It's been 6 years now, but it feels like yesterday.
The bitcoin I had mined with so much effort had tripled in price. I was elated-- and I wanted more.
But BTC was the only thing I could sell to grow my business.. I was torn.
I sold. And never wanted to sell again... 🧵
1/n
What growing up in Venezuela has taught me:
- "Bad Money" never dies, it just resets.
- Most people have no clue what causes inflation.
- Even less people get the concept of taxation by inflation.
- Empresarios can be demotivated and corrupted without fair competition rules.
Big day for Bitcoin so far:
-
@krakenfx
acquires
@InterchangeHQ
(congrats
@danheld
& co.)
-
@ledgerx
launches Bitcoin options for retail clients (congrats
@juthica
& co.)
- Bitcoin price rallies after a Fed rate cut announcement for the first time ever.
It's 10.38 AM.
Not too long ago people would ask us...
"Why aren't you growing as fast as Celsius?"
"Why can't you offer 0% bitcoin-backed loans like Celsius?"
Today, we are helping their loan clients refinance out of a long and messy bankruptcy.
To all of you who believed in our "slow and
🔊 We're proud to announce that Ledn has started refinancing
@CelsiusLoans
clients! 🎉
We can confirm that we have successfully refinanced our first group of loan clients, who had completed all steps prior to Monday March 18th, 2024.
1/3 🧵
I need to break this down because I am too excited.
The President (E) of Venezuela is encouraging people to download a crypto wallet (AirTM), AND to install a VPN service in order to access the platform.
They will be distributing aid and disbursing using AitTM's P2P network 1/
#H
éroesDeLaSalud ¡Llegamos al paso final: el registro en el monedero digital!
Crea tu cuenta entrando en:
Si tienes problemas de acceso, por el bloqueo de la dictadura, utiliza un VPN. Aquí te explicamos cómo utilizarlo.
#H
éroeRegistraTuMonedero
From today's blog: Bad money doesn’t die.
If there is a currency that should have died a long time ago, it is the Venezuelan Bolivar.
In 15 years, it has lost so much value that the central bank had to intervene three separate times to rename the currency and change the
Hard to put a day like today into words.
Immensely grateful to our team of 65+ for their hard work and dedication. It takes a big family to make these services a reality.
Thank you to our investors for their continued support.
And most most of all - THANK YOU to our clients!
We’ve secured $70 million at a $540 million valuation in our Series B funding, led by 10T. We will use this new capital to support the rapid growth of our lending business, including our newest product - the world's first
#Bitcoin
Mortgage.
A Venezuelan migrant (whom I know) worked for a month in Peru to send $150 back to his mom in Venezuela.
Remittance services wanted ~$20 to do the transaction.
It is our duty to end this.
#Bitcoin
Javier Milei could be the next president of Argentina. He wants to kill the Argentinian Central bank and dollarize the economy.
He's not the first LatAm leader with this idea.
Here's what happened to inflation in Ecuador after its economy was dollarized back in January, 2000.
Incredibly excited about the future of
@hodlwithLedn
.
Thank you to our investors for your continued support throughout this journey.
To our dearest Ledn clients: we couldn't be here without your trust and support. Thank you!
We're just getting started!
We have raised $30 Million in a Series A and it’s going to help people around the world unlock the power of the fastest growing asset class for building generational wealth.
#bitcoin
The Cantillon effect tends to produce massive economic inequality between those who friend regimes and those who don't.
When printing during hyperinflationary cycles, fresh batches are given to *friends* first.
The Cantillon effect: "the first ones to receive the newly created money see their incomes rise, whereas the last ones to receive the newly created money see their purchasing power decline as consumer price inflation comes about."
The last few days have brought eery reminders of Venezuela:
- The daily presidential addresses, watched in a collective gasp to see the size of your benefit
- The panic buying, empty shelves in some places
- "Caserolazos" or clapping for heath workers
- General restrictions
Incredibly proud of our team for how far we've come - and could not be more excited about where we're going.
