Dollar at All Time Low! A dollar can't even buy 1000 sats!

John Arnold's take on why early-stage investing in Bitcoin differs from fiat venture capital. These points stood out and echo what many Bitcoin-focused angels and funds prioritize: Bitcoin as Opportunity Cost: Bitcoin-native investors assess every deal against the benchmark of simply holding Bitcoin, setting a high bar for capital deployment. Profitability & Speed: Preference for startups that can become profitable quickly, stack sats early, and minimize dependence on follow-on funding or dilution. Aligned Incentives: Founders, teams, and investors often personally hold Bitcoin, creating a shared equity mindset across the ecosystem. Open Source as Force Multiplier: Most Bitcoin startups build on shared open-source infrastructure (e.g. BDK), enabling lean teams to ship faster and collaborate with less friction. Network Effects Across Portfolio: Unlike traditional VC portfolios with disconnected sectors, Bitcoin companies often benefit from each other’s progress through shared standards and interoperability. Post-Easy Money Mindset: Generalist VCs still follow a playbook shaped by years of artificially cheap capital—burn cash for growth, chase markups, and rely on future rounds. Bitcoin VCs see that era ending, and instead emphasize capital efficiency and durable returns. Ecosystem as Shared Project: Every company contributes to and benefits from the broader Bitcoin network, making the entire portfolio stronger as the ecosystem matures.

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John Arnold on why early stage investing in Bitcoin differs from fiat venture capital • Clip by @tipnz • Listen on Fountain

Clipped from Citadel Dispatch • CD170: JOHN ARNOLD - TEN31 AND BITCOIN MARKET DYNAMICS John is an integral part of our five person team at Ten31...

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Citadel Dispatch • CD170: JOHN ARNOLD - TEN31 AND BITCOIN MARKET DYNAMICS • Listen on Fountain

John is an integral part of our five person team at Ten31 and we dive deep into how we think about deploying funds throughout the ecosystem. We exp...

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A spicy piece of artistry I want to share: This is a photo of a Mongrel Mob member wearing a jacket full of gang patches. The Mongrel Mob is one of New Zealand’s most prominent gangs, known for its bulldog patch. Last year, the Gangs Act 2024 banned the public display of gang patches. While these symbols are linked to violence and intimidation, they also represent cultural identity and resistance for some.

Real luxuries are: 1. Slow mornings 2. Great companion 3. UnKYC'd UTXOs

We underestimate the free market's ability to sort things out through pricing. Eventually the important and urgent stuff prices out the noise (on-chain and everywhere else).

A straw man is when you distort someone’s argument by making it overly simplistic or extreme so it’s easier to attack. For example, saying “Christianity is just worshipping a bearded man in the sky” is a straw man. Hardly any Christian would agree with that depiction. The opposite is a steel man where you represent your opponent’s argument as strongly and fairly as possible. Daniel Dennett believed steelmanning was essential to good philosophical debate. In 2013, he laid out four key rules: 1. Restate your opponent’s view so clearly and fairly that they say, “I wish I’d put it that way.” 2. List where you agree. 3. Acknowledge what you’ve learned from them. 4. Only then should you critique their position. Respect is foundational. Socrates, in Plato’s dialogues, often begins by clarifying and strengthening his opponent’s argument. Because real debate isn’t about winning—it’s about understanding, refining ideas, and growing together. Let’s debate to build, not to destroy. (H/T Jonny Thomson via TikTok)