m8y8 joins to riff on this and more.💪
👉 https://fountain.fm/episode/MVdAsU6QXUr3VDu1h4x1 https://image.nostr.build/1490561b5118efd3a3f3dcb354308e2e156407dd3799cf9b050a1c3e56f67f0e.jpg

2024-01-21 04:43:56

Has the #Bitcoin ETF been Over-Hyped??🤔
@npub1a2c…w83a stops by BCB this week to explore this question & more, including...
—Fiscal Dominance
—Reverse Repo
—Portfolio Construction
—Broken Money
—Evading Stage 5 Clingers
👉 https://fountain.fm/episode/pqjPStMP60yh462ofWm7 https://image.nostr.build/38fa88ff1abb699ea56491581eb48b7470f227f46aa586e7f6c2e4fbf7509c29.jpg

2024-01-16 13:05:19

Biden is a clown.
Trump is a clown.
People who profusely praise and defend either of them are clowns.
Clowns abound.

2024-01-06 15:42:16

Fiat threatens healthy democracy.

2024-01-01 05:20:13

I know all us “hardcore” bitcoiners are “too cool” for price predictions, but fuck it…
What’s the highest price #Bitcoin hits in the year 2024?

2023-12-24 23:52:16

How did the world go “woke” & what can be done to fix it?
Grab a spiked eggnog & join Josh, Dan & Zuby for an unfiltered (& purposefully offensive😉) Christmas romp.🥃🥛🎄
👉 https://fountain.fm/episode/aAsB2Bhz7BQm3vCXuSA8 https://image.nostr.build/1ab6f1fdb9774d971b4d6de98f28044b8407e23cbb3a8820c35a4d63f59f2d4d.jpg

2023-12-22 17:02:16

Most people agree w/ "free speech" as long as the rhetoric isn't deeply offensive or threatening to their worldview.
If u want to protect REAL free speech, prepare to hear things that you VEHEMENTLY disagree w/ and are deeply concerned by.
You can't have your cake & eat it too. https://image.nostr.build/e27b221d3d471f176ad8c9ef96120c8a289009e6045e3e8392cb1d50c9e65521.jpg

2023-12-19 20:51:31

Why are shitcoins so INCREDIBLY unlikely to outperform #Bitcoin in the long run??
@npub1gdu…6nak explains in BCB133👇 https://video.nostr.build/28893b17a48f8a355ffc9f78799f957da90ff923b824ae0105d9b6008fb34535.mp4

2023-12-19 17:31:12

To have #BTC, you need to have the skill set & discipline to run a personal surplus.
“#Bitcoin is for net producers.”
— @npub1s5y…6q7z

2023-12-19 04:00:23

This next phase of #Bitcoin could get downright fucking weird.

2023-12-14 03:45:56

You’re not going to make a long-term or viable living off of being an “influencer.”
Put ur big boy/girl pants on and go get a real job.

2023-12-13 03:37:40

To be a long-term #Bitcoin Bear, you MUST explain how demand will go down. Good luck.🤷‍♂️
Here are 4 Key Drivers of #BTC demand this decade.👇
1⃣Bitcoin is the hardest money in human Hx at a time when hard money may be most needed (i.e. looming sovereign debt crisis & mathematically obvious debasement).
2⃣Bitcoin is permissionless money in an age of surveillance, censorship, capital controls, currency wars, & conditioned sovereign reserve assets.
3⃣Bitcoin is antifragile money juxtaposed against an increasingly & comically fragile debt-based financial system in need of regular, centralized bailouts & "repairs."
4⃣Bitcoin is frictionless & inherently global money in a world of 160+ fragmented fiat currencies.
There is an obvious need for a digitally native, fixed supply, interoperable, trustless global value transfer mechanism, and as time marches on, it's becoming more & more obvious that #Bitcoin is it. https://image.nostr.build/5b010daac08c129fea209b5f37e43f4bf466e8eee3f40afe9f00dc0264eefc27.jpg

2023-12-12 13:24:06

- reply

🧡

2023-12-11 13:27:15

- reply

Hmmm…we get zaps all the time. Its enabled. What do u see on ur end?

