Bitcoin

Original Analysis & Research

Bitcoin 4-Year Simple Moving Average Analysis, 9/27/2022
Inflation-Adjusted Income Analysis, 3/8/2023
Historical Bitcoin Returns Analysis, 9/26/2022
Safety of BTC Custody with Prime Trust for Retirement Funds, 12/11/2022

Notes & Summaries

What is Bitcoin?, 10/11/2022
Bitcoin Mining and the Environment, 9/17/2022
Proof of Work vs Proof of Stake, 9/18/2022
Fed Dilemma and Bitcoin as a Neutral Reserve Asset, 9/18/2022
Michael Saylor on BTC Price Projections, 9/23/2022
Michael Saylor’s Definition of Bitcoin, 9/24/2022
2020-2022 Fed Policy’s Impact on Markets, 9/26/2022
Bitcoin is a Monetary Expansion Hedge, 10/8/2022
Cory Klippsten on Bitcoin as the 6th Industrial Revolution, 11/3/2022
Gigi’s Advice to New Bitcoin Maximalists, 11/10/2022
Michael Saylor on Sam Bankman-Fried and Crypto Regulation, 11/14/2022

Links

Bitcoin White Paper, Satoshi Nakamoto
WTF Happened In 1971?, Bitcoiners
Nic Carter’s Comment on White House Report on the Climate Implications of Crypto Mining, Nic Carter
      Natalie Brunell’s Reading of the same article
Michael Saylor Channeling Hank Rearden: His “Bitcoin Union” Speech Animated, Michael Saylor
Bitcoin versus Crypto: There Is No Second Best, Hard Money Show
Why investors need to consider bitcoin separately from other digital assets, Fidelity Digital Assets
Bitcoin Resources, curated by Gigi
Ten Million Bitcoiners: The Intransigent Minority, Cory Klippsten
The Race to Avoid the War, Cory Klippsten
Finding Signal in a Noisy World, Jeff Booth
Bitcoin’s Value Appreciation Engine: Increasing Scarcity, Jesse Myers
Operation Choke Point 2.0, Cooper & Kirk, the law firm that sued FDIC, OCC & Fed over OCP1.0

Bitcoin Transactions Visualization, built by @mononautical
Bitcoin Mempool Visualization, built by @mononautical

Quotes

“What is Bitcoin? It is the world’s first cryptocurrency, and it works because of the world’s first public blockchain network. What does Bitcoin do? It’s simple. It lets you send and receive value to and from anyone in the world, using nothing more than a computer and an internet connection. Why is it revolutionary? Because unlike every other tool for sending money over the internet, it works without the need to trust a middle-man. The lack of any corporation in between means that Bitcoin is the world’s first public, digital payments infrastructure. And by public, I simply mean, available to all, and not owned by any single entity. […] The mere fact that it works without trusted intermediaries is amazing. It’s a computer science breakthrough. And it will be as significant for freedom, prosperity, and human flourishing as the birth of the Internet."
      – Peter Van Valkenburgh, in an address to Congress, transcript continues here

“Traditional investors typically apply a technology investing framework to bitcoin, leading to the conclusion bitcoin as a first-mover technology will easily be supplanted by a superior one or have lower returns. However, as we have argued here, bitcoin’s first technological breakthrough was not as a superior payment technology but as a superior form of money. As a monetary good, bitcoin is unique. Therefore, not only do we believe investors should consider bitcoin first in order to understand digital assets, but that bitcoin should be considered first and separate from all other digital assets that have come after it."
      – Conclusion of Bitcoin First: Why investors need to consider bitcoin separately from other digital assets, a
         research report published by Fidelity Digital Assets January, 2022

“Most people don’t realize this, but Satoshi opened a portal from the physical realm into the digital realm, and energy began to flow into cyberspace. Bringing life to a formerly dead realm consisting only of shadows and ghosts. Bringing conservation of energy and matter, objectivity, truth, time, and consequence into the digital realm. Delivering property rights, freedom, and sovereignty that are separate from the physical and the political realm to humanity."
      – Michael Saylor, 10/6/2022
“Shadows and ghosts = bots, fakes, and no-cost illusions online. Things that appear human, but aren’t. Energy = Not the type of energy you can crack open and power your car with, but the ensoulment of online forms, that now have a cost, that now have scarcity, and genuineness."
      – Lyn Alden, 10/19/2022

