PODCAST · technology
Bitcoin Unlocked
by Andrew Keir
A daily letter about bitcoin & the future of money unlocked.substack.com
Episodes
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#136 Going Dark
“War... Huh… What is it good for? Absolutely nothing, say it again!“ Good Morning Everyone, German electricity prices are hitting fresh all time highs and at the same time Poland’s largest chemicals company has halted production of nitrogen fertilisers and reduced output of ammonia due to soaring...
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#135 Digital Panopticon
“The panopticon is a type of institutional building and a system of control designed by the English philosopher and social theorist Jeremy Bentham in the 18th century. The concept of the design is to allow all prisoners of an institution to be observed by a single security guard, without the...
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#134 You'll Need To Rob The Bank If You Want Your Money
Good Morning Everyone, There was an incident last week in Lebanon that is worthy of further enquiry. I’ve spoken about it with many people offline, but hadn’t written about it at all and feel it’s important to do so. It’s important first of all to retrace our steps a little before we do, so we…
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#133 Immortal Cypherpunk
Privacy is necessary for an open society in the electronic age. Privacy is not secrecy. A private matter is something one doesn't want the whole world to know, but a secret matter is something one doesn't want anybody to know. Privacy is the power to selectively reveal oneself to the world. A...
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#131 Upside Down Problem Solving
Good Morning Everyone, The US senate has just passed a bill to fight inflation by creating a program to spend $430 Billion dollars on climate and health care initiatives named the Inflation Reduction Act. I linked to the summary document above which begins as follows: “The Inflation Reduction Act...
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#130 Monetary Polygraph
“Fool me once, shame on you. Fool me twice, shame on me.“ Good Morning Everyone, The concept of truth is far more complex than is generally acknowledged. There is a level of complexity in determining what is true which our monkey brains tend to find difficult. We are often hamstrung by cognitive...
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#129 Moloch
Good Morning Everyone, As we have discussed many times, incentives are everything, and most people given the choice will follow the path of least resistance. This is culturally impressioned upon us from a young age, and perhaps we’re even biologically configured to do so. In listening to a...
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#128 The Trend Is Your Friend
Good Morning Everyone, The concept of trend is a critically important one. A trend is like an object in motion. When thinking in probabilities, a trend is much more likely to continue than it is to reverse. That’s not to say it can’t reverse, simply that it’s less likely. Whether you are starting…
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#127 The Root Cause
Good Morning Everyone, The ability to solve problems that we face, is perhaps one of the most important capabilities we can posses. In many respects life is simply a series of problems or challenges. While some may associate the word problem as a negative, it’s perhaps better framed as a series…
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#126 Where Democracy Goes To Die
Good Morning Everyone, By now most will have seen the situation faced by farmers in the The Netherlands. The Dutch government of central planning lunatics took the WEF Olympics tyranny baton from Canadian Supreme Leader Trudeau in an effort to “fix“ the so-called “climate” - like it’s something…
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#125 Elon & Tesla Capitulate
Good Morning Everyone, Tesla announced yesterday they sold 75% of their bitcoin holdings to improve their cash position, while still holding 25% of the original position. However today’s letter is not about Tesla, and it’s not about Elon; It’s simply to highlight the use of such information by...
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#124 Fedimint: Federated Chaumian Mints
Good Morning Everyone, I’ve been meaning to chat about Fedimint for a while, and after receiving an email from Ego Death Capital this morning about their investment toward Fedimint it has prompted me to finally do so. Why Fedimint? Despite non-stop attempts by the bitcoin community to help…
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#123 There Is No Spoon
Good Morning Everyone, Upon watching the original Matrix film from 1999 last night this quote from the end of the movie caught my attention. "I know you're out there. I can feel you now. I know that you're afraid. You're afraid of us. You're afraid of change. I don't know the future. I didn't…
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#122 The Fiat Walled Garden
Good Morning Everyone, The concept of a walled garden is not a new one. They have been around for hundreds, if not thousands of years. A precious garden enclosed by high walls serves many purposes, including providing protection from animal or human intruders and also acts to create…
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#119 Doom Loop
Good Morning Everyone, This tweet from Arthur Hayes caught my attention this morning. It reads: Arthur was one of the founders of Bitmex, and has worked in financial markets for a long time. He is extremely sharp, and the depth of his understanding of trading and markets is wild. His writings are...
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#118 The Political Paradox
“Everytime we witness an act that we feel to be unjust and do not act we become a party to injustice. Those who are repeatedly passive in the face of injustice soon find their character corroded into servility.“ — Jullian Assange, Conspiracy as Governance, 2006 Good Morning Everyone, A deep irony...
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#117 SPOILER: It's About More Than Money !!
Good Morning Everyone, Imagine you’ve been living in a small dark room your entire life, and within this room it has been pitch black the whole time. You’ve been living in this room and all the while due to the nature of it, you’ve never seen a single thing. Almost as if there is no such thing as...
