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Everyone obsesses over 21 million Bitcoin. But they memorized the wrong number: 4,000. That's roughly the max transactions in a block. 8 billion people. One transaction each. 60 years to clear the queue. The coin supply tells you the price potential Blockspace tells you who can afford to move...

23,921 views • 20 days ago •via X (Twitter)

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"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.

Michael McGuiness

120,514 views • 4 months ago

Elon Musk just told you the job is dying. Most people heard a prediction. A few heard a prison door opening. Musk: “In less than 20 years, working at all will be optional.” That is not a policy suggestion. That is a countdown. For three hundred years, the human blueprint has been identical. You are born. You move to the city. You rent a box near the office. You trade your body and your hours for the right to exist. You do this until you are old. Then you stop. Then you die. The entire model runs on one assumption. That human labor is the only engine. AI and robotics delete that assumption. When the machine handles production at a scale no human crew can match, the forced migration to the city evaporates. The commute evaporates. The cubicle evaporates. The alarm clock that owns your nervous system for forty years evaporates. Musk: “I think it won’t be the case that you have to be in a city for a job.” The city was never a choice. It was a requirement disguised as ambition. You moved to the noise and the concrete and the $4,000 rent because the paycheck lived there. Remove the paycheck from the equation and the geography changes overnight. You can live in the mountains. On the coast. In the silence of a town most people have never heard of. You can wake up to nothing but trees and cold air and the complete absence of anyone else’s schedule. That is not a fantasy. That is the math resolving. But here is where most people break. They hear “work is optional” and they see emptiness. A species with nothing to do. Billions of people staring at screens until their minds dissolve. That fear tells you everything about what the system has already done to us. We confused labor with purpose. The grind with meaning. The paycheck with proof that we matter. Musk: “In the same way that you could grow your own vegetables in your garden.” The analogy is precise. You do not grow tomatoes because the economy demands it. You grow them because something in you wants to build a thing with your hands and watch it come alive. That instinct does not disappear when the job does. It gets unleashed. The artist who spent twenty years doing accounting finally paints. The engineer who always wanted to build something of her own finally builds it. The kid in a small town who could never afford to take the risk finally takes it. Work does not vanish. Forced work vanishes. What replaces it is creation without a gun to your head. This is the part that keeps me up at night. We are standing at the edge of the largest liberation in human history. And the loudest voices in the room are begging to stay in the cell. They want the commute. They want the boss. They want the structure that tells them when to eat and when to sleep and when they are allowed to think about their own life. Because freedom without a template is terrifying. The next twenty years will not test our technology. The technology is already ahead of schedule. They will test whether the species can handle what it has been asking for since the beginning of civilization. Time. Space. Silence. And the unbearable weight of choosing what your life actually means when no one is forcing the answer. That is not a prediction. That is the final exam. And nobody is ready.

Dustin

111,803 views • 4 months ago

The most powerful force in the oil market is now a single country that doesn't produce a drop. OPEC IS DEAD And here's why you should change how you think about energy for the next decade: China controls the oil price not by pumping it, but by REFUSING TO BUY IT. For two years, while the West wasn't paying attention, China built a war chest of crude. They bought cheap, sanctioned barrels at $60 while everyone else looked the other way. They stacked a reserve now estimated between 1.2 and 1.5 BILLION barrels. Then the world got its biggest supply shock in modern history and instead of panic-buying like everyone else, China did the opposite. They stopped importing and started eating their own stockpile. Chinese crude imports collapsed from 11.6 million barrels a day to under 8 million - the lowest level since 2017. That single decision accounted for roughly 74% of the entire drop in global oil demand, according to JPMorgan. Sit with that number for a second. The world lost 14% of its crude supply. In 1973, OPEC cut off just 7% and the price exploded 134%. This shock was twice as large. But oil went the other way. WTI sits at $74 today. Because the world's largest buyer simply walked out of the store and lived off its pantry. THAT is the new OPEC. For 50 years we obsessed over the Saudis. We watched OPEC meetings like Fed meetings, parsing every production quota. Those days are ending and the most powerful swing force in oil is no longer a cartel that controls supply. It's one country that controls DEMAND. And demand is the harder lever. You can cheat on a production quota but you can't force a billion-barrel buyer to show up if it doesn't want to. Here's what this means for your money right now: China has capped the upside. As long as they're sitting on that hoard, they sell into every rally toward $100. No spike gets to run. The right tail is gone - stop dreaming about $150 oil. But they've also built the floor. Those reserves are draining fast. JPMorgan expects China back as a major buyer by August to start refilling. The US has to refill its own SPR, now at its lowest since 1990. Everyone has to restock at once. You don't get $100 oil - China sells it to you. You don't get $50 oil - China and everyone else has to come back and buy it. You get a range. And right now we're sitting at the bottom of it. Crude is parked on its 200-day moving average. Retail traders are positioned near record short in Brent. Sentiment is in the gutter, RSI under 30. When the entire crowd leans the same way off the same wrong assumption, I want the other side of that trade. If I had to bet the next $10 or $15 move in crude, I'm betting higher. Because the most important player in the oil market already told you exactly what it's going to do. The Saudis didn't break OPEC. China did - by building a reserve nobody could see and refusing to spend it when it mattered most.

George Noble

58,425 views • 2 months ago