1/ Why Silicon Valley Doesn't Get Bitcoin
Over the last 12 years of it’s existence, Bitcoin has been misunderstood by Silicon Valley which has led to many cringe worthy moments as they’ve endorsed silly ideas and even worse, scams.
More from Dan Held
Satoshi published the white paper on 10/31/2008. Right at the moment of peak despair during the 2008 financial crisis. Trust had been lost in a world that ran on trust.
2/ But why October 31st? It certainly wasn’t because Satoshi was a fan of halloween, it must have had a deeper meaning. With all of his actions, he demonstrated a careful precision.
He had been working on Bitcoin for at least a year and a half before publishing the white paper.
3/ “I believe I've worked through all those little details over the last year and a half while coding it, and there were a lot of them. The functional details are not covered in the paper, but the sourcecode is coming soon” - Satoshi Nakamoto
4/ On August 18, 2008 Satoshi registers registers https://t.co/rMWwiEwtxT through https://t.co/Uj8lMr10kB.
Satoshi was ready and waiting to hit the send button throughout 2008. What was so special about October 31st?
5/ I believe that Satoshi published the Bitcoin white paper on 10/31 as a hat tip to the ancient Gaelic festival of “Samhain” which was also the date in which Martin Luther nailed his 95 Theses to a church door. Both represent an end of the old and the beginning of the new.
Over the last year and a half, I’ve earned ~1.2BTC with various yield generating services to earn an average of 5% on 30 BTC.
Here’s my journey and how to guide👇
2/ Here are the ways you can earn yield:
Lending (Easiest/most popular)
Yield: 3-6%
- Ledn: https://t.co/4x0YATuQ0v
- BlockFi: https://t.co/90Xtg2cNka
Covered calls (Harder)
Yield: 1-80%
- Deribit: https://t.co/2iQVkXlylP
- LedgerX:
3/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.
The yield you earn comes with RISK!
Below is my current allocation for Dec (will update MoM)
(yellow = changes)
https://t.co/PZwVYs8lFT
4a/ [Nov > Dec Changelog]
- Covered calls: approx. 4 BTC was in $40k 12/28/20 contracts. Those closed without them being exercised (a good outcome for me). However, I was nervous about my January 1/28 $50k contract so I decided to close out my position at a small loss.
4b/ [Nov > Dec Changelog]
- In process of reallocating the 5 BTC (probably will be a lending platform).
- I incorrectly had my Ledn rate at 6.5%, it's 6.25%
More from Bitcoin
Back with another #FreeLoveFriday. Last time, we covered how Mastercoin/@Omni_Layer pioneered digital asset issuance on blockchains. Today, let\u2019s discuss @Chainlink and the vital role it plays in connecting blockchains to the real world. https://t.co/0poYIBtGrt
— Emin G\xfcn Sirer (@el33th4xor) January 22, 2021
In my thread about Mastercoin, I briefly touched on the vital role fiat-backed stablecoins play in crypto markets, but there’s a catch with them:
The counterparty risk of a third-party holding fiat in reserves.
Enter MakerDAO, which set out to create a decentralized, collateral-backed cryptocurrency, DAI, that would be “soft-pegged” to the U.S. Dollar using the power of algorithms. In crypto tradition, its supporters said trust game theory, not operators.
In 2017, MakerDAO published a whitepaper describing a system where anyone could create DAI by leveraging ETH as collateral to create Collateralized Debt Positions. Essentially, you take out a digital USD loan against your crypto.
The game theory of the system is structured such that DAI issuance is controlled to keep the price pegged to $1.00. In essence, it buffers the fluctuations of the underlying collateral to create a synthetic dollar bill.
Exceptional listen on #Bitcoin.
— Joseph Skewes (@josephskewes) January 26, 2021
In particular Nic's responses to Mike's aggressive anti-BTC stance.
One dispute with Nic: Even if crypto mail list was best place to announce BTC, if Satoshi wanted fair distribution, surely creating 50% of the supply by Nov 2012 was too fast? https://t.co/e1Hpx4wWOu
#Bitcoin transaction is never really final, given the energy required to keep the network running, and obviously its scale issues will only grow over time. That said, I actually though @nic__carter "won" the debate as it were, and I was unconvinced by the threat to national 2/n
security or undermining Fed policy angles Mike put forward. Two areas that are super interesting to me. One is the issue of #Bitcoin ownership, and how concentrated it is in terms of a small % of addresses that own most of it (2% addresses > 95% of holdings I think). 3/n
made great point a lot of this is omnibus/exchange related - so exchange or fund - ie @Grayscale holds #bitcoin for multiple investors. That may well be true - but it brings up 2 other issues. One - it proves that #bitcoin doesn't really "work" without 4/n
centralisation - as this implies most people need exchanges or funds (or @Paypal) to buy it. If so, that kills off a major "bitcoin is better than gold argument" - as in reality, gold is way more decentralised (from mine supply to ownership distribution). It also brings up a 5/n
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To me, the most important aspect of the 2018 midterms wasn't even about partisan control, but about democracy and voting rights. That's the real battle.
2/The good news: It's now an issue that everyone's talking about, and that everyone cares about.
3/More good news: Florida's proposition to give felons voting rights won. But it didn't just win - it won with substantial support from Republican voters.
That suggests there is still SOME grassroots support for democracy that transcends
4/Yet more good news: Michigan made it easier to vote. Again, by plebiscite, showing broad support for voting rights as an
5/OK, now the bad news.
We seem to have accepted electoral dysfunction in Florida as a permanent thing. The 2000 election has never really
Bad ballot design led to a lot of undervotes for Bill Nelson in Broward Co., possibly even enough to cost him his Senate seat. They do appear to be real undervotes, though, instead of tabulation errors. He doesn't really seem to have a path to victory. https://t.co/utUhY2KTaR
— Nate Silver (@NateSilver538) November 16, 2018