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Saifedean Ammous Profile picture
@saifedean
Jan 3, 2019 • 4 tweets • 2 min read • Read on X
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
I stand corrected. Thanks, @peterktodd. The value overflow bug of Aug 2010 confirmed a transaction that spent 184 billion bitcoins, and had to be soft-forked out around 50 blocks later. Still, just a little bug when btc was in its infancy ain't that bad.

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More from @saifedean

Saifedean Ammous Profile picture
Oct 27, 2023
Israel is too PR savvy to just kill 2 million Gazans. Instead, they're systematically destroying all essential infrastructure to create a humanitarian crisis where disease & starvation will kill many of them & force neighboring countries to take the rest as refugees
#GazaGenocide
It will only take a few terror attacks or false flags from the West Bank to do the same thing to the 3m Palestinians there. This has been Zionism from day 1: PR-optimized ethnic cleansing to acquire as much land as possible with as few Arabs as possible.
There's been practically no serious effort by Israel to target Hamas or its leadership with the carpet bombing of Gaza. The goal is to flatten all buildings & turn Gaza, already one of the most densely populated parts of the world, into destitute tents.
edition.cnn.com/2023/10/25/mid…
Read 43 tweets
Saifedean Ammous Profile picture
Oct 14, 2023
When was the last time you found yourself supporting the complete destruction of the lives of 2.2 million people because you've been manipulated into believing in collective guilt like a criminal moron?

"Gaza will eventually turn into a city of tents. There will be no buildings"
You have to be a complete retard if you think the systematic destruction of Gaza is about targeting Hamas, which this Israeli government has worked hard to support over the years. This is just Israel's national sport: ethnic cleansing
~50% of Gaza's population is under 18.
~75% were unborn/too young to vote in the last election in 2006.
Do they all deserve to have their lives destroyed over that vote?
How would YOU like to be held personally responsible for everything your government does, forever?
Read 5 tweets
Saifedean Ammous Profile picture
Sep 3, 2023
This serves as an excellent introduction to one of the most interesting and original recent works in political philosophy: Prince Hans-Adam of Liechtenstein's The State in the Third Millennium. Image
Prince Hans-Adam proposes self-determination & the right of secession as the basis for political organization, as opposed to the fiction of popular managerial oversight over government.

The former is how Apple works; the latter is how democracies fail
amazon.com/State-Third-Mi…
Apple users don't get to tell the CEO & engineers what to do; they simply decide to buy or not buy. Since Apple can't force them to buy their stuff, the only way they can sell it is by making it good enough for people to willingly buy it.

libgen.rs/book/index.php…
Read 8 tweets
Saifedean Ammous Profile picture
Aug 8, 2023
Bitcoin fixes renewables by bankrupting all fiat governments that subsidize electricity from intermittent sources, forcing TV-watching virtue-signallers to come to terms with thermodynamic reality: a choice of hydrocarbons vs cold, darkness, poverty, primitiveness, & early death
Wind & solar are unpredictable & intermittent, so no sane engineer would ever connect them to an electric grid, whose entire point is to provide reliable power regardless of weather. Only fiat makes this insanity possible.
When sun doesn't shine or wind doesn't blow, the cost of electricity from solar & wind is infinite. Modern technology, from fridges to baby incubators, relies on steady power, which means solar & wind require backups for their entire capacity, which makes them entirely superflous
Read 9 tweets
Saifedean Ammous Profile picture
Apr 25, 2023
There is no inflation if you accept you are poorer!

#TheFiatStandard
"British households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said."
theguardian.com/business/2023/…
See #TheFiatStandard hashtag for countless stories leading to the BoE's conclusion that you can fix inflation by learning to have fun staying poor

You'll love the pod!
Read 6 tweets
Saifedean Ammous Profile picture
Mar 28, 2023
Fractional reserve banking would not survive in a real free market. It currently only exists because the Fed is a cartel with a monopoly on banking & currency, which effectively taxes full reserve banks to subsidize fractional reserve banking scams.
Currently, the fiat cartel rejects applications of any banks that want to offer full reserve banking, because if they did not, then the slightest problem in the banking system would result in a run on all fractional reserve banks to the full reserve banks
But more fundamental than the blatant cartelization of banking is the distortionary impact of inflation and deposit insurance, which is a tax on full reserve banks & a subsidy to fractional reserve scam banks, that makes it impossible for the former to compete with the latter
Read 8 tweets

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