Voting by Foot
Daily Ramble
The age of voting with your feet is commencing. I can feel it in my region, where multiple small housing developments are underway. Sintra is a region within driving distance of Lisbon but with a countryside feel. There are similar areas outside many major cities. Lake Oswego for Portland, Oregon, and Marin County for San Francisco, California are two examples I’m personally familiar with.
In the last couple of weeks, I’ve bumped into Americans that have relocated here and have heard rumors of multiple French, British, and Chinese nationals moving into the area. Depending on how you perceive these things, it's either a good or bad thing — but that’s not my focus. How and why these folks are making their way here is. Most are coming via the Golden Visa program, which basically says, “hey, invest enough money in our country, and we’ll grant you residency. By the way, residency means access to the EU.” EU residency for a price tag. An exit-stage-left option for foreign nationals looking for warm weather, good food, and healthy culture is clearly a growing market.
Our neighborhood's housing pressure has increased alongside home values — the opposite of what I anticipated during the market meltdown last year. Locals are complaining, not getting their hands on property as international competition comes to town. This is the downside. But with Brexit wreaking havoc and COVID regs freaking people out, Portugal is a relatively sane locale for many to migrate. If we are entering the Sovereign Individual's age, i.e., where citizens migrate between states competing for their residency, then Portugal has a winning hand.
Historically, Portugal has had a welcoming attitude to foreigners. Lisbon is arguably one of the most diverse cities in the world since ancient times. People know how to get along with outsiders here. That doesn’t mean roll out the red carpet, but it does mean acceptance of others. Don’t step on anyone’s toes, and you’ll get on here. The byzantine nightmarish red tape does not make it easy to settle here, but with the right hired help, it’s doable.
I’m certain Portugal is not the only place seeing an uptick in immigration, but it gives me added peace knowing others are moving here. People don’t move to another country unless they perceive worsening conditions at home and better conditions elsewhere. If the “vote with your feet” ballot casts Portugal as a winner, I’ll happily enjoy the rising tide it’ll inevitably bring.
Favorite Things on the Interwebs Today
Mesmerizing cinematography.
Bitcoin Price Prediction
Yesterday: $56.5k - $60k
Today: $56.5k - $65k
Tomorrow: $56.5k - $65k
Back to $60k. It’s been a tough nut for the bulls to crack. Yesterday closed at $59.3k, within striking distance of the $60k bull nemesis. In today’s early hours, we saw a decent rejection as the price inched towards $60k. Now, the price is trying to decide if it wants to push again. I continue to suspect a knock on the $60k door will open it once we get there. However, the bulls need to do it today, or we are likely to see momentum stall and the price pullback for further consolidation. As long as the price stays above $56.5k, the doors to clearing $60k remain open, below, and we may need to test the low $50ks again.
Bitcoin Q & A
Q: Is the Bitcoin network antifragile?
A: Yes
Antifragility is a term Nassem Taleb created to describe a system that thrives under attack. Not only does it bounce back, but it bounces back stronger than before.
To a T, that fits Bitcoin. Satoshi Nakamoto designed Bitcoin so that the actors in the system would respond to threats and attacks through adaption. Some have even considered it the first digital organism because it mimics biological adaptation principles.
But adaptation does not go far enough. Once attacked, or a potential attack source is confirmed, the social network built on Bitcoin reacts, taking steps to eliminate the vulnerability and strengthen the network. Bitcoin mining is an example of antifragility. Although China still dominates the percentage of miners, that is coming down as mining infrastructure is rapidly growing in the Americas and Russia. The network is actively seeking to decentralize itself, reducing the threat of miners being taken over by a nation-state seeking to control the Bitcoin network.
Thanks for reading,
Kent
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