steven
StevenMcClurg

CIO of Valkyrie
#Bitcoin

Public Key

npub1nvxnc8egjlhpqtzrxmav3yk8frf3p7y9wujgwrcgwep2xr77xrvsa0paqn

NIP-05 Address

steven@NostrVerified.com

Profile Code

nprofile1qqsfkrfuru5f0mss93pnd7kgjtr535cslzzhwfy8puy8vs4rpl0rpkg4uvwdh

Author Public Key

npub1nvxnc8egjlhpqtzrxmav3yk8frf3p7y9wujgwrcgwep2xr77xrvsa0paqn

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Last Notes

2024-09-13 11:47:43

Hello again Nostr

2023-09-04 21:33:29

I saw a car swerving wildly on the road in Nashville. I thought she was drunk.
When I got a closer look, she had both hands on her phone and was driving with one bare foot on the wheel.

2023-08-28 22:09:29

Theres a big difference between inflation and CPI
Few...

2023-08-25 21:40:24

We talked about bitcoin, high inflation, and how he wants home ownership accessible to all Americans https://cdn.nostr.build/i/aaed33606bf1861890646b6a5bfe0cbd4cef016d93df143f17218b97660a5d91.jpg

2023-08-25 21:22:29

I take a break from Nostr for 2 months and I come back to this:
What are you guys doing?... https://cdn.nostr.build/i/038030a1bba13c33d36611fad089a324dc9b068abb5306c6bddd76086eb9a072.jpg https://cdn.nostr.build/i/4b3e699edbd72017c1e3bc951687a4a48e1d7421c8dfd5b0c4447897132214e1.jpg

2023-08-25 20:01:00

Who thought higher inflation was over? Or that high interest rates would not persist?
Certainly not the Fed, who control rates.
Here comes the next recession!

2023-08-25 04:09:05

I've been away from nostr a bit; but now I'm back.
What did I miss?

2023-08-25 04:04:55

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Josh Crumb is a friend of mine. We just had hot wings and burgers at Brown's Diner in Nashville a couple of months ago.
We discuss Abaxx often. A very cool, innovative platform.

2023-05-24 20:25:18

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Its called "defaults"
Could technically default, but wont.

2023-05-23 15:26:12

In this market, I like 6mo T-bills over everything except oil futures.
If US "defaults" then bonds rally.

2023-05-23 02:06:56

Happy pizza day.
I had pizza yesterday, so ate tacos today instead. Kinda messed up my Tuesday meal too.

2023-05-16 18:47:27

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Specifically Joes

2023-05-16 18:43:40

Its going to be a big week in Miami

2023-04-13 13:14:36

I'm still pounding the table that inflation will continue to be high.
We print money for wasteful government spending at the expense of all working classes.
Inflation is a tax on everyone.

2023-04-13 02:36:16

I've been reading up on the Shanghai update and all this ETH that is about to be unlocked. I've been asked by a lot of people if it is bullish or bearish for ETH price.
Here's my answer:
It doesn't matter. ETH is a shitcoin.

2023-04-13 02:33:09

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Correct

2023-04-12 19:25:31

Daly says more rate hikes may not be needed to stop inflation.
Correct.
What is needed to slow inflation is 1) decrease (not increase) of government spending 2) no more bank bailouts, particularly on the Feds balance sheet and 3) and unwinding the Fed balance balance sheet
Oh yeah, and I'm bullish bitcoin

2023-04-06 14:03:19

The ESG backlash is interesting to watch. The number of pension funds and states who are turning away dollars from anything that says "ESG" is astounding.
Investors are waking up to the fact that the guidelines are arbitrary and politically motivated, but are not sensible.
https://nostr.build/i/nostr.build_3a4625c31dcb7bdb7b0c75ac55a565d65c0ae8a01d3db9e78fb3ce4ec3488c77.jpg

2023-04-02 20:07:23

There is a lot of talk about volcano bonds again recently.
Who doesn't want to pay $100 and receive a fixed amount of BTC every year for X years + receive todays BTC back after X years at tomorrow's value?
The issue is the other side of that trade...
If a country borrowed 1 BTC today to cover $30k with of costs, but was required to pay .05 BTC every year for 10 years, then required to pay back the 1 BTC.
If BTC goes higher in dollar terms, it would bankrupt a country...

