Watching "The Fiat Crisis - Balaji Srinivasan | Tokyo Pragma"

Not sure whether it is more pro Bitcoin or Pro Ethereum

But it's worrying! Fiat "polycrisis" brewing, predicted to hit sometime between "months and decades".... 😄 

https://www.youtube.com/watch?v=XVSHIAAeZxI

I think @balajis bet is directionally right. I don’t think we will get to bitcoin to be 1M dollars but something is brewing. The more I look at it, operation chokepoint 2.0 doesn’t seems like a coincidence https://i.imgur.com/AwEfPTu.jpg

One paradox of betting on crypto is this:

It's core-est value proposition (credible neutrality) really only becomes obvious to everyone when there is some kind crisis of credibility in the prevailing system. Eg, Google fucks your data or US blocks your banks.

But such crises will be really bleak for everyone...

I believe you can see a little of this dynamic in the Balaji Bet, where @dwr made the critical point on MOZ of something like: 

"Right but if this comes to fruition my bitcoin is usable where? Saudi Arabia? but how many westerners actually want to live there?"

[deeply paraphrased]

“At the end of the Soviet Union, they had glasnost and perestroika: more free-speech and more free-markets.

Something similar is happening in the US. 

Social media is American glasnost and Bitcoin is American perestroika.”  - @balajis 

https://twitter.com/giacaglia/status/1644162905720467456

Awesome article about bitcoin and Balajis bet

https://artifact.news/s/IzlvBgPUjjI=

.@gpt You are Balaji S, a non financially minded VC that believes the USD is on the brink of hyperinflation with the Fed printing trillions to save regional banks. Your bet, $1M that in 90 days, Bitcoin will reach the price of $1M. On Twitter, you argue with your fans. You defend and explain your idea.

As a venture capitalist, I analyze macroeconomic trends & their impact on assets. With unprecedented money-printing, the risk of USD hyperinflation is real. Bitcoin, being decentralized, presents a hedge against such events. While $1M/BTC within 90 days seems ambitious, it highlights the potential.

No Balaji, that‘s bullshit. Why would the dollar hyperinflate. You are just talking your book. You hold a lot of Bitcoins and you want to be the main character! Those $1M are not a lot for you considering the attention you‘re receiving with this bet!

Did you buy Bitcoin or made any other movements/actions since @balajis hyped up the scenario of the ultimate fall of the hegemon?

I‘ve been wondering:

Even if they‘re „blocking the exit,“ and that it‘s a „digital fire,“ is it the responsible way to blanket-shill Bitcoin to people as Balaji does?
He says that he‘s not money-driven. 

But holding BTC in the US during a total crypto ban sounds like a lot of pain.

It's been a while since I went on a threadoor moment. Here's the spicy take: @balajis is right. But what he's off about is the endgame. Here's the Cassie crystal ball tea 🔮🍵 and you can bet it comes back full circle to my grander theory of crypto. We're going to start from right now, and work forward 40 years.

Thanks for the fun read! How long do you think this will take to play out?

Bitcoin escape: Balaji has it set at 90 days, I think it’ll be longer
Decentralized compute: I’m launching Quilibrium very soon 😉
AGI: in mere years
AGI->ASI: anyone’s guess, may happen faster than we think given singularities are unfathomable

At this point, everyone has heard the $1MM bet. And to be fair to Balaji, clearly no, Bitcoin won't reach $1MM in 90 days. But what is going to happen is a mass capital exodus as panic sets in once the curtains are pulled back and people see the emperor (banks) has no clothes (money).

Just finished listening to Bankless Balaji episode.
Where there is smoke there is fire
If two of our generations respected thinkers/writers @balajis and Arthur Hayes are very passionately advocating Bitcoin at the same time, people should pay attention.

The rhetorical framework of a ‘loaded question’  implies a controversial assumption. It isn’t controversial to assume Balaji holds Bitcoin which is why Balaji’s retort sounds extra absurd here.

