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Discover and read the best of Twitter Threads about #bitcoin

Most recents (24)
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.
Read 64 tweets
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).
Read 4 tweets
It’s Time Twitter Cleaned Up The #Phishing Ads

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.

link.medium.com/gCqRV3BVAR
Today’s scam has roped in @patheuk, @swansladies, @sarahscoop, @angola2411, @bookmyshow_sup - last time it was @monsterjobs, @GeoffroyDidier, @wsu_womensgolf, @CarteNoireUK and @rpsgmavericks - all without their knowledge and all trying to scam people out of their #bitcoin.
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.
Read 5 tweets
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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”. ⛓️

blockchainfutureslab.wordpress.com/2016/02/27/a-t…
3/ In this chapter, we follow Crowley 🐊 the humanoid crocodile character as his day unfolds in a #hyperbitcoinized world and witness his interactions with smart contracts and programmable money.
Read 18 tweets
🚫SayNo2H8🚫

The Pentagon Has Prepared a Cyberattack Against Russia if they try to interfere with the election. 🤗

GOP Lawmaker Under Fed Inv’n For Saying Bible Gives License To Kill😱

Trump adm plans to end program that fights violent extremism despite recent tragedies.😱
🚫SayNo2H8🚫

Pentagon rejected DHS request for troops to perform 911 law enforcement functions on the border, inc’g "crowd & traffic control,".

Senate Intel Wants Docs on NRA’s 2015 RU Trip

Leissner Was a Classic Goldman Power Player Before His Indictment in connection to 1MDB
🚫SayNo2H8🚫

The Neuroscience of Hate Speech
Humans are social creatures who are easily influenced by the anger & rage that are now so prevalent

On a Tiny Finnish Island, a Helipad, 9 Piers & the RU Military?

Twitter deletes over 10,000 accounts seeking to discourage voting
Read 80 tweets
Beware of fast talking money managers and their narratives, especially about #bitcoin. Often the best read on the market comes from an insightful saver.
Longer timeframe trends trump single cycle targets.
The nature of the money trumps narratives from research data.
Read 3 tweets
1/ Planting Bitcoin - “Development/community” (4/4)

Bitcoin’s perfect seed (genetic code) had been planted at the right and place. Now it was time for Satoshi to nurture Bitcoin’s development.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread 👇
2/ “The project needs to grow gradually so the software can be strengthened along the way.” — Satoshi Nakamoto

Satoshi chose to be anonymous, which fit the ethos of the Cypherpunks. People can project hopes and dreams on an anonymous individual, ensuring maximal narrative fit.
3/ Volunteers need to rely on trusting the objective reality of the code, rather than focusing on the merits of the project leader.

“It does not matter to the operation of the technology, in the same way that the identity of the inventor of the wheel no longer matters”@saifedean
Read 26 tweets
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:

2/ Here is the specific article source where Joseph Young grabbed that information from:

tokenpost.kr/article-4672
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:

reuters.com/article/us-sou…
Read 7 tweets
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.
Read 9 tweets
1/ #Cryptonetworks represent a coordination mechanism around a scarce resource (or resources).
2/ In #Bitcoin, the scarce resource is space on the ledger, and a highly secure ledger at that.
3/ If you believe “ledger space” is the only scarce resource that a blockchain can coordinate around, then you’re a maximalist of some kind.
Read 6 tweets
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.

#S&P
Read 7 tweets
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/…
Did Trump just outline the Plan to restructure the Federal Reserve?

#RedOctober #gold #Bitcoin #QAnon #TrusthePlan #EndtheFed #GreatAwakening #WWG1WGA
Read 3 tweets
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.

Read 3 tweets
1/ This is a fib wedge on Bitcoin. Let me explain to you how this works and why I did not just draw this in an arbitrary fashion

$BTC #Bitcoin
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.
Read 10 tweets
#Bitcoin is bigger than all the companies that try to capitalise on its #blockchain #technology.

#Bitcoin + #IoT + #DeepLearning will transform the global political & financial system without permission.

#blockchain #LightningNetwork #fintech #blockchain #disruptiveinnovation
#Decentralisation will take time.

#Bitcoin is decentralised although still attached to a centralised world.