2023-03-27 23:52:41

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I'm down to structure bitcoin bonds.

2023-03-23 22:03:15

I wrote this about banks:
https://valkyrieinvest.com/thought-leadership/zombie-banks/

2023-03-21 00:00:40

Just a reminder
Many Banks, like FTX, do not have the deposits they say they do.
This is the heads up you wish you had pre-FTX

2023-03-20 01:09:58

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But a few are learning quickly...

2023-03-20 01:05:16

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Is Ripple a central bank?

2023-03-20 01:04:06

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Every Swiss Bank wish their deposits were Bitcoin

2023-03-20 01:00:59

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I wouldn't go that far...
Saw a bunch of jpeg bros on twitter confused about how orphaned blocks work.
They thought bitcoin broke and they were the geniuses who "caught it".

2023-03-20 00:47:31

Everyone in crypto have become Swiss Bank experts

2023-03-19 01:03:01

If only there was a way to stop our government from engaging in corporate grift through fiat ponzis; putting self interest over the interest of those they govern...

2023-03-18 16:42:09

We now go into an era of high inflation and zombie banks.
-Banks that should fail will survive, and look like the airline industry. No need for efficiency or good customer service.
-Fed balance sheet grows to support inefficient banks, taxing us all through inflation.
Bitcoin is the Way

2023-03-17 13:23:32

All US residents were taxed to bail out the banks. Not through a traditional "tax" that only the middle class and rich bear the brunt of.
The tax was through the inflation that is being created through the $300B in loans added to the Fed's balance sheet in the last week...
Something I wrote a few years ago:
https://open.substack.com/pub/valkyrie/p/federal-reserve-policy-is-flawed?utm_source=direct&utm_campaign=post&utm_medium=web

2023-03-12 20:48:48

If you are afraid of your company getting stuck with First Republic or Signature, DM me.
If you are stuck at SVB or Silvergate, too late, don't bother.

2023-03-12 11:39:43

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Here to help

2023-03-12 09:39:35

There are no victims of SVB, Silvergate, FTX, USDC and more to come.
Trust was put in fiat ponzis, when there were clear alternatives.
Time to wake up and smell the Bitcoin...

2023-03-11 01:56:30

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Four Roses also for cocktails

2023-03-11 00:23:04

I'm hearing from people that circle is now throttling on-chain transfers of USDC - estimating 48 hours. I remember hearing reports of Celsius doing the same days before they imploded...
Time to get put of that USDC shitcoin and into bitcoin.
Just verified with the CEO of Bitcoin; the network still running like clockwork/no throttles.

2023-03-10 23:57:43

Everyone's pointing their fingers at Tether; meanwhile, back at the ranch, looks like USDC not looking so hot.
Thats the problem with an unregulated money market mutual fund: not all those deposits sitting in proper custody.

2023-03-10 22:10:28

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Should be B-

2023-03-10 20:54:25

Public service announcement:
Not your keys, not your cheese.
If you know how to mange your own bitcoin, time to do it...

2023-03-10 20:40:22

Adding banks to the list of counterparties we avoided or had limited exposure to:
Valkyrie never had exposure to SVB, Silvergate, nor First Republic Bank.
Have limited exposure (well under FDIC limits) to Signature (they were one of our redundancy measures)
And yes, I said First Republic. They are similar in scope to SVB, but better diversified. We will wait and see on that one...

