1/ Dear @bankofengland, FAO Andrew Baily.

I've just read Andrew's interview regarding #Bitcoin for @thisismoney, where he says digital currencies will fail as businesses, consumers and regulators look for digital currencies which are "stable, safe and well-designed."
2/ I think Andrew does not understand why #bitcoin is so successful.

Firstly #bitcoin is stable, safe and well designed.

The best part is the design of its monetary policy, a design which is a response to the policies of central banks such as the @bankofengland.
3/ Let's look at your Twitter profile as a reference point, where you state you work to ensure:
- Low inflation
- A stable financial system

The reason people like I hold #bitcoin is that low inflation is not enough, with #bitcoin we are targeting no inflation.
4/ Inflation is a hidden tax on our savings, punishing those who work hard to be able to save and prudent enough not to spend it all.

I assume your second point of a stable financial system is a joke, good one. You are the bank of the government, the most irresponsible spender.
5/ Despite the incompetent behaviour of successive governments you continue to lend them money. My bank would not lend me money under such circumstances.

@RishiSunak appears to be a lovely fella but he has saddled our country with levels of debt not seen since the 60's.
6/ Rishi will be okay though, he works for the government, the employer of last resort and his wife has a few quid, but those people facing the burden of paying back this debt will suffer, whether it is through higher tax or inflation (we are wise to this trick).
7/ The UK government debt to GDP level is now over 100% and this is set to rise further.

135% is the event horizon for which 51 of the last 52 countries to hit this level has seen a currency devaluation.

ft.com/content/579746…
8/ #bitcoin exists because of people like you. It was born in the 2008 financial crisis after your second bailout of the banks.

Us who #bitcoin use it as a hedge against yourselves and @RishiSunak, it is how we protect ourselves because it is so well designed.
9/ You also said "'Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don't think we're there yet."

Sorry, you are wrong, we have and it is called #bitcoin. We aren't interested in your CBDCs or Great Reset.
10/ Clearly you are thinking with regards to the @bankofengland, Boris and Rishi.

If you would like a cuppa where I can explain #bitcoin from the perspective of the people then give me a shout. I am just up the road in Bedford.

Love Peter x

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Peter McCormack

Peter McCormack Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @PeterMcCormack

27 Jan
1/ Dear @LionelRALaurent, I have just read your article for Bloomberg "Bitcoin Is an Incredibly Dirty Business".

I have some things to discuss with you as I assume accuracy as a journalist is important to you.

bloomberg.com/opinion/articl…
2/ Let's start with your subtitle "This is virtual money with a real carbon footprint."

#bitcoin isn't virtual money, money in computer games is virtual. #bitcoin is as much money as dollar bills, gold or cigarettes in prison.
3/ This pejorative use of "virtual money" implies it has less meaning that other forms of money. This is obviously false to those people who save or transact in #bitcoin.
Read 9 tweets
27 Jan
1/ Dear @alexhern,

I have just listened to your podcast for the @guardian regarding #bitcoin. You open by saying you first wrote about #bitcoin seven years ago yet you keep recycling false narratives.

cc @rachel_hump

theguardian.com/australia-news…
2/ Would you like to do a follow up where someone who understands #bitcoin can respond to your criticism?

I assume as a responsible journalist your goal is to ensure you keep to the code of practice of ethical journalism, including "Accuracy and standards for factual reporting"
3/ I operate a popular #bitcoin podcast and would be able to assemble the right candidates to help you with this.

The result would be that you could release a new podcast for your listeners which is balanced and fair.
Read 17 tweets
24 Dec 20
1/ Feels like a good time to tell the story of how I went from broke to a millionaire to broke again in 2017/18 again...

Yesterday was brutal for some people...

Losing life-changing money sucks, losing any money sucks...you can chase the market or you can change your strategy.
2/ The original thread is gone but you can read it here.

buzzchronicles.com/b/life/1042/

tl;dr
- Traded $32k to $1.2m
- Thought I was a genius
- Made poor investments
- Didn't conserve capital
- Peaked at 150 BTC
- Lost nearly all of it

2 weeks from losing my house + no income. Oops.
3/ I am going to assume you are in it for the money rather than the tech. Yeah, you might Tweet about the amazing blockchaining of cross-border payments and oracles yadda yadda...really, you are in it to make money.

If you are really in it for the tech, go and build something.
Read 25 tweets
23 Dec 20
Dear @TuvaluGov, it was just announced that you will embark upon a project to become the world's first paperless society using Bitcoin Satoshi Vision (BSV).

I am sure you have spoken to Mr @CalvinAyre about this project, I have attached a picture to jog your memory.

Cont...
Perhaps you do not know too much about Mr Ayre or his colleagues, I have attached some links for you.

forbes.com/sites/nathanva…
Here is a dump of information about Mr Craig Wright, the Chief Scientist at nChain.

github.com/vbuterin/cult-…
Read 6 tweets
14 Dec 20
1/ Big section in Paul Tudor Jone's Q3 investment letter regarding #bitcoin...

"In listing all the instruments that might respond to the Great Monetary Inflation, the may investor letter postulated that one day #Bitcoin might become the fastest horse in the race."
2/ "This cryptocurrency is a beneficiary for a variety of reasons. In essence, #Bitcoin shares many of the requisite characteristics historical stores of value such as fiat currency, gold, real estate, art and others."
3/ "Those characteristics include the protection of purchasing power, trustworthiness, liquidity and portability...and so far #bitcoin has comfortably taken the lead, arguably helped by its small initial market cap."
Read 7 tweets
11 Nov 20
1/ Another 24 hours of WTF...

Trump administration made available their 234 pages of sworn affidavits, which appear to be 234 pages of nothing burgers.

2/ In Pennsylvania, the nature of these lawsuits which are, at present, all being lost, are becoming clear.

3/ Of the 12 lawsuits filed alleging ballot fraud, all 12 have been rejected.

Read 17 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!