Welcome all new subscribers to Alpha Letter. Every week I write about interesting opportunities in the public market. I focus on stocks off the beaten path. Broken businesses. Assets trading under liquidation value. Macroeconomics and where the economy is heading. I don’t like investing in large, popular companies and find a fascination with assets no one else is looking at.
I don't think you really understand the case for crypto or the benefits.
Yeah, the space is a greedy mess, but does that invalidate or, in fact, lend credence to the underlying thesis.
Is it a bubble, really? One of the characteristics of an absolute bubble is the pop and THAT'S IT.
Bubbles don't really re-inflate. Tulips rose, then crashed.
Bitcoin is coming back because there is underlying value and it has nothing to do with buying drugs.
With BTC you do not have to rely on a money supply that is controlled by the gubmint. What will the rate of monetary inflation be? USD: who f'ing knows?
BTC? Steady disinflation trending over time to zero.
You do not support the seignorage of printing money from nothing to support a welfare/warfare state.
You can keep your own money, be your own bank. No one can seize your bitcoin with proper self-custody done properly.
It is permissionless. No one can block a transaction except the sender. Even the receiver can't block a transaction (unless there is some means I don't know about).
Your identity is not tied to transactions, so anonymity is possible, though not guaranteed.
Still early stages. Crypto users are the ones wrecking themselves. Leverage and CeFi will always get you rekt. The SEC is at fault here as well for not overseeing the exchanges. The exchanges run ads on gaming sites, promoting leveraged trading, you turn your crypto over to exchanges and those are no longer your coins. Not your keys, not your coins. Crypto was designed to take the middleman out, DeFi. The most difficult part of crypto (other than people learning self-custody and the security that goes with it) will be the DeFi piece WITH a viable on-ramp/fiat solution. Those are being built, then it becomes how to get around Central Bank fiat...
I don't think you really understand the case for crypto or the benefits.
Yeah, the space is a greedy mess, but does that invalidate or, in fact, lend credence to the underlying thesis.
Is it a bubble, really? One of the characteristics of an absolute bubble is the pop and THAT'S IT.
Bubbles don't really re-inflate. Tulips rose, then crashed.
Bitcoin is coming back because there is underlying value and it has nothing to do with buying drugs.
With BTC you do not have to rely on a money supply that is controlled by the gubmint. What will the rate of monetary inflation be? USD: who f'ing knows?
BTC? Steady disinflation trending over time to zero.
You do not support the seignorage of printing money from nothing to support a welfare/warfare state.
You can keep your own money, be your own bank. No one can seize your bitcoin with proper self-custody done properly.
It is permissionless. No one can block a transaction except the sender. Even the receiver can't block a transaction (unless there is some means I don't know about).
Your identity is not tied to transactions, so anonymity is possible, though not guaranteed.
Still early stages. Crypto users are the ones wrecking themselves. Leverage and CeFi will always get you rekt. The SEC is at fault here as well for not overseeing the exchanges. The exchanges run ads on gaming sites, promoting leveraged trading, you turn your crypto over to exchanges and those are no longer your coins. Not your keys, not your coins. Crypto was designed to take the middleman out, DeFi. The most difficult part of crypto (other than people learning self-custody and the security that goes with it) will be the DeFi piece WITH a viable on-ramp/fiat solution. Those are being built, then it becomes how to get around Central Bank fiat...
Brilliant. Always find solace in your reliance on old school value proponents like Graham. That’s why I started subscribing and why I keep doing it.
What is terminal value of gold?
What is terminal value of gold?