Every high school teen movie has its stereotypes (based in reality). The new kid moves into town and she gets introduced to all of the different groups.

• The Jock

• The Nerd

• The Cheerleader

• The Class Clown

• The Rich Kid

• The Goth

• The Burnout

• The Popular Kid

• The Rebel

• The Teacher’s Pet

Does the same thing exist in the Crypto community?

The People You Will Meet In Crypto

Crypto is a financial technology but it’s also a social technology. o what types of people are attracted to the “School of Crypto”? Let’s see!

1. Maximus Absolutus. He’s a Bitcoin Maxi and the jock of the crypto world. He’s not that smart, but damn does he have a lot of school spirit! He loves to fight with the other kids in the School of Crypto and doesn’t like the kids who wear Ethereum or XRP T-shirts. At his best, he is a true believer who genuinely understands Bitcoin. At his worst, he’s a toxic bully who creates unnecessary division between the different crypto classrooms. He’s convinced Bitcoin will take over the world and wants the other cryptos to drop out.

2. Ethan Nodewell. This guy doesn’t know how to code or work in tech, but he’s an early adopter. He downloaded Linux before it had a GUI, is fluent in L33t, had a blog before anyone else, bought the first iPhone, and speaks Klingon. He runs a Bitcoin node, provides liquidity on every DEX, and has never made a penny. He just likes the tech.

3. Chad Viralson. The original Meme Lord. This guy thinks he’s edgy, but really he’s just a clown. Sign him up on Twitter (yeah, it’s called X now, nobody cares) and he’ll get 10,000 followers in a week. Laser eyes? He invented them.

   Bitcoin logos photoshopped onto random images? He dreamed it.

   The more obscure and nerdy the joke, the more he cackles. If he masters his craft he might even work for a Web3 startup. But most likely, he’s just shitposting on Reddit.

4. Victoria Bagsworth. Maybe she was rich before she bought crypto. Maybe she bought Bitcoin when it was less than a dollar and simply HODLed. Now she’s a whale.

   What does she do with all that money? Manipulate the market.

   She pumps the market. She dumps the market and sends Crypto Twitter into a full-blown panic just by moving her coins.

   Meanwhile, Victoria is on a yacht wondering why everyone is panicking over a 10% drop. She bought Bitcoin under a dollar and doesn’t care whether it’s $60,000 or $100,000. Either way, she’s filthy rich.

5. Derek Luckett. Get rich or die trying is this degen’s life motto.

   Day trade? Absolutely.

   Buy a coin that’s probably a rug pull, but could 1,000x? He bought it.

   Airdrop farming? Every chance he gets.

   He was first on Pump.fun and launched 100 memecoins.

   Has he been rugged? You better believe it.

   Has he had some big wins? Sure.

   Is he up or down overall? Only Derek knows.

   But Derek has a terrible secret. His biggest investment is the Pokémon cards stashed under his bed.

6. Molly Green. Everything is new and exciting for this noob. What is a node? What’s an altcoin? What’s Bitcoin?

   The best thing about Molly is that she asks questions you’d never think of. The worst thing about Molly is that some of those questions are really stupid. Just remember: there is no such thing as a stupid question. Just stupid people.

   A smart noob becomes a builder. A dumb noob becomes a degen. But a genius noob becomes a rich degen.

7. Samantha Chainwright. The second most important person in the crypto class. She mines Bitcoin, develops code for a DeFi platform, markets a crypto project, or works in business development. In other words, she makes crypto as you know it possible.

   This is her J.O.B., and she is just over broke. If it’s a bull market, she does great. But as soon as there’s a rumor of a bear market, she gets laid off.

   She stares longingly at cheap Bitcoin she can’t afford while looking for her next job. But without Samantha taking the fall for you, there would be no crypto.

8. Drew Blackpill. He knows everything is a scam and nothing is a scam.

   Bitcoin is doomed, but so is the dollar. Stocks are a joke, and so are all the crypto projects. He watches the stock market and recognizes a rug pull when he sees one.

   The 21st-century economy is one big shitcoin, and he loves it.

9. Genesis Chainmaker. You’ve never met him, and if you did, you’d never know it.

   He is Satoshi Nakamoto writing the first Bitcoin code. He is Vitalik Buterin creating Ethereum. He is Charlie Lee mining Litecoin in 2011. He is Billy Markus coding Dogecoin as a joke.

   He’s the founder of crypto and is too cool for you. He rebelled against centralization and started a movement that will outlive us all.

Honorable Mentions

These characters could probably be squeezed into one of the top nine categories, but they sit at their own lunch table.

• Tiffany Hart. This girl wants you to know about either her favorite coin the latest coin she’s being paid to shill. Every coin is revolutionary. Until the next sponsorship arrives.

• Tyler Chambers. This guy loves to talk about how crypto has “grown up. He wants more laws. More regulations. More KYC. Tyler’s dream is for crypto to have just as much red tape as the stock market.

• Miles Mint. He's not into coins and tokens. He likes JPEGs with ugly apes on them.

• Sophie Scroll. This girl loves hanging out in Discord and Telegram channels to make crypto friends. Or she just likes to lurk.

Conclusion

The crypto world has attracted a wide cast of characters. No matter what you think of crypto, you’ll never be bored if you join the crypto community. Did I leave anyone out of the yearbook? Nominate them in the comments below.

Final Word

Expect to meet these people in almost every crypto community.

Oh, he’s very popular, Ed. The sportos, the motorheads, geeks, sluts, bloods, wasteoids, dweebies, dickheads — they all adore him. They think he’s a righteous dude.
-Grace in Ferris Bueller’s Day Off

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

In part two of my conversation with Will Fey, founder of Ammalgem, we go deeper into the protocol’s design and the problems it was built to solve. Will explains why Ammalgem removes external price oracles, how short selling can expose inflated valuations while rewarding token holders, and why swap fees rise when traders move the market. We also discuss cascading liquidations, how the protocol responds when liquidity comes under stress, and why Ammalgem takes a different approach from concentrated liquidity while still trying to keep DeFi accessible to ordinary users.

Learn More About Ammalgem

• Deposit to Ammalgem Vaults: https://app.ammalgam.xyz/

• Ammalgem Website: https://ammalgam.xyz/

• Ammalgem on X: https://x.com/Ammalgam

• Will Fey on X: https://x.com/duelinggalois

About the Crypto Confidence Podcast

The Crypto Confidence Podcast explores the people, ideas, and technology shaping the future of crypto. Episodes feature conversations with founders, builders, and researchers working across the crypto ecosystem.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

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← Part 10

Imagine attending a pizza party with 20 friends. But when you get there, you see there’s only one small pizza. You look closer at the delicious, pepperoni-laden pizza in front of your eyes and see eight small slices. Someone is going to go hungry!

But what if the pizza was magical? What if every time you cut a slice in half, it was still enough food for a grown man? There was still only one pizza, and it didn’t get any bigger, but each smaller slice somehow packed enough punch to satisfy your appetite.

The Whole Coin Myth

Many people hear about Bitcoin’s 21 million coin limit and assume two things:

1. They are priced out of Bitcoin.

2. There isn’t enough Bitcoin to go around for the world to adopt it.

This is an understandable mistake. Bitcoin is currently trading at around $63,000 (as of June 21, 2026), 1 so a middle-class family certainly can’t afford to casually buy a whole Bitcoin. And if there are only 21 million coins, it seems obvious that there wouldn’t be enough to run a global economy.

But that’s not how Bitcoin works.

The Satoshi

Imagine the whole world adopts Bitcoin and it replaces the U.S. dollar as the global reserve currency. I’m not saying this will happen. For the sake of argument, let’s assume it does and see why the satoshi matters so much.

Bitcoin is known for its 21 million coin limit, but each coin can be divided into eight decimal places. The smallest unit of Bitcoin is called a satoshi (sat). While there will only ever be 21 million Bitcoin (by 2140), there are 2.1 quadrillion satoshis. With an estimated 8.1 billion people on the planet, that’s enough for each person to own roughly 259,000 sats.

Remember the pizza I described above? Bitcoin is a lot like that. At first, it looks like there isn’t enough because there’s a limited supply. But when you cut it into smaller pieces, you find it somehow “grows.”

And if, for some reason, eight decimal places aren’t enough, adding a ninth or tenth decimal place is no problem. Bitcoin can be divided into an infinite number of decimal places if it ever needs to. 2

Bitcoin Pizza Party!

There’s enough Bitcoin to go around. Yes, buying early can make you wealthy. But you don’t need to own a whole coin. Maybe your goal is 0.01 BTC, 0.1 BTC, or even 0.5 BTC. You don’t need the whole thing.

You don’t need to bet the farm on Bitcoin. You just need enough that if Bitcoin takes over the world, you’re glad you bought some. There’s only enough for everyone to get 0.00259 BTC if it were split up equally. Even a relatively small amount like 0.01 BTC could give you an enormous advantage.

