Listening in to #Bitcoin Mining Council spaces hosted by @michael_saylor…
@michael_saylor Idea being an open forum to share best practices and promote transparency.

(I'm not convinced 'transparency' is necessarily a good thing)
@DarinFeinstein notes the framing of bitcoin miners being on the defensive. Energy use and emissions required is 'perceived' as a problem.

Notes the very small fraction of energy use takes. Less than a fraction of 1%

(perhaps not a good long term arg.)
@DarinFeinstein Darin notes there are dishonest projections about Bitcoin's future energy use.

Comments on 'renewable' use also
Reiterates 0.0075% of world's energy point.

(IMO - Not a good long term argument if bitcoin energy use rises though)
@chadeverett comments that bitcoin mining can ramp power down and provide benefit to the Texas ERCOT grid
Chad: Some Texas residents were outraged about being asked to use less power 'because of bitcoin mining' when the reality was bitcoin miners had already turned off their use to support another 20k residents power
@_amanda_fab & @PerianneDC discussing recent NY state law on bitcoin mining with a carbon based fuel
Perianne comments that media headlines drive policy conversations around DC. Much of it not intellectually honest, false narratives.
Amanda comments about getting in front of these narratives given the points about inactive home devices power use in the US that could otherwise power the Bitcoin network multiple times over
Perianne comments on the national security argument to have Bitcoin mining on US soil. Federal level politics, not just NY state law.
Industry outlook from Michael: The first 10 yrs of Bitcoin, it required inspiration, conviction, courage.

The next 10 yrs we have to keep that up, but we'll need to bring together industry and diplomacy. Interacting with govt at federal, state, local level.
Saylor: China development is one of the bigger pieces of news in the year, but it is dynamically decentralising Bitcoin hashrate to other parts of the world.
Saylor: We're bringing more investors into the asset, while decentralising the mining.

Bullish for the entire industry, albeit difficult time for chinese miners.
Saylor: It's not a governance council, just here to share cooperatively, we all like decentralisation
Saylor: We're just here to defend bitcoin from people that would misunderstand it
in response to @PeterMcCormack about whether there'd be energy mix requirements, or perhaps coinjoin/OFAC address blocking
@JasonLes_ comments that he has commented to the pool they're using that Stratumv2 is important to them

in response to McCormack raising the question @brian_trollz was asking
Saylor: If we could build a model and get insight into energy mix that people use and their expectations over the decade, we could put out a forecast that might be useful
Aim being to have useful artefacts to educate the public about Bitcoin
@DarinFeinstein notes the inaccurate media articles about "Bitcoin using ALL the worlds energy", and the hope being as miners to correct that narrative
Darin notes that while we have approx 150M people in Bitcoin today, there's still over 7.5B people on earth who may not be aware of how Bitcoin works and the discussion about energy use.
@nic__carter - is there any view on carbon offsets for miners?

Saylor comments about transparency first before the carbon offsets conversation
@CaitlinLong_ : Who's funding Bitcoin mining council and what % hashpower?

Saylor: informal coalition and we're not spending much, its mostly a non issue.

Hashpower - still in membership drive stage
Caitlin raises question of public companies (who might drive ESG interests), when Bitcoin "doesn't care".

Saylor: Having run public co for 22 yrs, the threat isn't ESG activism directed at public co's
Saylor: Theres no board or CEO of bitcoin so you couldn't govern it even if you wanted to
Saylor: the big threat to bitcoin from ESG if the environmental narrative in mainstream media, and that ripples into a public movement -> political movement.

Attack wouldn't be on a company, it'd be on bitcoin mining from a nation state
Saylor: Concern could be if 183 mainstream journalists pile on because they've only done 15 mins of research on Bitcoin
Saylor's concern is not shareholder activism directed at bitcoin miners.

