Summary: This conversation explores the unique nature of hodling Bitcoin as a distinctly human action, contrasting it with the capabilities of artificial intelligence and the challenges faced by institutions in maintaining Bitcoin holdings. The discussion highlights the limitations of AI in predicting human behavior, the inherent pressures on institutions to sell, and the potential for governments to hold Bitcoin more effectively than companies or pensions. Ultimately, it concludes that hodling Bitcoin may become a defining characteristic of humanity in the digital age.

Takeaways:

• Hodling Bitcoin is a uniquely human action.
• AI cannot accurately predict human actions.
• Institutions face significant pressure to sell Bitcoin.
• MicroStrategy exemplifies an institution that hodls effectively.
• Governments may have a lower time preference for Bitcoin than companies.
• Pensions are unlikely to hold Bitcoin long-term due to fiduciary pressures.
• Bitcoiners leave less digital footprint for AI to analyze.
• AI's predictive models will struggle with Bitcoiners' behavior.
• The pressure to sell Bitcoin is too great for most institutions.
• Hodling Bitcoin may become a way to prove humanity in the digital world.

risk-fundamentals.ghost.io/everybody-has-a-price/

summaryThis conversation explores the dynamics of power, reputation, and economic warfare in the context of revolutionary movements and the emergence of Bitcoin. It discusses how historical methods of suppressing dissent have evolved from overt violence to more insidious tactics like reputation smearing and co-optation. The discussion culminates in the introduction of Bitcoin as a means of fostering cooperation and challenging the status quo of fiat currency.

takeaways

• Everybody has a price, even Satoshi.
• The modern phase of fighting dissent includes reputation smearing.
• Buying off dissent is often more effective than violence.
• The state can easily buy cooperation with fiat money.
• Willful ignorance can be purchased at varying costs.
• Wealthy individuals are often targeted through reputation attacks.
• Bitcoin offers a new form of cooperation against fiat.
• The value of Bitcoin lies in its principles and community.
• Fiat money's influence is diminishing as its value debases.
• Satoshi's introduction of Bitcoin changes the economic landscape.

Summary

This conversation explores the rise and fall of two Bitcoin companies, Swan and Fold. Swan was once highly respected and known for calling out scams in the industry, but their reputation took a hit when their custodian, Prime Trust, went bankrupt. On the other hand, Fold built alternative rails and avoided the Prime Trust issue, leading to their upcoming IPO. The conversation raises the question of whether there is such a thing as a Bitcoin company and highlights the importance of discipline and avoiding blind spots in the industry.

Takeaways

• Swan and Fold were two Bitcoin companies with similar objectives, but Swan's reputation suffered when their custodian, Prime Trust, went bankrupt.
• Fold built alternative rails and avoided the Prime Trust issue, leading to their upcoming IPO.
• The conversation raises the question of whether there is such a thing as a Bitcoin company.
• Discipline and avoiding blind spots are crucial in the Bitcoin industry.

Chapters

00:00 Introduction and Background

02:24 The Rise and Fall of Swan and Fold

07:05 Swan's Unfortunate Sponsorship

10:47The Bankruptcy of Prime Trust

14:20 Swan's Layoffs and Fold's IPO

19:08 Swan's Humility and Fold's Watchlist