Headquartered at Mar-a-Lago, the Pax Americana Make-A-Wish Corporation receives many supplicants. The crypto folks are lining up just like everyone else to shoot their shot at getting one or many wishes granted. The mercurial genie, The Orange Man, flanked by a phalanx of sycophants, holds court in the southern Florida swamp lands while blasting 1980s bangers at his country-cum night club on a weekly basis.
That's some mad scientist strategy Arthur! I love the creativity and boldness of your proposal. I believe such out of the box solutions is what Trump aims for in his second term. I think this is your best essay so far and I hope that it reaches the eyes of Bessent, Lutnick and others in the administration to lubricate and incorporate into their own ideas and plans.
BTW i have one (not the only one) doubt about something.
Maybe it's a stupid question, but since 95% of BTC already mined, how effective would it be to spend that much resources on "producing" BTC in the USA, when the impact of said production will be lower and lower? I understand that BTC would be more and more valuable is USD terms and there will always be transaction fees etc. But intuitively it doesn't seem realistic to me, i feel like we should be crunching some numbers before saying something like that (I know it's a scenario not the reality)
Couldn't agree more about strategic reserve and Franken legislation. The idea of a Souvenir Wealth Fund is also a joke for a country that's $36 trillion in debt. This nonsense along with Trump's meme coin is really giving crypto a bad look. It's going to turn away many who could otherwise be orange pilled.
Thanks for the article! Great engineering solution proposed, just a bit above my pay-grade. Had to read and re-read, probably will read again on the weekend
Great idea and writing. I think this is the true bullish case for Bitcoin, and the only sensible approach to managing the US debt. Bob Elliott also wrote yesterday that foreign holders of Treasuries are already testing to dump them which fits well with this world. https://x.com/BobEUnlimited/status/1887100376421159314
You can checkout the video pinned on Ondos X acct if u wanna learn more. Personally, I don’t care for getting approved by Alex Karp, the man who says he believes he’ll be thrown out of a window if the “far right” ever comes to power. But the stock keeps going up lol
Hey just yesterday I finally figured out how to achieve public broadcast anonymity. (Do you understand why this is thought to be so intractable by those who know?) This seemed intractable and is afaics an essential component of digital cash. Also I might have solved how to eliminate the 50+% censorship attack on blockchains. Arthur Hayes should talk to me instead of his following non-technological nonsense below:
> What is needed is support for Bitcoin and crypto at almost the constitutional level. BITCOIN MINERS CANNOT ENGAGE IN ANY SORT OF CENSORSHIP, BUT THERE IS A POSSIBILITY THAT LEGISLATORS MAY REQUIRE THAT OF MINERS AND OR NODE OPERATORS. Public cryptographic ledgers need to become a form of protected speech. That makes sense because a public blockchain is a chain of digital immutable speech hosted on a decentralized network powered by miners burning electricity.
>
> If America wants to be the best place to mine Bitcoin, a simple less than two-hundred-word bill needs to be enacted:
>
> “Cryptographic currencies and tokens that reside on or are powered by a blockchain are forms of protected speech. All laws applicable to the protection of free speech are applicable to users or intermediaries of public blockchain technologies. Cryptocurrencies and public blockchains are private and no government agency may compel an intermediary, participant, or the node operators of the blockchain itself to collect and produce data about participants and transactions.”
>
> With a pro-energy administration and the passing of a pro-permissionless innovation crypto piece of legislation, America will have the requisite ingredients to bring a large part of the global crypto activity within its borders. Given the heavy CAPEX of energy production and ASIC chip fabrication combined with the liquid fiat capital markets with legal protection for the operation of a peer-to-peer decentralized network, America will be the home of the majority of the Bitcoin network hash rate. Then, the neutral reserve asset will effectively be produced within American borders.
The following is incorrect as well.
> 1. Bitcoin has many benefits over treasuries, assuming the market cap becomes large enough to support trillions of dollars’ worth of trade.
>
> a. Bitcoin’s code cannot be unilaterally changed by anyone.
>
> 2. Even if some US-based miners tried to hard fork the blockchain, and exclude certain transactions or change the total amount of Bitcoins ever to be mined, it would result in Bitcoin crashing to zero on their new chain, and all their assets would become immediately worthless. The economic game theory underpinning the Bitcoin blockchain dictates this will not occur.
>
> Bitcoin can be permissionlessly accessed and traded anytime, anywhere, with an internet connection.
Censorship is not a hard-fork, as it does not change the protocol. It merely requires 50+% of the mining hashrate to reject blocks with the censored transactions. The rest of the minority hashrate can not fork off. Hayes does not even comprehend how blockchains work, lol.
And Bitcoin can not be permissionlessly traded, because the ANYONECANSPEND restoration event will kick off everyone who can not afford the transaction fees when Bitcoin will be limited to 5 txns per second only going forward after that event (probably in 2028).
I will be writing it down (think the generic case of oblivious transfer combined with Atom-like peel-off signatures). Possibly anonymously -- you will identify it by its fruits. The more urgent task is to create an algorithmic USD stable coin before Congress enacts the new bill which will ban any new such new ones.
Can someone get Arthur’s attention? He will lose all his Bitcoins because he does not understand the ANYONECANSPEND reality. He also does not understand blockchain technology well, per my comments at the end of my prior post. Enforcing the protocol with a 50+% mining share IS NOT A HARD FORK. And the minority share CAN NOT FORK OFF.
That's some mad scientist strategy Arthur! I love the creativity and boldness of your proposal. I believe such out of the box solutions is what Trump aims for in his second term. I think this is your best essay so far and I hope that it reaches the eyes of Bessent, Lutnick and others in the administration to lubricate and incorporate into their own ideas and plans.
Hail king Arthur, i liked very much the essay!
