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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 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
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
Saifedean Ammous Profile picture
Mar 25, 2023
Promoters of the fractional reserve banking scam insist it's the inherent & inevitable form of banking. They fail to see how the fiat cartel makes it illegal for anyone to build a bank that's not fractionally reserved to protect their cartel from competition from solvent banks
"The free market chooses fractional reserve banking" takes the form of a private cartel with government monopoly protection telling honest bankers they would go to jail if they open a solvent bank that doesn't engage in counterfeiting.

Custodia isn't the first full reserve bank to be banned by the fiat cartel. The Narrow Bank had nothing to do with crypto and was also banned for no reason except that it would destroy insolvent banks
Read 4 tweets
Saifedean Ammous Profile picture
Mar 22, 2023
I feel dirty sounding bearish on bitcoin, but I do not think bitcoin will hit $1m in 90 days & and I do not think the dollar can possibly hyperinflate this quickly.

My reasoning follows
1- Even if @balajis is right on the extent of the banking crisis, a banking crisis is deflationary. When a bank goes bankrupt, the money supply is reduced. If ~all banks go bankrupt, then a majority of the money supply is destroyed & that would make hyperinflation less likely,… twitter.com/i/web/status/1…
3- This chart shows the fastest rates of inflation recorded in history, but these all came at *the end* of hyperinflationary periods, after a relatively slow start. Even in highly dysfunctional countries with decrepit monetary & financial institutions & no global reserve… twitter.com/i/web/status/1…
Read 7 tweets

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