“The market can stay irrational longer than you can stay solvent.”
— John Maynard Keynes

To say that the current market is irrational would be an understatement. Stock prices are at historically high multiples of revenue. Bonds return almost nothing in the US and have negative rates in Europe. Real estate is reaching all time highs with such high demand that prices are going up 10% in a single month.

These are not even the craziest thing going on in the market. With unprofitable companies, such as WeWork, there’s at least some prospect for future growth to make up for…

It’s amazing how much effort critics expend on ways in which Bitcoin could not work. Few people ask about the vulnerabilities of USD for instance, which has a far greater impact globally yet in order to FUD Bitcoin, the same “concerns” are brought up again and again as if they were novel to “warn” people away from Bitcoin. The latest salvo against Bitcoin is the idea of the empty block attack, something made popular by Michael in his debate with Pomp.

To be clear, I already wrote about mining centralization scenarios, which covers the empty block attack 3 years ago

The Bitcoin Times, Ed 3

There’s no morality in fiat.

One of the most important parts of the Bitcoin journey is learning to talk about Bitcoin in a way that connects with people. There have been a lot of approaches.

There’s the investment case for bitcoin, the self-sovereignty case for bitcoin and even the societal case for bitcoin. What there hasn’t been is the moral case for bitcoin. The moral case for anything is a different beast than the others because we’re not appealing to self-interest, we’re appealing to something that’s deeper in the human soul.

For this reason, a moral argument resonates deeper and…

The system is rigged. We all can see it in the opulent residences of the rich in San Francisco which lie blocks away from the squalid tents of the homeless. We can feel it in the way that certain people and businesses do little to better civilization yet make ludicrous amounts of money. We can hear it in the frivolity with which certain people spend money and the morbid gravity of those whose souls are crushed by debt.

That the system favors certain people and screws over others is obvious even to a five-year-old. Why the system is so unfair…

On block 631058 was mined a transaction which spent an output from February of 2009, that is a month after the Bitcoin network went live. This has caused a bit of a price swing, not to mention, a lot of speculation, about whether this is Satoshi Nakamoto moving these coins or not.

In this article, I’m going to lay out the case for why it probably wasn’t Satoshi and the bit of digital forensics we can use to figure this out.

What Happened

On May 20, 2020, a transaction with the id of cb1440c787d8a46977886405a34da89939e1b04907f567bf182ef27ce53a8d71 was broadcast onto the Bitcoin network and included…

Jiang Zuouer of BTC.top posted a rather… interesting analysis of their plan to fund BCH development with 12.5% of the BCH coinbase award for 6 months starting in May. If you haven’t seen the proposal, the idea is for the miners to form a cartel where they will orphan any blocks that don’t give the developer subsidy, meaning they have some assurance that they have at least 51% (more likely in the 70% range) to make good on this threat. …

Over the past couple of weeks, I’ve gone through the Economics 11: Principles of Economics course on saifedean.com. In this article, I’m going to review the class, what I think about it and who I think it’s good for.

The Austrian Method

One of the things that has always attracted me to Austrian economics is that everything is logically deducible and the arguments are very clearly laid out where other schools of economic thought hand wave to various conclusions.

That said, one of the frustrating things about reading Austrian economics books is that they do seem to spend a lot of time on…

If you haven’t heard yet, CoinFloor announced that the exchange will be Bitcoin-only come January 3, 2020. That is, they’ll delist BCH and ETH and concentrate only on BTC. Similarly BitGo is no longer supporting BSV given their p2sh rollback coming in a month. This is welcome news, not the least to the poor engineers in charge of having to keep the costly nodes upgraded and running.

This is the beginning of a trend and in this article, I’m going to show all that goes into supporting an altcoin and why an exchange might be delisting certain tokens.

The Economics of Exchange Listing

Listing coins…

This is another post that’s too long for Twitter.

Yesterday, I had an odd encounter. Someone came up to me and opened with “We’ve never met, but I’ve been wanting to meet you.” The interesting thing was, that I had met this person back in 2015 at a conference, just that no one knew who I was back then. Fact is, this industry moves fast and it’s difficult to remember where we were even a few years ago. All that is to say, a lot can happen in a few years.

My Story of Setting Goals

Back in May of 2017, I had just broken…

This is a short musing based on some conversations from yesterday that’s too long for a Tweet.

Part of the joy, and frustration, of traveling is that different places have a very different perspectives. It’s easy to be limited to a very narrow view of the world and think that it’s broad. Traveling is the antidote to this deception.

The problem is even worse in tech as Silicon Valley has hegemony over what’s innovative. Thus, the ubiquitous, and wrong, perspective that Bitcoin is mainly a technology that needs iterating, changes, governance by technocrats.

The Latin American perspective in this regard…

Jimmy Song

Bitcoin Educator, Developer and Entrepreneur. Book: https://amzn.to/2RSlnTb PGP Fingerprint: C1D7 97BE 7D10 5291 228C D70C FAA6 17E3 2679 E455

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store