Nobody needs to eat a whole pizza. They just need enough to fill their bellies. The same goes for Bitcoin.

Final Word

Remember, you’re not priced out of Bitcoin; you just need to stack sats instead of becoming a whole coiner.

“Though she be but little, she is fierce.”

— William Shakespeare, A Midsummer Night’s Dream

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 2

It was the year 49 BC and Rome was in the middle of a civil war. Julius Caesar commanded tens of thousands of Roman soldiers as he fought Pompey for control of Rome. In a few short years he won the civil war and became the most powerful man in the Roman world. 1

It’s a grand story, and it’s impressive to think about a man being in charge of tens of thousands of Rome’s finest soldiers. But Julius never directly commanded tens of thousands of men. Nobody can possibly pay attention to such a large group of people and make sure everyone is doing what they are supposed to do.

Instead, the Roman army functioned through layers. Most leaders were directly responsible for eight people. Those leaders reported to other leaders who were responsible for eight people of their own. Down the ranks it went. 2

Ancient militaries (and modern militaries) understood something important: there is a limit to how many people one person can effectively supervise. The military even has a name for it: span of control. 3

Nobody can keep track of 1,000 people.

So why would keeping track of AI agents be any different?

Overseeing AI

AI agents will perform a wide variety of tasks that humans used to do. But as my previous articles pointed out, they will still require human supervision. Every decision an AI makes ultimately falls on a human being or human organization. If an AI causes harm, the AI won’t be sued. The company will. That’s why people will monitor AI agents and make sure they aren’t making harmful decisions.

Welcome to the AI Baby-Sitters Club.

Here’s the trillion-dollar question. How many AI agents can a human babysit?

The Roman army believed the average person could only keep track of about eight people. Modern militaries reached a similar conclusion. But soldiers are just one example. Let’s look at a few other professions.

• Nurses generally shouldn’t manage more than six patients at a time. In intensive care units, the ratio is often one nurse for every one or two patients. 4

• Air traffic controllers typically monitor fewer than 40 aircraft at a time, and even that depends on the complexity of the airspace. 5

• A cybersecurity analyst can only investigate a couple dozen meaningful alerts in a day before important threats start slipping through the cracks. 6

A lot of this depends on complexity, responsibility, and the volatility of the situation. But nobody is managing hundreds of things at once. For AI, the real question is not how many agents a person can supervise. It is how many tasks they can oversee.

For instance, a single programmer working on a single project is not monitoring 100 AI agents. He is only monitoring the updated code. But imagine 100 AI agents at a payments company each deciding whether to release transactions that tripped a fraud flag. One person could never effectively oversee that many interactions, especially when one mistake is catastrophic.

Here’s the point. Humans can only supervise so many AI agents. Infinite scale is impossible because human attention is finite. Therefore, many people will be required to monitor AI to guarantee legal compliance and good results.

There will never be a company run by 1 million AI agents with one guy in charge of them.

Objections

At this point, many tech bros and AI doomers are probably yelling at me.

Here are the most common objections.

1. AI Will Manage AI

At first this sounds plausible and it can prevent some mistakes. One model can flag another one for sloppy reasoning. They are trained on similar data and built using similar techniques. And the data they have access to is limited even if it seems like a lot. Yes, they will have tools to give them more data but language can only provide so much information.

They will make the same mistakes because they lack information that nobody can provide them.

If one AI agent reaches the wrong conclusion, there is a good chance the others will too. Putting AI in charge of AI doesn’t solve the problem if they all fail the same way.

2. AI Tools Will Scale How Many Tasks One Person Can Monitor

I think there is some truth to this, but it still has a ceiling. Air traffic control has wonderful tools. Nobody is watching 1,000 planes at the same time. Cybersecurity analysts have tools built for the digital age, and they still get alert fatigue when too many notifications start popping up.

I would argue even further that, depending on the task, AI will be more complicated to monitor than a cybersecurity notification or a plane’s flight path. The tools help, but they have limits.

3. Deterministic Systems Will Keep AI From Failing

Depending on the task, this may be true. But if the AI gets shut down by a deterministic process, a human will still have to investigate why. That sounds like something that could easily create alert fatigue.

But I have also noticed that AI can fail in unpredictable ways. The AI could be wrong enough to cause problems, but not wrong enough to trigger an alert.

4. AI Will Only Need to Be Sampled

At many call centers, a supervisor will listen to 2-5% of an employee’s calls and then assume they know whether that employee is doing a good job. 7 This allows management to scale the number of workers they can oversee without needing a large number of managers. Why not do the same for AI?

If the task is low risk, this will work. But if it’s something where a single failure could result in a million-dollar fine or loss of life, then this process can never be implemented.

5. AI Super Intelligence Will Make Monitoring Pointless

Maybe. But this objection is loaded with unspoken assumptions, and for humans to leave the loop, every one of them must be true.

• AI superintelligence is possible.

• AI superintelligence will be accepted by human civilization.

• AI superintelligence won’t need accountability.

• AI superintelligence won’t make mistakes.

• AI superintelligence will be so far beyond humanity that we won’t be able to question it.

I will also point out how high the bar is for AI to completely eliminate monitoring. Its stupidest moment would need to be smarter than a team of humanity’s greatest minds. At that point, we are no longer talking about artificial intelligence. We are talking about a god in a machine.

But I also must ask who’s responsible for the ASI? If it does make a mistake who is liable? Legally machines never are.

Conclusion

As AI expands its role, so will the need for humans to monitor it. The legal necessity of monitoring will not go away, and neither will the limits of human attention. The human brain hasn’t changed since Caesar crossed the Rubicon.

Final Word

Humans are going to stay in the loop.

“Appoint them as officials over thousands, hundreds, fifties and tens. Have them serve as judges for the people at all times, but have them bring every difficult case to you.” — Exodus 18:21-22

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AI won't take your job. But someone using it might.
Make sure you're the one. Inside the Crypto Confidence Skool community you'll learn to use AI, vibe code, and write prompts that get results. Join Crypto Confidence and be on the right side of the AI revolution.

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 1

In December 2012, twenty children and six adults were murdered at Sandy Hook Elementary School. In that atmosphere of fear, grief, and urgency, New York’s Journal News published a map showing the names and addresses of registered gun owners in Westchester and Rockland Counties. 1 The newspaper believed it was acting as a responsible and patriotic member of the community. Instead of protecting the public, it became a lesson in unintended consequences.

• Prison inmates used the map to identify where correctional officers lived. 2

• Law enforcement officials' addresses were exposed. 3

• Many believed burglars would use the map to target homes.

• Thousands of others worried about their personal safety

Eventually, New York lawmakers demanded that the site be taken down, but the damage was done and many people were exposed.

Now imagine if there were laws doing the same kind of exposure, but giving it to enemy nations instead.

The BSA and Patriot Act

In 1970, many people in Congress were concerned that drug dealers were taking their dirty money and depositing it into banks. They came up with the Bank Secrecy Act so banks would have to collect information and implement KYC (Know Your Customer) laws to help fight money laundering. Objections to the bill over privacy violations were raised but quickly squashed on the altar of fighting crime and patriotism.4

America was attacked on September 11, 2001. Nearly 3,000 people were killed and the World Trade Center was destroyed. In the aftermath, Congress passed the Patriot Act, which expanded the BSA and required even more sharing of information. The law was intended to help law enforcement investigate terrorist organizations, but it also expanded the collection and distribution of financial information on millions of ordinary Americans. 5

Honey Pots

A honey pot is something valuable that has been concentrated in one location. The BSA requires customer information to be collected and stored. The Patriot Act requires that much of this information be shared with a wide variety of government agencies on demand. Searchable databases of customer information were created to fulfill the requirements of KYC laws and the Patriot Act.

Thus, honey pots were created that contain large amounts of static information about U.S. citizens. By static information, I mean data that is permanent or mostly permanent, including:

• Full legal name
• Social Security number
• Physical mailing address
• Date of birth
• Business information

These databases also frequently contain transaction history and behavioral patterns.

The federal government demanded a dossier of every American’s participation in the financial system by law.

What could go wrong?

The honey pots get hacked all the time! In 2026 alone, there have already been 27 major data breaches... and counting.6 To learn more about this, read my previous article.

But what if enemy nations stole this information? What could they do with it?

Social Engineering

Many people believe that hacking is complicated and requires sophisticated computer knowledge, and sometimes it does. But most of it is just good old-fashioned phishing and social engineering. Send an email claiming to be the boss and demanding a password. People fall for it all the time.

Think how much easier this is if you know a person’s name, address, date of birth, and business information. Also consider how much easier password guessing and account recovery become with all of this information. Just think about the common account recovery questions:

• What is your mother’s maiden name?

• What city were you born in?

• What was the name of the first street you lived on?

This is all static information that's supposed to be private. But a few data breaches later, somebody else may know the answers too.

