/ RP is on Nostr

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Last Notes

2025-02-28 04:57:34

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Surprised the market value of a skeleton is so low. More use in guts than bones, it seems.

2025-02-25 23:43:30

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The only arguably value-added purpose of these entities is providing exposure to investors in pension plans or similar vehicles that are restricted to buying stocks. For an otherwise unrestricted investor, it makes far more sense to own the asset itself. Not only does it avoid idiosyncratic entity risk (fraud, etc.), it also provides the foundational benefits of unconfiscatibility and lack of dependence on a centralized third party.

2025-02-25 23:34:51

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I’ll believe it when I see it. Fortunately Bitcoin’s success is independent of nation state approval or adoption.

2025-02-25 08:55:48

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The thing is that many people do exactly what you just articulated and still bail due to basic human psychology. They can read all the books in the world, convince themselves (correctly) that they’ve made a brilliant decision, then seek validation in market prices and second guess themselves before exiting at a loss.
Most newcomers, even ones with good intentions, are not cut out to buy and hold, and early adopters with existing gains can ride out storms more easily. There is also some self selection bias as early adopters with gains have already shown an ability to hold through precious downturns.
Of course, 1 BTC = 1 BTC, but it takes time to truly appreciate that even when well educated on the subject. It’s a mindset that runs completely contrary to every newcomer’s previous lived experience in the fiat realm, and most are not ready to fully accept it even when they think they want to.

2025-02-25 06:59:48

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I do not come from a technical background, but it appears that the majority of recent blocks as well as the mempool are full. Doesn’t that suggest fairly robust transaction volume, even in this era of hoarding and limited usage as a medium of exchange?

2025-02-25 06:41:32

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The fiat exchange rate is lower than it was last week, but Bitcoin is not breaking.

2025-02-25 06:24:36

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Some just have stronger wills than others, as with all things in life. I don’t mean to excuse short-term thinking and lack of conviction, just musing on the root causes of the “whining” and price-checking that Lyn observed in the community.

2025-02-25 06:02:06

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My sense is that the current breakdown is largely due to two other factors (1) the implosion of Solana following the egregious Argentinian memecoin scam that exposed the state of wanton degeneracy in “crypto” to the masses—this is having ripple effects in the leveraged trading world; and (2) a growing sense that a U.S. federal Bitcoin SBR (and other promises) will not materialize as similar measures fail at the state level, including in states seen as Bitcoin-friendly.

2025-02-25 05:12:02

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It’s easier for early adopters to ignore the price because accrued gains provide a psychological cushion (“I already made a good decision, I’ll ride it out”). For new adopters, there is a temptation to check the price constantly to validate their decision (“What if I made a bad choice? Should I get out before more damage is done?”).
It is very difficult psychologically to buy, hold, and ride out the price swings from the outset. Many believe they can and convince themselves they will, but following through is easier said than done.

2025-02-24 21:30:17

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Very well said 👏

2025-02-23 23:48:27

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One can only hope that the authors’ proposed increase in collaboration between the technology industry and nation states leads to more good than harm. I’d be curious to know Jack’s take on a thoughtful way to approach this, given his anti-statist leanings.

2025-02-23 20:42:20

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To me, the value of Bitcoin and Nostr is the ability to opt out of systems that were once centralized and monopolized in favor of advantageous alternatives outside their control. That doesn’t mean the centralized systems will inevitably disappear as a consequence, though they may evolve as a natural consequence of competition—hopefully for the better.

2025-02-23 20:42:20

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2025-02-23 20:34:52

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To be fair to Mike, he acknowledged as much. But I agree that starting the discussion from flawed premises doesn’t lead anywhere particularly useful.