“The moral case for Bitcoin is that you don’t have this cesspool of theft, corruption and cronyism that you do with the US dollar. Fiat money is just straight up evil, it is an institution of corruption, of theft, of extracting value from people that can least afford it; and bitcoin is one that’s way fairer."
      – Jimmy Song, 4/13/2022

“While the world of Bitcoin is a digital world, it is not a virtual world. It is not a made-up world. Yes, the rules were ‘made up’ by Satoshi—but they are neither arbitrary nor can they be changed arbitrarily. More importantly, the world that arises out of these rules is not virtual. It is not a simulated world. It requires real cost, real time, real energy—and, consequently—real sacrifice to maintain itself. It is not a world by decree; it is a non-virtual world that arises out of the manipulation of bits and bytes. A shared view of past events, rooted in the physical and mathematical laws of our universe."
      – Gigi, 10/2/2022

“Bitcoin is best understood as a monetary good, and one of the primary investment theses for bitcoin is as the store of value asset in an increasingly digital world…Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any ‘improvement’ will necessarily face tradeoffs."
      – report produced by Fidelity Digital Assets, January 2022

“#Bitcoin is a union that offers hope for the individual struggling against the oppressive force of the collective. It is the best chance we have to heal our world and rise above the chaos."
      – Michael Saylor, 10/22/2022

“#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy."
      – Michael Saylor, 9/18/2020

“I think this week highlights the virtues of bitcoin as much as it exposes the fragility of the crypto ecosystem. Bitcoin is a commodity you can self-custody without an issuer. The vast majority of all the crypto tokens out there are unregistered securities trading on unregulated exchanges, and they’re fairly centralized. And so, what could go wrong? Well, we saw what could go wrong with a centralized token trading on an unregistered exchange blows up this week. I think the bitcoiners have been predicting this for a long time. Speaking for all the bitcoiners, we feel like we’re trapped in a dysfunctional relationship with crypto. And we want out."
      – Michael Saylor, in the wake of the FTX bankruptcy, 11/10/2022

“You don’t need yield on #Bitcoin, because bitcoin accretes purchasing power from the yield of every economic activity worldwide for the rest of time."
      – Robert Breedlove, 11/13/2022

“Thought experiment: If the global economy was built on manipulated money, wouldn’t it make sense that those best at manipulation OR those knowing how to benefit from it would rise to the top. #Bitcoin”
      – Jeff Booth, 11/14/2022

“The rate at which we debase currency/violate private property is the extent to which people are incentivized to switch from entrepreneurial/productive roles to political/nonproductive roles in society. In short, debasing currency debases the moral composition of civilization."
      – Robert Breedlove, 11/18/2022

“Bitcoin is not credit. It’s not an IOU. Not a promise. Not reliant on any counterparty. Not a liability. Like gold before it, it is not backed by anything. It is the desirable thing itself. It is money. Pure, un-debaseable money."
      – Gigi, 763992

“Bitcoin is best understood as a force of nature, like the coming and going of the tide, like the sun rising in the east and setting in the west. You can have an opinion on it, but your opinion doesn’t have any influence on the phenomenon whatsoever. The tide will come and go, the sun will rise and set, and Bitcoin will produce a new block. Every 10 minutes."
      – Gigi, 763992

“In the future, the idea of central policymakers purposely creating more unemployment as the primary way to contain inflation might be seen as the economics equivalent of bloodletting in medicine.
‘Prices are going up too quickly. Let’s try to get fewer people making goods and services, so that wages stop going up.'
‘Now that we’ve created all this new money, let’s make sure as little of it as possible flows into wages.'"
      – Lyn Alden, 1/6/2023, quote tweet response to this video of Larry Summers