Cyber Warfare

In 2014, China hacked the OPM, a repository containing information on millions of federal government employees, including:

• Their names

• Their Social Security numbers

• Family information

• Home addresses

• SF-86 forms, which contained a 120-page questionnaire detailing the personal history of anyone applying for a security clearance.

U.S. officials confirmed that China combined the OPM files with stolen health and travel records to identify American intelligence officers. 7 CIA networks were burned. Chinese counterintelligence taunted our officers with how much they knew. Joel Brenner, the former top counterintelligence chief for the Intelligence Community, called it "crown jewels material, a goldmine."8 Three years later, China came back for more. The 2017 Equifax breach exposed the Social Security numbers, birth dates, and addresses of roughly 147 million Americans. 9 The OPM files told China who our people were. Equifax told them who was in debt, who was struggling, and who could be bought.

China has the social engineering game in the bag, and this is just peacetime.

What happens if China invades Taiwan and we go to war?

• The Chinese government has dossiers on federal workers.

• They have dossiers on employees who work in critical infrastructure.

• They have dossiers on members of the CIA and FBI.

• They have dossiers on our political leaders.

And that is just espionage. Knowledge of these people makes it much easier to phish them and gain access to critical infrastructure.

China never needs to drop a bomb on the USA to kill millions of people. They just need to turn off the power in New York City for a few weeks. Or shut down our refineries. Or black out our hospitals. Infrastructure employees bank like everyone else. Their information has been leaked, and they are now easy targets for phishing and password attacks.

We are vulnerable. And we made ourselves vulnerable by centralizing our most important information and making it easier to hack by instituting the Bank Secrecy Act and the Patriot Act. Yes, hacks and cyber warfare will happen no matter what. The OPM data was breached without KYC information. But the Patriot Act makes hacking at scale easier and cheaper than it has to be. And if there's a war, time and money matter.

We didn’t have to do this. We chose to.

Final Word

The most patriotic thing we can do is change how we collect and store our data.

When in a hole, stop digging. — Denis Healey

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

Check out Bitstone here.

Connect with Paul on LinkedIn.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

Part 1 →

Imagine Mark Zuckerberg sitting in his basement by himself. He’s on a website called Facebook just sending messages to himself. He uploads photos and comments on his own photos about how pretty he looks. He's a weird dude. He never launches the website. Never tells anyone about it. It’s just Mark Zuckerberg sitting in his underwear eating Cheetos and talking to himself online. Like I said, he’s a weird dude.

Now here’s the billion dollar question. How much is Facebook worth if only Mark Zuckerberg uses it? Same code. Same website. But it’s just Mark Zuckerberg sitting in his underwear eating Cheetos and talking to himself online. How much is Meta worth then? Remember, nobody else in the world is using it. Let me spoil it for you. It’s zero.

The Power of Network Effect

The value of Facebook doesn’t come from the technology. It comes from the users communicating with each other through the technology. Facebook makes money from advertising, and advertising becomes more valuable when millions of people are using the platform every day. Without the users Facebook is just a website.

Money is also a social network.

Anyone can make up their own currency. Just look at the beloved board game Monopoly. I can go around offering to pay people in Monopoly money, but nobody is going to accept it as payment. This is because money must be accepted by a large community for it to work.

This is why money has historically centered around nation states, empires, kings and temples. There was already a community there. The more people who use a currency or technology, the more useful and valuable the network becomes. Its value comes from the community using it.

The Importance of Community for Crypto

Since cryptocurrencies get their value from network effect, having a strong community is essential. Without people using a crypto, the network becomes useless and loses value. This is why healthy online and local communities are the backbone of crypto. Healthy crypto communities have healthy tokens.

Strong crypto communities create strong crypto networks:

• Provides liquidity for buying and selling

• Provides merchants who accept it as payment

• Provides education and marketing

• Provides developers who improve the technology

• Provides businesses and individuals who use the token

When these things come together they create a powerful effect. Liquidity makes it easier to enter and exit the network. Merchants and developers make the token more useful. Enthusiasts spread attention and bring more people into the community. The result is a stronger ecosystem built around the crypto.

Conclusion

Value is a funny thing especially when it comes from a community. The larger and more important the community the more important the cryptocurrency associated with it becomes. Many people obsess over tokenomics, technical analysis or the technology behind a coin, but few consider the community itself. Technology matters. But a cryptocurrency without a real community is no different than Mark Zuckerberg sitting alone in his basement talking to himself online.

Final Word

You can’t separate the coin from the community.

"The value of a network is proportional to the square of the number of its users." — Robert Metcalfe

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 9 Part 5 →

One of my favorite movies is The Princess Bride,1 and I love it when Vizzini says, “Inconceivable!” It makes me smile every time. There’s just something about the way he says it with complete and total conviction. But the moment that truly makes me laugh is when Inigo Montoya responds, “You keep using that word. I do not think it means what you think it means.” That line gets me every time.

But one reason that scene has always stuck with me is because there are a lot of words and phrases people throw around that don’t mean what they think they mean. One of the most common examples I hear when people talk about Bitcoin is: “Bitcoin is backed by nothing.” But what does “backed by” even mean?

A Brief History of “Backed By”

Before 1933, all U.S. dollars were “backed by” gold. 2 What that meant was that if you had dollar bills, you could walk up to a “gold window” and legally exchange those dollars for gold at a fixed rate. From 1834 to 1933, the official rate was $20.67 for one ounce of gold. 3 You could go to your local bank, the U.S. Treasury, or even the Federal Reserve, and they were legally obligated to exchange your dollars for gold at that price.

But things changed during the Great Depression. In 1933, Franklin D. Roosevelt effectively ended gold redemption for ordinary Americans through Executive Order 6102. 4 Americans were forced to sell their gold to the U.S. government at $20.67 an ounce, and shortly afterward the government raised the official gold price to $35 an ounce.

After that, ordinary Americans could no longer exchange dollars for gold at a fixed legal rate. Gold could still be bought and sold on the open market, but the old system of guaranteed redemption was gone. Only foreign governments retained the ability to exchange dollars for gold with the U.S. government until Richard Nixon ended the Bretton Woods system in 1971. 5

“Backed by” has been dead for a long time.

Inconceivable!

So if the dollar isn’t “backed by” gold, how is it valued? It’s inconceivable to many people that a currency could exist without being attached to some deeper base asset. But the dollar’s value no longer comes from gold. Its value comes from its utility, the strength of the U.S. economy, and the fact that taxes must be paid in dollars.

And truth be told, most things have always been valued based on their utility and the laws of supply and demand. The idea that money must be redeemable for a base asset like gold was only dominant for a relatively small part of human history.

Bitcoin is no different in this regard. Its value comes from supply and demand and from the usefulness it provides, such as censorship resistance and the ability to transfer value without relying on a central authority. It does not require the U.S. dollar, gold, or anything else to “back it up” (although it should be noted that fiat currencies relied on this system for centuries). Just like dollars, land, art, gold, and countless other assets, Bitcoin does not need to be redeemable for another asset in order to have value.

Conclusion

Next time you hear someone say, “Bitcoin is backed by nothing,” just remember that they are using a monetary paradigm that hasn’t existed since your dad (or grandpa) wore a leisure suit. “Backed by” simply doesn’t mean what many Bitcoin critics think it means.

Final Word

“Backed by” just doesn’t mean what it used to mean.

"Life is pain, Highness. Anyone who says differently is selling something." — Westley

Bitcoin Myths Book

Bitcoin Myths is an ongoing series answering the most common misconceptions and objections about Bitcoin, covering the environment, finance, crime, value, and many other arguments used against it.

When the series is complete, the full Bitcoin Myths book will be available exclusively to paid subscribers of Crypto Confidence.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 4

For thousands of years gold was the currency of kings. It’s beautiful, rust resistant, difficult to counterfeit, and hard to pull from the Earth. The Egyptians trusted it. So did the medieval world. Gold seemed like the perfect form of money.

Until civilization outgrew it.

The Banking Revolution

In the medieval era the Italians pioneered what eventually became modern banking. 1 Merchants could deposit gold in one city, receive paper claims in return, and then travel across Europe using those claims to access their wealth in distant lands. A merchant from Venice could arrive in London carrying notes instead of chests filled with metal.

Before banking, moving wealth across Europe was slow, expensive, and dangerous. Gold had to be physically loaded onto ships and wagons, then guarded as it crossed oceans and borders. Imagine transporting 1,000 pounds of gold from Venice to London. One storm or pirate attack could wipe out a fortune.

Even if the shipment arrived safely, the process was painfully slow. Imagine you are a merchant in Amsterdam trying to buy a business in Venice. First you send instructions by letter. Then the gold is loaded onto a ship and begins its journey across Europe.

How long would settlement take? Months.

