Published 6 Oct 2026, 15:18 UTC · fetched 6 Nov 2026, 14:18 UTC
Sminston With 👁
@sminston_with
Quoting · 6 Oct 2026, 14:26 UTC · context given to the AI
Surprised at the reaction to this post. Here is the thought that generated it: 1. I logged onto Coinbase recently to buy more BTC, & was struck that unlike when i first bought BTC on Coinbase in 2013, Coinbase now offers all sorts of BTC derivatives, offering varying degrees of leverage, all cash-settled (not BTC-settled). 2. BTC peak-to-peak CAGR returns have collapsed in the 2 cycles since cash-settled** BTC derivatives began trading (**"cash-settled" is key, because it means the owner of the biggest printing press increasingly sets marginal prices over time, NOT physical supply & demand. In most cases, the owner of the biggest printing press is the very fiat system BTC was designed to escape from) 👇 As a BTC holder since 2013 (and still), this collapse in peak-to-peak CAGR of BTC troubles me greatly. I would be happy to have anyone explain why peak-to-peak returns have collapsed in the past 8 years & why they think this trend will stop despite the seeming continued expansion of cash-settled BTC derivatives and cash-settled betting markets on BTC. Thank you. 🙏❤️Gromen: what if I told you, it's not about the peaks (bubbles) at all Because you know what hasn't been diminishing? The floor rate Even without the bubbles at all, $1M is projected to come around in ~Apr 2035 https://t.co/8LM7ZoV16d https://t.co/6YnvDzRmMeView original on X ↗
Deterministic: the same prices and policy always give the same result
unscored Awaiting manual review
Only the end-of-horizon price counts. A brief move followed by a reversal is not a success. Read the methodology
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