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There are several forms of bias to examine when it comes to understanding bitcoin and its price. Source: Author modification of 43/1995 from goodfreephotos.com You try to have the Bitcoin conversation. All you hear back is fear, uncertainty or doubt (FUD). You try to explain Bitcoin and their eyes glaze over. Often no-coiners or alt-coiners just don’t want to hear about Bitcoin. Cognitive Biases At Play Let’s try to understand by looking into the cognitive biases that enable the FUD and noise . Once these are understood, we can try de-biasing instead. We define cognitive bias as, “a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own “subjective reality” from their perception of the input. An individual’s construction of reality, not the objective input, may dictate their behavior in the worl​d.” In short, our judgement is often not accurate in predictable ways. To understand the systematic errors in people’s Bitcoin judgement...

Keynesianism has eroded the ability for individuals to accumulate the necessary amount of capital to better their lives The below is a direct excerpt of Marty's Bent Issue #1086: "Keynesianism doesn't work because it discards local information." Sign up for the newsletter here . You can hone in on Keynesianism or zoom out further and focus on the broad topic of top-down control. Any way you cut it, it has become evident many times throughout history and is glaringly obvious at this particular juncture; these attempts to micromanage complex systems will never work. They will never work because they fundamentally discount local, emergent information which creates particular needs and particular necessary reactions to meet those needs. Any top-down diktat or attempt to micromanage a complex system like an economy will result in inherent unfairness because the actions taken will have inherent assumptions that disregard local needs in favor of academic think and t...

Looking at the metrics that help us determine bitcoin price bottoms. The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now . In today’s Daily Dive we will dig into a new metric for timing bitcoin bottoms. This metric will use the realized price of two separate cohorts of bitcoin investors; long-term holders and short-term holders. First, before digging into the metric, let’s define some of the terms: Realized Price : Realized price is the average price that every coin (technically: UTXO ) was moved on the network. For some, realized market capitalization is an easier metric to understand. Realized market capitalization, which is nearly an identical metric as realized price, takes the aggregate of every bitcoin on the network at the price it last moved. Realized price is currently $21,100, while realized c...

Eric Yakes creates a compelling account of how we’ve arrived at the monetary technology that is Bitcoin. With an ever-growing number of Bitcoin books being published, choosing which book to read next can be difficult. “The 7th Property: Bitcoin and the Monetary Revolution” by Eric Yakes guides readers through a vast array of Bitcoin-related topics, turning seemingly complex topics such as Merkle roots and the mining algorithm into highly approachable subjects using effective graphics and analogies. Whether you’re looking to learn more about the history of money, the centralization of money and banking, or how Bitcoin actually works on a deeper level, “The 7th Property” has something for everyone. Yakes starts by weaving through monetary history, using historical recent examples to describe the commonly-cited properties of money. He then dives into the historical trend towards centralization of money. Over centuries, society continuously traded trust for efficiency in money. Ultimatel...

Discussing how erroneous economic systems can be repaired with Bitcoin. Watch This Episode On YouTube Listen To This Episode: BitcoinTV Apple Spotify Google Libsyn Overcast Rumble Audible It is hard to argue with the assertion that Silicon Valley and the tech world are the spaces that are driving growth in the contemporary world. But why exactly is that? In this episode of the “Bitcoin Magazine Podcast,” we were joined by Rob Hamilton, who published “ Why Has The Physical World Not Progressed Like The Digital? ” in Bitcoin Magazine recently, and we used this opportunity to unpack his piece. “I think as Bitcoiners, the answer is, we have to build our own institutions,” Hamilton said. As Hamilton shared his thoughts around how erroneous economic systems can be repaired with Bitcoin, he addressed damages caused by the short-sightedness of the business world. In our current fiat system, operators and large businesses are rewarded, causing us to be short-sighted in the wak...

Federal Reserve Chairman Jerome Powell has confirmed that the U.S. has no plans to ban Bitcoin and cryptocurrencies. On Thursday afternoon during the Oversight of the Treasury Department's and Federal Reserve's Pandemic Response   hearing Federal Reserve Chairman Jerome Powell confirmed that the U.S. has no plans to ban Bitcoin and cryptocurrencies. During the hearing , House Representative Ted Budd (R-N.C) questioned Chairman Powell about the state of inflation in the United States. Powell deflected the inflation questions, claiming the inflation in this country is due to the oft-repeated supply chain crises caused by the Government's pandemic response. Effectively the chairman said that the Fed’s hands are tied when it comes to inflation and that relief will come. Powell suggested inflation should go down in “the first half of next year.” Ted Budd's next question was about central bank digital currencies and their impact on stable coins, Bitcoin, and other cryp...

The popular bitcoin ATM network now has over 5,000 machines scattered across the U.S. and Canada to meet mainstream demand. Over the past six months, bitcoin ATM company Bitcoin Depot has more than tripled its machine count across the U.S. and Canada, according to a press release . The expansion was fueled by an appetite for BTC from a wide range of communities in North America, especially the unbanked. Bitcoin ATMs increase convenience by enabling physical purchases with cash  —  without requiring the customer to have a bank account  —  but also entail high costs. "It's no doubt the crypto market has captured mainstream interest, and the demand from consumers and retail industry giants continues to grow," said Brandon Mintz, president and CEO of Bitcoin Depot, per the release. "This gives us a greater opportunity to expose Bitcoin Depot ATMs to individuals seeking convenient access to alternative financial services and cryptocurrency." In July, Bitcoin Magaz...

New research shows the stark differences between states and their energy prices, policies that will define a generation. Bitcoin miners seek the cheapest sources of energy available to increase their profit margins. States with a deregulated energy grid, such as Texas and Wyoming, let customers choose between energy providers, attracting miners and fostering innovation. In contrast, highly regulated states with energy-limiting policies, like California and Connecticut, artificially elevate energy prices, pushing miners and innovation away. Bitcoin-friendly states will be the ones to benefit the most from innovation and technological development in the coming decades. Bitcoin mining companies have flocked to the U.S. amid a hashrate exodus away from China, fueled by extensive investments in talent and equipment. In an industry whose profit is highly dependable on the price of power, mining farms deliberately select their location to ensure the highest margins. Some states allow c...

The global economy is driving toward authoritarianism, but Bitcoin offers autonomous, decentralization that can save the average investor. Part I: Bitcoin As A Tree, Persistence And Deep Structures A Reverie Perhaps if I had been more brazen, the title to part one of this series would have ended up as something more tantalizing, something punchy like “Bitcoin Is A Palm Tree, And Fiat Is A Coconut.” But for better or worse, such a title felt saturated with a bit too much levity, too tropical and trivial for such a weighty topic. In truth though, the palm tree imagery would have actually been a very accurate allegory of how the bitcoin and fiat roadmap will evolve as we progress further into the 21st century. A royal palm, roystonea oleracea , bobbing feverishly in a torrential squall, though never ceasing to retain a firm grasp to its roots deep under the soil. And as with any storm, the only Darwinian necessity for this tree is one of survival, to ride out the tempest as unscathed ...