⚠️ This is the alpha.
⚠️ #LightningNetwork is the beta.
If you want to change society you need to change the social paradigm, or offer an incentive greater than money to discourage greed. #bitcoin #LightningNetwork ⚡️
Read 10 tweets
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…
Source for cryptocurrency's S-curve estimate:
In pictures: "Moon math - mapping out Bitcoin’s powerful price and time dynamics"
Read 6 tweets
This week, for #GlobalEChats I want to create a #thread to help any roadside, gerai, rickshaw stall owner on how they can embrace #tech in #IR40!

Tak semestinya kalau kita jual pisang goreng, kita tak boleh #techsavvy dalam era arus kemodenan internet kan?

Ini adalah thread!
Macam mana nak luaskan pasaran pelanggan kita? Kalau pelanggan tak datang ke gerai kita, kita gerak ke mana ada ramai pelanggan! Make yourself #mobile, use #foodtrucks.

Nak tahu macam mana nak start foodtruck? Dengar abang @Humblechef berkongsi cerita:
efm.live/episodes/ep17-…
Tapi kita kena consistent, lokasi kena ada separa-tetap (#semipermanent). Waktu jualan kena konsisten. Steadyyyyy. Ada juga perniagaan separa-#mobile seperti YooHoo Hot Dogs oleh @tonyeusoff.

Nak tahu jalan cerita #yoohooshack? Dengarkan kat sini:

efm.live/episodes/ep19-…
Read 12 tweets
Thread: 1/

"#Blockchain is the technology behind #bitcoin"

..is a phrase you'll often hear from the mainstream media..

But if you're attempting to understand DIGITAL SCARCITY through the act of studying "blockchain technology"

..you're probably having a hard time..
2/
This is because the word "#blockchain" has become a popular buzz-word in numerous marketing campaigns..

But most of the companies who brag about their involvement in "blockchain" have deliberately avoided the main ingredients that enables digital scarcity...
3/
To understand digital scarcity one must focus on 3 specific elements that are all inherent parts of #bitcoin...
Read 19 tweets
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.

techcrunch.com/2018/08/10/fac…
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.
Read 16 tweets
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...
Read 13 tweets
#Bitcoin isn't just mathematically secure, it's thermodynamically secure.

Bitcoin's cryptography is based off of computational hardness assumptions and the complexity of brute force attacks.

We can compute the minimum energy / time needed to attack Bitcoin.

1/
For eg, to break preimage resistance of sha256, we must compute 2^256 hashes.

BTC has 50M TH/s hashpower. It would take
2^256 / (50 * 10^6 * 10^12) s
= 2^256 / (5 * 10^18) s
> 2^256 / (2^3 * 2^60) s
= 2^256 / 2^63 a
= 2^193 seconds
> 10^40 * age of universe
To break it.

2/
Antminer S9 does 13TH/s at 1300W. That's 10^9 hashes / Joule.

The sun emits ~4 * 10^26 W in energy. That's enough to power 4 * 10^35 hashes / s.

2^256 / ( 4 * 10^35) s
> 2^256 / 2^122 s
= 2^134 s
= 10^22 * age of universe

The sun can't even break sha256.

3/3
Read 3 tweets
@MollyMcKew @ManInTheHoody @sarahkendzior @MalcolmNance @WIRED @maxgmarshall @ParagonSci_Inc @Sysomos But if there *are* any coordinated attacks going on, then, with apologies to @MolllyMcKew, note that in the wake of Manafort flipping, the assorted #botnet hackers falling to the .@FBI, the #cryptocurrency map of crime & collusion, etc, this is a *great* time to be implicated.
@MollyMcKew @ManInTheHoody @sarahkendzior @MalcolmNance @WIRED @maxgmarshall @ParagonSci_Inc @Sysomos @FBI It's hard to overstate how important a cooperating Manafort becomes to unraveling, say, media subversion.

But let's start with Eric's documentation of media-influence operations & go from there.
.@FBI
@MollyMcKew @ManInTheHoody @sarahkendzior @MalcolmNance @WIRED @maxgmarshall @ParagonSci_Inc @Sysomos @FBI First, remember @ericgarland initially just released the public, executive summary of his research into *one* aspect of this - a consistent pattern of harassment in response to his original Game Theory thread.
.@FBI
Read 56 tweets
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.
Read 7 tweets
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