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#116 The Crypto Grift Is Being Exposed
Good Morning Everyone, The term cryptocurrency, or crypto for short, is one that in a perfect world would never have existed. Not because it lacks relevance to the cryptographic nature of bitcoin, but because it has been hijacked by a class of grifters who seek only to enrich themselves…
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#114 Dutch Farmers Take The Tyranny Baton
Good Morning Everyone, The political climate is once again hitting a critical point in various regions of the world right now as the parasitic central planners assert their insane ideology on farmers in The Netherlands. An ideology that a small group of pseudo-elites can control every thing and...
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#113 Reject The Frame
Good Morning Everyone, Jullian Assange is best known to most as the founder of Wikileaks - a not-for-profit publishing entity focussed toward releasing large datasets of censored or otherwise restricted official materials. He remains a political prisoner in the UK and has been used by…
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#112 Streaming Sats With Fountain
Good Morning Everyone, Over the last few days I’ve been playing around with a podcasting 2.0 app called fountain. The app has a slick and familiar UI, and offers a custodial lightning wallet built into the app. While this is suboptimal ultimately, in order to onboard people initially and get…
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#111 Show Me The Incentives, I'll Show You The Outcome
Good Morning Everyone, The US continues its decent into the depths of clown world™️, dragging most other developed nations with it. At a time when any sane human would think the rhetoric would have reached peak absurdity, things seemingly continue to become more insane. Old mate sleepy Joe has…
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#109 The Great Race
Good Morning Everyone, “Fiat money is a type of currency that is not backed by any commodity such as gold or silver, and typically declared by a decree from the government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern…
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#108 Bitcoin Is Dead
Good Morning Everyone, The macro environment has clearly changed over the last 8 months. We’re in the middle of a global energy crisis. The trend of globalisation appears to have come to an end, and de-globalisation looks to be underway. Inflation is at 40 year highs in the US, and there are many...
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#107 The Energy Crisis
Good Morning Everyone, While in the US the fed has hiked rates by a further 75bps, in Australia the beginning of the energy crisis seems to have begun with the government regulator suspending the energy market nationally. Channel 9, one of the major legacy propaganda outlets in Australia issued a...
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#106 The Confidence Game
Good Morning Everyone, Feelings and emotions are fascinating phenomena, but how we interpret them is perhaps even more so. What is a feeling? Where do they come from? Where do you experience them from? Some would consider these extremely esoteric and “woo-woo” type enquiries but i would postulate...
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#105 Web5: Because Higher Number Better
Good Morning Everyone, I hope those in Australia enjoyed a long weekend despite some wild market price action and volatility. Another “crypto” scam called Celsius blew up in recent days limiting all trading, withdrawals and transactions. Binance also had a 3h block on bitcoin withdrawals! Binance...
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#104 Inflation: The New Normal
Good Morning Everyone, It’s incredible to see how the tables have turned in relation to the clown-world narrative about inflation. A couple of short years ago i recall Jerome Powell come out saying we need to generate higher than normal inflation. That they planned to generate significantly above...
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#103 Monetary Misinformation
Good Morning Everyone, The technology we call money is fundamentally a system of information. It is a ledger, that assigns who has what. Bitcoin does not send “money” from one side of the planet to another to enable the transfer of value - it is simply updating information. Modifying numbers...
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#102 Growing At The Speed Of Lightning
Good Morning Everyone, The lightning network continues to experience incredible growth. In my opinion most people are completely unaware of the significance of what is happening on top of bitcoin on the second layer. At the protocol layer transaction volume and speed is limited by block space…
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#101 You Can't Print More Energy
Good Morning Everyone, It feels like the US Political apparatus could be about to go full-blown hysteric-mode toward bitcoin mining, in the face of the energy crisis which for the most part is self-inflicted. In an effort to save face in the minds of those still trapped in normie land, i get the...
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#100 Mobiles Phones, The Internet & Bitcoin
Good Morning Everyone, Jurrien Timmer is the Director of Global Macro at Fidelity, which is one of the largest Asset Managers on the planet with an estimated $4.5T assets under management (AUM). He shared a fascinating thread this morning where he revisits the supply/demand dynamics of bitcoin,...
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The Art Of Persuasion
Good Morning Everyone, The act of intentionally persuading people, or influencing them has long been something i’ve been somewhat allergic to. It’s always felt somewhat disingenuous to me and i’ve opted to take a more neutral approach. One where I’m less inclined to convince others or feel...
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What Is Money.. What Is Energy?
