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Brendan Bernstein @BMBernstein
, 8 tweets, 3 min read Read on Twitter
Interesting comments from Jim Mccoy on a @NickSzabo4 blog post. Mccoy founded mojo nation, which was essentially Bittorent + an incentivize mechanism through mojo credits.

Thread below

unenumerated.blogspot.com/2007/06/nanoba…
Interestingly, Mojo nation was founded *before* Bittorent. Bittorent ripped out the liquid credit markets from Mojo and incentivized data sharing through an obfuscated tit for tat mechanism instead

Mccoy seems to think this was the smartest thing Bram did...
Ripping out the liquid token is also the exact opposite of what's happening today, as we're bolting on tokens to any use case possible

Mccoy also recognized the importance of one monetary standard to bootstrap interaction between untrusted peers. This parallels Menger's thoughts
Szabo seemed to disagree. He believed it would be possible to develop an untrusted market between participants, but Mccoy, who'd "been there, done that" thought it would be impossible.
Bucket list: vast quantities of alcohol with @NickSzabo4 and Mccoy discussing nanobarter and money
Szabo seems to think that obfuscated nanobarter could successfully exist w. bots that lower mental txn costs

However, given what we know now with BTC, IMO the social scalability and liquidity of a single monetary standard will outweigh any perceived benefits of nanobarter
Why would nanobarter be interesting in the first place? For one, people could save in consumable / income generating assets instead of cash

This is only possible in a world with no txn costs (mental or otherwise) or else the costs and lower liquidity will outweigh the benefits
The main question is can computers remove the mental txn costs of comparing different prices? I dont think so

Would be really curious about what @NickSzabo4 thinks today on the potential of nanobarter given the success of BTC -- a single, global and liquid monetary standard
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Deficits will increase until there are negative ramifications. But that will be too late

People lose faith in the USD and the only recourse to weakness will be to jack rates up

In 2022 100% of our budget will already be going to existing liabilities

We cant afford higher rates
It’s easy to see this spiraling out of control

Other countries stop buying treasuries —> we jack up rates further -> our interest expenses increase and we need to issue more debt —> more people stop buying —> higher rates...etc
Given our existing liabilities — both entitlements + debt — we’re on a surefire path to massive tax hikes that all go to pay *existing* entitlements

This is a recipe for instability.

The working class is going to be funding the excesses of the last 50 years
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Cramer in 2000, days before the collapse:

"throw out all of the matrices and formulas that existed before the Web....they can't make money for you anymore, and that is all that matters. If we use any of what Graham and Dodd teach us, we wouldn't have a dime under management.”
This is similar to "cryptonetwork valuation thinking

Null hypothesis should be that the status quo is unchanged: assets are worth discounted future cash flows

Errors with tech valuation weren't because of a lack of tools but bc of errors predicting cash flow and new biz models
The tacit assumption is that crypto has created an entirely new paradigm -- for both asset valuation and fundraising

But my base case assumption is that other than which ONE ASSET wins as the primary money, the only way others can accrue value will be through cash flow
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i'm long web 3 if it means decentralizing trusted 3rd parties

but IMO every attempt on a b-chain is not close to what it'll ultimately look like

progress in crypto is just inertia --Iterating on existing b-chains just for innovations sake

nobody questioning the premise itself
what if the right model to create a censorship resistant web isn't on a blockchain with a native token?

most goals can be accomplished with existing software. Do people forget the whole p2p wave?

governance of OSS already exists and so do distributed protocols (DHTs, IPFS)
feels like people are wedded to the token model from a sunk cost fallacy, and all the investment $$ of web 3.0 is still going into very similar ideas

but my bet is that FB isn't going to be disrupted by a social network on a blockchain that ICOs....
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Dear @MBuhari In case you haven't seen the letter written by the Red Institute to your party, I will reproduce it in the thread below. So you won't say you were unaware.

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This thread focuses on advanced threat perception from this group. Although this is a vast network covering many areas we concentrate here on key players driving it forward.
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Making a thread of makers & entrepreneurs who inspired me, and what they taught me.
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This surveillance tech is deployed at Sabarimala currently with Artificial Intelligence based high-res cameras fitted onto drones synced with various databses and biometric profiles under what they call "Predictive Policing" - stopping crime before it starts or future crimes.
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#Thread: Our chair Omingo Magara articulated The Centre for Multiparty Democracy's memorandum to the Building Bridges to Unity Advisory Taskforce consultative meeting with stakeholders held today at the Kenyatta International Convention Centre. #BuildingBridges
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How To Judge A Book (or Course or Training) You Pay For

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In 2009, a friend of mine made =N=1.4 million selling a 5 page ebook he had written.

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