2023-12-11 04:06:29

"Sending a super high transaction fee to put an ordinal on the #BTC blockchain is kinda like paying for a 1st class Emirates ticket to fly ur beanie baby collection across the Atlantic Ocean. I'm a capitalist. If you wanna do that, that's your prerogative."🤷‍♂️
— @npub1rtl…jtfs https://image.nostr.build/7ba2e4aade9404aa80f83bef4368d1bc12a9b1b969f515988c65360a5acbe7be.jpg

2023-12-09 19:26:51

13 year Wall Street veteran John Haar stops by BCB to explain how big legacy finance players perceive #Bitcoin.
—Lessons from Goldman Sachs
—Reasons to be bullish #BTC
—Saving vs. Investing
— @npub1tft…xar5 Private
—Trust Experts?
👉 https://fountain.fm/episode/TXIoZkuu515Jg0oeR3xf https://image.nostr.build/9efebeb01b54884539c49faff0938f4ea0d6885195616c727435ee5ae101b93c.jpg

2023-12-08 05:43:33

@npub1sg6…f63m - any chance u got a free hr to remote in and chat at some point in the next few months to discuss bitcoin, btc mining, nostr, open protocols & more?
-Dan & Josh

2023-12-05 23:30:35

👊🙏 #note1kyp…zsx7

2023-12-05 23:08:05

- reply

👊

2023-12-05 22:53:06

When people decide to take a meaningful position in #Bitcoin, they desperately wish they had done it sooner. We almost all felt/feel this way.
#BTC initially b*tch slaps u with regret, but with patience it eventually rewards.
Be grateful for what you have — you’re EARLY.

2023-12-05 05:09:44

This is the face of the angered woke betas who are in disbelief that #Bitcoin is on the rally bus. AGAIN. https://image.nostr.build/576832437e6f42ecfeb573ad307d419000fc1aa84fdcb7fbcd76015b2f8d10e9.jpg

2023-12-03 03:17:26

Having dinner at the firehouse.
Guys are talking war (fire) stories.
I’m just thinking about #Bitcoin.
Like a Psychopath.

2023-12-01 06:01:45

We’re talking to @npub1rxy…hnp8 on Blue Collar Bitcoin tomorrow.
What #Bitcoin tech or other topics do u want the 3 of us to explore?

2023-11-30 13:43:44

Seeing people chain smoke cigarettes makes me genuinely sad.

2023-11-27 03:34:42

Erik Casan @erikcason brings the PASSION this week on Blue Collar Bitcoin.
⇒Journey from Socialism to Anarchy
⇒ #Crypto camouflage for #Bitcoin
⇒Anarchy is NOT what u think
⇒Satoshi’s Legacy
⇒Badass farmers
⇒Erik's Militia
https://fountain.fm/episode/rpqUNoOyMnrKZi8rs71T https://image.nostr.build/29db3455a52f530b9e7fc582224196e3011c78c42e2145ad368d223969238cd0.jpg

2023-11-26 05:12:36

Don't get fat. If ur already fat, get less fat.
We say this because we care about you. Fat people are limited in life, and statistically, they die much earlier.
Reaching ur potential doesn't include being 40 plus lbs overweight.

2023-11-25 04:14:33

What still confuses you the most about #Bitcoin?

2023-11-20 05:03:43

👊Fresh chum for the bullish water
Advice for those who have yet to experience a bull market. The advice we wish we had in our first bull market.
✅EDUCATION is key
✅Nobody knows the future
✅Lower time preference
✅Trading is masterbating
✅Mexican vacations
✅Shitting in the woods
https://fountain.fm/episode/AN7dxjGjD8eyiAq7M02c https://image.nostr.build/20cb8e78a1701912ea93a0e73d65a0488c2022a8359577977703976e81f02509.jpg

2023-11-19 16:09:49

Paul Tudor Jones describing the US fiscal position.👇
“You get in this vicious circle, where higher interest rates cause higher funding costs, cause higher debt issuance, which cause further bond liquidation, which cause higher rates, which put us in an untenable fiscal position.”
h/t @npub1a2c…w83a 👇
https://www.lynalden.com/october-2023-newsletter/