Medieval Europe was filled with competing currencies. Different kingdoms minted different coins with varying gold content, and many rulers quietly mixed cheaper metals into their money. Counterfeiting was common as well, forcing merchants to constantly verify whether coins were genuine and what they were actually worth.

Banks simplified the process. A merchant could present a bank note and receive trusted local currency in return.

Banking made commerce easier in general. At first merchants redeemed notes for physical gold before making purchases. But over time something changed. Businesses simply started accepting the bank notes directly as payment.

You no longer needed to carry a heavy bag of coins on your hip all day. Instead, you carried notes in your pocket while the gold itself stayed locked away in vaults.

The Consequences

At first it was an incredible innovation. Banking made commerce faster and more efficient than ever before. But it also changed how people thought about money. Merchants stopped handling gold directly and began trading paper claims instead.

Eventually, they simply assumed the gold was there.

This led to fractional reserve banking. 2 Bankers realized that most depositors rarely withdrew their gold at the same time. So instead of letting the metal sit untouched in vaults, banks began lending it out.

As long as confidence held, the system functioned smoothly.

But when trust failed, bank runs followed. Panic spread quickly through economies, banks collapsed, and depressions followed.

Eventually confidence returned, new banks formed, and the cycle began again.

In the 1600s, merchants could take paper claims to a bank and receive physical gold in return. By the 1800s, nations had formalized these systems into official gold standards. Britain led the way in 1821, 3 and the United States followed soon after.

It seemed like the perfect balance between hard money and modern finance.

But the balance did not last.

By the 1930s, governments across the world stopped allowing ordinary citizens to exchange paper money for physical gold.

By the 1940s the gold standard was reserved for nation states rather than ordinary citizens. The United States accumulated massive gold reserves and, under the Bretton Woods system, positioned the dollar as the global reserve currency. 4 But even this system could not last. In 1971, President Nixon ended the dollar’s direct convertibility into gold. 5 For the first time in modern history, the global financial system was no longer formally tied to gold. Money now depended on trust in governments and central banks.

Why Don’t We Go Back to Gold?

I agree that gold is a better store of value than fiat currency. It doesn’t take a genius to see that. Compare the value of gold to the purchasing power of the dollar since 1913. 6

But modern finance is built around speed, scale, and global coordination. We can wire money across the world in seconds, run international businesses, and buy products online instantly. Physical gold cannot move at the speed modern commerce demands.

And the idea that we will return to a gold-backed currency is unlikely. We already spent centuries building financial systems designed to move faster than physical gold allows. There is no easy path backward.

This is not the result of some grand conspiracy to pull humanity away from sound money. Banking evolved because it solved real problems: distance, security, speed, and coordination.

If sound money ever returns, it won’t be through gold.

Maybe Bitcoin?

Final Word

Gold lost its status because it couldn’t keep up with the modern world.

“The lack of sound money is one of the greatest economic disturbances of our time.” — Friedrich Hayek

End of the Series. Beginning of a Book

This is the final article in my Gold vs Bitcoin series, but it is only the beginning of a much larger project.

I am currently turning these ideas into a full book covering the history of money, banking, fiat currency, and Bitcoin’s potential role in the future of money.

Paid subscribers will receive both a digital and physical copy of the book when it launches.

← Part 1 Part 3 →

When I worked on the oil field in North Dakota I was told every safety rule is written in blood. The work was dangerous; I worked in -20°F weather, drove a semi truck on narrow roads with steep cliffs and worked with high pressure equipment up to 10,000 PSI. Because the industry is dangerous it is highly regulated. There was mandatory training, mandatory equipment (PPE) and mandatory procedures. All of it existed to prevent loss of life.

I later worked for BP and did a short stint with offshore drilling in the Gulf of Mexico. I shook hands with guys who had been on the Deepwater Horizon when it blew up. I learned that the incident had nothing to do with the crew on the rig and everything to do with engineers and company leadership off the rig.

In September 2009, the Deepwater Horizon set a world record by drilling the deepest well in human history at 35,050 feet. 1 It had an excellent safety record with few incidents and it was the crown jewel of BP. Deepwater Horizon drilled world record wells for nearly ten years and then it exploded, becoming the worst maritime oil spill in history. Eleven people died and seventeen others were injured. Its previous safety record didn’t matter. 2

Every new regulation that followed was written in blood.

1. The old regulator Mineral Management Services was split into 3 organizations. 3

2. New well control rules were implemented.

3. New safety and environmental systems were put in place.

4. Permitting for a new well became tougher.

5. And a temporary halt to all deep water drilling took place.

Regulations Follow Disasters

AI is a powerful tool, but it behaves differently than traditional software. It is capable of inventing information and when it is wrong it's gloriously wrong. The dangerous part is that AI sounds just as confident when it makes a mistake as it does when it's correct.

Many people believe AI agents will operate with zero human supervision. But history shows the opposite. When industries cause major financial losses, environmental disasters or loss of life, governments step in and force new oversight, regulations and mandatory procedures.

In fact, AI has already caused problems in several industries and governments are already responding with fines, lawsuits and regulation.

• In the legal case of Mata v. Avianca the attorney suing the airline used ChatGPT to do legal research. The AI made up several precedents and the attorney was forced to pay a $5000 dollar fine. It was ruled that if AI makes a mistake it’s still on the attorney to get the information correct. 4

• Air Canada’s chatbot invented a bereavement refund policy and the airline was forced to honor it. 5

• Amazon’s AI recruiting tool had to be scrapped after the company discovered it was biased against women. 6

None of these incidents are as bad as the Deepwater Horizon explosion, but they point toward the same pattern: financial loss, lawsuits and liability for companies that rely on AI agents. A chatbot making up a refund policy is one thing. An AI system hallucinating legal precedents is another. But what happens when similar failures hit hospitals, oil rigs or nuclear power plants? Industries where people die when things go wrong do not reduce oversight after disasters. The regulations that follow are written in blood. They respond with more regulation. AI will be no different.

Welcome to the AI Baby-Sitters Club.

Conclusion

Humans won’t just oversee AI systems; it will be legally mandated. In fact, some industries may become aggressively anti-AI. I think that attempt will ultimately be thwarted, but industries like medical and legal will require massive amounts of human oversight to make certain AI is making the correct decisions.

As AI spreads through society, humans will not just remain part of the loop. The law will require it.

Final Word

AI won’t be above the law.

“Trust, but verify.” — Ronald Reagan

Join Crypto Confidence

If you’re thinking about where all of this is going, you’re not alone. One of the biggest shifts happening right now is that understanding these systems is becoming a skill in itself. That’s a big part of what I focus on in Crypto Confidence, where I teach people how to actually use AI and crypto instead of just reacting to them.

If you want to learn how to operate in this new world, you can join Crypto Confidence here.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 8 Part 10 →

After saving the Mushroom Kingdom, Mario and Peach moved to New York City and settled into an apartment near Luigi. Mario founded a plumbing business and was very successful. It survived several recessions, provided Peach with a new tiara every year, and paid for private school for Baby Mario.

Now Baby Mario is about to graduate from high school, and Mario Sr. wants him to take over the family business. But Baby Mario doesn’t want to be a plumber. He wants to be a chef and specialize in mushroom-based dishes.

Mario Sr. doesn’t just want him to take over the business; he insists on it. “Plumbing is the only way to make money in this hard world. If you try something else, you will be poor and living on the street like Waluigi.”

Value Investing

Warren Buffett popularized value investing, 1 the idea that you invest in businesses with positive cash flow and reliable income. This approach served a generation of investors well and made Berkshire Hathaway the powerhouse it is today.

But many people have taken Buffett’s investing principles and turned them into a quasi-religion. They believe that if an asset does not produce income, it is automatically a poor investment and most likely a Ponzi scheme. This is a fallacy. The mistake is assuming every valuable asset must generate cash flow.

I want to be clear: I am not arguing against someone who chooses to use this model for their investment strategy. It works. My argument is against those who say it is the only strategy. This is the same fallacy that Mario Sr. makes. Plumbing works, but it is not the only path.

Value Investors and Bitcoin

Many value investors believe that Bitcoin is worthless because it does not produce income. They take their model of investing and judge Bitcoin according to it. And Bitcoin does not generate revenue.

But their model does not account for many assets that hold value even though they don’t produce revenue. These include:

• Precious metals like gold

• Beachfront property

• Collectibles like baseball cards

• Bitcoin

• Cash

Notice the last one?

Cash.

The very thing income-producing assets are meant to create is a non-productive asset that produces nothing and loses value over time. Its value is in its liquidity and optionality. And cash is what value investing generates: a non-productive asset.

The Alternative to Value Investing

Value investing is a valid approach, but it’s not the only one. Central banks don’t buy stocks; they buy gold, and the rich often use watches and collectibles as a store of value. In fact, all of the assets on my list are stores of value that aren’t directly tied to the stock market. They don’t need to produce income because their value comes from their history, utility, and supply.

