Read_626 – Digital Alchemy, A Post-Mortem of the Crypto Crash [Lyn Alden]
“Several exchanges in the industry fuel bubbles for a quick buck as well. If something starts to get momentum, including meme coins like DOGE or SHIB that don’t realistically have a substantial future, they promote those coins to their users, which can suck retail investors into buying the bubble top. Plus, a lot of Youtube and TikTok influencers pump small coins, and use their audience as exit liquidity.” – Lyn Alden
For those of you who may be unaware, there was a recent blow up of a deca-billion dollar LUNA and TerraUSD algorithmic stablecoin. Essentially the entire market capitalization of UST and LUNA vanished in a matter of hours in a spectacular economic death spiral. How did this happen and what was the source of such an incredible risk of what had recently become one of the most promising “crypto” projects in recent months? Find out in Lyn Alden’s Post-Mortem of the Crypto Crash.
Check out the original plus Lyn’s other amazing work on her blog:
https://www.lynalden.com/digital-alchemy/
Another great piece from Lyn if you want to get ahead of the show:
https://www.lynalden.com/what-is-money/
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Read_625 – The Cascading of Interconnected Risk [Marty Bent]
“This created a ticking time bomb with a very short timer. That money was going to “work” in completely artificial markets that were being driven by pure central planning insanity instead of actual fundamentals. As everyone and their mother who had excess cash was shoveling it into financial and real estate assets, global supply chains were quickly breaking down.” – Marty Bent
Today we dig into what exactly is going on in the financial markets, why equities are crashing over a tiny increase in the Fed funds rate, what it means, and how on earth we found ourselves in this situation. It is core incentives built into our fiat monetary foundations that have created a world of leverage on top of leverage, and when the value of the collateral begins to correct, we witness “the cascading of interconnected risk…” Don’t miss this excellent piece from Marty Bent & Guy’s rant to follow on today’s show.
Link to the original and so you can sign up for Marty’s newsletter:
https://tftc.io/martys-bent/issue-1208-what-youre-witnessing-is-the-cascading-of-interconnected-risk/
Check out the episodes we did on Part of the Problem with Dave Smith discussing Bitcoin, the economic meltdown, and what the future might hold!
Part 1: https://open.spotify.com/episode/3KrG6cFlJOLAQsEWFHumVm?si=1a8cfd88268545af
Part 2: https://open.spotify.com/episode/40TMV3J008T94XjIY97MUR?si=c6c998776be446bc
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Guy’s Take #55 – On the Economics of CTV Batching, & Where I was Wrong
So what exactly did I get wrong in Guy’s Take #54, and why? Let’s dig back into the economic of CTV and transaction commitments, to clear up what I was misunderstanding around unrolling large batch transactions and who pays the cost of doing so. Are the incentives aligned or not? We discuss in today’s Guy’s Take episode.
Here is a link to the article we will be covering soon by Shinobi on the real controversy regarding CTV and its activation method if you want to get a head start:
https://bitcoinmagazine.com/technical/analyzing-bip119-and-the-controversy-surrounding-it
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Read_624 – Riding the Lightning Network [Sam Callahan]
“Despite all of these constraints, the free market finally provided the competition these incumbent banks so desperately needed. Bitcoin and the Lightning Network have arrived to show the world that we finally have the technology available to bring cheap global payments to everyone in the world.” – Sam Callahan
Today we dig into the absolute mess of differing standards, wall gardens, high fees, jurisdictional conflict, & liability risks that abound in our global financial and payments infrastructure. Why are cross border payments so slow and so expensive, and why specifically is it so much worse in the areas of the world where it is most higher needed? We explore all of this with Sam Callahan and the SwanBitcoin blog and dig into the fundamental reasons why Bitcoin and Lightning are here to finally, after decades of failed attempts and half measure, finally bring competition and innovation in a sphere that is absolutely ripe for massive disruption. Don’t miss this episode
Link to the original article for more great stuff on the blog and to follow Sam:
https://www.swanbitcoin.com/running-the-numbers-riding-the-lightning-network/
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PSA – Price Be Crashin 2022!
Welcome to Bitcoin!
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Guy’s Take #54 – CTV, Blockspace Debt, & TX Grenades
[Caveat – A critical piece of the puzzle I lay out in this episode was something I incorrectly understood, which makes this entire thought experiment moot. I explain further in Guy’s Take #55]
Today I want to isolate the problem I brought up briefly in the previous CTV episode and expand on how I’ve been exploring the concept and how it might be a problem to the economics of transaction fees and how it alters the liability of who pays for the cost of the data. I think this relates to issues from the past with soft forks like P2SH, and possibly even flipping the economic incentives to the reverse, and that CTV commitments should be more accurately thought of as “blockspace debt.” With this new framing, might there be a way to purposefully abuse this, a “Transaction Grenade” if you will? We explore this in today’s episode. Don’t forget to like and share the show with all your friends!
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Read_623 – Response to the Huffman Letter to the EPA [Bitcoin Mining Council]
“It is imperative that elected officials in the United States recognize that bitcoin, and the innovation of Proof of Work, is the most important financial, economic, and accounting innovation in the history of humanity.” – Bitcoin Mining Council
Today we read & discuss a thorough and well argued response to the unfortunate nonsense in the Huffman letter to the EPA written by 22 elected politicians. With numerous old, tired claims that are easily debunked with any search for real data or facts, to a handful of misleading and twisted claims that simply don’t reflect reality, the response does an excellent job of bringing sense to the table. Don’t miss it.
