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03
Dec

The most expensive shoes in the world

Transitory Senate Banking Committee Ranking Member Pat Toomey (R-Pa.): “How long does inflation have to run above your target before the Fed decides, maybe it’s not so transitory?” Powell: “the word has different meanings to different people, the Federal Reserve tend to use it to mean that it won’t leave a permanent mark in the form

26
Nov

How to lose

Reminder It has been a rather volatile month thus far with bitcoin down 17% from highs and assets across the board in correction mode. It’s time for the quarterly reminder that this is not at all unusual and doesn’t look like going away anytime soon. The fact is, we are still in price discovery/high growth

19
Nov

23,000%

Web 1,2,3 As expected, the latest Bitcoin spot ETF was rejected by the SEC on Friday. It is nearly nine years since the first ETF application was filed by the Winklevoss brothers in 2013. At that time investor protection was front of mind and it allowed the SEC to successfully protect everyone from a 23,000%

29
Oct

Safe as houses

You and your houses The bore-athon that is the discussion about house prices continues unabated in the Australian press and at BBQs across the country. Everyone with a house expressing their smug surprise, everyone without their utter despondency. It would be fair to say prices have done well in the last five years, particularly recently.

24
Sep

We are corrupt; please follow the rules

Gensler We were treated to an interview in the Washington Post this week with SEC head Gary Gensler. He had plenty to say but reserved particular ire for stablecoins, which he likened to poker chips. The driving force behind his intervention was likely the recent Coinbase proposal for a USD stablecoin that would have attracted

27
Aug

Ignore what they say, see what they do.

It’s not what they say “Not for us” “It’s a ponzi” “It’s going to zero”. We still hear it every day from banks and institutional fund managers. What they say is one thing though, what they do is more instructive.Take BlackRock, the world’s largest fund manager, with $9 trillion at their disposal. They have taken a very

30
Jul

You’re boring

Boring We’ll start this week with a story. A boring story. Years ago I worked with someone who had a mantra. I didn’t like him personally and found the whole thing very annoying. It’s borrowed from Albert Einstein.   “if you always do what you always did, you’ll always get what you always got” Whatever we

15
Jul

The Digital Corporation

It’s difficult You will have picked up over the years that people involved in bitcoin are rather anti-government. The source of this really goes to the original design of the network which anticipated that one day (or every day) governments would try to undermine bitcoin to ensure the survival of their own currencies. It was a

02
Jul

Half Time

Half Time After a disastrous first half for us with the sky falling in and all doomsayers fully validated. The results are now in. Once again. Focus on the long-term macro picture and think in four-year cycles. The lightning network Going back some years now, 2017 in fact, the Lightning network launched. Blockchains themselves are

04
Jun

As long as we can pay the interest

Joe Biden released details of his first budget on Friday with $6 trillion to be spent in the next year against $4.2 trillion in revenues. Of all the things that stand out in the budget, “only” $300 billion is new spending. The rest of the $1.5 trillion shortfall is consumed in pre-committed programs such as Medicare,