Sam Callahan
@samcallah
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Senior Analyst @swan | Host of Swan Signal | #Bitcoin | Macro | History | Digital Privacy Advocate
Joined June 2019
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Last Seen Profiles
Last week, the
@WSJ
published an article claiming about $90 million worth of crypto was used to fund Hamas — a serious claim that gained significant attention.
In response to the article, anti-Bitcoin politicians directly linked the WSJ article as evidence in a letter to the
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I've been behind enemy lines, reading everything published by the Bank of International Settlements in 2021.
Here are 10 pieces that I found the most alarming and most relevant to Bitcoin.
"Know thy enemy and know yourself; in a hundred battles, you will never be defeated." 👇
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I was out in Denver last night with ETHDenver in town and I have to say, this feels worse than the ICOs of 2017.
An endless sea of DAOs and wallets where you move around shit to other shit yielding shit through a cross bridge to other shit yielding shit.
1 big house of cards.
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Bitcoin brought me a new career, brilliant mentors, great friends, and a renewed purpose in life, but the very best thing it brought me was you
@natbrunell
.
You are the most brilliant, beautiful, kind, and elegant woman I’ve ever met.
Officially the luckiest man in the world.
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Got my 10 year old nephew $100 worth of bitcoin. Told him he couldn’t spend it until he was 18.
It was in that moment I realized I have become my grandpa dishing out savings bonds in 98’.
Bitcoin = the new savings bond.
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If you have a Vanguard account and want to transfer your assets to a firm that supports
#Bitcoin
, it's easy to do so.
It takes a few minutes to transfer your assets.
If you follow the instructions, you can transfer something like a Roth IRA without paying taxes or penalties.
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If someone says, "I don't believe in Bitcoin, but I believe in blockchain technology."
The correct response is to laugh.
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these fiat currencies are far too volatile to serve as money.
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I just spun up a full
#Bitcoin
node for ~$250 and I have zero technical expertise. This is why Bitcoin will win.
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I’m at Microstrategy’s Bitcoin and Lightning for Corporations event right now, and I feel we are at an inflection point.
Previously, there were regulatory and technological hurdles stopping these corporations from using this breakthrough technology. Those hurdles have been
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“If it was a store of value, it would stay one price.”
And the look afterwards. lol
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Bloomberg shared some evidence of the cost of living crisis many Americans face today.
Since 2020:
Groceries: +25%
Home Values = +42%
Electricity Bills = +25%
Natural gas = +29%
Rent = +20%
Used Car = +35%
Car Insurance = +33%
Child care = +32%
Food at restaurants:
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"For the first time in the history of the world we have had a cult coupled with a financial instrument."
Related: “I got a call from Paul Tudor Jones and he says, “Do you know that when
#Bitcoin
went from $17,000 to $3000 that 86% of the people that owned it at $17,000, never
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Ross Steven's Bitcoin section in his annual Stone Ridge investor letter is too good not to share in full.👇
A BLACK BELT IS SOMEONE WHO GETS HIT AND DOESN’T CARE
“If I was the government, I’d close it down.” — F̶D̶R̶ Jamie Dimon on g̶o̶l̶d̶ Bitcoin, A̶p̶r̶i̶l̶ ̶1̶9̶3̶3̶
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It took <24 hours for tradfi bros to start calling for bailouts. Incredible.
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Allow me to share an article I wrote that looked into how shitcoins perform after being listed on Coinbase.
After digging into it, I remain highly critical of Coinbase's questionable listing policies and marketing strategies.
TL;DR - Coinbase is the woooooooorst 🎶
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Bitcoin destroyed the nihilism within me.
I care now...a lot.
Can't wait to watch this phenomenon permeate through society.
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The IMF is concerned that the 2nd country adopted Bitcoin…and they are even more concerned about the 3rd, 4th, 5th, 6th, 7th, 8th, etc.
To be clear, the IMF is concerned for its own well-being, not the developing countries they “help”.
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Michael Lewis doesn’t seem to understand that FTX was an exchange, not a bank, meaning it was supposed to have its users’ assets backed 1:1 at all times. It shouldn’t matter that there was a “run on customer deposits.”
There was not a legitimate business here. It was pure fraud.
"He becomes toxic. Like, nobody wants to talk to him. He has no friends,’" says Michael Lewis.
“There is still a Sam-Bankman-Fried-shaped hole in the world that now needs filling” for someone driven by their ideals to do good on a large scale, Lewis says.
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I’ve been behind enemy lines reading everything the IMF has put out in the last 2 years.
Here are 10 pieces I found most relevant to Bitcoin.
“When you are thoroughly conversant with strategy, you will recognize the enemy’s intentions and thus have many opportunities to win."👇
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1. / The institutions are coming.
