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10
Apr

Pussy Galore

Pussy Galore This week Honor Blackman, who played Pussy Galore in Goldfinger, died at 94 years of age. One of the best Bond films and certainly one of the best villains in Auric Goldfinger. Goldfinger’s plan was quite clever, he intended to set off a nuclear device at Fort Knox, thereby contaminating the US gold

02
Apr

Half or double?

The Halving We have written extensively about the bitcoin halving and how that creates a unique supply curve. Our full report on it can be downloaded on our website. The essence of the bitcoin supply curve is simple. New supply is a permanently falling percentage of existing supply. Currently 12.5 bitcoins are produced in each

27
Mar

A difference of opinion

A difference of opinion Debate rages this week about the impact of the interventions of the Federal Reserve, ECB and other central banks. The argument surrounds the impact of the central banks buying government bonds. Here is Joe Weisenthal of Bloomberg. “.…………, the Fed can’t make the money printer go brrrrr like we need it

21
Mar

Kondratiev Waves

Debt deflation We’ll steer clear of the daily noise this week and focus on one thing. Deflation. In the Western world it isn’t something we are really used to but the cycles of inflation and deflation are as real as the business cycle. The world has been in an inflationary cycle now for the past

14
Mar

Crushed

Crushed Bitcoin got absolutely crushed last night. Down 26% on the day. Why? So steep was the fall that any leveraged long (and there are many) got swept up in the decline on both regulated and un-regulated exchanges, there was a great deal of forced selling which found buyers with stronger hands. Bitcoin is not

06
Mar

Corona

Oil your printers, start your helicopters We saw some concerted (and co-ordinated) central bank action this week to address the coronavirus outbreak. The general idea of central bank intervention is that it should smooth market tensions sufficient to give people confidence to invest and generally promote growth. This has been interpreted in various ways across

28
Feb

The price of Money

Safe haven……? In early January, when bitcoin was rising strongly, the prevailing view was that bitcoin was acting as a risk off asset, much like gold. At the time I said I very much doubted that was the case. Simply, no sane person in a time of crisis looks to hide away in a volatile

21
Feb

SmileMore

Collateral The best way to get a cheap loan is to have collateral backing it. You buy a home, the bank keeps the deeds until you pay the mortgage. A company issues a bond, the bondholders get a claim on all the  assets before the shareholders. You can use all sorts of things as collateral,

14
Feb

$10k

$10k On Sunday morning, bitcoin once again went through the psychological US$10,000 barrier. When it first happened in 2017 it prompted hysteria from regulators and the public alike: “Bitcoin price soars above $11,000 as central bankers seek to calm fears: Bank of England and Fed officials say cryptocurrency is too small to threaten world economy

07
Feb

Crash

Realised market cap at all time high In bitcoin, the concept of realised market capitalisation reflects the value of each specific sub-unit of bitcoin based on when it last moved on the blockchain. This is as opposed to the traditional measure which is simply the total number of coins multiplied by current market price. It