Thank you to everyone that has supported us, and believed in us so far.
When I wrote my essay on Cuba’s Bitcoin revolution in summer 2021, the peso was trading for around 60 per dollar, down from the “official rate” of 24 per dollar
Today?
It’s trading for 188 per dollar 📉 🇨🇺
Fiat currencies have no bottom
Inflation is coming to every developing country outside the U.S. - and fast.
A few ideas on what you can do:
- Get rid of your local currency *now*, get USD. Don't wait until stimulus $ hits the street.
- Don't store your USD in a local bank. They will likely fail.
1/n
U.S.: We are going to go BRRR 💸💸
* Low to no inflation *
Rest of the world: We are ALSO going to go BRRR 💶💶
* Hyperinflation, capital controls, eventual dollarization *
The middle class is what holds a society together.
Saw this fall apart in Venezuela.
The same is happening in North America - but in slow motion.
Buy
#Bitcoin
#Venezuela
congress member (Legitimate) declares that the Maduro regime has issued an internet blackout in the country to prevent the spread of information.
All services blocked outside of whatsapp.
Every other weekend I would drive down this road.
When I was young, it was with my parents and brothers to enjoy the beach as we fished and snorkeled.
When I got older, it was with my friends to go surfing and have fun.
Imagine losing that to communism.
Te extraño Venezuela.
Chavismo expropriated one of Venezuela's telecom companies in 2007 as a "great accomplishment".
Drunk on oil during 2013, the regime sent it's corporate dividends cheque to Chavez in heaven with helium balloons.
Yes, that actually happened. See image below.
A los
#DoblePensarChavista
siempre es bueno recordarles que si tienen problemas con ABA no es culpa del bloqueo, son dueños de CANTV desde 2008, pero prefirieron mandarle los dividendos a Chávez con globos al cielo.
Fueron ustedes quienes aplaudieron descapitalizar CANTV.
A lot is said about Venezuelan politicians... but it takes courage to do these kinds of things, when you are at the mercy of paid thugs - in plain sight, with the entire apparatchik against you.
.
@jguaido
, President of Venezuela Juan Guaido , manages to escape from the Maiquetía International Airport, amid aggressions by paid violent groups of Dictator Nicolas Maduro
#TVV
#TVVNoticias
Fun fact: Gasoline in Venezuela is so subsidized that rn the lowest denomination bill (=USD$0.01) is 100X higher than the cost of a full tank of gas.
So much so, gas stations have started giving it away for free because they can't make change.
Ppl literally fill up & drive away
Could not be more proud of this team. Today we're super excited to announce:
- Our strategic collaboration with
@Gen_Capital
- The launch of our USDC Savings Account
Now you can shelter your savings from inflation and earn the top risk-adjusted rate on your Bitcoin and USDC.
We are thrilled to announce our strategic collaboration with
@Gen_Capital
and the launch of our new USDC Savings Account.
Ledn clients globally can now protect their savings from local currency inflation, and earn 7.5% APY on their USDC.
Estoy en Toronto procesando créditos para clientes en San Fernando de Apure, Venezuela.
El orgullo que siento no es normal.
Amo al internet. Amo al Bitcoin.
Abróchense los cinturones! Se viene semana cargada para Bitcoin y los mercados financieros:
🔸 Actualización de Shanghai para Ethereum el Miércoles
🔸Data de inflación de EE.UU y China
🔸 7 Discursos de la Fed, se publica la minuta de su última reunión
Decisión de tasas del
The
@OsloFF
was the most inspiring event I’ve been a part of.
It was surreal to listen to people’s stories from all corners of the world, and how bitcoin is making an impact in the fight for freedom.
Flying home supercharged w energy and new friends.
Gracias
@gladstein
&
@HRF
!