So let's take a trip down memory lane to see what these entities used to say about
#Bitcoin
, as retail investors ignored them and kept on accumulating.
"Good things might come to those who wait, not for those who wait too late." - Bill Withers
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@GRDecter
Kevin O'Leary is a clown. Binance didn't put FTX out of business. FTX put FTX out of business because it was a giant fraudulent operation.
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Watch Gary Gensler awkwardly freeze up after stating the Crypto industry "runs past the law" and the interviewer responds with, "They do seem to be finding some sympathetic judges," referring to the SEC's recent court losses to Ripple and Grayscale.
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The IMF just published a paper on Bitcoin cross-border flows, and here are three major takeaways.👇
1.) The study provides evidence that increased Bitcoin activity occurs as investors move away from risk assets and supports the findings of other studies that Bitcoin can be used
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A recent audit of the Bank of Lebanon showed:
1.) Officials likely embezzled over $300 million to family members and close associates
2.) They implemented a nationally-regulated Ponzi scheme to explode the national debt
3.) They hid $76 billion in losses from the Ponzi scheme
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🧊 = your savings
🔥 = inflation
🔥🔥
🔥🧊🔥
🔥🔥
🧯= Bitcoin
Protect your savings.
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#Bitcoin
is over $50k and retail trading volume on Coinbase is still 85% off its high. Bullish.
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More astounding stuff from the annual BIS report...
In the first 100 pages, the entire report is dedicated to explaining how fragile the current monetary system is due to excessive debt and loose central bank monetary policies.
The second section is titled, "Monetary and
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Bitcoin's Proof of Work architecture creates Seven Layers of Security and serves as the foundation for the world's first & greatest digital monetary network.
A framework from the mind of
@saylor
...
An absolute gigathread [1/52]👇
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Prediction: a CBDC will get hacked in the next 10 years due to governmental incompetence.
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Bitcoin just casually making $6k daily moves. Bitcoin was at $6k four years ago.
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Let me tell you about a concerning new pilot program launched by the BIS, Eurosystem, De Nederlandsche Bank, and the Deutsche Bundesbank last week - Project Atlas.
Project Atlas is a Proof of Concept for surveilling the international flows of Bitcoin and all crypto-assets.
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@MRKR
@JamesSurowiecki
let's add this to the ever growing list of "bitcoin is dead" articles written throughout the last decade.
Meanwhile, bitcoin is "dead" because it dropped 25% to - checks price - $34,000.
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If Milei follows through and supports Bitcoin adoption, then this could be a landmark moment.
To put things into perspective:
Argentina ranked by GDP: 23
El Salvador ranked by GDP: 101
It could set off a domino effect of nation state adoption that will make the IMF shook.
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All you have to do is buy and hold spot, anon.
No leverage. No hosted mining. No mining stocks. No proxies.
Don’t get cute with this. It’s the opportunity of a lifetime.
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So many thoughts went through my head when I saw these two WSJ headlines right next to one another this morning…
The first thing that came to mind was a quote from George Orwell’s 1984, “The Party told you to reject the evidence of your eyes and ears. It was their final, most
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A fun stacking story [1/8]
In 2018, I was fully orange-pilled and I was scrambling to stack as many sats as possible.
I sold instruments.
Downgraded by apartment.
Drove Lyft on the side.
Pick up a third job.
Busted on the street with my guitar.
And did various side gigs.
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When someone first discovers Bitcoin there are two phases that typically occur-
1. They wish bitcoin was ‘cheaper’.
2. They wish they got in earlier.
Today, less than 2% of the world owns bitcoin & its price is ~$58,000.
Not convinced you’re early to Bitcoin? Keep reading 👇
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there’s a race going on between central banks (CBDCs) and the people (Bitcoin) to build the future monetary system.
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1/ The FTX bankruptcy estate sold more than $1 billion worth of GBTC.
Many have celebrated as GBTC Outflows have recently slowed, but unfortunately, there's more selling on the horizon.
Another bankruptcy estate is planning to sell billions worth of GBTC soon- Genesis.
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@SenWarren
@Xentagz
@SECGov
The court already ruled that it was, in fact, unlawful for the SEC to deny a spot Bitcoin ETF, madam.
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When you’re long Bitcoin, you’re long central bank incompetence.
I’m bullish.
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With CBDCs, some of the most shocking excerpts in the report are where they claim CBs would have the power to "lay the groundwork for privacy assurances” and act “much as local authorities preside over their town’s marketplace."
They want you to trust them with total control.
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Dude this shit is the future.
First you’ll need to download this wallet, buy X token, transfer X token to another wallet where you’ll sell X token for Y token which you’ll stake for 10% paid out in Z token.