It'd be journalists writing in an uneducated way about marginal energy use e.g. bitcoin doesn't just linearly scale up energy wise
Saylor: Can Bitcoin go to a $100T network without states and large public co's? Answer is no, if we don't have governors on board, or large public co's
Saylor: If we want bitcoin to be a long lasting asset, you want publicly traded Bitcoin miners. We're staking the network with wall st capital, and political capital, and technological capital
Saylor: if these co's can raise billions of dollars, they can use those funds to mine and secure Bitcoin
Saylor: if we agree on Bitcoin, diplomacy means we need to find a way to work together
Caitlin: UASF showed that users control the network. Does Mining Council go against that, the idea that users control bitcoin?
Darin: Bitcoin doesn't care, and it will succeed and thrive. It's jurisidictionally agnostic
Darin: it is all about the users. Only ~150M of 7.9B people are using it. The people that need it most, are not on twitter with us
Darin: the better we can put the message out about the facts, and let's be intellectually honest about bitcoin rather than reckless graphs
Saylor: one of the reasons we won in NY was the union supported us.

Just cos we're decentralised doesn't mean we need to be disorganised
@JasonLes_ : miners do not control Bitcoin, UASF and BIP148 are an important part of Bitcoin's history
has a copy of The Blocksize Wars with him
Session looks like it's wrapping up now - Michael is commenting about sharing best practices and educational materials for the public. It will be done in an open spirit of cooperation. Bitcoin Mining is coming into its own.
Saylor: Bitcoin mining is providing the infrastructure to create a new open monetary system
Session wrapped up. One reflection I still have at this point is: I'd be wary of arguing on renewable percentages as this may not hold longer term. We must argue the merits of Bitcoin *overall* being worth it, even if it was 100% fossil fuel.
Personally, I can agree with the goal of educating the public about Bitcoin mining and why it's 100% worth it.

Still wary of inviting 'transparency' into the process when this may be a vector for future govt regulation or control and antithetical to Bitcoin values
In the end it won't kill Bitcoin, but it may hinder american based miners relative to miners operating in other parts of the world if that were to happen.

Perhaps we have to make the case that its just shooting your own country in the foot to try regulate here...

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More from @stephanlivera

14 Jun
SLP284 @SGBarbour #Bitcoin & Fossil Fuels vs Fiat Maxis

Steve and I chat:
- Wind and Solar as unreliable
- compliance costs
- Carbon ESG is it a state attack?
- industry BSing
- @upstreamdatainc & hash hut Image
@SGBarbour @upstreamdatainc "It's just like, sweep it under the table. These are clean. Give me my subsidy to go to this project and let's ignore the elephant in the room."
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Paraphrasing @nayibbukele from @nic__carter's Spaces on #Bitcoin legal tender:

El Salvador govt will have a govt-wallet for merchants (but it won't be the only choice), as Bitcoin is an open network
@nayibbukele @nic__carter Company balance sheets will be in USD, but taxes can be paid with Bitcoin.

Debts will be able to be paid with Bitcoin.
There will be a trust fund put in place by govt, which will assume the price-risk of the merchants, and deposit USD for them, even if the customer pays BTC.
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7 Sep 19
Highlighting a few fantastic sections from Ludwig von @mises in Theory of Money and Credit:
@mises Inflation sends false signals to businesses, making them think they're making profit, when really they're consuming their capital.

Monetary depreciation falsifies capital accounting.
@mises Totalitarian govts don't want their subjects to shield themselves from monetary depreciation.
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23 Aug 19
Some consequences of inflation and hyperinflation, as discussed in Adam Fergusson's "When Money Dies" book:
Thanks Fiat Money! For driving poverty and malnourishment.

"All children of every class... were two years physically and mentally backward for their ages"
"Rise in prices intensified the demand for currency"
" ration the cashing of cheques"
"business came to a standstill"
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1 Mar 19
@iwearahoodie 2/ First off, we should look at Bitcoin as a multi decade monetary phenomenon. We have to be patient overall!

The altcoins that try to rush this end up becoming the irrelevant 'kiddy pool'.
@iwearahoodie 3/ "The fees just get too high" - Yes the fees will eventually rise, and arguably this is baked into the design. But there are ideas on how to let people participate using things like channel factories.
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16 Jul 18
1/ "Intolerant" and "toxic" bitcoin maximalism? Understand what's going on beneath the surface with altcoins and their affinity scamming
2/ Affinity fraud: "in which the fraudster preys upon members of identifiable groups, such as religious or ethnic communities" "The fraudsters who promote affinity scams frequently are – or successfully pretend to be – members of the group"…
3/ They try to make out like it's a 'crypto community' and align themselves with known bitcoin pioneers and advocates.
Read 8 tweets

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