Hashtagmath

Started reading @LawrenceLepard “The Big Print”. I’m going to Xeet up a storm as there are certain to be endless quotes worth spreading widely. So let’s start at the beginning, the foreword. In a world of PnD influenzas/KOLs @maxkeiser makes a great point. Who do you want working for you? When you buy bitcoin those working for you include Larry Fink, Michael Saylor, and Paul Tudor Jones. 🤔

@benschmidtbtc @BitcoinPierre I’m not sure many crypto boys even have a perspective on pre-mine. They think it’s just FUD Bitcoin maxi’s spew. That is how dumb the majority of these pump and dump chasers are.

I am never deleting this app. I think Joel’s world view was shattered after this simple exchange. How many crypto bros think first to mine, means pre mined?

@gladstein @will__mcevoy Alex doing gods work responding to someone I had already muted. Amazing that people don’t understand how destructive a premined pump and dump is. Doesn’t even matter if the tech is good. It will always fail.

@will__mcevoy Will how many human rights defenders worldwide do you know that have a zcash strategy? Who is training activists how to use zcash?

Gladstein crashing out over Zcash which is objectively better for human rights than BTC is hilarious. Lesson here.

@tracewoodgrains @Noahpinion Well summarized. Breathtaking in its criminality and complete lack of accountability.

It's almost awe-inspiring, in a sense, how ambitious and extensive this admin's corruption is, how devoid of any notion of fair dealing, how openly they loot the pockets of their followers and the treasury alike for personal gain what do you even say at this point?

@phil_geiger @PsychedelicBart @WSJ So painfully obvious. Would be hilarious if it wasn’t so destructive to the industry.

@WSJ Just FYI the "some" who are getting behind zcash are the insiders that paid you guys to write this

With many crypto fans souring on bitcoin, some are getting behind Zcash, a privacy token that lets users shield transaction details and remain anonymous on.wsj.com/435cPir

@gladstein WSJ = banking cartel propaganda

Tens of millions of people are using Bitcoin, based on exchange, wallet, and academic research data WSJ: We don’t believe you “Some” people are using a random altcoin WSJ: Sounds good we’ll run a feature 🤡 publication

@matthew_sigel @mikealfred Are you saying risk adjusted returns are higher with SATA? Maybe… but in a bull market I’d assume ASST would be the better bet independent of the distribution schedule.

@mikealfred Daily dividends are a gift to pref holders at the expense of mNAV. Not sure why you'd own the common.

Strive must have bought out the last $100,000 of legacy Semler convertible notes yesterday because as of today they have zero debt. Absolutely zero. Nada. Zilch. Oh and did I mention daily SATA dividends? Wild that anyone was bearish. The haters have all vanished per usual.

@jordanurbs Beautiful write up. So much has been lost in the fiat world. Finding a place that hasn’t been destroyed is something I think about daily. Unfortunately, the hyperinflation and political situation in Argentina make it difficult to consider seriously.

11 months ago, we moved out of El Salvador. This week, we officially moved to Argentina. After a few days here, I'm reminded of why I like this place so much. Here is a list of reasons why we chose to live here and why I still have hope for Argentina: 1. It shares some of the best qualities of Europe + Latin America. This is perhaps the basis for the rest of the list. For context, I'm a North American. I spent years traveling Europe as a young adult and I miss what it felt like before the late 2010s... it still felt European, a revered Old World. Meanwhile, I spent years in Latin America as well—and I miss the pre-consumer days. As El Salvador proves, "development" seems to mean pouring more concrete and building more corporate strip malls, while things get unbearably expensive for the average person. Yet Argentina, to me, represents something in between the two worlds. It used to be a supremely wealthy country, so despite its history of Peronism or CIA intervention(s), its development has been on a much different path than most the rest of LatAm. With its dominant Spanish/Italian heritage, Argentina's Old World-ness lingers on... but meanwhile, it still encompasses the chaos and beauty of Latin American culture that (again, despite its history of socialism and recent hyperinflation) ironically hasn't yet been fucked up by the fiat corporate development epidemic. Let's unpack that... 2. Quality still matters in Argentina. I think the more a country "American-izes", the more its people lose appreciation for the finer things in life and just wants things faster, quicker, cheaper. Argentina is still very un-Americanized. Unlike life in the USA, where even buying expensive groceries from Whole Foods means mass-produced processed packaged goods, the Argentine people still appreciate gourmet eats. Go to a restaurant and it takes forever to get your meal... because in large part they take pride in how it turns out. Even many of the products in a health food store (dietética) will generally either be made in-house or from a local brand. (There are obviously still national brands whose products span the entire country, but this is not as common as in the USA and the handful of franchised stores that distribute everything.) Espresso is taken seriously here, even though most people are purely yerba mate drinkers; the gelato is the best I've ever had; and as the saying goes: "the French invented the croissant but the Argentines perfected it (look up the 'medialuna')" We ate at a "natural" cafe yesterday and all the bread (keto, normal, or whole wheat) was homemade and delicious. And lunch was hardly expensive—no more than $10 per dish. (for context I recently paid $23 for a hamburger in Vegas.. what a time to be alive) 3. Prices have gone up since we were here last in 2023, but truth be told it's still not nearly as expensive as the States is getting. We're paying $2500/mo. for a 4-bedroom/2-bath home with a huge living/dining area, spacious quincho (patio for asado/barbecue), with a pool in a grassy yard, on about a 1/3 acre lot... It's a peaceful suburban neighborhood not too far from the city but far enough to have a lower rate of crime. This is considered expensive rent. (cultural-economic quirk: due to inflation, the rent price will go up $100/mo every 3 months—apparently that's just how they do it here, my wife explained to me when I protested) We shop as organic as possible, so food prices are not too far off from Whole Foods lifestyle—the difference here is that there is a huge contrast in quality, as the eggs still have bits of chicken shit residue on them and many products are (or at least feel) homemade. Beef goes straight from farmer to butcher. (and if you don't care for organic, I imagine you're looking at saving anywhere from 20-50% on groceries compared to N America or Europe—check out @BowTiedMara 's posts on costs of living in Buenos Aires for more on the subject) 4. Businesses are still local and people want that. This is a generalization but it doesn't take much time in Argentina to notice: aside from maybe gas/petrol companies, a few international grocery store chains and big industries like that, the corporate enterprises you do see are NOT ubiquitous. For example take "Easy", the hardware store equivalent of Home Depot... as of 2021 there were only 49 Easy branches in ALL of Argentina—and it's considered the biggest retailer of DIY stuff. (Compare that to 52 Home Depots in Los Angeles County alone, lol) It's much more common to just find a local hardware store (ferretería) for the tools or supplies you're looking for... they are basically on every corner. Another example: the local mall has a Starbucks and 2 other cafes inside it... the Starbucks is normally empty, the other cafes packed. I love that. Yes, there are McDonalds and things like that. But the type of franchise strip mall culture rampant in N America (and El Salvador, now) is not common here—I would even venture to say it's not appreciated at all. This type of thing may or may not change with a continued Milei regime, I really don't know, but overall culture is a big ship to steer. I imagine it would take some serious financial/economic incentive for big corporate shopping malls to change how people do their shopping here. 5. People aren't in a rush (unless they're driving) Sit at a cafe for hours, sit at the dinner table talking for hours, sip yerba mate with friends for hours at the park... in the European way, it's still cool to just hang out. (Meanwhile, roads are quite like anywhere else in Latin America. Drivers in a rush, ready to honk at you, etc.) 6. People still greet each other. Not random strangers, but acquaintances and friends of friends will greet each other with the European cheek kiss (single, not French double style) At a social gathering, one doesn't walk into a room without greeting every single other person there. It is rude to not say "Hola como estas?" before bringing up your business with a person—IRL or in chat. (I am often guilty of this) As superficial as this at times might feel, I think this is an increasingly important thing as the fabric of society is ripped apart by all the different elite forces at work in the world. 7. Family is still family. We have family here (my wife is Argentine) and our kids haven't spent much time with them... that was actually a big factor in moving here. In my experience, family in Argentina will always do favors for you without expectation of anything in return. They will not accept money from you for helping out (even if they could use it). They have your back should something ever go wrong. (I was fortunate to have been raised in a family like this in the States, but I think this probably came from the Italian roots on my mom's side) Perhaps the most important thing I'll say about family is that politics will not divide it. We lived here in 2020 and there were plenty of disagreements about the state of things. And we were visiting during the Milei elections of 2023 and there were even more disagreements... but everyone stayed chill. Family members and friends can politely discuss politics in Argentina without destroying relationships in the process. Huge. 8. Flaunting wealth isn't as important in a low-trust society. Despite all the good I've mentioned, there is still high crime here. Windows are barred, garages locked, and security alarm systems are commonplace. I remember in 2023, my in-laws were parked on the street visiting us and their car was broken into, their spare tire stolen... while we were a mere 20 feet away inside the house. This sucks but it does bring up some positives: there is no culture of conspicuous consumption or flaunting wealth to show off, for fear of becoming a target. You don't see many luxurious vehicles on the road, and maybe it's just where we're living but there seems to be a tinge of pride found in how much rustic or animated personality one can give their establishment in its decorations and vibe. In my observations, the result of this is a general consensus among citizens that everyone is just out there doing their own thing; a lack of feeling like comparisons are being made consciously or subconsciously. (Still contemplating this point, for example in Buenos Aires there's probably more of this conspicuous consumption than where I have spent most my time... I'll probably have more to say about this in a few months.) --- There is more to say which I'll cover in a future post, like how many people are starting to use crypto in their everyday lives, and how shop owners, after hearing how she's been gone for 6 years, tell my wife how they're "doing GREAT lately"... but for now I'll leave it here. Argentina's unique history seems to have created a very particular flavor of both continued "Old World" vibes on top of an atmosphere that still respects and demands local business, local goods, non-corporate character and personality, and just a general persistent "human-ness" that might be strongly correlated to the fact that it was economically closed off from the world for so long (and thus wasn't overridden by global financialization and big corporate interests). I'm probably missing a lot from my "analysis" here, but the irony of my conclusions is not lost on me: it required decades of suffering to be in the position it is today, which appears to be extremely hopeful thanks to its unique culture and current administration. In the context of local business and what I've written about in this post, I don't know what will happen if Milei is re-elected and his efforts are successful over the long- run—it's a nuanced conversation and a double-edged sword, if nothing else. I do know that things will probably not feel so bright for folks if he is not re-elected. If you haven't read it yet, this post I've RTed explains my feelings about what was happening in El Salvador when I left (and how it contrasts to why I still like Argentina):

