Over the past half century, stocks have not risen when measured in real money. Stocks appear to be rising—society appears to be getting wealthier—because the denominator in which their prices are measured (fiat USD) is continually debased. Price is going up because the money in which it's measured is dying. Arguably the greatest illusion in modern society. And one of the largest contributors to wealth disparity... for the wealthy on average benefit from this phenomenon, while the poor and middle class remain neutral or are harmed. The great promise of Bitcoin—its great and noble ambition—is that, some years from now, it will perhaps have healed the institution of money in our civilization.

This was not on my 2025 Bitcoin Bingo Card. Great conversation! @Scaramucci @EricTrump @KiteVC @ashergenoot Michael Ho

Transactions fees are the only way to filter what you call “spam”. Here’s Andreas Antonop. explaining how implementing filters creates what he calls a “dictatorship of developers”. Everyone knew this all along, up until yesterday.

“Banks admit to #debanking, though they fault their regulators. Much as Biden officials pressured social-media companies to censor dissenters during the pandemic, bank examiners have pressed banks to cut off certain groups, businesses or individuals.”—@WSJ

Ark updated Bitcoin price model looks spot on to me. It’s just basic math.

President Trump signed two important Executive Orders relevant to the crypto community today: “Guaranteeing Fair Banking for All Americans” prevents the denial of banking services based on political beliefs, religious beliefs, or lawful business practices. This means unfair censorship campaigns, like the debanking of conservatives or Operation Chokepoint 2.0, can never happen again. “Democratizing Access to Alternative Assets for 401(k) Investors” will allow more than 90 million American workers, whose retirement accounts are currently limited, to access the same range of alternative assets (including digital assets) that are available to government workers, for better returns and diversification. Thank you, President Trump, for guaranteeing greater fairness and freedom in our financial system!

The Bank Secrecy Act was built entirely for a paper-based world. But money is now a creature of the internet and we need our laws to respect that. A prime example: we should look to Zero-Knowledge Proofs to eliminate the data dragnet that the BSA forces on every consumer. 1/3

Great thread on borrowing against Bitcoin.

It is absolutely insane that Americans demand the Epstein list but don’t demand investigations when it comes to the management of their money. The corruption of our monetary system is the biggest scandal of the last 75 years.

For how many years have I been telling you that the government pulls employment data out of its big fat a**? Who wants to bet that q2’s gdp number will also be revised downward soon? Cuts coming.