AVOID PANIC

“So we created a monthly variable rate preferred stock where the company, the issuer, has the ability to adjust the credit spread, in essence, adjust the dividend rate each month at its discretion. And then we pay the dividend as a cash dividend each month. So what's unique about that? That's the first time in the history of the world, guys, where anyone ever created variable rate preferred stock.”

“The spurs when he gets concussed on the night that he is given the defensive player of the year award and it looked bad immediately was not great. And I don't know in, in football, the concussion protocol is like at least a week. I who knows with basketball, he's definitely not gonna be in game three, but maybe he comes back for game four. But at the very least, Portland steals one.”

“You guys remember The Hitchhiker's Guide to the Galaxy? What's on the back of the book? Don't panic. Don't panic. I think that, by the way, that was Douglas Adams, and that was, what, fifty, forty years ago? Very good words. It's okay to consider all these things. It's okay to even study them and think them through. I think that the real the real mistake the fatal mistake to avoid is panicking.”

“And then this Scoot Henderson game, 31 points. So Nick Wright texted me this. He now has 10 more career playoff points than Wembley. I feel like I'm still in it with Scoot. Can't give up yet. I thought Scoot was awesome today. Now he had one rebound and zero assists, but the defense and the fearlessness and the athleticism was what we thought it might be.”

“And the answer is, everybody would just like a bank account that pays them more than the inflation rate. Like, how about give me a bank account that pays me 8%. Right now, your bank pays you zero. You know, what we say tongue in cheek is fix the money. We have a chance, in my opinion, to fix the money for a billion people. Not complicated. Just requires that one not get distracted.”

“So I would say probably the thing that's holding the price back is rehypothecation of the underlying crypto asset in the crypto economy. And the thing that will drive the price to the moon is people stop rehypothecating, and they call like, we call that asset back. We put it in cold storage, and then whoever sold it short has to buy it back, and the price moves north.”

“Oh, I think eventually it's going to 20,000,000, 21,000,000 a coin. I think it's gonna emerge as the dominant digital capital of the world.”

“And then this Scoot Henderson game, 31 points. So Nick Wright texted me this. He now has 10 more career playoff points than Wembley. I feel like I'm still in it with Scoot. Can't give up yet. I thought Scoot was awesome today. Now he had one rebound and zero assists, but the defense and the fearlessness and the athleticism was what we thought it might be.”

“I have the rockets now. Number one, because if you lose this series to if you lose this series to this Lakers team, you gotta be kidding me. Honestly, you gotta be kidding me. That would be just one of the dumbest playoff losses I could remember. Your 41 year old LeBron, Luke Kennard, who anybody coulda had, Marcus Smart hitting corner threes, Jackson Hayes is out there. I I just can't believe it.”

“Portland, frisky seven seed. Like, I I think Portland's a better playoff team than either Houston or Toronto. So you're going to Portland. The energy's gonna be amazing. El Cheapo is gonna be shooting out, probably used t shirts out of 15 year old Canon, t shirt candidates. I can't wait for for this weekend, but we'll see what do the spurs have in them without Wembley.”

“The spurs when he gets concussed on the night that he is given the defensive player of the year award and it looked bad immediately was not great. And I don't know in, in football, the concussion protocol is like at least a week. I who knows with basketball, he's definitely not gonna be in game three, but maybe he comes back for game four. But at the very least, Portland steals one.”

“What happens if the company can't pay that? Well, by law, you can't pay a dividend on a preferred stock that would create an insolvency event for the issuer. Like, the board has to approve the dividend. So you understand, like, it's literally impossible. It is literally impossible to create an insolvency or to bankrupt an issuer of a preferred stock.”

“Mark Carney's comments, I guess, in in reaction to to Trump's posturing towards Canada specifically. And if you're thinking, like, deep state actors placing Mark Carney in the prime minister role of Canada seems to be very strategic for for the incumbent power structure. If you know the history of Mark Carney at the Bank of England and HSBC and his involvement in the the cartel the cartel money laundering case with the HSBC where they're putting, duffel or, excuse me, briefcases full of cash through teller windows. They designed the teller window. He's he's had his fingers in everything. Many would consider him a a Davos class economic actor.”

“Bitcoin screamed up to 78,000 on the seventeenth, so last Friday. And it's it's held up pretty well throughout all this. you had Bitcoin on the one month chart really diverging from the software stocks index from from Vanguard, I think. There was some sharp divergence. Bitcoin up 6%. Software stocks down about a percent, and they've been trading in tandem since the middle of last year.”

“Just ask yourself, like, does de dollarization need need to happen? Does the Petro yuan need to happen? Do do we need to enter into thousand percent hyperinflation or, you know, massive, unprecedented big print? All of which is possible. But do we need that for Bitcoin to be an attractive investment, for Bitcoin to be an attractive technology to use for for payments at the sovereign level, the institutional level? And I, you know, I think I think the answer is definitively no.”

“I think that the crypto market has really evolved into various segments. Ethereum clearly is the leader in that space right now, and and all of the other proof of stake networks are going to be competing, you know, to tokenize securities and tokenize currencies and the like. I say two years ago, the future was bleak. Now you just gotta you gotta fight for for the best future you can get.”