@mikealfred Congrats on SATA daily, sir.

@ZynxBTC Do you think strategy will feel pressure to move to daily? I imagine the mechanics are challenging and I wonder if there’s an S&P consideration for MSTR.

For the first time in the Bitcoin Treasury space, Strategy will be following rather than leading. By the time $MSTR makes its first bi-monthly dividend payment on July 15th, Strive will already be paying daily dividends on $SATA. And this is why Capitalism is amazing. Competition is working exactly as it should. Products improve, consumers benefit and the pace of innovation accelerates. All great for Bitcoin.

@JoeConsorti She may be the worst politician of our generation.

Elizabeth Warren loves the banks and hates the American people.

@ZynxBTC I think there’s some absorption of last month’s demand taking place. They bought a metric s ton of BTC and a large chunk was likely arbs.

Just to clarify, none of this matters in the long-term. $STRC is one of the best financial products ever created and will see trillions of inflows one day. I just think 12% is pretty nice for marketing at almost no extra cost. The yield is variable and will come down anyway. Bootstrap demand for the short-term, why not? If it doesn't happen, no problem.

@TomerStrolight @MayaPar25 I mean… that’s kinda glorious. I can’t stand the shitcoiner mindset that permeates this industry. Bad actors and moon bois have done so much harm to an industry that should be revolutionizing the world.

How it started. How it’s going.

@unusual_whales Half stock. Half cash. It’s on the website.

BREAKING: EBay rejected a $55 billion takeover proposal from GameStop, describing the offer as “neither credible nor attractive."

@mikealfred @CryptoKaleo

@CryptoKaleo You sound like me in early 2023 🤣

Bitcoin Miners finally look ready to do what I thought they would a year ago. Combination of BTC climbing + AI narrative is the perfect recipe to send the industry. RIOT, MARA, HUT, CLSK, etc. are all currently sitting in the $5-10B mcap range. Still believe there’s room to see a 5-10x in the industry as a whole.

@FixxTheMoneyy Hunting liquidations like it’s their job…. Because it is.

Some real AIDS inducing PA right here.

@nic_carter Question is what is going to be done about it? Citizens need to vote with their feet and GTF out of these dumps for states.

Again, UBI is here, it's just unevenly distributed. Right now, you can live handsomely if you live in a blue state and are willing to commit light fraud.

@tushar_jain It’s not. But keep shilling Zcash.

Bitcoin's lack of privacy is a major headwind to its utility as a SoV/safe haven

@HodlMagoo It’s a bear market and we’re going to $45k.

Most over bought equities have been since 2018 and Bitcoin is asleep.

@StackerSatoshi They’ll buy more today via STRC than they did last week. The flywheel keeps spinning.

Strategy only bought $43M of bitcoin last week. STRC has finally returned to par today to start the week and has 4 days until the ex-dividend date. It depends on how much volume is traded at par, but Strategy should be able to buy a lot more $BTC this week.

@PunterJeff @willywoo Willy sold his BTC “to invest in BTC opportunities”. Not surprised he’s posting this type of stuff. He knows better.

Garbage in, garbage out. Your LLM’s are utilizing publicly available credit ratings from S&P & Moody’s. If you were paying attention, you’d know that S&P rated Strategy a B- ICR because they valued the entire Bitcoin stack at Zero. That’s resulting in 500 - 800 BP’s in your LLM analysis. Effectively your LLM analysis is as good as your lowest common denominator, which is credit agencies. Yikes.

I ask Grok and Gemini to assess the risks investing in Strategy's $STRC yield instrument. Then I asked it to estimate a yield that would fairly compensate the investor for the risk undertaken. Both concluded 11.5% was underpaying for the risk. Grok: 17-22% APY Gemini: 16% APY