No, this isn't a case where your Uncle Marty fudged up and forgot to replace the title of the letter. We're getting back to basics two days in a row. The reason why is I traveled back and forth from New York City today and had the pleasure of being on the 51 Strokes podcast with my friend Caleb Pressley which parlayed into an appearance on the Barstool Yak radio show. It was great to be back in the Barstool offices and I was pumped to be invited on both shows. However, the experience was a reminder for me that I need to slow down and distill the information I'm attempting to convey on the spot in a more succinct way. I hate having longwinded answers to questions that can be answered more simply.
When someone asks, "Why is the price of Bitcoin going up?" Digging into institutional balance sheets and explaining the landscape of the global monetary system is probably not the best approach. Bitcoin's price is going up because it is a scarce asset and more people want to own it.
When another person chimes in, "Is there really a limited supply?" Don't respond with an explanation of Bitcoin's supply schedule, explaining the halvings, the block reward containing the subsidies and fees. Instead say, "Yes, there will never be more than 21 million bitcoins. That is written in the code of the network. It is one of Bitcoin's assurances.
When a passerby pokes their head in the room and blurts out, "How the hell does mining work?" Don't go into a longwinded diatribe on hashcash SHA256, difficulty adjustments, ASIC manufactures, and mining pools. Instead, focus on computers using a lot of energy to solve a specific math problem so they can add blocks to the ledger. Oh, they get paid in bitcoin for doing so.
I need to get better at this. I plan on it.
Also, cuck bucks is spreading...
My Beautiful Dark Twisted Fantasy on loop in a long ride is the way.
Enjoy your weekend, freaks.