Easy peasy. And bro, it’s decentralized so it’s super secure and stuff
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This frame has me 💀
- calls Ethereum a company hahaha
- says it’ll switch to PoS (any day now!)
- “Source: Ethereum” 😂
Bitcoin doesn’t care. Source: Bitcoin.
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@jameslavish
It would be the equivalent of the US banning itself from the internet or electricity while the rest of the world adopted them and prospered.
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Another one bites the dust.
What’s interesting about First Republic is it was given time and access to all the emergency lending facilities. It borrowed:
- $63.5B through the Fed’s discount window
- $13.8B via BTFP
- $28B from the Federal Home Loan Bank
And it still died.
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1.)
Some key takeaways from their 2021 Annual Report:
- They advocate for a global digital identity system
- Vaccine rollouts are a focus for them for the economic recovery
- They recommend that CBDC accounts be directly tied to a person’s identity
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Today, we saw Nassim Taleb double down on his negative stance towards
#Bitcoin
, backing it with arguments that lack clarity.
Below, Howard Marks admits that his initial skepticism towards Bitcoin was a knee-jerk reaction. He states he's smarter than he was four years ago, but
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Thank you for reading 🙏
In the future, I plan to continue to dig into the publications of organizations like this.
I’ll leave you with this horrific video with the General Manager of the BIS on CBDCs and the complete control and power they give CBs...
Agustin Carstens General Manager, Bank of International Settlements.
Speaking on central bank digital currency.
“Central banks will have complete control of digital currency & the power to enforce that”.
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The true enemies of freedom are CBDCs and their proponents
Even the BIS seems to recognize the risks CBDCs pose to privacy & freedom, but they're going along with their plans anyway.
This is why I Bitcoin - to help build an alternative for people to escape from this dark future
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Swan: practically begs its clients to withdraw their bitcoin every day
FTX: collapses when its clients start withdrawing their bitcoin in a day
Do you get it yet, anon?
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Hot take: this coordinated Ripple attack is good for Bitcoin.
It will highlight all of Bitcoin’s strengths and ultimately be humiliating for all those who tried to fight its inevitable ascension.
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The guy who introduced a bill to "Mitigate Risks of El Salvador’s Adoption of Bitcoin" and who has called out the "corruption in Bitcoin" gets caught for accepting bribes in cash and gold. How rich.
Democrat Sen. Bob Menendez Indicted Over Gold Bar Bribery Scheme
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Japan's state pension fund, with $1.4 trillion AUM, is asking for more information about
#Bitcoin
as a "diversification tool."
Gradually, then suddenly.
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Bitcoin was working just fine.
Binance either didn’t want to pay up with higher fees or didn’t want more bitcoin leaving the exchange, so they decided to cut off withdrawals for its users and blame it on Bitcoin.
Red flags galore - beware. 🚨
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True story: my used Toyota has gained in value since I bought it 3 years ago despite putting 30k miles on it.
No inflation? LOL.
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Top 4 Accounting Firm KPMG says Bitcoin is an ESG asset.
Here’s what they said👇
- ENVIRONMENTAL
Bitcoin can reduce emissions through 1.) use of renewable energy, 2.) demand response, 3.) recycled heat, 4.) methane reduction
- SOCIAL
Bitcoin can benefit society by 1.)
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6.)
In a paper titled “What Lessons China Can Teach the World” (oof),
They write how credit scores appear to be useful, “especially the rich information backing the scoring can also act as a disciplinary device.”
They then share a story from China...
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Joe Biden has been fighting against cryptography for some 30 yrs.
In the 90s, he put forth legislation that tried to outlaw encryption that did not provide government access.
This led to Phil Zimmermann writing the first public key cryptography software for personal computers.
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I think the next time Bitcoin rises from the ashes (again), even its staunchest critics will have to question everything they thought they knew about it.
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5.)
This paper found investors who own “crypto” are younger, educated, digitally native males who hold their investments for longer periods of time 😂. yes...HODL!
The conclusion of the paper recommends automatic “embedded surveillance” in crypto🖕
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Here’s the updated FATF’s guidance on “virtual assets” that the BIS is referring to:
TL;DR - they hate Bitcoin.
*Reminder* - the FATF is an unelected non-governmental organization and yet, governments always seem to implement their guidance. weird.🤔
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Here is the only mention of Bitcoin in their Annual report (lol).
I expect the misinformed environmental FUD against Bitcoin from Central Banks (CBs) to only grow louder heading into 2022.
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Little did I know that the house of cards was already collapsing.
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And that concludes my stacking story of how I stacked around a whole bitcoin as the Barber of Seville.💈👨🎨
With Bitcoin >40% off its all time high today, how are you stacking more sats?
