GM.

Welcome back to Bitcoin Therapy. We’re like your wingman - we will make you look smart in front of the girls.

First, happy Sunday to 1,948 of you reading today.

Second, we have a few announcements to make:

1. We’ve partnered up with Stamp Seed - an awesome Bitcoin company that will support us in creating this newsletter 🤝

2. You can now earn 25,000 sats for sharing Bitcoin Therapy with bitcoiners (free sats = best sats). You can find the deets at the end.

Alright, enough rambling. Let’s get to the good stuff.

Here’s what we got for you this week:

• US Debs grew $1 Trillion in just 4 weeks

• Celsius CEO Alex Mashinsky = ARRESTED 🎉

• Bitcoin mining efficiency is up 5,814%. Not bad.

Estimated read time: 3 minutes and 32 seconds

US DEBT GREW $1 TRILLION IN 4 WEEKS

There are a few things in life that are certain:

• Death

• Taxes

• XPR army being forever virgins

• The US government getting more in debt

…and the US Gubbermint is pumping out new debt like no tomorrow.

Here are some 🤡-world facts about it:

1. From 1945 to 2022, the total debt exploded from $363 billion —> $93.5 trillion (notice the denomination) 🤡

2. This is a ~7.5% yearly increase. Only ONE time did the total debt decrease slightly (2009) 🤡🤡

3. The national debt grew by ~3.2% ($865 billion) in 4 weeks. This is RIGHT AFTER the debt ceiling was suspended last month 🤡🤡🤡

4. Interest payments on US debt are likely to hit $1 TRILLION by the end of the year (debt ain’t free, boy) 🤡🤡🤡🤡

There’s only one way to describe the sh*tshow that is US debt: parabolic

The sad part? The US has a literal superpower: it can print the world reserve currency.

And it has two options for what to do with these freshly created dollars:

1. Trade them for resources with other countries

2. Stimmy checks

The US keeps choosing option 2. Now we’re Trillions in debt.

So, the US has a $32 Trillion ticking bomb and there are only two viable ways forward:

1. Default on the debt and lose reserve currency status (RIP Dollar)

2. Or…default on the debt and lose reserve currency status (RIP Dollar)

Oh…

Anyways. Not convinced? Think about it like this: everything that everyone owns in the United States is not enough to pay off US debt.

Do you get it now, anon?

TLDR: The US Dollar is f*cked

BTW, did you know they can’t print Bitcoin?

It might make sense to get some…just in case.

SECURELY STORE YOUR SEED PHRASE

As you already know, we’re big proponents of self custody @ Bitcoin Therapy. If you don’t control your Bitcoin, you have paper Bitcoin.

Good: Use a self-custodial hot wallet

Gooder: Use a hardware wallet

Goodest: Secure your seed words

The last part is often neglected - you SHOULD ensure your seed words are backed up securely. But not all seed storage solutions are created equal. Paper can burn, Ink fades, and electronic devices can break or become compromised.

This is where Stamp Seed comes in - a titanium seed storage solution.

Here’s all you need to know about it:

• 100% offline cold storage =100% peace of mind

• Indestructible (trust me, they’ve tried destroying it lol)

• No loose pieces - no risk of losing crucial parts

Be your own bank, anon. Get your Stamp Seed here.

PS: you get 15% off your purchase with the code ‘Therapy15’ 👀

ALEX MASHINSKY = ARRESTED

I woke up today with some back pain and a sore throat.

But it all went away as soon as I logged into Twitter. Miracle healing? No.

I saw the week's biggest headline: the CEO of a bankrupt lending firm Celsius Alex Mashinky has been arrested.

Now, my list of memes I’ve saved on my phone is VERY long. But you know what’s even longer? The list of charges Mascamsky was found guilty of.

He is facing seven criminal charges, including:

1. Securities fraud

2. Commodities fraud

3. Wire fraud

4. Conspiracy to manipulate the price of CEL

5. Being a total asshat (I added that one)

Good job, Gary and the SEC - you came right in time to save millions of people from fraud. 🤝

And remember: if you’re ever having a rough day, at least you’re not being sued by SEC, DOJ, CFTC, and FTC in the same morning.

Here are the juiciest details from Celsius court filings:

• Used $90M customers’ BTC to purchase CEL (oops)

• Traded sh*tcoins using customer funds (double oops)

• Lending/deposit rates were determined based on marketing and NOT business concerns (sounds sexy > business logic)

• Mashinsky emailed employees, saying, 'our job is to protect CEL’ (because who cares about customers, amirite?)

Well, at least Mashinsky won’t feel lonely in prison:

• Scam Bankster-Fraud - ARRESTED

• Dont Kwon - ARRESTED

• Alex Mascamsky - ARRESTED

The balance in the universe is restored.

By the way, it feels like yesterday that Mashinsky talked about how maximalists are horrible people for encouraging self-custody.

Oh well, he is occupied with a different kind of custody now.

^{Bitcoin Therapy book recommendation}

There’s a new book on the block - Bitcoin VS Altcoins. Written by our friend and best-selling author Phil Champagne (yes, just like the drink).

So, Bitcoin VS Altcoins. As you know, there’s a lot of shit-slinging happening in both camps. But not Phil. Phil is built different - he dives deep (and I mean DEEP) into the following questions:

• Does it really matter if other cryptocurrencies exist?

• Is Bitcoin just an outdated first draft of the concept of cryptocurrency?

• Does it have what it takes to stay the top dog?

Phil takes an honest and objective look at the big picture…and doesn’t disappoint.

Want to learn more about the battle for dominance? Support Phil by getting your soft copy here.

Oh, and readers of Bitcoin Therapy get 25% off the price. Just click click the link above to see the discounted price.

PS: This book will increase your sh*tcoin dunking skills by 69%. Minimum.

BITCOIN MINING EFFICIENCY UP 5,814%

Want to see something shocking? No, not my underwear.

I’m talking about 2022 findings from the Mining Council on Bitcoin Mining. It turns out Bitcoin is pretty green.

So, next time a climate Karen complains about Bitcoin, show her these:

• 58.5% of Bitcoin Mining energy is from sustainable sources

• Bitcoin mining has become 5,814% more efficient over the last 8 years

• Bitcoin consumes only 0.14% of the world's energy production (while processing $15 trillion in value!)

• A higher mix of sustainable energy powers Bitcoin mining than any major country or industry

I was joking about trying to explain Bitcoin mining to a climate Karen: they will always find a way to cry about Bitcoin.

Debating subjective words like “clean” and “green” is a trap. The person on the other side likely has already decided what they think about Bitcoin.

There are two camps (generally speaking):

1. You think uncensorable money that protects your wealth is useful

2. You think uncensorable money that protects your wealth is a dumb plaything for nerds

There is no in-between. This is why we should ignore those that don’t see value in Bitcoin.

We should focus on improving the Bitcoin mining efficiency - not arguing with Karens.

BTW, does anyone know how much more efficient gold mining has become in the last 8 years? Asking for Peter Schiff.

This week in a meme

You know who you are.

From the archive

Can we just appreciate how awesome of a person Hal Finney was?

History books will be written about this man.

Bitcoiner of the week

Ben Justman - a natural winemaker from Colorado, pocket steak inventor, and just the best of Bens.

And of course, you can buy his wine with Bitcoin. Duh.

That’s it for this one.

If you like what you read, please do “add to address book” or reply to this to this email (it helps with email deliverability). If you don’t, you can unsubscribe below.

See you next Sunday,

Bitcoin Therapy Team

PS: Enjoy the newsletter? Please forward it to a bitcoiner. It only takes 5 seconds. Writing it takes us 5 hours.