In Stunning Speech, Peter Thiel Blasts Buffett, Dimon, & Fink As "Finance Gerontocracy"; Sees Bitcoin Rising 100-Fold

Just like Hollywood once compared Netflix to the Albanian Army, the US establishment doesn’t yet understand how much better Satoshi Nakamoto or Vitalik Buterin is than every apparatchik they have in the Federal Reserve system. And they don’t understand that upward deviation is creating a more competent group of global leaders than the American esta

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The first point is that in a world of closed-source centralized ledgers, an open-source decentralized ledger is valuable. Specifically how valuable is hard to say, but right now at $2 trillion it’s only worth about 0.2% of global capital. It would have to approximately 10x in price from here to reach the market capitalization of gold, which is itse... See more

We think it is a vicious interplay of three factors, each as unfortunate as the last, each feeding and fed by the others. First: physics envy. This is well understood and is not an original insight. Second, a more specific, material effect of physics envy in this realm: It pushes academic economists to search for what can be measured and quantified

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“Sam, we’re broke,” the prime minister confessed. Sam wasn’t broke. Just then Sam was the opposite of broke. Alameda Research was no longer paying loan shark interest rates to borrow tens of millions of dollars from effective altruists. The new crypto lenders like Celsius and Genesis were willing to hand Alameda Research collectively between $10 bi

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