- 1. Our thesis, stated up front: we believe Bitcoin is the most sound asset humans have ever had access to. This section argues that thesis.
- 2. Our holdings: We hold bitcoin as an asset.
- 3. We make no price predictions, ever: not for BTC, not for hotels.
- 4. BTC has 17.8 years of history (genesis block January 3, 2009 ↗); statistical claims carry that caveat.
- 5. No sponsorships from bitcoin-industry companies; if that ever changes, the disclosure goes at the top of the page, not in fine print. Sponsorship policy
Bitcoin is the most sound asset humans have ever had access to.
This is our thesis. We test it by defining soundness in operational terms, scoring five assets on the same criteria, and keeping a public register of the evidence for and against.
How we define soundness
An asset is sound to the extent it meets these eight criteria. Each one is scored for every asset on the scorecard, and every score links to its evidence.
- 01Scarcity
How much can total supply grow, and who decides? Higher = supply growth is lower and harder to change.
- 02Verifiability
Can a holder check authenticity and total supply on their own, without trusting a third party?
- 03Counterparty risk
Is the asset someone else's liability, or does it depend on an operator, issuer or custodian to keep its value? Higher = less dependence.
- 04Durability
Does the asset persist over time without decay, upkeep or an external system to keep it alive?
- 05Portability
How easily can the holder move it across distance and borders?
- 06Censorship resistance
How hard is it for a third party (including a state) to block, freeze or seize it?
- 07Settlement finality
Once transferred, how quickly and firmly is the transfer irreversible?
- 08Debasement risk
How exposed is the holder to dilution of supply or loss of purchasing power by design? Higher = less exposed.
Bitcoin, gold, hotel real estate, U.S. T-bills and the U.S. dollar. 40 cells, each with a cited source, including Bitcoin’s weak spots.
Includes 6 weak spots
Every item of evidence for and against the thesis, graded by strength. Append-only.
How cells are scored, where each number comes from, and how corrections are logged.
Related section
Treasury, capital stack and operations tools for hotel investors. A separate section.