Røkke Shareholder Letter about Seetee

I just read a letter to shareholders by Kjell Inge Røkke on the subject of the new company “Seetee” he just funded.

I had never heard of Røkke, but I just searched at Wikipedia and found out that he is Norway’s richest person with a career started in fishing and expanding to all sorts of interests. His main interest now is actually a company massively involved in fossil fuel called Aker ASA.

That letter to shareholders is well worth reading. It discusses Bitcoin, the main area the new company will be acting in. I found it saying many things I have been saying here as well.

Being of the opinion that solving the climate emergency will need cooperation from the oil industry, I think it is remarkable that someone representing the Norwegian oil industry should partner with Blockstream to explore the many ways Bitcoin can become part of the solution as opposed to being part of the problem. That shareholder letter describes Bitcoin as a very useful big battery that will be able to accelerate building new renewable capacity.

I did not find anything about using Bitcoin to solve the problem of allocating permits for producing fossil fuels on a world-wide trustless and decentralized basis. Maybe it is still to early for that.

I found it very interesting that the new company has chosen to start a cooperation with BLockstream. Their Liquid project may be a starting point for trying to get something like that going.

But maybe someone should look at this idea and find out if it can be done. Or if not, why not.

It appears that the name of this new company is derived from two science fiction books by Jack Williamson, Seetee Ship and Seetee Shock. The “Seetee” is for “C.T.”, which in turn means “contra terrene” or antimatter. I have not read these either, but am interested to do so.

Published by kflenz

Professor at Aoyama Gakuin University, Tokyo. Author of Lenz Blog (since 2003, lenzblog.com).

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