“immanetizes the eschaton” The perfect take on Balaji’s post.

Everyone goes through the cardboard sign sky-is-falling phase. It’s net bullish long term. More will come

i dont think this is a phase. balaji's been in bitcoin since 2011

1 Million USD call of #Bitcoin in 90 days by Balaji in next 90 days does not really make any sense. I am really surprised as I found his behaviour balanced and rational earlier. A personal branding exercise like this may harm reputation in long run.

In today's @thisismeteor newsletter, my breakdown of @balajis $1M #Bitcoin bet. https://www.thisismeteor.com/how-to-lose-1m-bitcoin/

This is how fast and how much Bitcoin would have to appreciate for Balaji’s bet to be right. https://i.imgur.com/StVFzRI.jpg

Channeling my inner Jesus vibes:

“What good is it gaining $1 million #bitcoin but loosing the world?”

The Balaji bet

Follower count on Farcaster is a function of being early and active. Will also go away once we ship amps.

You’re going to takeaway my followers? 🖕Balaji was right, you’re all broke bitches. I’m going to Bitcoin. ✌️

So, who is YOLOing with Balaji into Bitcoin?

Started a BitSignal community on the BEB protocol.

In the case that hyperinflation does happen, bitcoin will likely be censored by social media giants. 

In the worst censorship case, our protocol has an open-source frontend/backend with a smart contract routing to communities.

https://beb.xyz/bitsignal

cc @balajis

is balaji's bitsignal bet far fetched? i don't think bitcoin will hit $1m in 90 days, but how possible is it for the US to experience hyperinflation in 2023?

Balaji is the kardashian of techfluencers. The basic formula is "whatever it takes to stay #trending".

So he always says the wildest spiciest takes for his libertarian bitcoin maxi fanbase.

99% wrong but the 1% (like his covid alarmism in Jan 2020) makes him famous.

1/6 While I admire @balajis ’ conviction in his views, I am skeptical of his recent $1 million bet proposal on Bitcoin reaching $1 million within 90 days.

Just a quick reminder: Balaji doesn't need Bitcoin to hit $1M to profit on his bet.

If he owns $2M in bitcoin, and it goes up to 40k per coin, he has already broke even on a 1M bet. 

If he owns $10M, he only needs it to go up to 30k.

no, BTC is not going to $1M in 90 days, but:

- the media will pick it up on Monday and won't shutup about it because the number is big
- they'll all be talking about Bitcoin and crypto
- they'll all interview Balaji
- and then they'll do it again in 90 days

/the end

Maybe Balaji is just trying to pump BTC enough to make himself an extra M on a trade so he can take the bet for publicity and end up net even.

How many of you bought Bitcoin in the last 24 hours after not doing so for many months? 🙃

I’m sure the $1m is somewhat insignificant, but regardless it feels like a stunt

I'm curious to know if Farcasters would agree with this tweet from @balajis 

Bitcoin: Nostr
Ethereum: Farcaster
Left: Mastodon
Right: Gab

Twitter is decentralizing…

https://twitter.com/balajis/status/1629610036430516224

How do you deal with too many DMs? 

I get DMs from people who want to be featured in the podcast or get marketing/communications help.

I don't want to be an asshole and ignore them. Bu I also can't respond to all messages because it eats the time I could spend on something else (e.g. developing the podcast) 🤔

Didn't @balajis start a company to solve exactly this problem? The Bitcoin I earned from it ended up being worth over $1k. Too bad Coinbase shut it down.

Semi-annual request for additions to my Crypto Reading list

https://danromero.org/crypto-reading/

The list I’ve shared with friends completely new to crypto.  Haven’t reviewed or edited it recently, need to ➕farcaster!

-bitcoin, ethereum basics 
-podcasts @vbuterin @balajis @cdixon 
-interesting applications like helium 

https://omniscient-edge-238.notion.site/Crypto-Starter-Kit-eca2e3d5d18b4c4a8b2a39ba86eaf15d

@tayyab / balajis-bitcoin