2023-11-18 20:44:48

If u don’t understand #Bitcoin UTXOs and how to manage them, get started.
Tom Honzik has excellent articles on this subject.
https://unchained.com/blog/small-utxo-bitcoin-dust/

2023-11-17 14:12:11

For 30+ years low interest rates incentivized more & more debt — debt servicing costs were almost an afterthought.
“More debt isn’t a problem” was a common mantra.
Oops…sh*t got really expensive really quick. https://image.nostr.build/baa38d1089758c7e80bbd1435b7f35ade4ff8be5cbf8ebe3cb05c8a7726fc33b.jpg

2023-11-15 22:57:45

If u encounter someone who doesn’t at least acknowledge #Bitcoin is an interesting & potentially significant technological development, 1 of 3 things is true:
1️⃣They don’t yet understand what it is.
2️⃣They don’t understand how money actually works.
3️⃣They’re just plain stupid.🤷‍♂️

2023-11-10 03:25:23

Turns out #Bitcoin was not just a ZIRP phenomena.
Who would have known.🤷

2023-11-09 21:02:48

If you hold ETH, what do you call a spot Ethereum ETF provider?
👉Daddy.

2023-11-09 15:17:15

@npub1gdu…6nak showed up looking like this on BCB last week. Needless to say, this one got rambunctious.
As the great Ron Burgundy once said, "Well, that escalated quickly."😉
https://fountain.fm/episode/lStXmEKulcQlSjStgkKf https://image.nostr.build/ee8f3e7e012a43331e86fcbd7f090224c6577d3c38c08b1054ce8bbddae6a2ba.jpg

2023-11-05 04:29:22

No adult supervision with @npub1gdu…6nak 🔥😂
Red Sunglasses and no f*cks given😎
A no holds barred rip:
🖼️Distain for modern art 💩
✅Keynesian Smack Downs
✅Steel-manning Fiat
✅The Mother A$$hole
✅Advice for the future
✅Macro Analysis Useless?
✅SS V Cast Iron
https://fountain.fm/episode/lStXmEKulcQlSjStgkKf

2023-11-05 03:32:49

The VAST majority don't grasp the extent to which the state consolidates power in a digital fiat landscape.
#Bitcoin propels us in 2 promising directions:
1⃣Diminishes the dominance of government-issued currency.
2⃣Leverages the digital realm to promote freedom, as opposed to surveillance.

2023-11-02 03:15:26

Late night deep thoughts on Nostr:
One of the most challenging parts of being a firefighter/paramedic is also one of the coolest parts.
Like many other healthcare providers, we see fucked up shit quite often. We witness illness, sickness , suffering & death on a regular basis. To most, this seems like a negative (and it certainly has its challenges), but it's also a huge gift. It injects incredible perspective on the REALITY of life. We get a chance to process the true fragility of the human condition earlier than many others.
Therefore, it often feels like a gift to be able to sit back and recognize just how much of a blessing health & youth are. Firemen make this realization in their 20s & 30s, many others make this realization in their 50s & 60s.

2023-11-01 15:31:28

Talking to @npub1gdu…6nak this morning.
What do u want to hear us cover?

2023-10-29 17:17:11

This is hands down one of the best #bitcoin books out there, especially for those who want an accurate but digestible understanding of the more technical side of how this protocol & network functions,
…which many who find #BTC through finance or econ could really use more of.
👊 @npub1jqc…akee @npub1tm2…lpna https://image.nostr.build/6587511c2fafd01ab5e0e69aaa618762cd498cd45f35f7b77471184960ea2650.jpg

2023-10-29 15:15:40

An absolute privilege for us to talk to this dude last week for the 2nd time.
First got exposed to Luke on TIP w/ @npub1s5y…6q7z years ago, and we pay as close attention to what he says/thinks/writes as anyone in macro. #note17du…wl3a

2023-10-28 19:55:05

In a world where trust is deteriorating & sovereign debt loads are exorbitant, settlement is a WHOLE different animal.
We explore this & much more in this week's chat w/ one of the brightest minds in the global research sector, Luke Gromen.
🎧 https://fountain.fm/episode/Nn8Jf1jWX4D1Ne9ohGBl https://image.nostr.build/164b3ae2eb6db0005ec38df9031bd951ef32a8d56e61a90431fd7466caaafe83.jpg

2023-10-28 01:34:36

The notion that energy/oil is going to get more expensive in years to come makes A LOT of sense to us — chronic underinvestment, mounting global frictions, less cooperative exporters, etc.
Who disagrees? And if u do, why?👇

2023-10-23 12:34:06

Talking to Luke Gromen this morning.
What should we cover?

