Bitcoin can earn REAL interest from miners. Out of block production, not token incentives. Facility live today: - Borrower: Sazmining, a private miner. - Collateral: first-lien on the hardware plus pledged BTC. - Rate: 9% BTC APY Debt and revenue are both in BTC. Aligned incentives reduce risk. Bitcoin Markets in Action.

Some of these "bitcoin miners" are completely winding down Bitcoin mining ops even while they still have zero HPC revenue yet CIFR, KEEL, CLSK Basically just watching revenue plummet in the meantime 🤷‍♂️

I've been to Token2049 for a few years now, and this year was the best. The industry is maturing; I'm talking to far more fintech professionals and far fewer devs. I love engineering; that's where I comes from, but the industry is finally embracing tradfi and attracting smart money. Real-world capital markets and credit markets manage trillions of $. The onchain "great migration" is beginning, and nothing stops that train.

Bitcoin's round trip from $83K to $81K and back leaves leveraged bulls liquidated despite calling the direction right "Overnight reporting put liquidations at approximately $800 million across a rolling 24-hour window in crypto, with roughly 86% of those involving bullish positions." "So first of all, people getting liquidated on a move from 83 to 81 just to see Bitcoin bounce right back to 83 is completely nonsensical and should show you the wild risks of using leverage." "You can be entirely right about the direction, which is that Bitcoin may go up, but you're restricting yourself to an extremely tight timeframe, funding, and obviously an increased risk of being liquidated because you've used that leverage." "Some people use 100x leverage, meaning that a 1% move in Bitcoin, which happens any given hour, liquidates your position entirely." "It dropped all the way to 81, liquidated all those people and went right back to the same price. Those people could have had Bitcoin at the exact same price without leverage." "They end up getting liquidated with no position while they were sleeping, just to wake up and see that Bitcoin is the exact same price as where they started."

If you think Bitcoin has no yield, you're wrong. Miners turn energy into Bitcoin. Energy is the yield source. => Monetized electrons. I can't think of a better yield. Bitcoin is the energy dollar.