1/ Below is a Q3 2018 update on the global monetary base, or base money. This is certainly not the M1 money supply. Not M2. Not M3. The distinction is important. What is base money? Is it #gold? Is it government fiat? #Bitcoin?? Have some charts to share. This is installment #2…
2/ To begin, it's important to understand the universal accounting identity: Assets = Debt + Equity. Today, it's true that all fiat money is debt-based. But before exploring fiat money, let's look at asset-based money.
3/ Traditionally, commodity money has been asset-based, most notably gold. Gold is a true asset of the holder. If you own gold free and clear, it is your asset, and no one else's debt, no one else's liability.
Another super dishonest study. Using the metric “energy to mine one dollar’s worth” is very dishonest because it depends on the current market price of the asset. They conveniently used 2018 data for Bitcoin, but 2017 for precious metals to fit their predetermined FUD narrative.
If you look back at December, Bitcoin’s difficulty was actually about 1/4 of what it is now according to blockchain.com/charts/difficu…. Also the price was 3x as much. Since the block reward has not changed we can calculate the estimated energy usage last year to mine one dollar’s worth
19 MJ (current energy to mine $1 from article in 2018) / 4 (lower difficulty) = 4.75 MJ / 3 (higher price per Bitcoin) = 1.58 MJ of energy to mine one dollar’s worth in December 2017. Which happens to be significantly lower than Platinum (6 MJ), Gold (5 MJ), and Copper (4 MJ).
I’ve just written this. I’m passionate about Twitter - always have been. I love how it is tackling fake accounts and hoping to reduce the amount of extremism online. But these adverts should be a priority.
Each of the accounts used in the scams are @verified and, last time this happened, I copied in @TwitterSupport so they knew it was happening. It looks like it takes about 30 mins-1 hour to take down these scams but that is long and the damage to innocent accounts lasts longer.
1/ Let's take a trip down #Crypto memory lane together !🗓️
The year is 2014. In the middle of the bear market, #Bitcoin enthusiasts are still optimist about the potential of their cryptocurrency and a book "Bitcoin for the Befuddled" is published to explain it to novices.
2/ One specific extract from this book was then published as a blog post and stood out in my memory: “A Typical Day in a Blockchain-Enabled World Circa 2030”. ⛓️
1/ So, as mentioned by Joseph Young yesterday, the South Korean finance minister gave crypto exchanges the okay to allow crypto exchanges to open up accounts with them so long as they ensure those exchanges have a KYC/AML process:
3/ Many see this as a big deal because there was a banking prohibition on allowing crypto exchanges to host crypto accounts in South Korea in the beginning of this year that effectively cut off fiat on ramps in the nation:
1/ 10 years ago today (Fri 6:10pm 2008-10-31 UTC) Satoshi Nakamoto announced the creation of #Bitcoin to the cryptography mailing list. Satoshi's creation is the most important innovation to money (itself the most important good in any society) in a thousand years.
A thread 👇
2/ When the Bitcoin network launched in 2009, very few people understood its significance. Today, ten years later, Bitcoin's market capitalization stands at over 100 billion dollars.
The great Hal Finney RIP, the first person to receive bitcoins from Satoshi, grokked its import:
3/ Never in the history of the world had it been possible to transfer value between distant peoples without relying on a trusted intermediary, such as a bank or government.
Nakamoto’s invention allowed this for the first time ever.
Not to be a negative nelly 😂 but I feel like we're on the edge the next big global recession. I can't ignore the matching mahosive bear div on the big 5 global markets. Which is interesting since we haven't had one like that since 2008.
From the serpent's mouth, we get #RedOctober. Q knew. This crash is designed my the Cabal. But from the ashes there will be no Phoenix or SDR. This crash, decades in the making, will be used by the Alliance to restore freedom. First comes some Pain. #gold nzherald.co.nz/business/news/…
1/ @rogerkver has agreed to debate me on #Bitcoin vs BCash and the importance of merchant adoption. To avoid the fiasco of prior debates, I'll do the debate only if we have an impartial moderator.
I think Roger would agree @laurashin is impartial. Laura, would you moderate?
2/ Several people have warned me not to debate Roger because of his debate shenanigans (mic snatching, bringing hecklers, constantly interrupting opponents), however I'm a strong believer that good ideas always triumph - Magna est veritas et prævalet.
3/ And while I think Roger is beyond redemption from his BCash ways, there are many others who are trying to understand what Bitcoin is, and what path it should take in the future. It is those people I hope to reach.
2/ I'm not sure how many are familiar with TradingView, but if you do use the fib wedge chart drawing tool, then you must pick a 'middle point' for your wedge. For me, this was obviously at the all-time high (the center).
3/ Once you do that, you must extend the wedge out to the left to the date that you believe the price run started at. In this instance, I picked September 2015 because the price never looked back ever since.
Check out my article analyzing #bitcoin powerful price and time dynamics via logarithmic regression analysis. See how $BTCUSD growth curve is similar to Facebook’s adoption S-curve, the proportionality of bear/bull cycles, plus future price forecasts. medium.com/@Awe_andWonder…
1/ A tremor in the water, a distant rumble. Apprehension is in the air as one of Silicon Valley's apex predators enters the cryptocurrency market.
Should #Bitcoin owners fear the entrance of Facebook? Let's consider the risks...
2/ The reports are that @davidmarcus is heading a team at Facebook with the intention of launching their own foray into the crypto market. Those who know him, know David is an outstanding executive and he's already built a small, crack team within FB.
3/ But what is Facebook going to launch? I see three main possibilities and I want to consider whether each of them (A, B, C) pose a direct threat to #Bitcoin and what resources and comparative advantages Facebook might bring to bear in the cryptocurrency market.
1/ Great morning for a tweetstorm updating the latest on the interaction of #WallSt & #bitcoin, drinking coffee from my new BitMug (thanks AC Fenton!) @brucefenton
2/ The most significant news--maybe most important news to date on the #WallSt front--was @tzeroblockchain's token generation event on 10/12 (a fully-compliant #STO on the public #Ethereum mainnet of true preferred stock, issued by an SEC registrant). Investor letter captures...
3/ ...perfectly the true benefit of owning #cryptoassets (which defenders of the legacy system love to ignore): investors have the option to opt out of the legacy system, which is unstable & unfair. Owners can either hold tokens at a broker/dealer OR IN A PERSONAL WALLET at...
1/ @SatoshiLite recently debated @rogerkver about the merits of using Lightning Network vs BCash for payments. In the debate Roger brought up a point that needs to be addressed; Roger claimed that it is easier to censor payments on LN than on BCash.
2/ Here is the tweet that Roger mentioned in the interview. In it we see a strongly connected network with one isolated node - the node was named Roger Ver.
Roger claims that the ostracization of this node is not funny, but a sign of censorship.
3/ Let's consider the economics of his claim. It is important to recognize that with Lightning Network, as with #Bitcoin, or even with free markets in general, you never have guarantees of anything - you have incentives that create long term tendencies.