1/ Don’t Fear Tether Whenever Bitcoin has a bull run, nays…

1/ Bitcoin: a bold new world.

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.

Dan Held
@danheld

1/ The Rebellion Begins

What happened with Robinhood and GameStop represents a rebellion against institutions, banks, and governments.

This is Bitcoin's moment.

A thread👇

Dan Held
@danheld

1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.

2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:

3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:

4/ “The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” - Satoshi

5/ He later expands on that Libertarian thought in his other writings:

“[with Bitcoin] we can win a major battle in the arms race and gain a new territory of freedom for several years.” — Satoshi Nakamoto

Dan Held
@danheld

1/ The Price of Bitcoin

- Why price is entirely what matters
- How the price helps build Bitcoin

A thread👇

2/ Marketing viral loop

“A viral loop is a mechanism that drives continuous referrals for continuous growth.

It’s how you drive your existing customers to refer others to your brand, and in turn, get those new customers to tell even more people about you." - @ReferralRock

3/ Most of us heard about Bitcoin in 2013, 2017, when friends and family were talking about the rapid price increase. It’s through this viral loop that Bitcoin grows in adoption.

4/ The price is that signal to folks that Bitcoin is interesting, solves a problem, and that others are recognizing it as a new money. If Bitcoin’s price had stayed at $100 none of us would be here. While there is volatility, we keep seeing higher lows = long term trend upwards.

5/ Satoshi built a viral loop into Bitcoin.

“As the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up, which could attract more users to take advantage of the increasing value.” - Satoshi

Dan Held
@danheld

1/ [December Bitcoin yield update]

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%

1/ Don’t Fear Tether

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.

More from Dan Held

More from Bitcoin

You May Also Like

1/ Don’t Fear TetherWhenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.

More from Dan Held

More from Bitcoin

You May Also Like

1/ Don’t Fear Tether

Whenever Bitcoin has a bull run, naysayers try to cope with missing the boat by rationalizing why it will fail through FUD. Most of these are completely unsubstantiated, but annoyingly persist as negative narratives Bitcoin must fight against.