2023-03-10 14:11:56

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Here is something I posted on an internal channel in June that we can discuss (I cant seem to post a screenshoot in Nostr, sorry):
Banks may be in more trouble than the rest of the markets think.
Most banks have been holding MBS on their balance sheets to generate yield. These securities probably yielding 2-3.5% (the more senior tranches) and have 7 year expected WALs. In rising rate environments, people don't re-fi nor move as much. This extends life of MBS. Also rates are at 6% + now. So these holdings have decreased in price- about 10%. If banks sell these holdings, they are at losses.
Many regional banks have also taken up venture lending, given the higher rates these lines of credit can command. I've seen 9-12% - imagine if you will a blockchain startup taking a loan and buying say, Avax or ETH heavily on their balance sheets because they are in that ecosystem. Not too crazy to imagine someone doing that. I just spoke to an entrepreneur in the NFT space that raised $1mm, and spent $700k on JPEGs just to get in the clubs. I imagine some of those venture loans might be in trouble.

2023-03-10 14:07:26

No US bailouts for falling banks.
Let the markets decide.
Some bigger bank will want SVB deposit base (or not).
Either way, SVB played fast and loose and now the chickens have come hime to roost.

2023-03-09 14:24:33

Bitcoin Park such an amazing hub in Nashville. #[0] and Rod have done a great job curating good people and a beautiful location.
Bitcoiners all over the world stop in and hang out. Nothing like it.

2023-02-25 16:39:42

#[0] interview of Sonnenshein will go down as most legendary bitcoin podcast in last decade. It must be watched from the beginning.

2023-02-24 01:48:45

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Zapped

2023-02-24 00:33:35

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Bitcoin Cash and BSV

2023-02-24 00:32:48

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Wow, close. Curb, Seinfeld, GOT, Breaking Bad. In that order.

2023-02-24 00:31:21

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Same. Mostly because when I played around with it in 2007-08; it was very unintelligent. Just a bunch of logic statements that try to predict reactions. Basically coded behavioral economics. Still is.
If it ever becomes real, we go SkyNet, so that doesn’t interest me either.

2023-02-24 00:26:02

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But her wallet not connected…c’mon, you the ThunderQueen, what gives?

2023-02-24 00:24:32

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I seriously love zapping Sats, but hard knowing that NGU from here.
Whatever, zapping my girl anyway

2023-02-24 00:23:11

Excited to see what #[0] builds on NOSTR

2023-02-24 00:21:03

We still have macro headwinds this year, but does it really matter if you are buying bitcoin for $23k today, even if it goes a little lower? We are in bottom range.
This is the accumulation zone.

2023-02-23 01:55:32

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Yes

2023-02-23 00:38:53

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Solid business plan.
Can’t wait to see this

2023-02-22 18:06:37

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Once I follow someone, I no longer see the pubkey, I see their profile name. But it could be a feature through the Damus app

2023-02-22 13:41:27

My favorite feature of NOSTR is that I only see the pub key, not the identity, of people who post until I follow them.
This has forced me to mostly follow people who post interesting content rather than a name I recognize

2023-02-22 13:38:55

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BTW, I was also wrong about bitcoin at first, but bought a small amount just in case.
When gambling, never spend more than you can stomach losing.

2023-02-22 02:50:59

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No, but it should

2023-02-22 02:49:48

I admit that I’m probably wrong…
But still not a fan of paying for JPEGs, even if on Bitcoin. (And especially paying with BTC)

2023-02-22 02:41:48

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Close enough

2023-02-22 01:46:08

Got a great rundown on lightening wallets today:
WOS is definitely the easiest to use on NOSTR. But due to its highly centralized nature, could get users rugged.
If you stack more Sats you are willing to loose, move to your hardware wallets often.

2023-02-20 17:30:55

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Truth Social was not a terrible idea, but NOSTR has made it and any other potential competitors completely irrelevant.
It’s like launching another Facebook today, hoping to pick up the last remaining boomers

2023-02-20 14:42:37

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Zapped 41 instead, which was lowest allowed

2023-02-20 14:00:15

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This is why risk management is important. Not fully invested with liquidity exits in this environment.

2023-02-20 13:44:11

Who are some bitcoin core devs here that I can Zap today?

2023-02-20 12:42:01

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You will get there

2023-02-20 12:34:01

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Markets are not efficient.
We’ve had a great short term move, might even go higher in short run.
Also a lot of great TAs out there who can tell you how to trade daily.
But I’m a longer term investor.

