Hammer Bro

@berryhorse_29 What are your thoughts on the competing node implementations and BIP-110? Perhaps a video discussing your thoughts. Thanks

if you're new: please run your own node and secure your keys before it's too late. no, I am not a paranoid extremist libertarian. study any recorded century in our species history - Rothbard is a good start.

@nayibbukele Fantastic.

A journalist asks about human rights.

Stop ruining the visuals @NFLonCBS @BostonConnr can Pat make a call for us???

Everyone agrees @NFLonCBS please STOP IT.

And this ruined it 👎🏼

Please for the love of god @NFLonCBS stop with the awful overlays and let us enjoy the snow game.

@tyschmit When Lafleur plays blackjack do you think he hits on 17 vs a 6?

Don’t know where that ranks in terms of Packers collapses, but it’s as bad as it gets. What a fucking joke.

@tsarrast Why not use a currency with high liquidity outside the treasury. Something like bitcoin?

Phenom is implementing some changes. I want everyone to know that this was discussed quite a bit internally before the announcement. This post is not about the details of those changes. You can get that from Phenom’s Twitter account or elsewhere. This is about my experience and perspective as someone involved on the inside. When Matt, the CEO, called me to discuss it, he had a real problem to solve. The current treasury redemption model has people redeeming tokens every week, which pulls money out of the company that could otherwise be used to grow the site. He presented a few ideas. One was tying rewards to staking, with increased rakeback for those who stake. The other was moving from a treasury redemption model to a free market token price model. My gut reaction was mixed. I liked the staking and rewards changes. I didn’t like the token model change. It felt like we were going back on the idea that the Phenom token was a crypto token done right. And honestly, I’d guess many of you are having the same initial reaction I did. That reaction kicked off nearly a two hour call with Matt. Longer than I wanted, especially since I had an early flight the next morning. But this was something I felt I needed to fully understand. Over the course of that call, I changed my mind. And in the days that followed, the more I thought about it, and the more I talked with others involved in Phenom like Huck and Alec, it became clear to me that the most important change here was not the staking/rewards but was moving from a treasury exchange model to a free market token model. The company currently has a problem with variable, random token redemptions coming out of the 50 percent of rake allocated to the treasury. Matt even recently had to sell tokens below market value to raise treasury funds. I know because I bought some. That alone highlights the issue. But to me, the bigger problem is that the treasury redemption model is fundamentally illiquid. Many people have not been able to redeem as many tokens as they want week to week, because the only buyer is the treasury, and the treasury can only allocate a limited portion of weekly rake to redemptions. Anyone who thinks about basic free market economics for more than a minute can see that having a single buyer with capped funds is not an efficient or healthy system. While having a fixed token price tied to the last four weeks of rake sounds nice, I don’t think that benefit is worth draining the company of reliable weekly income while also creating severe illiquidity. In my view, this problem only gets worse over time and would eventually create reputational issues for Phenom. The only real solution is moving to a free market token model on an exchange. Importantly, how the token is bought or sold is not what gives it value. The Phenom token is not valuable because it can be redeemed from the treasury. It is valuable because supply is capped and staking allows participation in 50 percent of the rake the company collects. The token represents ownership in the revenue stream of the business. That has not changed. As long as the site operates, poker is played, and rake is collected, the token has value. And token holders should want treasury funds to be used to grow the site, so more rake is generated and distributed, rather than having the treasury act as the sole buyer of tokens. I do realize this change could cause volatility early on. It may unlock sellers. But it also unlocks buyers. Now anyone can buy Phenom tokens at any time. Who might want to do that? Crypto investors and traders who look for projects with real revenue and alignment. All wallets are visible on-chain. I plan on locking all my tokens. Matt is doing the same, as are all the other people involved with the project I’ve spoken to at this point. I’m excited about the longer lockups and the ability to earn even more revenue than before. Either the site succeeds or it doesn’t. That was always true. And that outcome has nothing to do with whether tokens are redeemed through a treasury or sold on the market. One of the prime reasons I got involved with Phenom in the first place is alignment. The site is aligned with the players. This change is not bad for players. Despite my initial knee jerk reaction that it was, I now believe it is necessary for the long term health of the project. The Phenom token is different because it is actually necessary. It is the mechanism for distributing rakeback. It is ownership in the revenue the company produces. Moving from a fixed-price sole-redeemer system to a free market system should improve liquidity and overall token health. There is a good chance that eventually the market prices the token higher than the current treasury formula, which is effectively about ten times annual revenue. Early stage growth companies often trade well above that. That is not why this change is happening though. It is happening because it solves real liquidity problems created by a system that was originally designed due to concerns about the token being a security. With those concerns gone, there is no reason to continue handicapping the growth of the site. There is also a decentralization issue. One of Phenom’s long term goals is for token ownership to come with increasing voting rights as the site matures. That requires broader token ownership. A system where the treasury is the primary buyer and tokens flow back to the company does not promote decentralization. A free market does. Wrap up: Change is uncomfortable, especially when it touches something people care about. My job here is not to sell anyone on short term price action. I don't know how that will look. It’s to be honest about what happened. I believe these changes give Phenom the best chance to succeed long term. After being deeply involved in these discussions, I believe this change strengthens the project, aligns incentives better, and gives Phenom a real shot at becoming what it set out to be.

