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Patrick McKenzie @patio11
, 3 tweets, 1 min read Read on Twitter
Comment on Bitcoin ETF to FTC:

Bitcoin is the next evolution of currency, because it is digital gold and an excellent store of value.

Also, commenter has lost 70% of their money in last six months, so please let retail buy their position from them.

sec.gov/comments/sr-cb…
Am I feeling a little bit of that hard to spell German word? Yeah, a little, but I am a reasonably good writer and I would be hard pressed to write a less charitable parody of BTC enthusiasts than that letter.
*SEC. D’oh.
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More from @patio11 see all

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I’m often surprised when reading about startups that critics move to envisioning a world where the startup has won so totally that there is no alternative to their model, which is not what the victory case looks like.
Thought prompted by (paraphrase) “Who will cross-subsidize the education of non-renumerative-occupation-of-interest after Lambda School is educating every professional in capitalism?”
And as much as I share enthusiasm for living in that hypothetical universe good golly there is a heck of a lot of work between the status quo and the first 1% of that outcome.
Read 4 tweets
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Using a Chromebook for the first time and reflecting that given how much of my workday is in Google applications and other generic web apps this might be a perfectly adequate main computer if one isn’t doing development (on which I have no read on it).
I always thought “You’ll pry MS Office from my cold dead hands” but these days 98% of what I use it for is handled by Google Docs. (It helps that almost all docs I care about are internal and began life in Google Docs.)
Also Google seems to have discovered a revolutionary technology called a “keyboard” where you mechanically actuate a switch and it results in a character of input to your machine.

Apple should steal that.
Read 4 tweets
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One of the least heralded and most important technological advances of the last 20 years is a battle getting fought one piece of paper at a time to replace workflows with web applications. It’s slow, boring, and enormously impactful.
It’s surprising how much you can get done these days *without* needing to call anyone, line up, or make a visit to an office to figure out the correct form to file something.
Random example for you: the IRS hires 10k people every year to type numbers from returns into the computer. This is a decrease from earlier, since e-filed returns don’t need to be redundantly retyped.
Read 4 tweets

Related threads

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#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
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PETRO WHITEPAPER ENGLISH TL;DR (CC: @GloriaAlvarez85)

1/ "Towards the Digital Economic Revolution."
2/ The whole text reads like a mixture of leftist Latin American dictatorship propaganda ("imperialist," "hegemonic") and and run-of-the-mill ICO marketing scheme ("interconnection," "without third parties").
3/ It claims to feature an original and fully-transparent blockchain backed by Venezuelan commodities as well as a "legal and institutional system
that provides security and judicial guarantees for investing and exchange."
Read 23 tweets
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#Bitcoin and fractional reserve banking (FRB). Thread 👇

Ok, this is going to be a controversial one. I've avoided the topic for a long time, but since there are many important experts -- ppl that I truly admire -- discussing the subject, I can no longer ignore it.
1/ Since the @Bakkt announcement, the issue has gained steam, especially through the works of @CaitlinLong_ (who's a real champion of #Bitcoin and liberty btw) and her concerns on WallSt's financialization of crypto. B/c of that, FRB is now inserted frequently into debates.
2/ As a background for laymen, FRB is considered THE BIG CONTENTIOUS & UNRESOLVED DEBATE within adherents of the so-called Austrian School of Economics. Rothbardians tend to think it's fraudulent, inflationary and causes economic cycles. They are the proponents of 100% reserves.
Read 33 tweets
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1/ Very pleased to share a summer project: a comprehensive, supply-side view of the base money supply across the globe. What is base money? Gold? Fiat? Bitcoin?? Have some charts to share…
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 61 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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The most valuable aspect of Bitcoin is: (see "2/" for explanation of terms.)
2/ Judgement resistance is the "swiss bank in your pocket" use case. Using BTC to store value in a way that a judge or law enforcement can't easily confiscate. Censorship resistance means you can transfer value in a way that is very hard to stop. And,
3/ depreciation resistance is the digital gold use case; a store of value that no central bank can inflate with money printing.
Read 3 tweets

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