@bitcoinwell
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Publicly traded non-custodial bitcoin company. TSXV: BTCW. Bitcoin in your wallet, not our IOU. Canada + all 50 U.S. states.
Joined January 2014
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- Followers15.2K
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Your Bitcoin IRA Is Not a Get-Out-of-Jail-Free Card nitter.cf/i/broadcasts/1qKVmyLQa…
For 13 and half years @adamobrien has held bitcoin and last week was the first time he checked the 21 million cap himself. His point: self-custody was never zero counterparties. It's the fewest you can have, and your job is to name them.
Worth adding one thing. Bitcoin's counterparties make you go looking. The dollar's announce themselves.
This morning Tether said it has frozen about $550 million in Iran-linked USD₮ this year. Its CEO, in the same release: "Tether can act when credible information is provided by law enforcement."
You don't have to audit anything to find that counterparty. It put out a press release.
You can check the 21 million cap on your own computer right now. Like seriously, what are you waiting for???
Full episode in the comments.
Today Washington offered to release Iran's frozen funds in return for concrete nuclear steps, U.S. officials told Axios.
The same morning, Tether announced it has frozen about $550 million in Iran-linked USD₮ this year.
Two headlines. One lesson, and it isn't about Iran.
In 2023, $6 billion of Iran's oil money was unlocked as part of a prisoner swap. That October, after the Hamas attack, the U.S. and Qatar agreed to hold it back.
Frozen, unfrozen, frozen again.
A balance someone else can freeze isn't yours. It's a bargaining chip, and it belongs to whoever holds the switch. A treasury, a bank, a stablecoin issuer.
Bitcoin in your own wallet is the one balance nobody can put on the negotiating table.
HODL is the greatest meme in bitcoin history.
It got us through 80% drawdowns. It kept the network alive when nobody else would hold it.
It might also be what's holding bitcoin back now.
Tomorrow on The Deep Dive, @thekylehuber makes the case. He's spent bitcoin around the world and filmed the people living on it, from Kenya to Bulgaria. His line: bitcoin doesn't need more spectators, it needs participants.
Come ready to have your HODL conviction stress-tested.
Tuesday (tomorrow), 2 PM ET. Link below.
Register today and bring your questions tomorrow for Kyle!
streamyard.com/watch/KwPtviF…
The Treasury Secretary says fixing this economy feels like treating a patient who's been backed over by a truck.
He's right. He just left out who's driving.
The government is the truck. And every rescue is the same truck backing up over the same patient to fix the first hit.
On Friday, lenders charged the U.S. government 5.49% a year to borrow for 30 years. That's up from 5.27% on September 1, and the highest since 2004.
In plain English: the people who lend Washington money want more to do it, because they don't trust the dollars they get back to buy what they buy today.
That rate sets the price of your mortgage, your car loan, your line of credit.
And Washington pays the higher interest the only ways it knows: borrow more, or lean on the Fed to create the money. That's the reverse gear.
You can't stop the truck but you can get your savings out of the road. (ps. I'm talking about Bitcoin 😉)
New footage of @SecScottBessent helping the American people:
🤖 Made with AI
We're actually back in normal rates territory. The issue is that deficits won't be back in normal territory for a long time or ever without financial repression.
If you're not paying attention, you probably should be.
Ontario banned athletes from sportsbook ads because kids idolize them.
Then they left a loophole for “responsible gambling.”
So now sportsbooks can pay GSP and Cole Caufield to tell you to gamble responsibly.
Amazing.
The house wants you to keep coming back and keep losing. That’s how it makes money.
Parlays are high time preference.
Bitcoin is low time preference.
Skip the bet. Buy bitcoin. Think longer.
Buying and holding bitcoin is selfish. You do it because you want to protect your money, your time, your family, your future. You’re not doing it to save the world.
But the downstream effects are pretty interesting.
Capital gets allocated more carefully. Dumb projects have a harder time surviving on cheap money.
Businesses actually have to create value.
Productivity improves. Prices can fall. People get more for less.
Bitcoin doesn’t ask people to stop being selfish. It just gives selfishness better incentives and it starts looking a lot like selflessness.
It's human nature to wake up in the morning and worry a lot more about your kids, your wife, your family than about somebody 10 miles away.
Selfishness is not popular. In the Soviet Union, if you said you were selfish, they would make you feel horrible about it. But that's how we function.
Elon Musk didn't build SpaceX and Tesla to better society. That's the second- or third-order effect. He built them because of his own drive.
Adam Smith said it's not out of benevolence that the baker makes his goods. It's out of self-interest.
The beauty of capitalism is that everybody wakes up in the morning, makes very selfish decisions, and in making those decisions, they benefit the whole.
He said it himself in the video: "I'm a contrarian indicator. Just do the exact opposite of me."
Then he posted it the week bitcoin bottomed.
Now look at what actually took him out. It really wasn't his fears about attention, quantum, core devs, AI capex or wrench attacks. It was leverage.
Nobody buying $50 a week with no debt got liquidated in June. They just bought cheaper.
Here's the part people miss. Bitcoin is incredible collateral for the lender. It trades 24/7 and gets repriced every second, so when price dips at 3am, they sell your coins and get paid first.
For the borrower, that's the worst setup possible. If you're going to borrow, do it against something that isn't marked to market every second.
Bitcoin didn't break his thesis. Borrowed money did.
If you've spent 4 years waiting for "the dip," this video is going to hurt.
Every DCA'er is in profit. Every one. The people who tried to be clever and buy the bottom? A lot of them are still sitting in cash, waiting.
DCA is boring. That's the point. Boring is how you win.
Pick an amount. Pick a day. Buy. Repeat. Ignore line bros on youtube.
Bitcoin is the first savings tool in history that can't be diluted by someone else's decisions or by its price going up.
Bitcoin Well retweeted
When Bitcoin hits $100k again, I won't need to check a price chart. I'll know from @saylor's vibes alone...
🤖 Made with AI
We're live with @adamobrien and @q_liketheletter 🎤
Your Bitcoin IRA Is Not a Get-Out-of-Jail-Free Card nitter.cf/i/broadcasts/1qKVmyLQa…