Link tot he original
https://bitcoinminingcouncil.com/wp-content/uploads/2022/05/Bitcoin_Letter_to_the_Environmental_Protection_Agency.pdf
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Guy’s Take_53 – Let’s Talk CTV
Everybody take a deep breath! Right now all the drama on Twitter and the Bitcoin community is all about CTV. What is it? Is this an attack on Bitcoin? Is it going to destroy Bitcoin fungibility? Are we firing the devs again? Well luckily I’ve been digging around through things the past 3-4 days and can at least give you an introduction on the idea and begin our journey to figuring out if this a new benefit or risk. There happens to be a lot of FUD both for and against the CTV/BIP119 proposal in the Twittersphere, and before anything else, it’s important to clear that up. So we start there with today’s episode, and hopefully this will kick off a more in depth discussion and exploration in the coming weeks.
Some great resources for further digging into this topic and to do your own discovery for the benefits and drawbacks:
BIP119.com
UTXOs.org
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Read_622 – Silent Payments & Secret Blinding Keys [Shinobi]
“One issue with Bitcoin’s privacy, the ability to receive funds without giving up valuable information, is addressed with ‘silent payments.'” – Shinobi
Today we dive back into privacy with payment codes, BIP47, how exactly it works, and then the recent proposal from Somsen on “silent payments” that takes this even a step further to limit the data load on the chain itself. Some really fun tricks here that help give much needed privacy to those who need it most. Listen to find out more.
Link to the original and tons of other great work from Shinobi & Bitcoin Magazine:
https://bitcoinmagazine.com/technical/bitcoin-silent-payments-secret-keys
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Read_621 – I Finance the Current Thing [Allen Farrington]
“Even if you knew this was complete and utter bullshit, and that being an agent and not a principal ethically and legally precludes you from pretending your politics is your job, can you imagine, dearest of readers, your absolute priority at all times being to appear minimally different to all your competitors and hence to mimic whatever stupid bullshit they are spouting, regardless of whether even a single such spouter is making one iota of sense?
You’ve just imagined ESG.” – Allen Farrington
Do you invest in The Current Thing? Do you put the sign in your store front, to make certain you are showing your support for The Current Thing? Breaking down, oh so eloquently, what this means and why we all seem to participate in this weird machine. Why we have ESG policies for massive asset management firms when the very idea of investing has essentially disappeared from the investment world. When money is political, everything is political. But the reckoning is on the way.
Link to the original, with many other works and reads to explore:
https://allenfarrington.medium.com/i-finance-the-current-thing-7ea204230315
Get your copy of the amazing book from Sacha Meyers and Allen Farrington (hopefully soon audible as well) at the link below:
https://www.amazon.com/Bitcoin-Venice-Essays-Future-Capitalism/dp/B09TTTGT11/ref=sr_1_1?crid=2AGZUFMOMFPQ9&keywords=bitcoin+is+venice&qid=1650945730&sprefix=bitcoin+is+venice%2Caps%2C224&sr=8-1
Lastly check out Havel’s epic piece on the nature of communism and the tools of ideology in maintaining pwoer, in “The Power of the Powerless.”
https://hac.bard.edu/amor-mundi/the-power-of-the-powerless-vaclav-havel-2011-12-23
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Read_620 – Reading of the Transcription of the Recording of the HODL vs DeaterBob “Debate” [Stephen Chow]
“You’re a thirsty bitch. You like to gargle Peter’s balls.” – DeaterBob
This is happening and there is nothing I can do about it at this point. Enjoy.
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
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Read_619 – Bitcoin Mining & The Gird, Part 1 – Generators [Blake King]
“Bitcoin miners are unique because of how fast, transparent, and flexible their response can be to pricing fluctuations.
Riot’s Whinstone mining farm in Texas is a perfect example of miners powering down during tight conditions in ERCOT. During winter storms in February 2022, the site powered down 99% of its operations to reduce load. This flexibility made headlines.
Now imagine if ERCOT has visibility of every miner over 10 MW that’s connected to the transmission network. The price at which the machines breakeven would then become an integral aspect of wholesale power pricing because the bitcoin miners themselves can set the wholesale price.” – Blake King
Simply put, if you want to understand the intricacies of Bitcoin mining and the energy grid, you don’t want to miss the first installment of this series. Follow Braiins and Blake King so you don’t miss the coming installments, as well as Bitcoin Audible to hear them all in audio.
LINK:
https://braiins.com/blog/bitcoin-mining-the-grid-generators
Check out the mentioned episode in the Guys’ Take by Croesus. Bitcoin & the American West:
https://podcasts.apple.com/us/podcast/read-587-bitcoin-the-american-west-croesus/id1359544516?i=1000545327475
You can earn Bitcoin by Donating Plasma in a new pilot program. I’ve put the details for you at the link below:
guyswann.com/blood
For the best products and services to get you started in Bitcoin, our sponsors are literally a handful of those that I use most in this space:
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• Buy Bitcoin automatically and painlessly with SwanBitcoin (swanbitcoin.com/guy)
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