“The thing that really first just, like, tipped tipped me off to it was last summer with the MP Materials deal for, you know, an equities massive equity stake in MP Materials and other rarest brews here in The US with offtake agreements as well and price floors, which is very industrial policy, very, you know, World War two preparation style, unfortunately, kind of central planning flavor in a policy. Well, you're seeing that here, as well with this deal. And so a major financing package for the deal from the Development Finance Corporation, which is, government Pentagon aligned, as well as a a long term fifteen year, 100% off take agreement with with price floors largely, it looks like, subsidized by and guaranteed by the government.”

“In, you know, public company investing and Bitcoin's not public company, but public company investing, one of the key hallmarks of a CEO and a management team you wanna avoid is when they're overly focused on short term gyrations in stock price. Like, they just gotta get stock price up, and they're really freaked out when the stock price goes down one quarter, when the market misunderstands a quarter and sells sells the stock on earnings or something. And I see a lot of that in the conversation about Quantum, both from the institutional side, but also from some technical people as well. I would just encourage people to fade that type of thinking because that is a great way to optimize for decisions that will not help and will not drive value and will not drive stability and sustainability in the long term for any system.”

“This sort of this is leaning on the authority of NIST or the perceived authority of NIST. Everybody is pointing at NIST and saying, well, NIST is saying that, and NIST is doing this, and we need to do what NIST is saying. I think it's, again, tone deaf and naive because Bitcoin Satoshi picked LibSec p two two fifty six k one, that cryptographic library, because he looked at a lot of the NIST approved and recommended cryptographic signature schemes and found that a lot of them had embedded constants, which ultimately led to backdoors.”

“You know, I think it's it's worth asking, you know, if we map ourselves to to Rome as many people often do, are we entering the decline of the republic stage or the decline of the empire stage? Because those are very different phases of the history of that great power and have a lot of great powers that follow similar cycles. And, you know, a lot of people are ready to to stick a fork in in The US, but they maybe should be sticking a fork in The US Republic, not The US Empire.”

“One of the few things I've been following over the weekend because it's just so fascinating and validates something that we've been worrying or warning about in the space for for many years is the the draining of multiple DeFi protocols by hackers because the virtual machines that they're running on aren't as secure as as many people were led to believe and are not as decentralized as many people were led to believe either. So that, like, if you have a bunch of DeFi actors going aping in the stretch and they're doing it on insecure protocols or using insecure smart contracts, could could get interesting there as well.”

“If if your view is Trump has the chicken out, this is he's he's sensitive about stock market. He's sensitive about treasury yields, all these different things. Well, maybe. That may be true. But if that's the case and that's his primary Achilles' heel and primary constraint, even after he sent 10 destroyers, 12 destroyers, whatever, into into the Persian Gulf to turn away dozens of ships and kinda imperially take control thus far of of that area and stocks are all time highs. So if your entire bed, if your entire philosophy, if your entire worldview is it's, you know, it's just a matter of time before The US has to pull back because Trump's so worried about the the stock market, well, you know, he's he's got a lot of leeway right now.”

“I don't know why Houston didn't trade for him. I don't get it. They thought they're they were good with the team. Like, they like having Van Vliet around. Van Vliet can't play till next year. Like, worst case scenario, you could just opt out of his contract. You can resign him. But it's weird to me that they didn't do anything, and the email clearly doesn't trust Reed Shepherd.”

“I don't know why Houston didn't trade for him. I don't get it. They thought they're they were good with the team. Like, they like having Van Vliet around. Van Vliet can't play till next year. Like, worst case scenario, you could just opt out of his contract. You can resign him. But it's weird to me that they didn't do anything, and the email clearly doesn't trust Reed Shepherd.”

“Look. It you know, your instinct is right. I think everyone should be off the screens, frankly, as much as they can. It's increasingly low low return on time and increasingly a a a dos attack on, your attention to really follow the headlines closely. So, it's it's Michael Scott, snap, snap, snap, snap basically every day of the week. And so I think this is just a great illustration of how little the average market participant knows or can really rely on anything that they're seeing come across their their Bloomberg or or CNBC on any given day.”

“The real brilliance of the business model is you're acquiring a capital asset that you're holding perpetuity and you're never realizing the capital gain on it. If you pay the dividend by remitting the unrealized capital gain back to the credit investor, the dividend becomes a return of capital dividend, which means it is also tax deferred. So you could be a retiree, collect dividends for ten years, not pay tax, pass it through to your heir. They get a step up and they get ten years of dividends that are also tax deferred.”

“I have the rockets now. Number one, because if you lose this series to if you lose this series to this Lakers team, you gotta be kidding me. Honestly, you gotta be kidding me. That would be just one of the dumbest playoff losses I could remember. Your 41 year old LeBron, Luke Kennard, who anybody coulda had, Marcus Smart hitting corner threes, Jackson Hayes is out there. I I just can't believe it.”

“Portland, frisky seven seed. Like, I I think Portland's a better playoff team than either Houston or Toronto. So you're going to Portland. The energy's gonna be amazing. El Cheapo is gonna be shooting out, probably used t shirts out of 15 year old Canon, t shirt candidates. I can't wait for for this weekend, but we'll see what do the spurs have in them without Wembley.”