2minutebitcoin on Nostr: You can’t afford 100-story buildings in Manhattan unless you’re the center of a ...
You can’t afford 100-story buildings in Manhattan unless you’re the center of a financial empire!
The skyscrapers in New York are constructed from the value extracted by financial intermediaries.
As they say in Vegas - those hotels aren’t built by winning gamblers.
There are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.
If you’re buying the security, you’re buying at the top of the spread.
If you’re selling, you’re selling at the bottom of the spread. The spread is 2%.
So if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.
Life is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.
-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlove
The skyscrapers in New York are constructed from the value extracted by financial intermediaries.
As they say in Vegas - those hotels aren’t built by winning gamblers.
There are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.
If you’re buying the security, you’re buying at the top of the spread.
If you’re selling, you’re selling at the bottom of the spread. The spread is 2%.
So if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.
Life is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.
-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlove