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3 Jul, 6 tweets, 3 min read
A century after World War I, someone finally ran the numbers at the Bank of England, and discovered how the bank financed World War I with what John Maynard Keynes called "a mastery manipulation."

From the Bank of England's blog:

bankunderground.co.uk/2017/08/08/you…
British people had the good sense to not want to buy stupid bonds to fight stupid pointless bloody wars...

Fiat fixes this!
The Bank of England put funds in the name of two employees and had them buy 2/3 of the bonds. Keynes, of course, was impressed.
And of course they got the Fiatbro Times @FT to publish completely made up propaganda.
The Fiatbro Times at least issued a correction, but it was 103 years late, after 2 fiat-funded world wars & Keynesian insanity had destroyed the world & its money & ended the golden era of modern civilization.

Oops.

ft.com/content/1ffa3b…
Moral of the story: stop reading Fiatbro Times & their fiatsplainin' fiat privileged writers, and instead, read the real story behind fiat in my forthcoming book, The Fiat Standard, available for pre-order now!

saifedean.com/tfs

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More from @saifedean

Saifedean.com Profile picture
25 Jun
The next bitcoin difficulty adjustment will happen around July 1, and will likely be the largest downward adjustment in bitcoin's history, around -19%.

The previous largest downward adjustment was -18.03% in 2011.

diff.cryptothis.com
We've had years of news reports about China banning bitcoin, so skepticism of the latest ban was justified, but it is clear now that mining in China has been massively disrupted. Network hashrate has dropped ~40% from 180 TH/s to 107 TH/s.

blockchain.com/charts/hash-ra…
Make no mistake, this was a devastating blow for Chinese bitcoin miners. They'll have to incur massive costs to transfer their miners abroad & run them again. The miners' secondary market is so overwhelmed with supply that producers suspended new sales
reuters.com/business/china…
Read 12 tweets
Saifedean.com Profile picture
17 Jun
Is bitcoin a waste? How efficient is bitcoin?

The latest podcast answers this with a full cost-benefit analysis of bitcoin, based on a chapter from my forthcoming The Fiat Standard.

Listen, subscribe, rate, and share on your favorite podcast apps:

saifedean.com/podcast/63-bit…
Run The Numbers:

Bitcoin costs: electricity & infrastructure

Bitcoin benefits: appreciating savings, money transfer, & obsoleting fiat & its costs:

-inflation, estimated at 2.5% of global GDP annually
-rising time preference
-economic distortions
-activist govts
-conflict
How to think of bitcoin efficiency: return/expenditure

return = total market value of bitcoin savings (~$800b)

expenditure = cumulative miner expenditure from day 1 (~$30b)

Bitcoin has created $800b of secure savings today from only $30b of investments over 12 years.
Read 6 tweets
Saifedean.com Profile picture
10 Jun
All the shitcoiners complaining about bitcoiners being toxic to their shitcoin scams spent the year 2017 supporting Segwit2x, the most serious attack on bitcoin ever.

They have not once admitted this was a mistake, because they are happy to sacrifice bitcoin for their dumb scams
The next time an altcoin-promoting con artist tells you bitcoiners are toxic, ask them what they did in 2017 to fight the toxicity of the corporate takeover that wanted to force bitcoiners to adopt new consensus rules & destroy bitcoin's most important property: immutability.
Of all the supporters of the segwit2x attack on bitcoin, only the great Wences Casares has introspected, apologized & admitted his mistake. All the rest are unapologetic opportunist scoundrels who would gladly destroy bitcoin for whatever scam they're pumping this week.
Read 4 tweets
Saifedean.com Profile picture
24 May
Fiater thinks bitcoin is a bewildering bubble while living in a world where governments owe $100t+ of low & negative interest rate debt while locking their people at home & arresting them for working.
Everything in fiat world is a bubble propped up by fake money: bonds, stocks, governments, education, housing, credit markets, etc...

But if you listen to fiat media & education, there are only two bubbles in history: tulips and bitcoin.
Tulip mania basically didn't happen, but fiaters use it as the bubble bogeyman because real bubbles are all very similar to modern fiat.

Example: John Law's Louisiana Purchase assignats were a devastating bubble, and functionally no different from QE.
smithsonianmag.com/history/there-…
Read 5 tweets
Saifedean.com Profile picture
21 May
The latest podcast:

Elon Musk: The Fiat Rockefeller

Under gold, the richest man in the world, Rockefeller, transformed the lives of billions.

Fiat's richest man trades carbon & shitcoin scams & gets govt subsidies to build expensive toys for the rich

saifedean.com/podcast/57-elo…
To become the richest man in the world under hard money, Rockefeller, born in poverty, built the foundations of modern industrial society by providing billions with the infrastructure that allows them cheap & reliable energy for heating, cooking, production & transportation.
Under hard money, there's no alternative to providing people value to get them to give you money to get rich. The richest man in the world will be the man who provides the world with the most value & Rockefeller transformed the world.
Read 6 tweets
Saifedean.com Profile picture
15 May
Bitcoin consumes so much energy because it uses a fully mechanical & digital process to ascertain truth. It doesn't rely on the authority of anyone.

It isn't a more energy-intensive way of doing consumer payments; it's a less energy-intensive way of achieving consensus than war.
All attempts to compare bitcoin energy consumption with banks, consumer payment technologies, central banks, or gold completely miss the point of bitcoin's real opportunity cost. Bitcoin doesn't replace these & they can, in principle, coexist with bitcoin.
Bitcoin replaces the need for strangers to have to be subject to the same government & central bank in order to trade internationally, which necessitates one government imposing its will on the rest of the world, which can only be done with war. Image
Read 7 tweets

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