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28 Jan, 4 tweets, 2 min read
Fascinating to see the BIS mention "sound money" in the context of digital currencies.🧐🤔

Still a completely nonsensical marketing buzzword coming from them. Sound money is chosen on the market freely, not mandated by bureaucrats through govt-enforced central banking monopolies
Carstens doesn't define sound money. He simply asserts it's something that central banks can produce better. But what if people choose something else? What if people prefer to have a money that appreciates as they hold it, rather than depreciate to finance the local kleptocracy?
It's clear central banks want to introduce digital currencies, but these are not competition for bitcoin. By having full surveillance & allowing inflation & central planning, these stupid shitcoins will be the best advertisement for bitcoin

…e-bitcoin-standard-podcast.castos.com/episodes/21-ce…
Obligatory re-upload of my thread on the BIS:

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More from @saifedean

Saifedean.com Profile picture
23 Jan
A century of government control over money & education has popularized the Marxist idiocy that money is a faith-based hallucination, with no regard to economic properties. So many repeat this cliche as if it is profound, when it's just ignorance.
No matter how many people choose to share the belief that copper, sand, or plastic is money, they will all fail as money because they don't have the properties needed to be money. Just like it doesn't matter how many people choose to share the belief that shit is food.
People who eat shit will die and people who use copper, sand or plastic as money will witness their wealth disappear. No amount of shared believing in moron Marxist hallucinations can alter that reality.
Read 7 tweets
Saifedean.com Profile picture
19 Jan
#HaveFunStayingPoor is another great addition to the pantheon of bitcoin memes.

We're not here for interesting tech, faster payments, or better databases.

We're here to stop the century of systematic pillaging & impoverishment by central banks. Hating bitcoin is loving poverty
A lot of people like to virtue-signal that their interest in bitcoin is motivated by loftier goals than just price appreciation. These people are clueless.

There is nothing that will help more people in the world than having a money that's resistant to pillaging.
We need to keep reminding people that Bitcoin is built on #NumberGoUp technology while your stupid central bank is built on #NumberGoDown technology, optimized for your local kleptocracy to rob you.

Don't like bitcoin? #HaveFunStayingPoor indentured to your local kleptocrats!
Read 7 tweets
Saifedean.com Profile picture
18 Jan
The meme that bitcoin helps the development of solar and wind energy sources is ridiculous. Please find less absurd ways to virtue signal.
Solar & wind are intermittent & unreliable. Mining with them means your miners will have to lay idle for long periods of time when the wind isn't blowing & sun isn't shining. That's your miner capital depreciating as you fail to utilize it...
Meanwhile, those mining with wholesome reliable cheap hydrocarbons are utilizing their miners 24/7. Bitcoin's difficulty adjustment is merciless, and ensures only the most profitable survive. Unless you invent a 24/7 sun & wind, you're not profitably mining on solar and wind.
Read 7 tweets
Saifedean.com Profile picture
17 Jan
"when vaccinating the oldest and sickest, it is expected that deaths will occur in a time-related context with vaccination. This does not mean that there is a causal link between vaccination and death."
hindustantimes.com/world-news/29-…
But when the oldest and sickest die after a positive PCR test, it DOES mean there is a causal link between coronavirus and death.
So many confuse causality and correlation. Let me explain:

If there is money to be made from establishing a causal link, then correlation is the same as causation.

If there is money to be made from not establishing a causal link, then correlation is not the same as causation.
Read 4 tweets
Saifedean.com Profile picture
15 Jan
Fiat economists think the choice of money is imposed by government based on economists' theories.

They simply can't conceive that the market choice is based on individuals making self-interested choices.

Bitcoin is here to punish them with poverty for this insane conceit.
In fiat econ textbooks, money is designed by central planners to achieve social objectives. That it can emerge out of voluntary self-interested individual action destroys the rationale for central planning & exposes the truth that their plans are the root of all econ problems.
Fiat economists are extremely intellectually, financially, professionally & emotionally invested in centrally planned money. They simply CANNOT fathom the idea that bitcoin could emerge without their permission or theoretical blessings.

Have fun missing bitcoin!
Read 7 tweets
Saifedean.com Profile picture
14 Jan
Bitcoin is down more than $3,000 from its all-time-high value, making it clear the currency has no hope of ever succeeding.

#TweetLikeANocoiner
While it's true bitcoiners may get wealthy by holding a scarce asset in inflationary times, it's only a small fringe group of internet weirdos who will actually want to get rich with bitcoin because it may entail some volatility along the way.

#TweetLikeANocoiner
Bitcoin failed because it doesn't fit into the ancient definition of money we teach in college. This fatal flaw can't be overcome by offering people better tech to store & increase wealth over time, because people care more about definitions than wealth.

#TweetLikeANocoiner
Read 6 tweets

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