Appeared on a @verge-moderated debate of sorts against @steve_hanke (although we didn't face off directly)

theverge.com/22367951/bitco…
I haven't heard Steve's side of the debate yet. Excited to listen. I'm a huge fan of Prof Hanke and his work is incredibly influential to me.
I'll say it again: being willing and able to learn from people you disagree with is a super underrated skill.
Three debates means I can add a 'Nic Debates Critics' section to my website

niccarter.info

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More from @nic__carter

7 Apr
The paper behind these breathless articles leaves a LOT to be desired. Brief thread

bloomberg.com/news/articles/…
This is the article in question. It doesn't really purport to rigorously quantify bitcoin's emissions. It offers black boxy simulations of bitcoin emissions under various regulatory scenarios.

nature.com/articles/s4146… Image
As anyone knows, if you want to understand bitcoin c02 impact, you need to 1. identify where it is being mined and 2. identify the energy mix that those miners are using. This paper doesn't attempt to do either
Read 13 tweets
5 Apr
This take is wrong in a subtle way that many people don’t understand: because bitcoin tracks quantities, not individual units
Bitcoin isn’t a serialised cash system like chaumian e-cash where you have specific, fixed denomination bills floating around. Instead, bitcoin tracks various quantities of .. bitcoin through the medium of UTXOs
This is a dramatic improvement in efficiency and system design between ecash and bitcoin, and an under appreciated one. Our main man on this topic is @craigwarmke with his great paper electronic coins

static1.squarespace.com/static/5a04850…
Read 6 tweets
29 Mar
In which I take @Noahpinion to task on his takes on Bitcoin mining

medium.com/@nic__carter/n…
Last week, Noah published an article entitled Bitcoin Miners Are on a Path to Self-Destruction

bloomberg.com/opinion/articl…
Noah is generally reasonable on Bitcoin but his piece makes a few claims that I respond to

- "unlike other financial assets, Bitcoin uses more resources as its price goes up"

- Bitcoin "hogs local power resources" & "it remains to be seen" if stranded energy can support BTC
Read 8 tweets
3 Mar
I don't recommend reading "when money dies". it infects you with the fatal disease of thinking everything is reminiscent of weimar.

everything is weimar, though.
two things really stand out for me.

one: everyone in the weimar republic thought prices were going up. they didn't realize the denominator was going down.

two: policymakers were absolutely adamant that there was no relationship between the quantity of money and inflation
and of course, there's the obvious fact that _all_ major inflationary periods in history are met with coincident speculative manias, mises' infamous "crack up boom"

(christ does 'crack up boom' sound satisfying. what a phrase!)
Read 4 tweets
3 Mar
"We know the inflationary beast is now on the
loose. We just don’t know when the predator
will strike."

Fantastic note from Ruffer, beautifully written. I particularly enjoyed Henry Maxey's section on inflation

ruffer.co.uk/Ruffer-Review-…
"I believe inflation, when it emerges in
earnest, will be a tipping-point phenomenon [...]
rather than a more linear input-output
mechanical phenomenon. Policymakers
will be focused on labour markets and
output gaps, not on the growing fragility
of confidence in fiat money."
"Armed with partial truths and partial
information, and powered by social media,
the collective action of the public may reveal
the greater truth about money and inflation:
it is a confidence game."
Read 5 tweets
3 Mar
Talking about "the scalability problem" that blockchains face is akin to talking about "the speed of light problem" for spacecrafts
a lot of people that think they're creating scalability are just creating deferred settlement, and that's fine, but you'll find that there's no free-lunch scalability WITH composability and WITH base-layer assurances.
lightning, for instance, doesn't "scale" bitcoin. it trades off settlement assurances in order to win efficiency. it creates a new transactional context. same with rollups, all sidechains, sharding, etc. there is no scalability free lunch. always consider the actual properties.
Read 4 tweets

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