Episode 5 in place.

evangelism/episodes/episode_5.md

@@ -1,6 +1,7 @@
 # Operation Saylor - Episode 5/120
 
-Hi again and welcome to another episode of the Operation Saylor. This is update number 5, corresponding to September
+Hi again and welcome to another episode of the Operation Saylor. This is update number 5, corresponding to November
+
 2022.
 
 If you are reading this for first time, you might want to check [Episode 1](https://stacker.news/items/47539), where my
@@ -12,30 +13,77 @@ plan and details are explained. That will get you in context.
 
 - BTC stack: 1.1628 BTC
 - € stack: 6,535.20 €
-- Current total value in €: XX,XXX.XX €
+- Current total value in €: 25,140.00 €
 - € into BTC: 25,000 €
-- Paid back to bank: 1,464.8 €
+- Paid back to bank: 1,464.80 €
 - Outstanding debt: 42,479.53 €
 - Installments to go: 116
 
 Charts
 
-- Value of stack vs Outstanding debt with the bank
+![img.png](../images/episode_5_stack_value_vs_debt.png)
 
 ---
 
 ## Log
 
-Last week I visited a friend who is growing a couple of marijuana plants at his
-home. We had an interesting discussion.
+During last month I came across a couple of reads and a new company that brought me to think I'm not as crazy as I look
+like.
 
-- My point of view: legalize, much better option than alcohol. Reference book.
-- The inmortal roots: decentralization as the biggest headache for state control
-  - Alcohol vs Marijuana production
-  - The simplicity of it
-  - The power of the alcohol and meds lobby
-- I wish bitcoin to be even more resilient than marijuana is 
+The first read was a section of the Fiat Standard, where Saifedean discusses possible scenarios on how a transition
+from a fiat world to a hyperbitcoinized one could look like. On it, he discusses that there are both forces that push
+for a smooth transition as well as for an abrupt one. As part of his analysis, he presents the following:
 
+	A counter-point to consider to the preceding two sections' analysis is the
+	impact of the strategy of borrowing dollars to buy bitcoin. While many
+	people would be tempted to exit fiat debt entirely and shift to holding hard
+	bitcoin savings, the continued existence and wide availability of fiat debt
+	will offer a strong incentive to borrow fiat and use it to accumulate bitcoin.
+	One of the smartest and most far-seeing analysts of bitcoin, Pierre
+	Rochard, had identified this phenomenon as early as 2013, outlining how
+	bitcoin allows investors worldwide to carry out a speculative attack on all
+	national currencies similar to what George Soros and beneficiaries of low
+	interest rate lending have been doing to weak national currencies for
+	decades, with spectacular success. The speculative attack strategy is to
+	borrow the weak currency, and use the proceeds to buy the stronger
+	currency. As the borrowing of the weak currency causes an increase in its
+	supply, selling it to buy the strong currency causes a decrease in demand
+	for it, and results in the decline of its value next to the stronger currency.
+	This reduces the value of the loan the attacker owes, and increases the
+	value of the currency he holds, a highly lucrative combination. With bitcoin
+	a harder currency than all national currencies, it could serve as the perfect
+	launchpad for attacks against national currencies. It is a natural evolution
+	of the interaction between the two forms of money: hard bitcoin is
+	optimized for appreciating as it is held, while fiat is optimized for devaluing
+	as it is inflated and lent. The likelihood of speculative attacks casts doubt
+	on the monetary upgrade scenario discussed above. How long can fiat
+	survive if people can keep inflating its supply by borrowing it to buy harder
+	bitcoin? We have never seen a similar situation and it is hard to estimate how this will unfold.
+
+So apparently, I have started an speculative attack on the euro without even noticing. Shit happens.
+
+After reading that, I pulled the string to
+the [original piece by Pierre Rochard](https://nakamotoinstitute.org/mempool/speculative-attack/)
+, which I highly recommend you go and read now. It's concise and extremely insightful.
+
+The part that gets me most excited and simultaneously scared is the idea, proposed both by Saifedean and Pierre, that
+the inevitability of the speculative attack makes Bitcoin adoption an accelerating phenomenon, and not a slowly fading
+one as many people picture. Not a logarithmic curve, kind of like the chart of BTC in circulation by year, but rather
+an S curve, where the fastest middle part might break a few necks.
+
+Lastly, I recently learned about this soon-to-launch company called [Faucet21](https://faucet21.com/). Their proposal?
+Giving away personal loans like the one I got with the sole purpose of buying Bitcoin. As they put it, "Distributed,
+Retail Level speculative attack". They even have a nice calculator you can use to simulate the expected return of this
+strategy. You can go and play with my loan's numbers, for example.
+
+When I started planning and executing Operation Saylor, I knew I was not the only one having this idea. But now, I must
+say I'm surprised at how old the idea is and how common it could eventually become. Because, from a game theory lens, 
+every person that jumps on the loan-for-BTC boat is hurting the fiat and strengthening Bitcoin. If enough people do 
+it... It reminds of the old quote from Satoshi: “It might make sense just to get some in case it catches on. If 
+enough people think the same way, that becomes a self fulfilling prophecy.”
+
+Well, I hope some of you don't think I'm that crazy after today's read, and perhaps some might even be thinking about
+joining the club. I'll see you again next month.
 
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