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Saifedean Ammous @saifedean
, 3 tweets, 1 min read Read on Twitter
Well, it's the second worldwide currency, after gold. We didn't need digital telecommunications to invent a global money. But we do need it to get around the statist parasites & criminals who have done everything possible to stop it.
ccn.com/bitcoin-could-…
If Bitcoin does indeed become one global nongovernmental money, the peace & prosperity it will unleash on the world will be astonishing.
The kind of intellectuals who have propagandized for government money will be universally reviled for eternity.
To understand how beneficial a global money would be, imagine how destructive it'd be if each of the 50 states in the US had its own central bank & floating currency. Inter-state industry & commerce would be severely hurt by the calculation problems & all Americans would suffer.
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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

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Gold: Back in the office for the first time since before Christmas, its time to look back on #gold's recent performance and what may lie ahead.

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But as this chart shows, #gold has run ahead of the weakening dollar.

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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…
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Gold: Stubbornly Short:

CFTC data, released Friday for positions as of Tuesday 4 September, show that Comex Managed Money remains short #gold.

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Gold: Sitting like a Coiled Spring, #gold remains below $1200/oz on Monday, although it has recovered a little ground from the lows last week. 1/7
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In its desperate, unenlightened attempt to undermine & attack the Virtual Currency model (#BTC), the EU/ECB has created a legal timebomb! A/
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