Many investors follow a strategy focused on storing value instead of earning more money. Their path is not wrong; it’s just different. Kind of like Baby Mario’s desire to cook mushrooms instead of continuing his dad’s plumbing business.

This strategy has been successful as well. Since 2019:

• Gold is up 3x

• Beachfront property has nearly doubled since COVID

• Rolex watches are up 50–150%

• Pokémon cards have gone up 2–5x

• Bitcoin is up 6–15x, depending on when you bought in 2019 2

And none of them produce income.

Conclusion

Value investing is still a good strategy and has been wildly successful for Warren Buffett and many other investors. Like Mario’s plumbing business, it is a winning strategy, but it’s not the only one and judging an asset purely on revenue generation is a mistake. That’s how you miss 3x gains with gold in just a few years. And it’s also how you miss 10x gains from Bitcoin.

If you prefer the value investing strategy, that’s fine. Just don’t be like Mario Sr. and keep Baby Mario from following his dreams.

Final Word

Sometimes there is more than one good choice. Don’t let your direction keep others from doing their own.

"All roads lead to Rome." — Ancient Proverb

Bitcoin Myths in Progress

I can’t believe I’ve already written ten articles in the Bitcoin Myths series (including Bitcoin Myths Zero). The goal is to build the most comprehensive collection of Bitcoin myths possible and answer the most common objections. Once finished, this will become a full book.

If this series has been helpful to you, consider supporting the project and getting early access to the book by becoming a paid subscriber to Crypto Confidence.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

Crypto is entering a new phase as the CLARITY Act, tokenized stocks, and institutional adoption push blockchain deeper into mainstream finance. But while Wall Street builds on crypto rails, the industry’s weird, anti-institutional, and experimental side is not disappearing. In this episode, Jared Busby joins Tyler from WealthNWisdom to break down the CLARITY Act battle, tokenized equities, mining pressure, AI-driven fraud wars, and why crypto still refuses to become “normal.”

You can find Tyler’s Substack here:

WealthNWisdom

Insights That Aren't Boring We are on a mission to empower people by making the worlds of economics, finance, and business easier to understand. Join us twice a week as we cover insightful topics to help you understand what's going on in today's economy.

By Tyler k Kreiling

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 4

Crypto has a problem with authority, but it’s not the SEC. It’s that people don’t know where the truth lives for any given project. Is it on X? YouTube? Discord? We lack authority. And when I say authority, I don’t mean Cartman pretending to be a cop.

I mean the place you go to check official announcements, roadmaps, and the philosophy of the project.

Lack of Authority Comes From Lack of Canonicity

Most crypto projects don’t have an official space for their announcements, philosophy, and leadership. And even if they do, they choose the wrong platform. So they paste everything everywhere. On X. On Discord. On LinkedIn. Wherever growth looks easiest.

For many crypto projects, these posts are everywhere but nowhere at the same time. I can’t easily look up old posts that explain roadmaps, product announcements, or the philosophy of the founders. I have no idea if the project has been consistent or if it changes its mind with every fad.

These projects fall into the Cartman trap. They think posting announcements creates authority the same way a badge does. But just like you have to actually be a cop for the badge to matter, your announcements need canon to have authority.

Many projects lack authority because they lack canonicity. Authority is the place people go for trusted information. Canon is the permanent record of it.

So canon leads to authority and authority leads to canon. And you must have both to have either.

In practice, many projects start with canon by writing out what they plan to do, then fail to update it as things change. Canon is one of the easiest things to let go because it doesn’t show immediate results. Almost no one brags about reading the whitepaper or the docs. In reality, maybe 1% do.

But that 1% makes or breaks a community. They care. They quote Satoshi 10 years later. They argue about Ethereum’s direction based on something Vitalik wrote five years ago. They understand where the project is going.

Without them, the project gets blown around by whatever fad shows up next.

To see how this works in practice, look at the Satoshi whitepaper. 1 It’s authoritative and static, yet people still quote it to explain Bitcoin’s purpose today. More than 16 years later, it still matters because it serves as canon for the Bitcoin community.

Why Most Platforms Can’t Function as Canon

Most platforms crypto projects rely on lack canonicity. This is because they:

• Lack a permanent, stable archive

• Lack a structured timeline

• Make it difficult to navigate past posts

• Are not easily linkable

• Are not designed for long-form content

• Are not fully controlled by the project

• Are not designed for revisiting

• Lack signal control

Let’s use X as an example of a platform people think will work for canon, but doesn’t. At first glance, it should. Posts are permanent and part of a stable archive. The timeline runs from recent to past. Every post has a link. The project controls the account. And with a paid account, posts can even be long-form.

But it all breaks down once you see how X actually works. In practice, users can only scroll back a few years at most, and even then it’s a mess. There’s no easy way to search old posts by date or keyword.

Long-form posts are a recent addition, and users aren’t accustomed to reading them. Most of all, X has poor signal control. Commenters and reposts can easily overwhelm the original message.

Other platforms suffer from similar problems:

• LinkedIn

• Telegram

• Discord

• TikTok

• YouTube (probably the closest to canon on this list, but it still falls short)

• Instagram

• Facebook

Most platforms are built for attention, engagement, and velocity. Canon requires memory, structure, and continuity. These platforms are not designed for that.

Let’s apply these rules to other platforms. How does Substack perform?

• Has a permanent, stable archive

• Has a structured timeline

• Makes it easy to navigate past posts

• Easily linkable

• Designed for long-form content

• Fully controlled by the project (author)

• Designed for revisiting

• Strong signal control

Substack works extremely well as canon. But what about other options?

• Medium allows long-form content but fails as canon because the platform controls visibility and lacks a strong navigable structure.

• A personal website offers full control, long-form content, and flexible structure, making it the strongest form of canon. However, it requires intentional design and maintenance. Without discipline, it quickly becomes difficult to navigate.

• Mirror.xyz offers long-form content and strong permanence through onchain publishing but lacks structured navigation and isn’t designed for revisiting or organizing ideas.

• Notion enables structured, long-form, and highly navigable content but depends entirely on user discipline and lacks strong distribution and permanence guarantees, making it fragile over time.

In reality, there aren’t many good ways to build canon. Mirror could improve over time, and Notion might as well with the right upgrades. Medium has leaned into distribution and is unlikely to become a true canon system.

Right now, the strongest options are Substack and a well-designed personal website.

Conclusion

Everyone has a favorite project and wants its community to succeed. But long-term health requires authority and canonicity.

So the question is simple: does your project have canon? Most don’t. But it’s easy to tell.

A real project will have a website with regularly updated, easy-to-navigate posts, or a Substack. Others try to use Medium or Notion, which is better than nothing, but still falls short.

I’m not saying a project with poor or nonexistent canon can’t have short-term success. But if you want a coin you can hold for years, canon is essential.

Authority can’t be claimed. It has to be earned. And it can’t be earned without canonicity.

Without canon, true believers and even the founders lose track of why the project exists in the first place. The real question is whether the vision from year one still lives in year five.

Canon is what makes that possible.

Final Thought

Where is the canon for your favorite crypto project?

"The palest ink is better than the best memory." — Chinese proverb

Crypto Confidence School

Understanding crypto communities is only one piece of the puzzle. You also need to understand tokenomics, wallets, protocols, and how the system actually works.

If you want hands-on guidance instead of guessing your way through it, check out Crypto Confidence School.

Disclaimer:

The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 3 Part 5 →

It was just another day, until he looked into the water.

January 1848. James Marshall stood along the South Fork of the American River in northern California. He was building Sutter’s Mill and inspecting the channel to make sure the water flowed properly and the ditch wasn’t eroding. Then something caught his eye. Yellow flakes.

Could it be gold?

After some initial testing, gathering the flakes and hammering them together, Marshall confirmed it was gold. He brought the discovery to John Sutter, 1 who owned the land and the mill. Neither of them wanted this to get out. They knew exactly what it would bring.

They tried to keep it quiet.

They failed.

Word spread, and within a year more than 80,000 men poured into California, tearing through the land in search of the same gold Marshall had found in the water.

Between 1848 and 1855, miners extracted nearly 750,000 pounds of gold,2 worth over $50 billion in today’s money. A few flakes in the water became a flood of new supply.

The Problem of Debasement

Finding gold is one problem, but what you do with it is another.

In the 1300s, in Cairo, Mansa Musa passed through the city on his pilgrimage to Mecca, handing out gold along the way. Some accounts say he brought 100 camels, each carrying 300 pounds, and gave it away freely. 3 The city celebrated as wealth seemed to appear out of nowhere.

He believed it was a blessing.

But something went wrong. There was suddenly too much gold in Cairo. Prices shifted, and gold wasn’t worth what people thought it was. It got so bad that Mansa Musa tried to undo it, borrowing gold at high interest just to pull it back out of the market. 4 The damage didn’t stay in Cairo. It spread throughout the known world.