2023-10-21 16:43:29

Spend less money than you make.

2023-10-20 21:08:43

We still get consistent feedback on our 2 part chat w/ @npub1der…xzpc from July, 2022. Dude was in a delicious flow state.
In part 2 he deep dove on what we still feel is one of the best #Bitcoin pieces ever written — Bitcoin Is Time
Part 1: https://fountain.fm/episode/XMsK6XkzxMbH4l18uOCm
Part 2: https://fountain.fm/episode/mDLIxSeAOFmlqGk8LkDV

2023-10-18 13:41:55

We encourage you to stack sats.
We also encourage you to stay humble.

2023-10-17 17:44:14

- reply

Whoah, that’s an intense response. Sorry if made u feel that way. We can assure u that individual finds this sort of joking hilarious.
Our workplace is rowdy, but it’s a genuinely loving and caring place. We support each other and don’t ostracize or poke at those who can’t handle it.
All the best,
D&J

2023-10-14 23:27:13

When I’m out in public watching humans in the wild, I find myself consistently looking at certain folks and asking this question.👇
How is it even possible to get that fat?🤔
Like when ur 44 years old, can literally barely move around, and struggle breathing…what the fuck happened?
Isn’t there a point of fatness where people stop, realize it’s ruining their life, and make it a huge focus to be have some self respect and be less fat?
Realize there are legit exceptions like mental illness, depression, hypothyroid, Cushing’s etc., but HEAVILY obese homo sapiens are ALL OVER in increasing numbers. It’s really hard to wrap one’s head around.

2023-10-14 16:21:40

If you aren’t working out (or at least fairly active) most days of the week, we can virtually guarantee you’re not reaching your potential in life.
Get off ur ass.
Expend energy to get energy.

2023-10-13 22:50:21

"Seek out the arguments that make your own position uncomfortable."
—Daniel Dennett
We attempt to do just this☝️ in our most recent chat w/ @npub1jqc…akee & @npub1tm2…lpna
If you love #Bitcoin, prepare to get triggered in Basics_10.😉😘
🎧 https://fountain.fm/episode/14kahQuJ5LUErKzhb33y
(And for plebs who want more steelmanning, end of BCB055 w/ @npub1a2c…w83a & 1st half of BCB114 w/ Matt Pines are great segments) https://image.nostr.build/851f36942a45e22e4b3ed73e71a468432891e541a294878ae006e1a1199b86c0.jpg

2023-10-08 16:36:53

This coming week we're recording Bitcoin Basics Episode #10 w/ @npub1tm2…lpna & @npub1jqc…akee
Topic: How Bitcoin Could Fail
Shill us some resources you've come across that present solid challenges or counterarguments to the #Bitcoin thesis.

2023-10-03 04:47:13

Hot take🔥👇
Pickleball is a sh*tcoin.
Play tennis you lazy f**ks.