BTW i have one (not the only one) doubt about something.
Maybe it's a stupid question, but since 95% of BTC already mined, how effective would it be to spend that much resources on "producing" BTC in the USA, when the impact of said production will be lower and lower? I understand that BTC would be more and more valuable is USD terms and there will always be transaction fees etc. But intuitively it doesn't seem realistic to me, i feel like we should be crunching some numbers before saying something like that (I know it's a scenario not the reality)
Couldn't agree more about strategic reserve and Franken legislation. The idea of a Souvenir Wealth Fund is also a joke for a country that's $36 trillion in debt. This nonsense along with Trump's meme coin is really giving crypto a bad look. It's going to turn away many who could otherwise be orange pilled.
Gracias ¡ Muy interesante , me gustan tus teorías 🙏
Thanks for the article! Great engineering solution proposed, just a bit above my pay-grade. Had to read and re-read, probably will read again on the weekend
Great idea and writing. I think this is the true bullish case for Bitcoin, and the only sensible approach to managing the US debt. Bob Elliott also wrote yesterday that foreign holders of Treasuries are already testing to dump them which fits well with this world. https://x.com/BobEUnlimited/status/1887100376421159314
А негр может мне тут не сидеть не исполнять? Слышь ты, тумба-юмба, такие прогнозы при себе оставляй
Thank you
Definitely an interesting take. Keyboard warriors needs to understand that not everything can be solved online clicking on their screens.
They need to move their asses and do something. Something as in what you propose.
The too big too fail banks aren’t just going to be sidelined or disappear anytime soon. EOM.
LFG I’m the first reader. Don’t miss DTCC going live on Chainlink March 10th Arthur. Run the stops!
Ondo conference tm too. Tokenized Palantir on ondo #sexy
did palantir agreed to that?
You can checkout the video pinned on Ondos X acct if u wanna learn more. Personally, I don’t care for getting approved by Alex Karp, the man who says he believes he’ll be thrown out of a window if the “far right” ever comes to power. But the stock keeps going up lol
BTC is below $80k. The minority voters were correct.
King Arthur cements Lord Satoshi's vision for the world and the people are initially shocked, then applaud the new world order created out of chaos..
“the crypto single-issue voter put them in power”
Citation?
Hey just yesterday I finally figured out how to achieve public broadcast anonymity. (Do you understand why this is thought to be so intractable by those who know?) This seemed intractable and is afaics an essential component of digital cash. Also I might have solved how to eliminate the 50+% censorship attack on blockchains. Arthur Hayes should talk to me instead of his following non-technological nonsense below:
https://cryptohayes.substack.com/p/the-genie
> What is needed is support for Bitcoin and crypto at almost the constitutional level. BITCOIN MINERS CANNOT ENGAGE IN ANY SORT OF CENSORSHIP, BUT THERE IS A POSSIBILITY THAT LEGISLATORS MAY REQUIRE THAT OF MINERS AND OR NODE OPERATORS. Public cryptographic ledgers need to become a form of protected speech. That makes sense because a public blockchain is a chain of digital immutable speech hosted on a decentralized network powered by miners burning electricity.
>
> If America wants to be the best place to mine Bitcoin, a simple less than two-hundred-word bill needs to be enacted:
>
> “Cryptographic currencies and tokens that reside on or are powered by a blockchain are forms of protected speech. All laws applicable to the protection of free speech are applicable to users or intermediaries of public blockchain technologies. Cryptocurrencies and public blockchains are private and no government agency may compel an intermediary, participant, or the node operators of the blockchain itself to collect and produce data about participants and transactions.”
>
> With a pro-energy administration and the passing of a pro-permissionless innovation crypto piece of legislation, America will have the requisite ingredients to bring a large part of the global crypto activity within its borders. Given the heavy CAPEX of energy production and ASIC chip fabrication combined with the liquid fiat capital markets with legal protection for the operation of a peer-to-peer decentralized network, America will be the home of the majority of the Bitcoin network hash rate. Then, the neutral reserve asset will effectively be produced within American borders.
The following is incorrect as well.
> 1. Bitcoin has many benefits over treasuries, assuming the market cap becomes large enough to support trillions of dollars’ worth of trade.
>
> a. Bitcoin’s code cannot be unilaterally changed by anyone.
>
> 2. Even if some US-based miners tried to hard fork the blockchain, and exclude certain transactions or change the total amount of Bitcoins ever to be mined, it would result in Bitcoin crashing to zero on their new chain, and all their assets would become immediately worthless. The economic game theory underpinning the Bitcoin blockchain dictates this will not occur.
>
> Bitcoin can be permissionlessly accessed and traded anytime, anywhere, with an internet connection.
Censorship is not a hard-fork, as it does not change the protocol. It merely requires 50+% of the mining hashrate to reject blocks with the censored transactions. The rest of the minority hashrate can not fork off. Hayes does not even comprehend how blockchains work, lol.
And Bitcoin can not be permissionlessly traded, because the ANYONECANSPEND restoration event will kick off everyone who can not afford the transaction fees when Bitcoin will be limited to 5 txns per second only going forward after that event (probably in 2028).
How can one achieve public broadcast anonymity?
I will be writing it down (think the generic case of oblivious transfer combined with Atom-like peel-off signatures). Possibly anonymously -- you will identify it by its fruits. The more urgent task is to create an algorithmic USD stable coin before Congress enacts the new bill which will ban any new such new ones.
Can someone get Arthur’s attention? He will lose all his Bitcoins because he does not understand the ANYONECANSPEND reality. He also does not understand blockchain technology well, per my comments at the end of my prior post. Enforcing the protocol with a 50+% mining share IS NOT A HARD FORK. And the minority share CAN NOT FORK OFF.
🎄