Lucas Kohorst

The top-performing miners in September were those who hedged early. Miners who hedged USD revenues in April earned 40% more, and those who hedged Bitcoin production earned 27% more.

There’re a bunch of stats outside the markets that show some kind of extremity, like the number of state based armed conflicts nearly tripling since the 60’s, or global freight ships experiencing nearly 19x more delays they did in 2016. But these are pinpricks of colour, the markets are mirrors. If the world is getting more extreme, our collective,... See more

The facts that (a) an AI somewhere could in principle do this task better, and (b) this task is no longer an economically rewarded element of a global economy, don’t seem to me to matter very much.