2023-10-01 21:39:19

If you're willing to do the dirty work in the 2020s & 2030s, you might just get PAID.🫰💸
Here's why.👇
We're starting to see more manual labor, manufacturing, & industrial jobs get BIG pay bumps. The most popular example right now is UPS drivers making $170k. Some work-from-home computer warriors may be upset, but prepare for this trend to potentially continue.🤷
Over the past few decades, the incentives in the U.S. have led to an increasing percentage of talent & human capital moving toward software, healthcare & the financial sector. When we zoom out, this is (at least in part) due to American manufacturing & industry becoming less profitable as a result of a perpetually (and artificially) strong $USD — the downstream consequence of a fiat monetary system & USD hegemony (but I digress).
Couple this with the fact that people seem to be startlingly & increasingly lazy. Society was soft before COVID, and the pandemic added even more down feathers to the workforce pillow🪶. Seems like everyone & their cousin's mother wants to sit at home in front of a computer...drinking smoothies, petting their Aussiedoodle, and doing yoga throughout the work day. Nobody wants to get their hands dirty.🛠️
"The MBA graduate from a mid tier school that's making excel spreadsheets that get read by 2 people and don't do anything....they aren't necessarily providing value."
—@jimmysong
To use firefighting as a labor example, 10 years ago our department had literally 10x as many applicants as are interested today🤯
There is a shortage of real labor, especially skilled labor, and with US industry & manufacturing desperately trying to reshore & catch up as the world starts to de-globalize, those willing to step up are going to get compensated for it.
Demand for labor is high.
Supply of labor is low.
In today's environment, those who get off their ass may be increasingly rewarded. And in our view, there's a real chance that amidst this low labor supply, unions may actually strengthen considerably. Although computer warriors might b*tch & moan about it...this jealousy from the confines of home offices is likely to continue until the work force improves.

2023-09-26 16:36:37

Let’s abruptly “end” fossil fuels and usher in a newfound wellspring of mass global poverty.

2023-09-23 19:38:44

What is ur favorite non-bitcoin podcast?

2023-09-18 00:55:28

We're gonna be running these bad girls & mining some #BTC all winter in our homes.
Worth a peek if u wanna do a little home hashing but can't go whole hog w/ a hardcore mining setup.
30% off preorders ending in Sept — additional 5% off w/ code "BCB"
👉 heatbit.com/?ref=BCB https://image.nostr.build/cdfdf488d1301ab3d9539ab2342ef1efbe618d4d32d5cdd1508d0a4806b43d83.jpg

2023-09-17 20:17:37

Over 180 unique fiat currencies exist globally.
#Bitcoin represents a quantum leap in monetary interoperability.

2023-09-11 13:05:50

@npub1a2c…w83a , would be really interested in ur take on this drivechain stuff. Not sure if you’ve said anything and we’ve missed it, but interested in how ur assessing this.

2023-09-10 19:18:44

#Bitcoin discourse should be as inclusive as #BTC itself.
@npub1dc8…jwqd stops by to discuss...
⇒Why BTC is good for the planet
⇒How BTC helps the marginalized
⇒Protesting too-big-to-fail banks
⇒The Immaculate Bitcoin Orgasm
🎧 https://fountain.fm/episode/HW669C1UfxBskYD8NQRw https://image.nostr.build/fd80e3c20857d2d35befcd7d0edcb6775fe97deeec6dcd5a6e51dfaeaa72ba70.jpg

2023-09-10 02:30:33

Things gonna be gettin' ROWDY this week on BCB.😉
THE @npub1rtl…jtfs stopping by Blue Collar Bitcoin.
What do u want us 3 clowns to cover??

2023-08-31 03:34:49

-#Bitcoin is bigger than you.
-Bitcoin is bigger than your opinions.
-Bitcoin is bigger than what you think bitcoin should be.
When a change u want made on #btc doesn't happen, don't get butt hurt.
Nobody controls this thing. Consensus can be uncomfortable.
Deal with it.

2023-08-29 00:15:43

Brush up on some FUD Busting in #Bitcoin Basics Series Episode #9
→#BTC Has No Intrinsic Value
→It Wastes Energy
→Gov'ts Will Ban it
→It's a Bubble
→It's Too Volatile
→It Can Be Copied
→Much more...
🎧 https://fountain.fm/episode/23kmw5iM9lwNZTPapIgC
📺 https://youtu.be/shtaavygfJk?si=AEjmwIXt0LljHGB9 https://cdn.nostr.build/i/1c63c73d24512cd2eadbcdbf87fba3fea7c75bf13ceb38cf45b007bdf49b1257.jpg

2023-08-27 20:12:56

The most outlandish display of overconsumption in the world today is hands down CARS. A huge % of people are under-saving in large part because of what’s in the garage.
We’re all about nice shit, but only if you can afford it.
Dare to be different & do some basic napkin math.

