This mornings letter is inspired by a tweet I just read from Guy Swann which reads “Getting stuff for free costs a fortune“ and really sums up the state of play under a fiat monetary system. One that allows for the endless increasing of the monetary units in the system at the hand of small mafia-like cartel, at at the expense of the rest.
It reminds me of another quote from Jeff Booth that goes something along the lines of:
“Abundance in money leads to scarcity everywhere else. Scarcity in money leads to abundance in everything else.”
Just like what happened to the Roman’s when they irresponsibly inflated the denarius, the same is happening right now to the US Dollar, and every other fiat shitcoin in existence. And the damage it is doing to tear society apart will be studied by historians in years to come.
It’s so counter-intuitive. Most people have no understanding of money, the monetary system, and they just blindly trust the lunatics in government. They have no idea that the ability to give out stimulus checks and just hand out money (bail outs) is actually the very thing that is harming them most. It’s distorting all natural incentives provided by a free market dynamic and creating dire unwanted externalities which create alternate incentives that are much much worse than what would be output otherwise if the market simply were allowed to do what it does best, which is solve myriad complexity in the most supreme way we know how.
This distorting of incentives is corrupting us deeply from a psychological point of view, and it is corrupting the value structure through which all information flows via as we make decisions and attempt to orient ourselves in the world.
The most obvious manifestation of this is kinetic war, but there are far less obvious examples.
Two things happened today in the US that are examples of this derangement we are experiencing.
The FBI raided the home of former US President, Donald Trump.
The raiding of a former presidents house is absolutely obscene, and should give you chills. I’ll be the first to admit i do not know all the details, and I’m not sure anyone really does at this point, but It has some spooky JFK vibes about it, and looks at it’s core a deeply political act. Which further highlights how far the US establishment has fallen and how far it has drifted from having any sense of moral compass.
Michael Burry sums it up below:
2.The US Treasury sanctioned a piece of software called Tornado.Cash which runs on Ethereum
You likely know my thoughts relating to Ethereum, but the sanctioning of open source software is something without precedent. It is not a person or a business entity, and fundamentally it is simply information. Information cannot be sanctioned. It can not be called upon to front a court - who this is aimed at is privacy seeking Americans. All of them. The implications of this so far have been many, to the freezing of funds by centralized and regulated entities, to Tornado Cash’s founder having his github repository being suspended.
If you want to go deeper on this from a first order effect POV, the thread below will take you there.
My main takeaway from this is that the government have just put their citizens on notice. They do not believe you have a right to privacy. This is a direct attack on US citizens and it likely signals the beginning of many more such actions.
What does this mean for bitcoin?
It once again shows the level the state will go to to keep you in line as a slave. If code is speech, then it shows a complete disregard for any freedom of such a thing, and it is a glaring reminder of the need for true decentralization and the critical nature of self custody. There are 437,000,000 new reasons to ensure you custody the keys to your bitcoin, and likely there are going to be a number of people learning this lesson the hard way right now.
Bitcoin was designed to operate under adversarial conditions so there is little government can do to attack bitcoin. So it is unlikely they will try. They will simply attack the users. This is the cost of getting things for free. The cost is everything.
It has literally never been more important to get educated. Fix the money, fix the world.
Hope you all have a good day, I’ll talk to you tomorrow.
AK
Published: Block Height 748691
Amazing that you put this out daily! Here referred by Nani the money