@HardMoney
38,009 sats stacked
stacking since: #38951longest cowboy streak: 1
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What are the largest obstacles for getting ETFs and institutional level investors away from Coinbase custody to multi-institutional multisig?
Anti debasement and crypto don’t align really. You’re moving from a central bank of fiat economists to a central bank of developers.
Even if he is an Eth maxi the rules around issuance resemble similar central planning as Jpow
Try to have him clearly define what draws him to “crypto”. Seeing that he isn’t a self custody guy my guess is he’s entirely focused on fiat NGU. It’s basically gambling to him.
He is literally just hoping whatever shitcoin he buys goes up by the 10x or 100x
Doesn’t give a shit about sovereignty or better money. Likely doesn’t even understand money if he’s oriented on fiat value.
Blackrock and fidelity aren’t launching DogWifHat ETFs lol. He’s focused on vapourware that is a slot machine. You’re focused on the hardest money ever known to mankind that is becoming mainstream and will suck value from stocks, bonds, gold, and real estate.
I’d try forming the argument that:
  1. Shitcoins are experiments that resemble tech companies more than commodity money and 99.9% will fail
  2. Any of the cool features coming from these experiments will be built into bitcoin eventually
  3. Bitcoin doesn’t give a fuck about crypto experiments / vaporware. It’s becoming a mainstream macro asset to be discussed alongside gold and bonds in portfolio allocation
He is peddling penny stock pump and dumps. You are teaching people about the modern day equivalent of S&P index investing that compounds wealth over time.
MSTR has GameStop like potential to squeeze in a short term sequence. The guy has declared his own funeral
Better than shitcoin casinos because Coinbase basically incentivizes anyone new to start trading shitcoins.
If Coinbase is the first interaction a new coiner has they will likely “diversify” into shitcoins at some point.
If an etf is the first interaction a new coiner will start with it as 1-5% of their portfolio, see it grow as a % overtime. And may decide to learn more about bitcoin via podcasts or books.
ETF investors won’t rotate into shitcoins as easily as a first time Coinbase user
ETFs improve 10x when the custodial model is multi-institutional multisig.
Obv still less advantageous than real bitcoin but there are certain benefits that make holding bitcoin an option for institutions and HNW people unable to manage keys.
Nightmare scenario is Coinbase fucking up and losing access to keys or getting hacked. Multisig negates this honey pot immensely.
It’s inevitable that fiat rails get connected into bitcoin via instruments like ETFs. A way better top of funnel entry vs shitcoin casinos like Coinbase.
Hopefully many etf investors learn more overtime and decide to buy real bitcoin.
The weird thing about Texas is that sports betting is illegal for betting on teams / money line but it seems you can bet on player stats. Like draftkings is good and this sleeper app has a bunch of player stat over unders for parlay betting
Interesting betting on the app too. Surprised the betting is available in TX
A steelman analysis of the real negative extranalities of the industry (not media FUD but nuanced realities, ie noise, electronic waste etc)
Everything in bitcoin is really a tradeoff. Hence why there is no single best custody method etc.
Also would be a tradeoff to increase blocksize for more L1 throughput which was the reason for the blocksize wars
Do you think it’s all or nothing for bitcoin to win (ie completely replace fiat and be the only money used. Governments are small or non-existent in comparison to today)?
I think the MSTR / ETFs etc are a deterministic step in bitcoins journey. As a non-permissioned network it was inevitable fiat products would come along.
Personally I think it’s better that a transition happens slowly as systems change and fiat investment instruments hopefully allow enough life boats for the world to gravitate towards a hard money standard.
I don’t think it’s realistic to believe everyone will hold their own keys and transact on base layer. Imo most important concept to protect is the optionality that a person can if desired. Having tradeoffs for spending with custodial lightning / Phoenix / Fedi / liquid seem like reasonable options that allow people to make tradeoffs.
Even if the end scenario is going to a bitcoin backed dollar I think this is infinitely better than where we are today. Main point being while it’s important to defend certain characteristics of bitcoin (21M / option to self custody) we shouldn’t let perfect become the enemy of good (or better)
Bitcoin was always going to scale via layers (with tradeoffs) and fees will increase greatly from 1 sat/vb in the future as adoption occurs
Twitter and Reddit have a ton of interesting niche based data for training AI models. It also helps that retweets, likes, and upvotes can parse out the noise. There are way more interesting conversations and ideas going on in these platforms vs Facebook or instagram posts.
I think another interesting one would be Medium or other blog like platforms. Being able to train AI via triangulating thought leaders long form articles and comments offers unique insights beyond Google or Wikipedia.
On that note podcast transcripts are probably the holy grail for really getting into the weeds. Not sure how licensing works but since many podcasts are RSS feeds I wonder if it’s an open market to download and train on transcripts (similar to YouTube but I find podcasts to have more signal than videos most of the time).
Books too would be very interesting
Profitability and viability depend entirely on electricity price / is you are able to reuse heat for other purposes.
Will be tough unless you have 0.06 cent power or better.
Could be breakeven for KYC free sats
Better question is how many sats will be FU money.
$5m usd might be a grocery bill in 10 years