It's Five Alive going into Week 11. Talks of a chop are getting serious. @davidgshort OUT with a Bills blunder. The Five Are: @weinicus newcomer @RaddyDaddy__ @grantmanh Satoshi Sharps regular @HammerBro88 & nostr celebrity QW

@GrassFedBitcoin Currently running Bitcoin core node on umbrel (which doesn’t even work anymore). What’s the best tutorial on how I can turn my old MacBook into a node running knots. Any video tutorial you can recommend?

Yes, I realize this is a "trust me bro" post. The other options of 1. Saying nothing 2. Betraying the confidence of people who talk to me in private 3. Hoping people figure out via the public misbehaviour of Core what is happening ....are not acceptable to me.

The situation with Bitcoin development is so much worse than I can discuss publicly. People tell me things in confidence and I have to respect that and you'll just have to take my word for it. It's completely out of control.

@DougPolkVids So many people think the ME is about having something entertaining to watch vs the poker being played. Until CBS and pokerGO are putting up the prize pool it’s about poker. Not personalities. He negatively impacted countless players with his antics. He deserves lifetime ban

Unsurprisingly, the comments here show how polarizing of a story this is Will be a fun video to make!

@DougPolkVids Could be fun to run a stopwatch on the amount of time wasted before even looking at his cards.

I’m going to make a video about Will Kassouf’s antics this year What do you guys think are the most important details/videos/hands to include?

@chamath Yes interested in the product. But not the SPAC 😂

This is so MADDENING. I need to do something about this. I’m going to hire a lab to produce and bottle water that we will get third party tested to prove it has the lowest microplastics content possible —> 0. If you want to buy it lmk and we can figure out a way to make it available to you as well. 😡

@chamath Given your terrible track record make sure it’s involved with ripple etherium and Solana so u can bring all those scams down with you.

Incredible that almost 58k people voted. I hope everyone that voted “No” feels seen. Now onto business. I got calls from many Wall Street and Crypto Titans yesterday. They all want in and their vote matters a lot to me so... I will probably do it. Maybe this time it will go better? Who knows. The risks are clear though. The last time wasn’t a success by any means. I will include this poll AND the community note in EVERY SEC filing possible. It will make an excellent disclosure about the risks and is not short of irony. So what kind of company do you guys want? No crying in the casino!

@_Checkmatey_ The math isn’t math’ing 🙃

It's basically risk free.

@DzambhalaHODL I keep thinking about the blackjack scene from the big short…..

If Microstrategy, trading at 2x mNAV, invested 5% of its Bitcoin into a new Treasury company, which then traded at 6x mNAV - that Bitcoin would be worth three times as much If that smaller company then grew faster than MSTR, that would compound That's Nakamoto's strategy

@RealKidPoker I agree this would be fun to watch.

So I truly believe this would make for great TV and is worth doing: First round, last group of the day, a scratch, a 6, and an 18 play the course and we see how they do. Maybe some kind of prize if they shoot a number: Scratch: 85 6: 100 18: 120

@TheBTCTherapist @BitPaine Not correct in the least. In fact they don’t even have calls sold on 100% of their synthetic so they are net long.

Just gonna leave this here. 👀

@BostonConnr Great day in American history.

People all over Philly are gonna be tush pushing the shit out of each other all day

@elonmusk To mine bitcoin?

Been thinking about the fastest way to bring a terawatt of compute online. That is roughly equivalent to all electrical power produced in America today.