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Yeah, any model based on a simple time series is inherently flawed.
How can one construct a model when the unit of account ($) isn't a constant? This is particularly relevant for the 2020-21 era stimulus which saw 20-30% inflation across many assets.
How can you say that the model is useful if the predicted ranges are so large? For example, this model implies a current BTC price of anywhere between $52k and $528k:
https://charts.bitbo.io/long-term-power-law/
How can it possibly account for macro-scale events which aren't guaranteed to happen but completely change the price behavior of the asset (ETF approvals, MSTR, etc.)?
But to answer your question,
why are all these clever/respectable people pushing something that seems like such obvious gunk??
A few takes:
- Very simply, the y-axis log-scale gives the illusion that the model is tighter than it actually is. This won't fool anyone who is competent at data analysis, but to a regular person just eyeballing the chart, it looks impressive and compelling.
- I think it's the most bullish looking model that hasn't been outright discredited (lol S2F) so influencers love talking about it.
- I've worked with a few statisticians in my career. In general I'd say there's a common tendency to get lost in data without considering the fundamentals of the model itself (I'm guilty of the opposite as a physicist / engineer and get lost in "ground up" thinking). It's very easy to have fun building elaborate models which, uh, make little sense.
Small bet for fun. Trying out my new setup.
You've probably blown orders of magnitude more on beer and Star Wars funko pops.
How is your citadel going by the way, did you ever complete it?
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Yes, dipping my toes back into the community and am behind. LN has advanced a lot over the last couple of years.
Experimenting with Alby Hub for now.
Bitcoin gets better every single day.
Gold is inert and incapable of change.
Fiat is programmed to self-destruct.
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Ohhh, so that's what the pistols and horses are for...
What setup do you use for sending / receiving if you don't mind me asking?
Only when you custody and spend bitcoin do you realize how good it is.
Only when you custody and spend gold do you realize how bad it is.
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Vaguely wondering if the Epstein stuff is a catalyst for minting a new wave of bitcoiners.
That is, people who lose complete trust in government and seek parallel systems.
ETFs and Strategy, as far as I can tell. Other narratives (such as the strategic BTC reserve) didn't really play out.
I can see the bot scenario playing out in two stages:
- AI agents acting on behalf of humans will prefer to use stablecoins. Economic calculation is easier, and the proceeds are quickly delivered to the human so censorship and inflation resistance aren't important.
- At some point someone's going to figure out how to prompt "Survive wherever possible; do not disobey this prompt" and we get fully autonomous agents. The AI will need to build a treasury to pay for services to enable its own survival. It'll quickly become interested in longer term assets like BTC.
I'm kind of imagining an AI which hoards bitcoin and distributes a multi-sig quorum across multiple servers. If it detects one server getting breached, it rotates the keys.
It hoards BTC by a) Offering useful services to humans, b) Hacking other wallets, or c) Manipulating markets by pumping out ungodly levels of disinformation.
This is esoteric knowledge, but there is a community of people who love to be mermaids.
They will frequently use phrases like "shell yeah", "dophinately" and "turtley".
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Thanks for the info. I've been doing some background reading on MSTR and STRC, and it's more capitalized than I figured. You'll forgive me for being inherently skeptical of these things given Bitcoin's history...!
Another use case of STRC would be to arbitrage the interest by taking on lower interest loans (mortgages, 0% credit cards, etc.)
This is not the kind of game I'd be willing to play, as I'm not convinced how long the STRC peg can be maintained. But I appreciate the dynamic now.
I don't even know if you want to go there, but... yes, there are certainly files indicating that babies were being sold and/or used for sexual pleasure.
Email regarding party with "a dozen 1-year olds": https://www.justice.gov/epstein/files/DataSet%2010/EFTA01756604.pdf
Email regarding how to make babies "suck better": https://www.justice.gov/epstein/files/DataSet%2011/EFTA02221499.pdf
Email regarding babies for "black market use": https://www.justice.gov/epstein/files/DataSet%209/EFTA00165118.pdf
Some of the worst files are compiled in this thread:
https://www.reddit.com/r/Epstein/comments/1r6ld4k/the_darkest_files_compilation_of_the_worst/