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Sunday Survey:

How much do you spend at Amazon per month?

"Blockchain" and "crypto" are proving to be bigger rent seeking opportunities than investment banking.

Those are extensions of the unsustainable fiat world.

Power is just getting more people to trust you.

In that way, distributes power way more evenly.

If you want money out of politics, take the politics out of money.

Trying to use a credit card abroad can be very frustrating. The fraud department at @Citibank is completely incompetent and I can't use their card.

I dream of a better world where there's no third party that prevents me from spending my money.

Trust is depending on others to do the right thing even when they can profit by screwing you over.

Incentives are way more stable than trust.

Bitcoin: Unsigned Michaelangelo that speaks for itself.

Altcoins: Art people pay for the signature and pretending to be profound, but is ugly and nihilistic.

Fiat loans are naked shorts.
Naked shorts are fractional reserve lending.
They expand the supply as long as a loan balance exists.

Arguing w/altcoiners, Curiosity, and more for free subscribers.

Bitcoin Inquisition, invoice parser, whitehouse report and more for paid subscribers.

Tech Talk #310

jimmysong.substack.com/p/bitco

Sunday Survey:

How much per month do you spend on health care?

I was teaching about HD wallets earlier today and I was struck by the number of altcoins that are defunct from the SLIP0044 list. Unlike market cap rankings, these don't suffer from survivor bias.

github.com/satoshilabs/slips/b

Due to PoS, every ETH owner is now incentivized to keep their keys online or keep their coins on exchanges. Besides being a huge security problem, there's now a non-KYC penalty.

Does this sound familiar? It should. This is how the fiat central banking system works.

The typical Bitcoiner is skeptical of almost everything and will verify everything personally.

The typical altcoiner is incredibly gullible and will believe anything you tell them about blockchains, the internet or art.

We are not the same.

There are economic laws that Keynesian economists pretend don't exist so they can justify money printing theft.

Crypto-Keynesians are doing the same with altcoins.

programmingbitcoin.com/crypto-

"But I own Bitcoin!" say altcoiners as if it'll absolve them of their altcoin pumping.

That's like saying you're honest most of the time and that should absolve you of the times that you lie or steal. Morality does not work that way.

The people that are nice will tell you exactly what you want to hear.

The people that tell the truth that you're not ready to hear will feel toxic.

You cannot create something out of nothing. Somebody has to do the work, whether it's explicit or implicit.

Fundamentally, this is the flaw in all fiat money and all altcoins.

I talked to @david_perell about curiosity and learning. He's one of the most curious and deep learners I know and he does a great job using all that knowledge to write some great essays. Learn how to love learning!

youtube.com/watch?v=oIv_IUCEXy

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