Tales from the Crypt #43: Caitlin Long

— Caitlin Long's journey from Wall Street to Austrian economics, discovering Bitcoin as an alternative to the failing fiat system after the 2008 financial crisis.

— The shadow banking system and how credit creation has shifted from traditional banks to securities markets since 1983, when the Fed stopped controlling money supply and allowed markets to determine credit quantity.

— Public pension crises, particularly the unfunded liabilities in states like Illinois and California, exacerbated by inflation-indexed benefits that corporate pensions lack.

— Wyoming's five groundbreaking blockchain-friendly bills, including exemptions from money transmission laws, creation of utility token property class, and plans for a special-purpose bank.

— Risks of Wall Street-backed Bitcoin products (Bakkt, Citigroup depository receipts) introducing rehypothecation and leverage into Bitcoin, potentially undermining scarcity.

— Forking and airdrop handling by custodians and financial products, where fiduciaries make no firm promises to distribute forked coins to beneficiaries.

— Verify physical Bitcoin product claims by demanding public addresses and transparent proof of reserves rather than trusting unaudited custodial claims.

— Do not rely on government pension promises; plan for soft defaults (raised retirement ages, benefit cuts) and consider self-custody of Bitcoin as a hedge against currency debasement.

— Own your private keys directly to avoid counterparty risk in any Wall Street-intermediated Bitcoin product; exchanges and trusts expose you to rehypothecation, lending, and potential loss in liquidation events.