Patrick Smith

A society in decline... The effects of leaving the Gold Standard:

My BPI keynote, delivered in DC to a hall full of American leaders "Bitcoin is the Most Important Human Rights Technology of the 21st Century" Please share with anyone who doesn't think Bitcoin has a use case ✌️

@ActuallyClimber 🙏

Let’s say a Bitcoin Treasury Company wants to sell shares enough to provide a 20% BTC/Share yield to their shareholders. Scenario 1: They’re trading at a 2x mNAV., so (1+yx)/(1+x)=z +1 y = mNAV x = necessary share dilution to solve for z = yield So: (1+2x)/(1+x)=1.2 Therefore x = 0.25 meaning you need 25% share dilution here. Scenario 2: Do the same with 3mNAV. So: (1+3x)/(1+x)=1.2 Therefore x = only 11% share dilution! It gets better. Think of this in how much dilution the market is willing to absorb. Selling pressure can be hard on price, certainly. A company trades at a price 50% higher if it’s at 3mNAV today vs 2mNAV yesterday. Let price at 2mNAV be $2 and price at 3mNAV be $3. Imagine 1 million shares exist. So, if mNAV is 2, to achieve the desired 20% yield, 25% or 250,000 new shares will have to be bought up by the market at a price of $2 each for a total of $500,000 worth of selling pressure absorbed. Here, Bitcoin holdings get increased by 50% just to provide a 20% yield. Inefficient. Now do the same with it trading at 3mNAV ($3 here). Now only 11.11% dilution is required to achieve the exact same 20% yield. This raises the amount of bitcoin held by 33.33%. So, only 111,111 shares need to be sold at a price of $3 per share. So the selling pressure on the market is only $333,333 to provide just as much yield! This is huge to understand. It gets even better. The 3 mNAV stock didn’t even have to buy as much bitcoin in order to achieve this 20% yield as the 2 mNAV stock because less dilution means it’s more efficient. Less friction. More pure. This means the company with 3 mNAV can sustain high yield for longer (more runway) and easier at less cost to shareholders through dilution. How much yield can a company earn? The limit is to imagine zero dilution (as if mNAV was infinite) and then the yield simply is the bitcoin purchased. Bitcoin holdings increased by 20%? That’s 20% yield if mNAV is infinite. Just to understand the limit.

@ActuallyClimber I see. Thanks!

@PtSmith_ The rate of change and the mNAV are what matter. Otherwise if they wanted to raise their btc/share unfairly, they could just do a 100 to 1 reverse stock split and each share would be worth $367 and they’d have 100x the bitcoin per share. So it’s all in relative and real terms.

People wonder why I've shifted from $MSTR to MetaPlanet $MTPLF. MSTR is fantastic and will continue to outperform BTC. I'll continue sharing my viewpoints and encourage readers to have a questioning attitude and make your own decisions. I've made mine. Bookmark this🧵👇:

Read about David Baker, 2024 Nobel Laureate in Chemistry @UWMedicine @UWBiochemistry @proteindesign, in the latest news on the UW Medicine Newsroom tinyurl.com/yck5wwrd

Check out our latest preprint where we focus on finding drugs to treat the cytokine storm in COVID-19.

If you are curious about some of our current research activities, check out the highlights page on our website where you can hear @Chris_Fellin @JDubDubs @PtSmith_ @scmillik talk about their work. alshakim1.wixsite.com/website/highli…

Glad to share the published version of our work "Comprehensive mapping of the human cytokine gene regulatory network" by @cssantoso_ in collaboration with @atianand_lab and Andy Henderson. bit.ly/2H1qpNy

@ShuolongY Hi Shuolong, when fully hydrated, this material is quite a bit stiffer and stronger than other 3D printed hydrogels (MPa vs kPa). In it's dry state, the mechanical properties are comparable to PLA.

@PtSmith_ Very cool material, Patrick! How do you compare the mechanical stability of this material as compared to existing resin materials for 3D printing?

Hi everyone! I'm excited to share my virtual 2020 Molecular Engineering poster that highlights our protein-based resin for stereolithography. #RSCPoster #MolEngPoster2020

@FergLab That is a great question. Currently we do this on a 50g scale. I think it's possible to scale this up to a manufacturing level. A key to doing this is to use a larger scale purification technique than dialysis.

@luscombeUW The printed structures reswell when placed in water. I am currently developing a method to "switch off" rehydration, so this resin can be used to make bioplastics.

@PtSmith_ Hi Patrick. Thanks for presenting the poster! What are the next steps that you plan to do for the project?

I wrote out some thoughts on how to make this moment a real turning point to bring about real change––and pulled together some resources to help young activists sustain the momentum by channeling their energy into concrete action. @BarackObama/how-to-make-this-moment-the-turning-point-for-real-change-9fa209806067" target="_blank" rel="nofollow noopener">medium.com/@BarackObama/h…

Check out our latest preprint "Comprehensive mapping of the human cytokine gene regulatory network" Great work by @cssantoso_ in collaboration with @atianand_lab and Andy Henderson. disq.us/t/3oip6rr