2023-08-25 03:48:23

Fuck. They’re here. #note1vg2…ehd2

2023-08-25 03:09:16

Fast forward 40 years.
...The world runs on a #Bitcoin standard, and governments are largely uninvolved in influencing the supply & price of money.
What happens to interest rates??🤔

2023-08-25 00:54:54

I still hear people calling #Bitcoin a bubble.
Sure, it might look that way on a 2.5 yr linear chart, and u can say the bubble inflates & deflates — but u can’t say it pops…because it just keeps getting larger when u zoom out.🤷
Stay on the sidelines at ur own risk. https://cdn.nostr.build/i/77cce7793e4c5a94e666bfc076dd5a600a5816148eb6887bed2f7aaf65bbb00b.jpg

2023-08-21 03:39:21

Consistently strive to poke your head outside whatever echo chamber you’re in.
And yes, you’re in one.

2023-08-20 04:44:33

Watching The Big Short again.
Those guys KNEW the logic, math & fundamentals were in their favor…but they second guessed themselves at points because the vast majority of people thought they were crazy.
Kinda like #Bitcoin.

2023-08-19 16:33:18

In the US, over 90% of mortgages are fixed rate, locked in at MUCH lower rates than today.
Homeowners aren't going anywhere.....until they have to.

2023-08-12 19:25:16

The 2 of us both have strong introverted tendencies. We regularly need to recuperate alone. We’re hogs in mud by ourselves.🐽
You hyper social psychopaths who can run the motor & cackle all day blow our mind.🤯 https://cdn.nostr.build/i/994ea90ae92c1dbb74e89c1e55ef0cabb52415f9211852a1fcc84af85455b83c.jpg

2023-08-11 02:49:57

#Bitcoin calls fiat’s bluff. https://cdn.nostr.build/i/0a5573663753a110e8966ae66e55f80e7dad1e2b6542d1924f55325b8af40d93.jpg

2023-08-07 03:41:43

What are you reading right now?

2023-08-06 21:25:34

Bitcoiners fight too much.
Chill the fuck out & stack sats.

2023-08-06 14:16:47

What a STELLAR rip with the one & only @npub1s9z…nszc !
✅Macro
✅Blackrock ETF
✅Stoicism
✅Legal Hurdles
✅Fitness
🎧https://fountain.fm/episode/sTPglkOvUDMjFzw1chOn https://cdn.nostr.build/i/3bf36edd5f3aaddb3cfd1f0d5a1e100a2897b2ea89d0c3069ad388928e3b4e50.jpg

2023-08-06 08:40:25

Price predictions on #bitcoin, especially those with timelines attached, are almost always unhelpful.

2023-08-03 22:14:58

Took care of a WW2 veteran in his upper 90s early this morning.
These vets are becoming very scarce, and it’s a true privilege being around them.🫡🇺🇸

2023-08-01 22:45:53

In our view, what @npub1a2c…w83a summarizes in this segment below is one of the most important concepts to grasp when assessing the fiscal (& broader macro) environment of the 2020s.
And trust us, water doesn't work well on grease fires.😉
👇👇👇
"During the 1940s, interest rates were not used as a policy tool to fight inflation, because it was fiscal-driven inflation rather than lending-driven inflation. Instead, the primary policy tools focused on ending the war, ceasing the fiscal deficits, and pivoting back towards a period of financial austerity.
During the 1970s, raising interest rates and performing other actions to reduce the high rate of bank lending was a successful inflation-fighting strategy, because it tackled the problem head on. Other non-monetary policies included improving the supply-side, such as resolving or getting around geopolitical oil embargoes. Federal debt as a percentage of GDP was only 30%, so higher rates on the public debt were manageable compared to the reduced rate of loan creation in the private sector that higher rates led to.
During the 2020s, we have a different problem. Most of the inflation was caused by large 1940s-style fiscal deficits, and yet the Federal Reserve has primarily used a 1970s-style playbook of raising interest rates to deal with it, even though that’s primarily a tool to constrain lending. However, raising interest rates when federal debt is over 100% of GDP substantially increases those deficits at an equal or larger pace than it reduces loan creation in the private sector.
An issue here is that the Federal Reserve doesn’t really know what else to do, because their tools don’t really address deficit-driven inflation; their tools are meant to deal with lending-driven inflation. It’s a fiscal matter, and so the best the Federal Reserve can do is try to suppress the private sector to offset some of what’s happening in the public sector, even though that’s not addressing the core problem.
So as the Federal Reserve raises rates, federal interest expense increases, and the federal deficit widens ironically at a time when deficits were the primary cause of inflation in the first place. It risks being akin to trying to put out a kitchen grease fire with water, which makes intuitive sense but doesn’t work as expected.
[....]
As we look years into the future via the following chart from the Congressional Budget Office, the rising federal debts and deficits will cause the fiscal dominance to continue into increase, which means interest rates become a less and less useful inflation-fighting tool over time."
Full newsletter here: https://www.lynalden.com/july-2023-newsletter/

