Haircut I had not fully appreciated the impact of synthetic diamonds on the wholesale diamond price. My barber, an expert on many topics, told me about it. Down almost 50% from their covid peak and falling all the time. I did a bit of digging and found this McKinsey Report on the state of the

Collateral This evening, when you return home, someone is in your house. We will call her Jane. Jane claims it is her house and has always been her house and decides not to let you in. You call the police, who arrive and check their records (which are limited regarding ownership). There is something that

Still important This was rather unhelpful on a Saturday morning. It precipitated one of the biggest liquidation cascades seen across this sector. The numbers are variously exotic but it is certain that billions of dollars of leveraged positions were wiped out. For scale, it was 10x the size of the FTX wipe-out. Shortly thereafter, prices

Both ways You cannot have it both ways. We talk all the time about the collapsing value of fiat currencies, so bitcoin touching an ‘all time high’ in the week is a purely nominal measure. We know this because in Turkey and Venezuela it has all time highs frequently week because those currencies are in