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Saifedean Ammous @saifedean
, 4 tweets, 2 min read Read on Twitter
To everyone concerned about Bitcoin development:
If you're willing to hold bitcoin then you clearly find the status quo of Bitcoin development to be acceptable and should stop concern trolling.

Bitcoin's "broken" development model is giving us lightning. All the shitcoins built to "incent" developers with Ponzi schemes have innovated absolutely nothing but vaporware, Ted-talk-style insight porn & laughably stupid white papers.
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More from @saifedean see all

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Play stupid games... win stupid prizes!
Two important lessons from this shitcoin's demise:
1- The price has barely budged, which shows that demand for these shitcoins has nothing to do with their function, security, or safety and is entirely driven by speculation on exchanges.
2- It took more than a day for ETC fans & promoters on Twitter to even realize this attack was happening after @pierre_rochard told them about it, because they couldn't find anyone who runs a node!
Read 9 tweets
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Bitcoin has now been operating for ten years without confirming a single fraudulent transaction, and without deviating from its original monetary issuance schedule.
Deal with it!
If Bitcoin continues operating for the next 30 years exactly as predictably as it has for the last 10, we'll only have ~20% more bitcoins in existence. Nobody has a clue how much more of government currencies there will be, but it'll be much more than today for those that survive
Unless you can stop bitcoin working (good luck!) or stop gov't inflation (good luck!) your thoughts & actions are irrelevant to economic reality imposing itself in the long run: harder money will hold value rewarding its holders, while easy money loses value punishing its holders
Read 4 tweets
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Anyone who believes proof of Stake can work is either:
1- completely clueless at to how and why Bitcoin works at all.
2- a con artist using it as a buzzword to promote a worthless scam like Ethereum.
Proof of Stake is no different than the Federal Reserve system, which is owned by its constituent banks, who have a monopoly on increasing the money supply you are forced use. It's the problem Bitcoin solves with proof of work by making money creation hard for everyone.
In a free market, productive people would choose the hard money over the proof of stake easy money. That's why central banking needs government force to protect its monopoly & why no shitcoin with PoS can survive without an army.
Read 6 tweets

Related threads

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1/ 10 years ago today, in an unknown location, a mysterious figure whose identity is still unknown, tapped a key on his keyboard, spurring his CPU into action.

In doing so, Satoshi reified his vision for a decentralized digital cash that he'd published 3 months earlier.
2/ The fan in his computer began spinning to keep the CPU, burning from the burden of work it had been given, from overheating.

The CPU in Satoshi's computer was searching for a special pattern, much like a digital needle in a haystack, that would secure #Bitcoin's first block.
3/ Here is that needle:

0x000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

It is the hash of Bitcoin's "Genesis Block", which created the first 50 bitcoins ever to be mined (by a quirk of Bitcoin's protocol these 50 bitcoins can never be spent).
Read 11 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets
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1/ Altcoins compete on *claims* of complex features, but that's a losing model, because with time new complex feature ideas will become popular.

The real challenge is to create simple, robust and unchangeable features like #bitcoin.
2/ The short history of the #BitcoinEra has shown altcoins' claims of complex features are a dime a dozen. Popular features come and go, or evolve into yet new features.

By the time your altcoin has built a working network, its feature list is passe.
#bitcoin
3/ #Bitcoin, on the other hand, does a few things very well, and provides a space for people/businesses/apps to capitalize on those unchangeable strengths of its system.
Read 12 tweets
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I fear I may have confused some of my followers. This will be my attempt to clarify my positions. I stridently argued with those who were claiming that an omnibus bill was not a budget bill and therefore POTUS could do whatever he wanted with the money.
That is clearly and unequivocally false. An omnibus bill is merely an amalgamation of all 12 individual budget bills. If Trump were to ignore the bill’s instructions and do what he wanted with the money, he would be immediately impeached, and rightfully so.
So, when people said he was going to take DoD funds to build the wall using the Army Corps of Engineers, I argued against that and tried to show that it would be illegal and unconstitutional. However, late last night there was a new development.
Read 37 tweets
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1/ My theory on why @rogerkver acts the way he does. I think the root cause is that he doesn't understand #Bitcoin on a sufficient technical level
2/ Any politician can make grand promises of solutions to problems, and expect others to make them happen. But building and delivering is what counts
3/ If Bitcoin is to become a foundation for human and machine peer-to-peer interaction that nobody can control or censor, each user needs to easily be able to run a full node
Read 8 tweets

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