2023-07-20 23:48:57

Hal Finney in 2009.👇🤯
"I think it's likely that we'll see a layered approach to #Bitcoin services, w/ different layers specialized for different tasks. The base layer will be a relatively simple payment network, but there will be layers built on top of that for things like micropayments, anonymous transactions, and smart contracts."

2023-07-13 18:12:34

The conflation of #crypto & #Bitcoin is what we've been referring to as "Bitcoin Camouflage" for years. In our view, the connection btw these 2 in broader discourse presents an opportunity for those who recognize their foundational differences.
The former is primarily an innovation in VCs scamming retail with limited to zero use case, and the vast majority of tokens are deeply disempowering for most of society (especially the MiddleClass & below).
The latter is a truly decentralized, radically inclusive, barrier-breaking, accountability-inducing, equitable, & sound crack in the friction-filled walled garden that is the 21st century global financial system. https://cdn.nostr.build/i/ce604d5177209d995f37ad281bc461090f47606da6f63721c47f8c17b0b4671d.jpg

2023-06-22 22:28:52

Those that fuck around with #bitcoin find out.

2023-06-19 03:46:15

Do not, under any circumstance, allow yourself to get fat.
If u are fat, make it your highest priority to fix it.
You only get ONE body. Don’t f**k this up.

2023-06-13 01:36:20

In your estimation, what is the biggest risk that still confronts #Bitcoin?

2023-06-11 19:27:26

Listen👉 https://podcasts.apple.com/us/podcast/blue-collar-bitcoin-podcast/id1568863382?i=1000616420181
Watch👉 https://youtu.be/777CwSaEAkE https://nostr.build/i/126928ee7e2b13492a9b3993a6e724274718090b1f0db3d3f9261cb8ae10df6e.jpg

2023-06-10 20:26:28

Crypto is f*cked.

2023-06-07 03:19:13

#Bitcoin may be energy intensive, but when it comes to reliable and immutable settlement of a fixed monetary asset, it’s HIGHLY efficient.

2023-06-06 11:52:43

“The day I know we’ve won is when the labor force, the people that work, dictate to their employers that they want to be paid in sats.”
—Harry Sudock
#Bitcoin is Middle Class Money.

2023-06-02 16:37:56

#Bitcoin is still perceived by many as "fake."
But for someone who understands monetary history, it's arguably the most REAL money on the planet.

2023-05-28 14:49:24

We're more interested in HOW people think than WHAT people think.
One key aspect of both our intellectual journeys is having been COMPLETELY captured & convinced by things that later fell apart. This happens to any thinker at some point, and it injects a necessary dose of humility into how someone assesses the world.
Each of us is but one meatbag, trying to make sense of an incomprehensibly complex world. Stay humble. Listen to all perspectives. Embrace nuance.
We're as convinced and compelled by #Bitcoin as ever; it's a mind-blowing innovation, but it's not inevitable, and we'll never stop steelmanning.

2023-05-24 14:21:35

If you aren’t philosophically moved by #Bitcoin...You WILL be economically moved.

2023-05-16 21:39:47

Nature F*CKS.
https://i.imgur.com/JExxMfS.jpg

2023-05-16 02:07:52

#Bitcoin2023 is gonna f**k...HARD.