Good Morning Everyone, The base layer of everything is energy. The universe and its contents are all made from energy. You are energy. Everything you acquire is energy, and made from energy. We consume it, and we generate it. Currently within clown world there is a malware installed which seems…
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Global Monetary Base
Good Morning Everyone, The history of money is a deep and fascinating rabbit hole. In order to understand the primary dimension of bitcoin, this knowledge is fundamental and helps to provide much insight as to why many of us believe bitcoin is the most pristine iteration of money ever invented…
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The El Salvador Experiment
Good Morning Everyone, Earlier this month saw a major milestone moment occur in the small country of El Salvador. According to a tweet from President Bukele: The countries represented were all developing nations. I won’t read through the list, but you can take a look below. While we do not know…
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Keep Them In The Dark & Feed Them S#!t
Good Morning Everyone, Back in 2019 there was a leadership change within the European Central Bank. The leadership role transitioned from Mario Draghi to Christine Lagarde. Wikipedia describes Mario Draghi as: “an Italian economist, banker, academic and civil servant who has been Prime Minister…
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Diametrically Opposing Forces
Good Morning Everyone, Stories of good and evil have been told all throughout time by humans. This dichotomy is baked in deeply to us all and thus is reflected in most religions and cultures throughout history. From psychology to the arts - the story of diametrically opposed forces continues to…
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You Get To Choose [Your Network]
Good Morning Everyone, Toward the end of my letter on Friday I touched on a point that I believe is extremely important to bring to the surface, and largely goes un-noticed by most at present. That in order to survive in the world you must choose a monetary network. Let me quickly recap for…
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Your Pizza Is Bad For The Environment 🙃
Good Morning Everyone, Yesterday May 22nd, was bitcoin pizza day. The story goes that on this day 12 years ago a person by the name of Laszlo Hanyecz made it known on an internet forum called bitcointalk.org, that he was willing to purchase 2 large pizzas for 10,000 bitcoin. At the time the value...
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Just Print More Money..
Good Morning Everyone, We’ve descended so deep into clown world at this point, that it almost feels as if no one with any kind of influence or power is either paying attention or has any idea what they’re doing. We’ve witnessed Lebanon’s central bank blow up, as their currency essentially hyper...
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Don't Listen To What They Say; Look At What They Do
Good Morning Everyone, “Don't Listen To What They Say; Look At What They Do” I first heard this heuristic from Nassim Taleb and it refers to the fact that words are cheap. There is far more signal in peoples actions than in their words. Simply put people can say whatever they like. And they do....
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The Fiat Disease
Good Morning Everyone, The concept of saving is likely something few people give much thought to. It’s somewhat intuitive. If we eat all the food in the fridge and have no money saved, then we cannot buy anymore food until we get more money, and if we get hungry in the interim this poses an issue...
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Be Greedy When People Are Fearful
Good Morning Everyone, Understanding financial markets whether it be from an investing or trading perspective is not easy. There is myriad complexity despite what you may hear or some people may have you believe. The mechanics of how the system actually works are opaque at best and the incentives...
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Harder Than Gold. Faster Than Fiat
Good Afternoon Everyone, I’ve spent the day on the road driving from Melbourne to Moruya for skydiving event i’m coaching at this weekend. It’s about a 9 hour drive. I was pleasantly surprised when i loaded up youtube to find a new discussion with Dr Saifedean Ammous and Lex Friedman on Lex’s...
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UST: The Not So Stable Coin
Good Morning Everyone, The hopes and dreams of many shitcoiners were shattered yesterday as Terra - the so called algorithmic stablecoin - lost its peg and went into freefall. It went as low as 0.61c and has since “recovered” slightly and is hovering around 0.70c at the time of writing. It’s a…
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These Times Are For Learning
Good Morning Everyone, As most of you know i tend not to talk too much about bitcoin price action in these letters, as i view the price relative to USD shitcoins as more of a distraction than anything else, as the true unit of account in my opinion is bitcoin or sats. Measuring this truly…
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Central Banks Continue To Oppose Bitcoin
Good Morning Everyone, Back at it after a short break. I was away travelling for a couple of weeks skydiving in outback Queensland, and then managed to get myself the flu (yes covid), so I’ve been resting up for a week while my energy levels normalise. Pleased to be back to 100% now, so lets…
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Humans Are Control Freaks
Good Morning Everyone, Markets are a funny thing. They’re insanely complex in many respects, and they can also be boiled down to a pretty simple truth about someone having something to sell and a separate person looking to purchase that something. Perhaps one of the most fascinating things about…
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Inflation: They Think You'll Believe Them
Good Morning Everyone, Inflation in the US has been at 40 year highs for the last number of months and the most recent ‘official’ numbers came out this morning with the trend continuing -printing 8.5% month-over-month inflation. Of course the propagandists would have you believe that this is not...
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ABOUT THIS SHOW
A daily letter about bitcoin & the future of money
unlocked.substack.com
HOSTED BY
Andrew Keir
CATEGORIES
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A daily letter about bitcoin & the future of money unlocked.substack.com
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