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Progress isn’t a straight shot to the stars; it’s a spiral—a cosmic dance that loops through growth, decay, and renewal, each turn deepening our insight and expanding our reach. From forest fires to tech busts to personal struggles, cycles and fractals reveal a universe that thrives on repetition and adaptation. By embracing this, we trade the illusion of endless ascent for a richer truth: true advancement lies in revisiting the known with fresh perspective. This view redefines success. Setbacks become stepping stones; history becomes a mentor; time becomes a partner. As we spiral deeper—through markets, innovations, and our own lives—let’s stay curious, keep dancing, and honor progress not as a destination but as a journey of ever-unfolding depth.

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Fixed Income

4 mins
The Bitcoin Backstop
January 11, 2022
Bitcoin, the asset, is the purest store-of-value we have ever seen. It is the simple conversion of energy (via math and code) into verifiable truth, whether via hydrocarbons, renewables, nuclear reactions or even god damn volcanoes. Real estate is stale in comparison; you may expend energy to form static bricks, aluminium or concrete. But it just degrades without active maintenance. Gold, whilst durable can be centralised or even confiscated. And don't forget the high costs of extraction. So where does this leave our good friend fiat?