Mansa Musa’s problem wasn’t a lack of generosity. It was flooding the market with gold.

Gold’s Supply

After everything that happened in Cairo, you might think gold is everywhere.

It isn’t. It feels that way because we see it so often.

We wear it on our wedding rings. It’s in our jewelry and our electronics. It’s been mined for thousands of years. And yet, if all the gold in the world were gathered together, it would fit inside a small apartment building in Manhattan, only about seven stories tall. You could walk around it in just a few minutes.

But the supply of gold isn’t fixed.

Since 1950, roughly two-thirds of all the gold ever mined has been created, and the supply is still growing. 5 There are entire asteroids made of metal, like 16 Psyche, orbiting between Mars and Jupiter. 6 We know it is rich in iron, and metals like gold are often found alongside it. It hasn’t been fully explored.

We don’t know what’s there. What we do know is this: there is no ceiling on how much gold could exist.

The 49ers showed how quickly gold can be found. Mansa Musa showed what happens when too much of it enters the market. If miners ever discovered a large deposit of gold on an asteroid like Psyche 16, the impact could be similar. Gold’s supply is never final.

Could Bitcoin’s supply face the same problem?

Bitcoin’s Supply

We don’t know how much gold exists. But we do know exactly how much Bitcoin there is, and ever will be. Bitcoin’s supply is fixed at 21 million coins, all of which will be mined by the year 2140. Even more surprising, about 99% of that supply will already be mined by 2032. 7

The Bitcoin gold rush is mostly over.

Instead of being scattered by the laws of physics, Bitcoin’s supply is set by math and code. The schedule is predictable. New Bitcoin is created roughly every ten minutes, and the amount issued is cut in half every four years in an event called the halving.

Some argue Bitcoin’s supply could be changed at any time because it’s just code.

But changing it would require overwhelming agreement across the network. Developers would have to rewrite it, miners would have to adopt it, and full nodes would have to accept it.

Even if Bitcoin’s supply were changed, everyone would see it. The new rules would be public, and the supply schedule would be clear.

Bitcoin’s supply is never a mystery.

Conclusion

Both gold and Bitcoin are scarce, but Bitcoin’s supply is known while gold’s supply is governed by the laws of physics. For the first time in human history, we have a valuable asset with a fully transparent and predictable supply. The problem of uncertain supply has been solved, not by nature, but by code and mathematics.

Final Word

Nobody but God knows how much gold exists.

“As computers get faster and the total computing proof-of-work applied to creating bitcoins increases, the difficulty increases proportionally to keep the total new production constant. Thus, it is known in advance how many new bitcoins will be created every year in the future.”
― Satoshi Nakamoto

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

Most Americans think they understand their own country. They don’t. They’ve never actually traveled it.

I remember making a bucket list, and one of my goals was to travel to all 50 states. I’ve now been to 46, which still surprises me. One day, I told my friend Tyler about it, and he asked why. I had to stop and think.

At first, it was just practical. I had already been to 35 states by accident, so finishing the last 15 felt easy. But the real reason was that I had already seen the benefits. Traveling across the country exposed me to different landscapes, cultures, cities, and small towns. More importantly, it helped me understand the country in a way the media never could, or someone living in one city their whole life never will.

Yes, I had read history books and studied maps, but that is not the same as being there. Walking through Manhattan and Brooklyn, you see how people actually live. Driving across Wyoming, you feel the isolation and the resilience. Standing on a mountain in Colorado, you realize how small you are. You don’t get it until you experience it.

Crypto is the same way. You can read the maps, study the history, and understand the theory, but that is not the same as being there. Making a trade on Uniswap, sending a friend stablecoins, holding your own Bitcoin, you start to understand how it actually works. You don’t get it until you experience it.

My journey into crypto followed the same pattern. At first, it was just practical. I explored the space, started writing guides, and kept going. I did not set out to create Crypto Confidence. Eventually, I had gone far enough that adding this project to my bucket list felt natural.

What Makes Crypto Confidence Different

Crypto is a lot of things. It is the self-sovereignty of Bitcoin, the smart contract technology of Ether, instant global payments through stablecoins, and a memecoin casino that distracts the world. Most people do not understand why crypto exists or the problems the cypherpunk movement set out to solve. They also lack a framework for how to evaluate it. Like the United States, crypto is hard to understand if you have not explored it. If you have never used it, you may think you understand it, but in reality, you don’t.

There are plenty of people writing about crypto news, trade ideas, and political takes. That has its place, and I follow many of them, but Crypto Confidence is not built to compete in that space. It comes from a different angle. I studied philosophy and theology, worked in the oil fields of North Dakota, and have been in the crypto industry since 2018. That combination allows me to give people both a clear worldview for why crypto matters and a practical roadmap for how to use it.

Since the 2008 Great Recession, the cracks in our financial system have become impossible to ignore. Billionaires get bailed out with taxpayer money when they fail, but keep the profits when they succeed. The US debt-to-GDP ratio is over 120%, and government financial surveillance increases while the government continues to let fraud and waste destroy our financial system. The road out of the current system is paved in Bitcoin, but it’s a windy journey. This is why I created Crypto Confidence so newcomers can understand the terrain.

More Than a Roadmap

But an accurate roadmap is not enough if you never leave your house. If all I did was study maps and read history, I would not truly understand the country. Crypto is the same. It is one thing to understand why Bitcoin is a great store of value. It is another to actually use it.

I will go one step further. You don’t understand the map unless you travel the road. If you want to understand crypto, you have to use it. But most people either never start or get lost along the way without a guide. My own journey would have been easier if I had someone to show me how to use an exchange, a wallet, a DEX, and more.

Learning crypto requires actually using it, and that is hard to do on your own. It is easy to make mistakes, take unnecessary risks, or never start at all. That is why I created Crypto Confidence School. It is a place where people can learn step by step, ask questions, and get guidance along the way. Once you experience the sovereignty of a non-custodial wallet for yourself, it changes how you see finance. It is like standing at the Grand Canyon. You can look at pictures all day, but it is not the same as seeing it with your own eyes.

Journey’s End

I have been on a long crypto journey, but I realized my bucket list is not complete until I help others understand its purpose and start their own journey. Sometimes, what makes a trip worthwhile is who you travel with, not just the arrival. If you are ready to understand crypto for yourself, the journey is open. The next step is yours.

Final Word

I appreciate each and every one of you.

"Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts." — Mark Twain

DISCLAIMER: This article is for informational and educational purposes only and should not be construed as financial, investment, tax, or legal advice. The author is not a licensed financial advisor, and nothing in this article constitutes a recommendation to buy, sell, or hold any cryptocurrency, gold, or other asset. Cryptocurrency investments are highly volatile and risky, and you could lose all of your invested capital. Past performance does not guarantee future results. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. The author operates a paid cryptocurrency education course and may hold positions in assets discussed.

Part 2 →

AI makes the future of work look scary. Headlines constantly warn that “jobs will disappear.” Many predict that Universal Basic Income will become necessary for survival. In this vision of the future, only billionaires make money, while everyone else lives at the goodwill of the government. The government taxes AI and redistributes it back to the helpless masses, who have nothing to do with their lives but watch Netflix and play video games.

But what if these predictions never come true? What if AI creates more jobs than it destroys, and work isn’t going anywhere? In fact, the CEOs banking on mass layoffs may not only be mistaken, but setting themselves up for failure.

This series is dedicated to showing why the AI doomer scenario is wrong. I am not betting on AI failing or succeeding. If AI fails, then the future of work barely changes and the doomers are wrong by default. The real question is what happens if AI succeeds. This series assumes it does and argues that its success will create more jobs than we can imagine.

AI Agents to the Rescue?

Chatbots like ChatGPT and Claude are just the beginning of the AI revolution. The prompts they handle can speed up research, simplify writing, and even generate images from a short description. But that’s not what transforms the world. Real change comes from AI agents that act on their own, run 24/7, and handle a wide range of tasks. The arrival of OpenClaw 1 looks much closer to what the AI doomers are imagining: an agent that can operate independently and doesn’t need you.

The real test isn’t chatbots. It’s whether AI agents can run on their own. If they can, then the doomer scenario becomes plausible. And if anyone should be able to trust an AI agent to take over real work, it’s someone like Summer Yue, Meta’s Director of AI Safety and Alignment. Right? 2

But Summer found out the hard way that OpenClaw can’t be left alone. She tested it on her personal email first. No problems. So she moved it to her business inbox. That’s when all hell broke loose. It immediately started trashing thousands of emails. She told it to stop. It didn’t. She had to run to her computer and shut it down herself. Fun times.

To see how this actually played out, take a look at her conversation with OpenClaw.

Who wouldn’t want AI to nuke all their old emails? None of it’s important, right?

At least OpenClaw said it was sorry. It promised it would never do it again. Pinky promise.

AI Will Get Better. Right?