2023-02-20 02:33:51

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Yes

2023-02-20 01:55:06

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I expect Fed to raise to at least 5.5% before a pause, with no reverse course this year. Inflation will remain elevated

2023-02-20 01:48:55

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Smart money sells treasuries like this if expectation that yields are going much higher. Right now risk markets expect Fed to slow down then pivot this year.
Bonds tell a different story.
Sell ahead of rising yields, buy back when Fed is done.

2023-02-20 00:51:44

I’m about 90/10 NOSTR/Twitter at this point.
True humble learning and information sharing.
Nothing more fun than Zapping Sats

2023-02-20 00:49:44

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Recieved

2023-02-20 00:20:44

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I sent from Phoenix to WOS

2023-02-20 00:19:39

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Happy to. Sending you 42 Sats now. (Odd lots good for testing)

2023-02-20 00:19:00

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Yep, tested a few times. Seems right

2023-02-20 00:02:58

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What are the steps to get to the URL and not the invoice?

2023-02-20 00:01:23

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Not sure if boomers are going to pay that to verify that the person they are chatting with on Facebook was actually their high school hookups…

2023-02-19 23:48:32

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Interesting. I’m going to do a couple of tests on my end and report back

2023-02-19 23:38:12

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Thanks everyone for the help.

2023-02-19 23:30:53

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I recieved 99 Sats, but I think from TitoBTC
For WOS, surely you don’t have to constantly generate new wallets…
I went to Receive/Lightning Address/Copied LN URL

2023-02-19 23:07:11

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Ok, I gave up and created Wallet of Satoshi wallet. Almost seems to easy?

2023-02-19 22:40:27

I’ve never really used the strike wallet I set up.
But after playing around with it today to try to add it NOSTR, I now don’t understand strike at all.
An inferior version of Venmo? My only option to accept Sats instantly converts to $$. I don’t want that.
Something I don’t know?
I guess I’ll try Wallet of Satoshi

2023-02-19 22:32:03

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No hesitation, other than “yet another LN wallet”.

2023-02-19 20:40:51

I’ve tried and failed multiple times setting up my Phoenix wallet to accept Zaps.
#[0] helping me later this week.
Guess I’ll try setting up Strike until then. Any advice?

2023-02-19 18:53:04

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Try again, looks like it is working…

2023-02-19 18:52:43

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Thanks! Looks like this is the first zap I received, so my lighting wallet working properly (others have sent and transactions failed)

2023-02-19 16:54:30

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Just zapped you.
Still working on mine.

2023-02-19 15:55:47

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I’m having more fun zapping Sats than receiving them.

2023-02-19 15:52:05

GM
Stay Humble and Stack Sats

2023-02-19 15:45:37

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3 of my 5 accomplishments came with your help. Thanks!

2023-02-19 15:30:35

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Mine doesn’t either, except for my own posts

2023-02-19 15:25:08

Day 1 on NOSTR:
Got a profile pic, zapped others, sent lighting invoices and received Sats, got NOSTR verified, reposted with comments
Day 2 goals:
Properly connect Lighting wallet to receive Zaps

2023-02-19 03:37:24

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Same, Zero

2023-02-19 03:30:52

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So you have to @ their pubkeys; not name.

2023-02-19 03:29:26

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#[1]

2023-02-19 03:28:22

The three people that got me on NOSTR
@caitlinlong @preston @lopp
Testing tagging people

2023-02-19 03:22:06

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Learning from Preston
#[0]

2023-02-19 00:56:48

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I appreciate you helping me test this amazing new freedom tool!

2023-02-19 00:44:05

What I love about NOSTR is I’m a total novice on day 1, and so many people eager to help work through my failures here.
Stay humble, Stack Sats

2023-02-19 00:41:23

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Yeah, I got 2 notifications on phoenix of “missed payments”.
I’m going to have to grab an expert in person next week, maybe Preston or @odell

2023-02-18 23:52:40

My lightning address wasn’t working. Probably user error. Fixed. If someone wants to send me test Sats I appreciate it.