Endgame
Bitcoin, Sovereign Debt, and the Return of Sound Capital
What this book is
Endgame is a serious framework for allocating in a Bitcoin-anchored monetary order. It is written for people who already understand what Bitcoin is and want a rigorous way to think about why it matters and how to position around it — financial professionals, sophisticated individual investors, and the intellectually curious reader who is looking for an argument rather than a price target.
It builds on the work of Saifedean Ammous, Lyn Alden, and Jeff Booth, and pushes into territory they have not fully developed: the Hayekian epistemic critique of central banking, the death of the 60/40 portfolio, the case that sovereign debt is not actually risk-free, the Bitcoin yield curve as the missing civilizational primitive, and the synthetic risk-free rate that cryptographic credit infrastructure makes possible for the first time in fifty years.
It is ~33,000 words. Nineteen chapters across four parts. It does not predict the price of Bitcoin in any year. It does not tell you Bitcoin is inevitable. It gives you a framework that, applied honestly, produces decisions you can defend.
What you will find in it
- Part I — The Diagnosis. Hayek's knowledge problem applied to money, the Cantillon engine, the productivity capture of the post-1971 era, and the COVID-era expansion as the cleanest natural experiment in modern monetary history.
- Part II — The Anchor. Why Bitcoin's exogenous supply is the structural response, the evolutionary case versus gold, and the rules-over-discretion argument from constitutional political economy.
- Part III — The Allocation. The death of 60/40, position sizing through Kelly with errors-of-omission framing, paper Bitcoin versus self-custody as different risk profiles, and Bitcoin-collateralized credit as the replacement for sovereign debt.
- Part IV — Completing the System. Time value of money on Bitcoin via DLC-enforced credit, the synthetic risk-free rate construction, the emergence of a market-discovered Bitcoin yield curve, and what the cost-of-capital reframing means for sovereigns, households, and everyone in between.
Where the money goes
Half of every dollar this book earns is split between two organizations that teach kids to surf — one in Playa Hermosa, Costa Rica, and one in El Zonte, El Salvador. The flow is automatic. Bitcoin payments split on receipt; cash payments are reconciled and transferred quarterly. Quarterly updates are published below.
Through surfing, mentorship, and community, SurfDojo empowers youth in Costa Rica to grow with confidence, resilience, and purpose. The program is built on the philosophy that the ocean is more than a playground — it is a teacher. Donations fund scholarships, transportation, and equipment for kids who would not otherwise have access.
The original Bitcoin community geographic instance, where Bitcoin works as money in daily life. Funds support the kids' surf programs (including Surf Para Todas) that provide instruction, equipment, and water time to local children — built on the same principle: the ocean as teacher, sound money as foundation.
The 50% to charities is split evenly between the two programs. The remaining 50% is retained by the author to cover production, distribution, and the indefinite horizon of writing more.
Read it free
The PDF is free. No email gate, no paywall. If the framework changes how you allocate, send the price of a paperback to the surf programs above. If it does not, send nothing. Either way, read it.
Suggested donation: 21,000 sats in Bitcoin — splits automatically. 50% to surf programs, 50% to author.
Excerpt
From Chapter 18: Everyone Has a Cost of Capital
Everyone has a cost of capital. Households have one. Corporations have one. Sovereigns have one. Whether they admit it or not, it determines what they can build, fund, finance, and forego. The current monetary regime distorts this price signal across the entire structure of capital users, in a hierarchy almost nobody questions. This hierarchy is not a function of true credit risk. It is a function of distance from the central bank's spigot.
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