I am by no means an expert on Iran, but here's a quick authoritarian dictionary for mis amigos:
Restrictions on exchanges = Bitcoin capital controls
National Mining Framework = We need to find/tax miners
Government Mining Revenue = Taking energy from citizens to get Bitcoin
I’ve been having some great conversations with Celsius borrowers who are interested in refinancing their loans with
@hodlwithLedn
.
I have a tremendous amount of sympathy for what you’ve all been through and it’s been great meeting so many of you through this process.
1/n
Incredibly proud of our team
@hodlwithLedn
for completing our most recent Proof-of-Reserves attestation.
Ledn clients can now check that their balances as at July 31st at 11:59 PM were included in the report. Down to the Satoshi (or cent).
Big thanks to the team
@ArmaninoLLP
!
Huge milestone for our team today.
We're live with Canada's first ever Bitcoin savings account - and the first one ever available to Spanish speakers.
Couldn't be more proud.
Next stop: Latinoamérica!
We are proud to announce the launch of our Bitcoin Savings Account.
Proudly built in Canada - available to hodlers worldwide!
For a limited time, enjoy a 5.1% APY on your bitcoin deposits.
Start earning interest today at
@iamjosephyoung
@twobitidiot
You know it’s not institutional investors buying at these prices (or at all). I almost feel bad about shirts that will be lost with $EOS and $TRON.... almost.
@NickSzabo4
#Socialism
in
#Venezuela
has been super efficient at destroying wealth. As usual, the most vulnerable: elderly pensioners, teachers, children have been hit the hardest. Think your fiat currency of choice is safe and you will retire comfortably with your savings? Think again...
People in LatAm are quitting their jobs to join Play-to-Earn games at an incredible rate. The pay is much better and so are the working conditions.
Reminds me of when GPU mining went viral in Venezuela.
We decided to become a Liquid federation membe to facilitate integration of
@Blockstream
Elements Sidechain platform via
@Cyphernode_io
- accept L-BTC payments
- sell L-BTC for CAD directly
- perform L-BTC peg-outs
- issue L-CAD Bull Bitcoin vouchers
Americans have been shorting the dollar using real estate for decades (that's what a mortgage is - borrow to short USD, backed by real estate).
Most have done extremely well.
Soon everyone will find out that they can now do this with
#Bitcoin
- and it's not just for Americans.
Cayman Islands, we've arrived! 🇰🇾
Proud to share that Ledn received regulatory approval to operate as Virtual Asset Service Provider in the Cayman Islands.
A huge milestone that allows us to operate under a more stable regulatory framework.
Read more 👇
Massive thank you to
@andreloja
and the entire
@BitcoinAtlantis
team for putting together an unforgettable event.
Flying back more bullish than ever on
#Bitcoin
!
On the institutional side, standing repo facilities increase the fungibility between Treasuries and cash. On the retail and institutional side, regulated stablecoins also increase the fungibility between Treasuries and cash.
Hey Toronto! Come hang with us and talk Bitcoin on November 12th at the usual 6.15 (pm).
Hosted by
@Coinkite
and
@hodlwithLedn
.
We're getting the fancy room at
@regularsbar
!
The disconnect: SUNACRIP, Venezuela's newest cartel (aka Maduro regulator) is charging an 11.8% fee on all Bitcoin/crypto remittances converted.
It is also quoting a bid price BELOW the localbitcoins rate
As incompetent as they are evil.
cc:
@nic__carter
@alegw
@PeterMcCormack
Just voted for the first time ever as a Canadian.
Politics may not be perfect - but living in a democracy is a privilege that should be celebrated.
You don’t know what you have until it’s gone.
At peak hyperinflation, it took just 3 months for the Venezuelan Bolivar to lose 90% of its value.
Crazy chart, and even crazier to live through.
This is why we bitcoin.
If you didn't already know, the country with the cruelest dictatorship, causing the largest mass migration in Latin-American history -Venezuela, has a seat at the United Nations Human Rights Council.
