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Saifedean Ammous @saifedean
, 5 tweets, 2 min read Read on Twitter
.@coinbase's latest shitcoin pumpfest could be added to my book as an object lesson.
They give away shitcoins for free, because it's easy money that costs nothing to make.
They don't give bitcoin away for free, because it's hard money. They instead ask bitcoiners for donations!
If you like to think of the future, ask yourself which would you rather be holding in 10 years:
The easy money they give away for free?
The hard money they ask for as donation?

If you think the future is overrated... SIGN UP NOW FOR FREE MONEYZ!
The plot thickens:
Bitcoin is just one of 2,000 coins but a data entry on our Excel sheet will be the global monetary base
BitcoinXT
Bitcoin Classic
Segwit2x
Ethereum
Bitcoin Cash

Coinbase has enthusiastically supported every major attack on Bitcoin & is now spearheading its own, USDC.

Has a firm ever actively tried to sabotage its core business & raison d'etre as coinbase has done with Bitcoin?
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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 3 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/ 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
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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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1/ Most people think #Bitcoin’s PoW is "wasteful." I explore how everything is energy, money is energy, subjective use of energy, and PoW's costs relative to existing governance systems

For a deeper dive, my Medium post: medium.com/@danhedl/pow-i…

TL;DR - check out this thread 👇
2/ The idea of “work” being energy started when the French Mathematician Gaspard-Gustave de Coriolis introduced the idea of energy being “work done.” A long time ago, the work done in the economy was entirely human. That work was powered by food.
3/ Thousands of years ago, our energy usage increased when we domesticated animals which could labor in our place. Those new laborers also had to be fed. Large amounts of food were required to meet the energy demand, and our prosperity increased alongside.
Read 25 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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1/ I always sympathize with open-minded nocoiners because we haven't had sound money in the world for a *very* long time. But I always wonder how would it be if it were the other way around. What if someone tried to sell the idea of easy money in a sound money world?
2/ The picture above is from "The Travels of Marco Polo". The interestingly-titled chapter "How the Great Khan Causes the Bark of Trees, Made into Something Like Paper, to Pass for Money All Over His Country" introduced the idea of paper money to the western world.
3/ "All these pieces of paper are issued with as much solemnity and authority as if they were of pure gold or silver", he says. "‘Of this money the Khan has such a quantity made that with it he could buy all the treasure in the world."
Read 7 tweets
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Starting today's #Bitcoin news thread...

Remember you can find the newsletter, YouTube, and SoundCloud links to the Daily Bitcoin Recap at kyletorpey.com
US Treasury Secretary Warns Against Bitcoin Becoming the Next ‘Swiss Bank Account’

🤔Wonder if he knows that's the whole point.

bloomberg.com/news/articles/…
The Bitcoin Investment Trust will undergo a 91-for-1 split on Jan. 26. That’ll turn the 1.9 million shares currently outstanding into a whopping 174.4 million. It will cut the stock price from around $1,950, where it currently sits, to roughly $21. bloomberg.com/news/articles/…
Read 34 tweets

Trending hashtags

#maklumsajah #TrumpTrain #StayWoke #ceritanyagalau #LightningNetwork #bitcoin #Magnitsky #fintech #joinforces #BigData #Bitcoin #TrumpRussiaRegime #economy #BigLosers #MLKDay #blockchain #indicators #WallSt #bitmex #RICOs #Tendermint #technology #trader #propaganda #corpocoin

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