Crypto Markets and Kids Soccer
On Wednesday May 12 at 5:06pm CT Elon Musk tweeted that Tesla would no longer accept Bitcoin to buy cars. The company also has $1.5B of Bitcoin on their balance sheet, reported $300M of which they’ve sold. Musks message is about the carbon footprint of Bitcoin. Odd since this isn’t new information.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Anyway, my commentary is not about Musk’s position but the market reaction. Immediately, as one would expect, Bitcoin dropped 10%.
BTC
Now lets talk about kids soccer. Any parent that has watched their kids play soccer knows what it looks like. There is a big group of kids chasing the ball around with no tactics or strategy. Ball is over there, run and get it.
The crypto market was all kids soccer with this. Filecoin, which has nothing in common with the Bitcoin news dropped nearly the same, with a slight time lag.
FIL
Then Cardano drops the same too. Cardano however is a massively more efficient blockchain. The fundamental argument doesn’t apply. They even told that story.
ADA
The point here is that these markets and investors are still treating all of these assets as a single thing. Only Ethereum in recent months has broken out and moves materially on its own. I put this in my approach, but I think it is really important. You need some mental model of the utility for each of these assets. That utility should drive how you value them, and how you differently value them.
I love the #TeamSPS Cyberweek 2020 Shirt, and for the first time a paired challenge coin! 🪙 The challenge coin was also minted as an NFT. We also included the themed deck of playing cards. ♠️ Thank you to Kat Alberts for the great design.
Sat down to figure out what was wrong with my 27-inch 2019 Retina 5K iMac. Beach balls. Terrible performance. Random crashes.
Turns out the Fusion Drive had “split” and the machine was completely confused about the disk system.
Complete rebuild and it is fast again!
A very Happy Mother’s Day to my Mom!
We just published the very first issue of Reading Things! 📚 If you enjoy books check it out! This is a new project from our whole family. 👋
Ethereum is up 32% in the last week, over 11% in just the last 24 hours! Hard to say what is driving it up, but it has definitely diverged significantly from Bitcoin.
We’ve had our pontoon for a few years and the hassle of taking the cover off and on each weekend was resulting in less trips on the water. This year we got a canopy! I’m so happy to put the boat cover away for the summer and we will definitely get more time on the water!
Today is Boat Day 2021! I got the boat out of storage from LaCanne’s Marine and took it back up the Cannon River for the summer! This is such a fun tradition for me. The kids both made me cards to celebrate Boat Day!
Tammy put together her 50 Puzzle today. It was so rewarding seeing the final puzzle at full size. The images came out great. The little details all hit the right spots. The kids and I are proud of this one! Create Jigsaw Puzzles.com did a great job with it.
Upcoming reading list: Klara and the Sun by Ishiguro, A Man at Arms by Pressfield, Evicted by Desmond, Radical Markets by Posner and Weyl. Excited to read all of them. 📚
Ten Richest Men, Thirteen Divorces
It seems completely predictable that Elon Musk and Larry Ellison would represent over 50% of all the divorces amongst the 10 richest men.
The world's 10 richest men have had 13 total divorces. pic.twitter.com/fIQwJjvUdJ
— Edwin Dorsey (@StockJabber) May 4, 2021
My daughter is taking drivers ed., and the classes are online so we can all hear. I can report that just like the 1980s, drivers ed. is mostly filled with content to scare the crap out of you. They haven’t done the screening of “Death on the Highway”, at least not yet…
I love seeing the constant innovation in Drafts! We now have Drafts Capture for the Web? I never considered this but there are a number of times when adding a draft from the browser would be handy. Great product Agile Tortoise!
App Store Subscriptions
I did an audit of my App Store subscriptions recently. This seems like a good process to do on an annual basis.
My annual subscriptions totaled $309.06 (including taxes). This includes subscriptions to 16 services including: 1Blocker*, Albums*, Darkroom*, Day One, Drafts*, iTunes Match, mPaceline, NoMoRoBo (multi), Overcast, RadarScope, Tweetbot*, Unread*, Weatherline, and YouAte. * denotes family subscriptions.
I also have five monthly subscriptions for $79.55 (including taxes). This includes JAXJOX, Disney+, HBO Max, Paramount+, and Apple One Family Premium. Those add up to $954.60 a year.
So how much are App Store subscriptions costing me a year? $1,263.66. They all add up! 💸
I did cancel a handful of subscriptions. These are all subscriptions that I use so I’m getting value from them.
Fabulous performance from The New Standards at Crooners Supper Club tonight. It is so great to see live music!
Look up. 👀
Dandelion farming.
On 4/30 at 11:29am I got an email from OpenSea officially announcing that they are adding support for Polygon (MATIC). Polygon is a network built on top of Ethereum. Interoperability to move NFTs in and out of Polygon into the main blockchain is a key feature for OpenSea.
Support for other blockchains (Polygon (formerly Matic) trading coming soon!)
Look at the trading activity for Polygon (MATIC). it is pretty obvious when the news leaked to the market. 😏
Making progress on the LEGO® NASA Apollo Saturn V build.