Of course it will. AI agents will improve and likely reach mass adoption. But what level of failure is anyone willing to tolerate? Would you install something like OpenClaw into your business email? What if it were right 99.9% of the time? What about 99.99%? Would that be enough? Or would you still feel the need to keep an eye on it?

Now imagine installing OpenClaw into an X-ray machine or a heart monitor. Or putting it in charge of BlackRock’s biggest funds. Or making it the spokesman for your family business. No need to watch it. No need to check its work. What could possibly go wrong? It would never do anything out of line. Right?

Now imagine AI agents running millions of small businesses without any human supervision. There are an estimated 300 million businesses worldwide, so imagine if only 10% adopted AI. That’s 30 million agents.

Even at a 99.999% success rate, 30 million agents making 100 decisions a day would still produce 30,000 failures. And that’s before we even consider hospitals, banks, governments, or personal users.

Welcome to the AI Baby-Sitters Club.

And remember, today’s AI agents fail up to 63% of the time on complex tasks, even assuming only a 1% error rate per step. 3 That’s nowhere near 99.99%.

If you have any doubts about AI being able to run on its own without monitoring, then you already understand why the human element isn’t going anywhere. If we can’t trust agents to operate freely, someone has to oversee them. And that person must be an expert in the domain the AI is working in and know when it’s not behaving correctly. That’s not a disappearing job. That’s a high-paying one.

Conclusion

The purpose of this article is not to convince, but to build intuition for why humans are still needed. For now, just consider what could go wrong if we allow AI to operate without oversight, and begin to see why the human element isn’t going anywhere.

Final Word

AI won’t replace you. But someone using AI might.

"For every complex problem there is an answer that is clear, simple, and wrong." — H.L. Mencken

Join Crypto Confidence

If you’re thinking about where all of this is going, you’re not alone. One of the biggest shifts happening right now is that understanding these systems is becoming a skill in itself. That’s a big part of what I focus on in Crypto Confidence, where I teach people how to actually use AI and crypto instead of just reacting to them.

If you want to learn how to operate in this new world, you can join Crypto Confidence here.

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 7 Part 9 →

Louisville, Kentucky is home to the Kentucky Derby, the “two most exciting minutes in sports.” Every year, people from around the world flood the city to watch a single horse race and get rip-roaring drunk. For one week, Louisville transforms. Restaurants are packed, hotels are sold out, downtown is chaos, and traffic is unbearable. But the money is glorious.

Louisville’s economy runs on the Derby. In a single week, hotels can generate around 10% of their annual profits. 1 Restaurants often sell a month’s worth of food in just a few days. And if you have any kind of side hustle, this is your opportunity. For one week, the entire city gets an economic shot in the arm.

So no matter how much locals wish the drunks would go home, the money is too good to pass up.

The Problem of Green Energy

Green Energy is a lot like Louisville, Kentucky. It can be profitable on its own, but it needs an extra boost to truly thrive. Wind, solar, and hydro all share the same underlying challenge: their output depends on conditions they can’t control.

• Solar depends on the weather. 2

• Wind depends on storms. 3

• Water depends on snowmelt.

So what happens when they produce too much energy? The grid can’t absorb it, and current battery systems aren’t efficient enough to store it at scale. As a result, excess energy is wasted and profits are lost.

Green energy loses money when:

• Energy is wasted.

• Too much supply crashes prices.

• Power is stranded far from where it’s needed.

Green energy optimists point to batteries as the solution. And yes, after billions of dollars and decades of research, they have improved. But we still cannot economically store days, let alone seasons, of excess energy. 4

Bitcoin to the Rescue?

What if green energy had a “Kentucky Derby” event? An economic shot in the arm that generates more profits? A buyer of last resort that shows up when needed and leaves the moment it is no longer needed.

Bitcoin mining is perfect for this job. Miners are portable and only need power and internet, so they can operate in remote locations. They can turn on and off instantly, using electricity only when it is available. When there is excess energy, miners put it to work and generate revenue. When energy is scarce, they shut down just as quickly. It is the Kentucky Derby effect, but the drunks leave the moment they are not wanted.

But why would miners shut down? Don’t they want to make money at all times? Of course they do. But when electricity demand is high, prices rise and mining becomes unprofitable. When there is excess energy, that power is sold at a discount, which creates an opportunity for miners. The power plant may not earn as much as it would during peak demand, but something is better than nothing.

Bitcoin Mining is Like Water

It is true that Bitcoin uses a lot of electricity. By many estimates, it consumes as much power as a country like Argentina. 5 But how it uses that power is not what most people think.

Did you know that some estimates put over 50% of Bitcoin mining on renewable energy? 6 And that since 2020, estimates suggest it has grown from roughly 35% to potentially as high as 60%? 7 This does not mean Bitcoin mining is fully green or never uses fossil fuels. But the trend is clear. Mining follows the cheapest energy, and that often leads to underutilized or stranded renewable sources that need economic support.

Bitcoin mining is like water. It always seeks the lowest place (or in this case, the lowest price). 8 The industry is highly competitive and pushes costs as high as possible. Mining does not survive where electricity is expensive. As a result, successful miners are forced to find the cheapest energy available. And some of the cheapest energy in the world is stranded or wasted green energy.

Conclusion

Many environmental activists oppose Bitcoin mining because of the energy it uses. But green energy needs a buyer of last resort for its excess power. Without buyers like this, many projects are less profitable and depend on government subsidies. If solar, wind, and hydro are going to replace oil and coal, they need to stand on their own economically. Bitcoin makes this possible by providing the “Derby effect.” It brings in needed money and leaves when it is no longer needed.

Final Word

Happy upcoming Earth Day!

"Nothing in the world is as soft and yielding as water. Yet for dissolving the hard and inflexible, nothing can surpass it." — Laozi

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

← Part 3 Part 5 →

I used to work in the oil fields in North Dakota, and you would be surprised how many guys I knew who were missing a finger. It was scary.

One rig I worked on had a series of safety signs about it.

The first sign said, “This machine has no brain. You must use your own.”

The next sign showed a guy missing his middle finger. The caption said, “Now how will he be able to tell people what he really thinks?”

The next sign showed a man missing his thumb. It said, “Not a thumbs-up situation, is it?”

Nothing makes you appreciate your hands quite like imagining them getting smashed by a thousand-pound pipe. And it also makes you realize something else. Hands work because all five fingers are there. Lose one and the hand still exists, but using tools suddenly becomes a lot harder.

Fortunately, I never lost any digits, which means I can still type my Crypto Confidence articles just fine.

But thinking about those signs got me thinking about something else. The crypto community needs five fingers too.

Crypto’s Five Fingers

Successful crypto communities have five fingers.

It’s possible to operate with less, but their grip on the community is much more likely to slip when a bear market smacks the hand.

The strongest communities have all five.

1. Growth/Discovery. This is the obvious one. It’s how people find crypto projects online. Think about a TikTok video or an X post that grabs your attention and sends you down a rabbit hole. That’s discovery.

   If people don’t know the project exists, nothing else matters.

2. Networking. This doesn’t mean gaining followers or attracting users. It means building relationships that help the project grow. Think partnerships, integrations, investors, advisors, and other builders in the ecosystem.

3. Learning. These are posts primarily meant to educate users. The best ones are usually long-form articles or deep YouTube videos. Without knowledge, the people perish.

4. Chat. People need a place to talk about the project in real time and voice their thoughts to community leaders. Without this, there is no community connection, and complaints spill into the comments on X instead.

5. Canon. This finger is missing most often. Users need a place where posts become the permanent record of the project and the official source of truth.

   It creates a timeline the community can go back through to understand the project’s vision and philosophy.

Which Social Media Platforms?

Different platforms specialize in different fingers. Here are some of the most common and what they do best.

• X. Best for discovery. It can also support some networking and learning when used well.

• TikTok. Great for discovery and not much else.

• LinkedIn. Excels at networking and discovery.

• YouTube. Excellent for learning and also strong for discovery.

• Medium. Works well for learning and canon, though distribution can be inconsistent.

• Substack. Great for learning and canon. The email distribution helps people actually see the content, while the blog archive makes it permanent and easy to revisit.

• Discord. One of the major chat platforms. Its structured channels make it easy to organize conversations, though that structure can also make projects treat it like a support desk.

• Telegram. The other major chat platform. Conversations move faster and feel more like a public square, which often attracts a more old-school crypto crowd.

• Website blog / Email newsletter. Can function as canon if the project maintains it consistently.

• Mirror.xyz. A crypto-native platform designed for canon.

• GitHub. Canon for developers.

• Reddit. A mix of discovery and chat, though the communities usually control the conversation rather than the project itself.

This list is a quick way to see whether a project has all five fingers. For example, imagine a project is only active on X, YouTube, and Discord. That means it has discovery, learning, and chat, but networking may be weak and canon may be missing entirely.