/the end...I hope it gave you a laugh.
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I’m sorry peeps but as much as I’d love to believe that this price action is due to people suddenly recognizing the value of Bitcoin’s lack of counterparty risk, it probably has more to do with the 2 year dropping 100 bps in one day.
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Celebrating 25 years of the euro:
It's only down -99% against gold since it launched.
How successful!
A new year has begun – full of new challenges and opportunities. This year, the euro celebrates its 25th birthday. Now there’s a reason to celebrate! So, with that, I wish you and your loved ones a happy new year, and a successful 2024.
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...how the names of citizens who defaulted on loans were released, & they were blacklisted from thousands of other merchants/activities, aka they were restricted and shamed.
This forced ~5.3k people to "voluntarily" pay off their debts.
The BIS found this story…interesting.
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4.)
80% of CBs now use big data, up from 30% in 2015.
“Citizens might feel uncomfortable with the idea that CBs...are scrutinizing their search histories, social media postings or listings on market platforms.”
Nailed it! But CBs want your data anyway.
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What they are effectively saying here is, “CBs would have the ability to have total control and implement any policies they want in a cashless world."
Bring on negative interest rates and control over how people spend their own money!
Don’t like it?!...you’re shit out of luck.
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Anyone else impressed with how
#Bitcoin
is holding up in the wake of two of the largest crypto exchanges getting sued on back-to-back days?
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2.)
In an executive summary, they found that during COVID the use of supervision technology tools increased from 12 tools used in 2019 to 71 tools used in 2021.
The use of financial surveillance tools by CBs has absolutely mooned since the pandemic began.
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From their own publications, one can infer that the BIS wants to bind all of the worlds’ citizens on a single CBDC and digital ID platform, consolidate more power into the hands of CBs, and build a draconian world of more surveillance, social credit systems, and less freedom.
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Their main recommendation concerning CBDCs is for what they call an “account-based retail CBDC” which will be a system where individuals have direct accounts with the central bank where all users are identifiable using a universal digital ID scheme.
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Central bankers are aware that their credibility is at an all-time low. They also recognize that the currencies they issue are backed by nothing, and that their ability to print money out of thin air is what grants them their power.
In a speech given in May, BIS General Manager
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Microstrategy integrating Lightning Rewards internally with Salesforce, Zoom, Adobe, and MoveSpring to incentivize employees to educate themselves, share their knowledge, hit their fitness goals, and more.
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This is how I know we're on the right side of history.
⚠ JPMORGAN'S DIMON SAYS HE'S 'DEEPLY OPPOSED TO CRYPTO
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You don't like Bitcoin? Fine.
But instead of just dismissing it, how about offering another solution for the billions of people suffering from high rates of currency debasement, confiscation, and censorship with no way of protecting themselves.
Bitcoin works. Simple as that.
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If BlackRock’s Bitcoin ETF doesn’t allow investors to take physical delivery of the underlying Bitcoin, what’s to stop a competing Bitcoin ETF from offering that feature to attract investors and take market share?
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10.)
To go off the last tweet…in this survey from June 2021, 28% of the CBs surveyed supported the idea of a “Multi-CBDC Arrangement".
It appears central banks are warming up to the idea of teaming up to form a global digital ID and CBDC system.
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7.)
This paper was an in-depth exploration into CBDCs and actually identified the inevitable outcome. 👇
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To summarize the BIS in 2021, they focused on the trend of increasing financial surveillance tools, surveyed CBs on the potential for global digital ID schemes, took lessons from China on how credit scores can be used to enforce discipline on misbehaving citizens…
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I saw some tweets from ETH proponents saying that Bitcoiners were cherry-picking when we posted a picture of the World Economic Forum shilling ETH.
They argued, "WEF has shared Bitcoin pieces too."
True...just not positive ones! The WEF has been attacking PoW for years now.🧵
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Spoke with a lot of successful people the last week.
Some were very skeptical of Bitcoin. That wasn’t surprising, but the reason why was…Satoshi Nakamoto.
They hated that they didn’t know his identity and didn’t get why his anonymity was/is so important to Bitcoin’s success.
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Larry Fink lobbying the US Treasury Secretary to support the BlackRock Bitcoin fork circa 2026.
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13 years ago, there was one user of Bitcoin.
Today, there are millions of users.
13 years from now, there will be billions.
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The new Biden budget proposal plans to bring in more than $2.3 billion in the next five years by taxing bitcoin miners.
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Wow - this is an insane quote from the Treasury. Pure gaslighting BS.
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We have a system where young people can't afford to start families while the elderly spend like they're in their twenties.
Boost your assets by pulling gains forward and saddling future generations with debt and live it up with a chardonnay as the world burns around you.👍
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