
🇮🇱🇺🇦JakFungujeBitcoin
2.2K posts

🇮🇱🇺🇦JakFungujeBitcoin
@JFBitcoin
#Bitcoin pro laiky a Český překlad bílé knihy Satoshiho Nakamota #Bitcoin A Peer-to-Peer Electronic Cash System a (možná :) další






A central bank. And Bitcoin. My speech at The Bitcoin Conference 2026 in Las Vegas on 28 April 2026. Video and text; the slide link is below: Today, I want to talk about a strange combination: A central bank. And Bitcoin. Most people do not put these two things together. I do. In monetary policy, a central bank must be conservative. But it must think ahead. When I became Governor of the Czech National Bank in mid-2022, inflation in my country was close to 20 percent. Twenty percent. It was a serious moment. When I took office, I said we would bring inflation back to 2 percent within two years. And we did. Not with magic. With discipline. I said this clearly: Even before covid, money was too cheap for too long. For too long, the system promoted borrowing. For too long, the currency was weakened. We changed that. We kept policy tighter for longer. We supported saving. And the koruna became strong. That, for me, is conservative monetary policy. Our rule is simple: stay hawkish forever. We also manage very large foreign exchange reserves. Very large. We manage about 180 billion dollars in reserves. That is about 44 percent of GDP. Relative to the size of our economy, our reserves are among the largest in the world. So we have to build the right portfolio for the future. Here, you can see the long-term risk and return. It is based on Czech koruna data, the currency in which our books are kept. Bonds are at the low end. Low risk. Low return. Stocks and gold can offer higher returns. But they also bring higher risk. The next point is the Czech National Bank’s portfolio. Over the past four years, we increased the share of equities from 15 to 26 percent. We also increased the share of gold from almost zero to 6 percent. We built a diversified portfolio. A higher expected return than before. Lower risk than an all-stock portfolio. And even lower risk than an all-bond portfolio. But then came the next question. Can we do more? Can we build an even stronger portfolio for the future This is where Bitcoin comes in. The first time I used Bitcoin, I bought a coffee in Prague about ten years ago. Today, that coffee comes to about 350 dollars. It was the most expensive coffee of my life. Bitcoin has had very high returns. But honestly, it looks risky. It is much more volatile than other assets. One day, its price may be much higher. Or it could go to zero. Yes, zero. And that is true for other assets too. A stock can go to zero. Even a bond can fail. That is why it is not wise to bet on just one asset. We have to think about the whole portfolio. The next point on the chart is what we found in our new analysis. This is our model portfolio with 1 percent in Bitcoin. And here comes the interesting part. With 1 percent in Bitcoin, the expected return goes up. And the overall risk stays about the same. That is what our new study shows. Why? Because Bitcoin has low long-term correlation with many traditional assets. It does not move in the same way. And that matters. When you add an asset like this, the whole portfolio can work better. The return can go up. And the risk can stay about the same. That is diversification. Over the long term, Bitcoin can provide returns that are not closely linked to other assets. In some ways, it is similar to venture capital. But it is much more liquid. So we started a separate test portfolio with Bitcoin. A test portfolio. Not a revolution. Not a political statement. A test. We will run it for two years. Then we will publish the results. Then we will decide what comes next. Be conservative in monetary policy. Be innovative in how we work. This is the future. @CNB_cz cnb.cz/en/public/medi…
















Bitcoin just had a 2-block reorg. Foundry wound up mining 7 blocks in a row and rewrote two of AntPool/ViaBTC's blocks out of history. At blocks 941881–941882, Foundry and AntPool/ViaBTC were racing on competing chains simultaneously. Foundry won and their chain became the best chain. AntPool and ViaBTC's two blocks became stale. They are now orphaned, never to be part of the permanent ledger. You can verify it yourself on fork.observer Quick explainer on what a reorg actually is: Bitcoin's rule is simple: the chain with the most cumulative work wins. Sometimes two miners find a valid block at nearly the same time. The network splits briefly, with some nodes following one chain and others following another. The tie gets broken when someone mines the next block on top of one of them and the longer chain wins. The losing blocks become "stale" and are discarded entirely. Those miners get nothing. A 2-block reorg means this race extended across two consecutive blocks before resolving. This is rare but not unheard of. H/t @0xB10C

Daddy, I'm long 100 mil. “Iran and you had a good talk. Tell the market this.” I get out when market spikes, you then bomb. Thanks daddy.



$STRC is highly accretive to $MSTR, even though its dividend is funded through the common ATM (issuing new shares of $MSTR). Here's how it works: Strategy sells $100K of $STRC yielding 11.5%, buys $100K of BTC. They now have a $11.5K annual dividend obligation. *Five years pass, Bitcoin rises by 10x* Strategy now holds $1 million of BTC, but has only paid $57.5K to service the STRC dividend over the 5 years. ($11.5K/year * 5 years = $57.5K) That's an $842.5K gain to $MSTR shareholders! ($842.5K = $900K gain on BTC - $57.5K of dividends) Strategy now has $1 million of BTC, but the $STRC dividend remains only $11.5K per year. Strategy will fund the dividend by issuing new $MSTR common shares. Sounds bad, but the $57.5K of share dilution is small compared to the $900K BTC gain. Key takeaways: (1) The dividend payment remains $11.5K forever, but the BTC they hold will appreciate in value forever, a permanent benefit to $MSTR shareholders. (2) Over time, the dividend payment becomes inconsequential compared to the value of the BTC they acquired. (3) Perpetual preferreds like $STRC are different from debt in that the principal never has to be repaid. Note: In reality, the $STRC dividend may be adjusted depending on market demand, but I assume flat for simplicity of the math.