Honest question - how do you expect anyone to respect this organization?
I was going to save this for next week but feel now is a good time. Ep 103 w/
@cryptonomista
&
@adamreeds
is live! We discuss:
-
@hodlwithLedn
- Mining in Venezuela
- Venezuelan gov't buying BTC
- Crossing boarders w/ BTC
- much more
Listen and learn.
The bar for accountability and transparency in bitcoin financial services just moved a little bit higher.
Huge kudos to our entire team for reaching this milestone.
For clarity, we will also continue producing our Proof-of-Reserves reports from Armanino every 6 months.
Happy to announce
@Deloitte
is now our external audit partner!
Resulting in a full year audit of Ledn's financial statements in 2022, which will co-exist alongside our bi-annual Proof-of-Reserves attestations.
#Transparency
#ProofofReserves
👉
Great take by
@michael_saylor
.
Speaking from experience, not taking "dollars off the table" when I was selling bolivares was the second best financial decision I ever made.
The first one was co-founding
@hodlwithLedn
to lend dollars against
#Bitcoin
.
Hoy es un día muy especial.
A todos los que la vieron antes que Wall Street, felicidades! Hoy hay que celebrar.
A los que todavía “no la ven” - buena suerte. La van a necesitar!
#Bitcoin
Esta semana en
#Bitcoin
:
🔸Discursos de:
Presidente de la Fed, Jerome Powell x 2
Presidenta del ECB, Chrsitine Lagarde x 2
Gary Gensler (SEC)
🔸 Datos Económicos importantes en EE.UU. y China
🔸 Reportes de Versa Bank y más.
Mira todo los detalles en nuestro calendario!
Two weeks ago: Russian Central Bank proposed a ban on Bitcoin mining.
Today: Russia's Finance Minister says banks should be allowed to sell
#Bitcoin
. 🇷🇺 ⛏
Just visited Norwegian parliament to educate top government officials about the global human rights and humanitarian impact of Bitcoin.
Was an easy job with this Avengers-level crew! 🇳🇴 ⚡️
2/ Earning a yield enables you to stack more sats (what I’m doing), or reduce the temptation to sell your coin through earning an income.
The yield you earn comes with RISK!
Below is my current allocation for November (I’ll be updating every month)
Printing physical worthless money is expensive and has challenging logistics.
This is why Venezuela is going "Petro" - to screw the people out their savings in real time, with no printing costs at all.
The Venezuelan Petro is everything Bitcoin stands against.
To the lady at the cashier who paid for our groceries because we had no MXN pesos and they wouldn't accept dollars or foreign cards - ¡GRACIAS TOTALES!
I love Ciudad de México. The city of pay it forward.
(obviously I asked if they accepted Bitcoin but it was also a no)
Las Cuentas de Ahorro en Dólares USDC llegaron a
@hodlwithLedn
!
Protégete de la inflación y gana el 7.5% en tus ahorros en USDC, de la mano de
@Gen_Capital
, una de las instituciones más respetadas en la industria.
In the Pre-Bitcoin era, most of the wealthy in emerging markets were USD maximalists - storing their wealth in USD and U.S. assets.
They perpetuated their wealth by financing themselves with local debt and investing in USD-assets (synthetically shorting their local currencies).
Silverbugs complain about gold maximalists
Non-US govt fiat issuers complain about USD maximalists
Altcoiners complain about Bitcoin maximalists
People who don't show up at the Schelling point equilibrium complain about people who do.
This is a hard law of monetary history.
Esta foto me hizo el día....si la oferta tiende a infinito y la demanda tiende a cero, qué creen uds que cuál será el resultado??? Usa Bitcoin!!! Fuck PTR!!!
My mom sent me a screenshot this morning... It read something like this.
"Every day Venezuelans abroad wake up hoping to read the message:
That it's all over, that communism went away, that we can return back home and that our families can be together again".
We do.