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, 3 tweets, 2 min read
Flushed out another one.

It's amazing how persistent the '27-year' myth is. People really want it to be true, so they don't bother to do any back-checking. I traced out the myth's history here: jpkoning.blogspot.com/2019/09/the-li…
Whoops, the 27-year urban legend just spread to the front page of @bitcoinist, the "prime source for the latest information about Bitcoin, digital currency & blockchain technology." bitcoinist.com/bitcoin-nears-… Fascinating to watch this meme be propagated in real-time...
And now @Cointelegraph has a slick video about the meme.

"Each day our team delivers the most accurate and up-to-date news from both the decentralized & centralized worlds." 🤨
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More from @jp_koning see all

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John Paul Koning
@jp_koning
Nick has an interesting theory about why banknotes replaced coins. Technology made coin counterfeiting easier, he says, so people fled into banknotes. Otherwise they would have stuck with coins.

But it's wrong. 1/4
Government policies—not innovations in counterfeiting—explain the prevalence of fakes. In the UK the Royal Mint refused to coin copper, so the supply of change was worn-out & easily counterfeited. It didn't hire foreigners or adopt new technology, so its work was shoddy. 2/4
Once it was adopted, technology cut down on fakes by providing mints with a new set of defences:

-patterned edges
-elaborate engravings
-crucible steel
-striking in collar
-steam striking
-high reliefs
-die hubbing

I get this from @GeorgeSelgin's excellent book, Good Money 3/4
Read 4 tweets
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John Paul Koning
@jp_koning
China's new digital currency will work offline, says @dgwbirch: blog.dgwbirch.com/?p=530 So if a disaster causes a communications blackout, transactions can still be made. Like regular cash.

This is a big step forward for national security. Other nations will be watching closely.
Banknotes provide some unique properties including 1) anonymity, 2) censorship resistance and 3) resilience. It seems that China's new system will (mostly) replicate the third.

Here are two blog posts on the topic of resilience:
-jpkoning.blogspot.com/2013/04/why-fe…
-jpkoning.blogspot.com/2017/06/the-ro…
What about anonymity? Yao Qian, who kickstarted China's digital currency effort, once described something called "controlled anonymity": itu.int/en/ITU-T/Works…

Users can control how much of their personal data trading parties get to see. But the state gets backdoor access.
Read 3 tweets
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John Paul Koning
@jp_koning
"At the height of the Iraq & Afghanistan conflicts in 2004, the Army collected more than $480 million in U.S. cash in theater. Today, EagleCash has reduced that number to near $0." usafmcom.army.mil/News/Article-D… ht @stmdc

The US military has had some innovative payments ideas... 1/3
An occupying force wants to use a money that...
-doesn't dollarize the nation they are occupying
-can be tracked, thwarting black marketeers
-is lightweight
-if they lose, the enemy can't reuse it
Dollar bills are bulky, infiltrate local economies, and aren't enemy-resistant.
2/3
So we get innovations like EagleCash. Other ideas:
-Military Payment Certificates jpkoning.blogspot.com/2017/04/c-day-… & overprinting jpkoning.blogspot.com/2017/04/leavin… (demonetizations thwarted enemies & dollarization)
-Pogs, which were lighter than metal coins 3/3
Read 3 tweets

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Stu Cvrk
@STUinSD
Thread: The First Four-Star Flag Officer in US History Joins the Effort to Void the Election of the US President

1. From time to time, I like to promote the Combat Veterans for Congress Political Action Committee, as their cause is righteous.
2. I agree whole-heartedly with almost all of their stances on issues. Here is one of those opinion pieces that I’m certain will resonate with you, too. In fact, the topic makes me furious!

<editorial begins>
3. For the first time in 243 years, a 4-star decorated and retired US Navy admiral, Admiral William McRaven, violated the ethos of military professionalism by authoring an Op Ed for release in the New York Times.
Read 53 tweets
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天使
@forthenomin
The following days since winning the student council electing and being sworn into the tresorial seat were amazing. Jaemin felt a little more powerful than he already was.
A lot of his juniors would always greet him every time he passes by, but the number of them drastically increased in just a short amount of time.
As expected, those little minions are all over him, which means he has more people to control and manipulate into doing things that would benefit him. However, there’s been one person that’s bothering him: Lee Jeno.
Read 917 tweets
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angelo
@forthenomin
Nomin NSFW AU💫

A wolf in sheep's clothing, that is what Na Jaemin is⁠—a vindictive and manipulative walking catastrophe hiding under the guise of smiles and kindness. When caught in the act of spending the school fund by Lee Jeno, he finds himself in an unflattering agreement.
NOTE: This is a tweetfic, and the updates will probably be slow bc I'm still writing the Jaeyong AU. This will ~probably~ have smut in every update.

WARNING: Insults, dubious con, kink (muscle worship & armpit fetish), explicit smut. Idk what else to add
Please, take the warning seriously.

-quote, not reply
-comments & likes are very well appreciated

I will probably start this tomorrow or the next day!!! curiouscat.me/forthenomin
Read 571 tweets
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Michael S. Alford
@MichaelSAlford1
After work, Shane took the trolley downtown, There was still a place or two down there he hadn't been banned from.
He was easily a block away when he saw the crowd, and heard the shouting.
#vss365
Assembled loosely on the corner was a group of well-dressed people. Some were holding signs, some were passing out literature. One fellow was saying something to people as they passed by, struggling to be heard over the traffic.
Protesters? Shane wondered.
#vss365
Too late, Shane realized one of the crowd was addressing him.
"Can I give you something to read?" The man pushed a small pamphlet into Shane's hand. He didn't seem angry at all.
"What are y'all protesting? What's this all about?"
#vss365
Read 364 tweets
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Ajay
@R_Ajay_
#History/#Art thread – From my recent trip to Madurai/Tirunelveli. On Jain sites (some with a rich history dating back to at least the 3rd cent. BCE), early Pandyan rock-cut cave temples (7th-8th cent. CE) & the amazing Vettuvan koil.

Pic: Mahavira (~8 cent CE), Kizhakuyilkudi
Before I start on the places, the history around all this is fascinating & splits opinion. Is it apt to call the script Tamili/Tamil Brahmi? Did it develop independently in the Tamil country/come with the Jain monks from the north? Were 8,000 Jains actually impaled in Madurai?>
>Were the Saivites overaggressive in promoting their faith? Shall only be happy to discuss on these separately (unless it gets too long/irrational). And I’m not posting every inscription from the places here, despite their importance. Again, shall be happy to discuss them.
Read 41 tweets
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Nelson M. Rosario
@NelsonMRosario
One like, one unpopular Blockchain/Cryptocurrency opinion
1/ trusted intermediaries are sometimes great
2/ there is no such thing as crypto economics, there's economics
Read 71 tweets

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