When you evaluate a crypto project, pay attention to the platforms it uses and whether all five fingers are present. If one is missing, that is something to keep in mind.

Bitcoin The Classic Example

Bitcoin launched in 2009 so its tools were completely different but it still had all five fingers.

1. Discovery. Bitcoin’s discovery started when Satoshi emailed the Bitcoin whitepaper to the cypherpunk mailing list in 2008. 1 Early awareness spread through email forwarding, forum discussions, and word of mouth within that small cryptography community.

2. Networking. The same mailing list also functioned as Bitcoin’s first networking layer. The cypherpunk community already contained cryptographers, developers, and thinkers interested in digital money. That existing network gave Bitcoin its first collaborators, critics, and builders.

3. Learning. Bitcoin’s first learning resource was the Bitcoin whitepaper itself. 2Unlike today’s crypto projects, the early audience didn’t need beginner tutorials. The cypherpunks reading it were already familiar with digital cash proposals, cryptography, and the problems Bitcoin was trying to solve.

4. Chat. Early conversation about Bitcoin took place on forums like Bitcointalk.org. 3This gave the community a place to ask questions, debate ideas, and discuss the project as it evolved. It also allowed users to complain about problems, suggest improvements, and even ask Satoshi himself for help and clarification.

5. Canon. Bitcoin’s canon formed through the original whitepaper and the archived discussions on Bitcointalk.org. Because those conversations are preserved, people can still comb through them today to see how the project evolved and understand its guiding principles.

Looking back, it’s remarkable how simple Bitcoin’s tools were. An email list and a message board carried the entire early community.

Conclusion

If you’re considering holding a token long term, evaluate the strength of the community behind it. Make sure the project’s hand is strong and every finger is accounted for. When the market turns, a project missing a finger could lose its grip.

Final Thought

Just as I never thought about my fingers until I contemplated losing them, I never thought much about crypto communities until I realized how fragile they can be.

“The whole is greater than the sum of its parts.” — Aristotle.

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

Part 1 →

Every year my wife and I send Christmas cards to our friends and family. We buy a stack of envelopes and cards, write heartfelt messages (with a pen!), and sign our names. My wife’s signature is that of a beautiful artist, because she actually is one. Mine is sloppier than a third grader’s, but together they make it clear the card came from both of us.

Of course, we could send Christmas emails instead. I remember when email Christmas cards were popular in the late 90s. They were animated, funny, and I used to laugh at them. But does anyone still use those? I don’t.

That doesn’t mean email isn’t important. I use email far more often than I send letters. In fact, you are probably reading this in your inbox right now.

Most of us live with one foot in the old world and one foot in the new. Email exploded in the past thirty years, yet the post office remains. Digital didn’t eliminate the old system. It added another layer.

The same is true for Bitcoin and gold. They are not competitors. They are complementary forms of hard money. Gold isn’t going anywhere, but Bitcoin adds the second signature needed on the Christmas card of sound money.

The Problem With Government Currency

Some people may wonder why we need Bitcoin or gold at all when we already have a strong world reserve currency like the U.S. dollar. But the dollar relies on wise management from the Federal Reserve and the federal government. The Federal Reserve must manage the money supply and interest rates responsibly, while the federal government must control spending and keep the budget under control.

When a government overspends, rather than allowing it to default, the central bank prints money to inflate away the debt. If this process is not brought under control, it leads to hyperinflation. 1

Rather than relying on governments and central banks to manage currency wisely, we need forms of hard money they cannot alter.

Bitcoin Is Like Email

The need for a hard digital currency is self-evident. In the United States, over 80% of payments are digital. 2 Yet they rely on an inflating dollar backed by a government with an out-of-control spending problem. Gold cannot be spent online without using an intermediary, which creates counterparty risk. Someone must store and manage the gold on your behalf. Bitcoin solves this problem by providing a hard digital currency for the 21st century.

Here are some of the things Bitcoin makes possible:

• Online payments and international business with instant, final settlement.

• A digital currency without counterparty risk.

• A payment network that is not controlled by any government or megacorporation.

• A digital asset with a limited supply that cannot be created with a few taps on a keyboard (I am looking at you, Federal Reserve). 3

This does not mean traditional in-person payments will disappear; after all, we still send Christmas cards.

Gold Is Like Paper

Bitcoin will become the dominant system for making digital payments. But gold is here to stay. Here is why gold still matters:

• Governments will want to back up their wealth with a traditional asset, “just in case.” Just as important files are backed up with paper copies, nations will want physical gold reserves in case digital systems fail.

• Gold will always be needed for industrial, artistic, ceremonial, and medical uses.

• There is an emotional weight to holding a tangible asset that has held value for thousands of years.

• Some people will always reject modern technology and refuse to use digital payment systems. If cash ever disappears, traditional metals like gold will take its place.

Why We Need Both Bitcoin and Gold

To truly escape government currency and the problems it creates, we need both Bitcoin and gold. If we only have gold, we eventually end up relying on fiat currency again. The problems with gold include:

• It’s heavy and difficult to move, which makes international payments impractical.

• Online payments require a third party to hold your gold, creating counterparty risk.

• It does not divide well for small purchases (imagine buying a piece of chewing gum with gold).

This is why fiat currency developed in the first place. Gold could not solve modern payment problems on its own, so fiat systems emerged to fill the gap.

But if we only have Bitcoin, we face a different problem. We would have no way to opt out of the digital world and no backup plan if something goes wrong with AI, the internet, or digital infrastructure.

The ideal system uses both. Bitcoin solves the problems of digital payments, while gold provides a physical fallback. Together they remove the need for fiat currency and open the door to rolling back government control over the economy.

Conclusion

By holding both gold and Bitcoin, we get the best of both worlds: hard physical money and hard digital money.

In the past, we had to rely on banks and other counterparties to hold our wealth, giving governments significant control and creating opportunities for others to profit at the expense of ordinary people.

That system is no longer inevitable. A society that embraces Bitcoin while still holding some gold can move beyond it. Gold and Bitcoin are the two signatures on the Christmas card of sound money.

Final Word

Don’t fight over what’s better. Just hold both.

It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." — Henry Ford

Disclaimer:
The information in this publication is for educational purposes only and does not constitute financial, investment, or legal advice. Always do your own research before making any financial decisions. Cryptocurrency investments carry risk, and past performance is not indicative of future results. I actively invest and trade in the crypto markets, and my personal portfolio and holdings change frequently. Nothing I share should be interpreted as a guarantee of performance or a recommendation to buy or sell any asset.

I am writing this from an undisclosed McDonald’s, and I just spotted Sam Bankman-Fried (SBF) and Do Kwon eating Big Macs next to a Ronald McDonald statue.

Wait a moment. Alex Mashinsky just showed up.

I am now sitting in a McDonald’s with the three biggest frauds in crypto who have ever lived.

No way. Gary Gensler just walked in. Now the biggest fraud in crypto is sitting in my McDonald’s with all the other frauds.

What are they doing? I need to get closer.

Fortunately, I ordered a Happy Meal. The toy is a spy camera and recorder. I might be able to hear them if I can just get behind the Ronald McDonald statue.

Alright I made it… and they spotted me. This is a problem.

Well They Locked Me Up

They locked me in the janitor’s closet at the McDonald’s, but they were kind enough to tell me their evil plans and give me another Happy Meal. They’re like James Bond villains, just way more nerdy.

SBF loved telling me how he and Do Kwon broke out of prison. Apparently, P. Diddy helped them escape but got left behind. No one seemed that upset about it. It was a really boring story to listen to. Especially when SBF read his “Dear P. Diddy” letter out loud to me. He did voices, finger puppets, and a lot of crying.

It was pure torture.

All of them, except Gary, are fleeing the country. He gave each of them a fake ID and $100,000 so they can start over. They already have a new business idea.

Kenya.

Apparently that’s the place to start a company and buy a supervillain mansion.

Most importantly, they’re not going into crypto this time. Their new scam is selling tulips. It worked really well in the 1600s, and they think they can pull it off again.

They will claim to have bred special colors of tulips, but in reality, they just spray paint the flowers. Do Kwon looked at me and said, “People are so stupid they will believe anything.”

At that point, I tried my hardest to break down the door and foil their evil plan.

But I couldn’t get out.

It’s an electronic door that only opens when the ice cream machine is online.

Gary just laughed at me and said, “No one will ever believe you.” Then he told me he’s getting a cut of all their future businesses and is helping them set up the Kenyan Prince Scam. It’s like the Nigerian Prince scam, but better.

Alex Mashinsky came up with the business model. And you know if he comes up with a business idea, it’s pure gold.

I tried to stop them, but the McDonald’s closet was just too strong. It took hours before the janitor let me out. And he wouldn’t do it unless I donated to Ronald McDonald House first.

It was a horrible sacrifice to give him that nickel.

But someone needs to call the police before they get away with it.

You believe me, don’t you?

Final Word

Happy April Fools Day!