Dennis Porter Profile picture
Jul 12, 2021 6 tweets 3 min read Read on X
🧵 Bitcoin will absolutely fix wealth inequality and rebuild the socio-economic ladder in this country and around the world.

Bitcoin will improve the lives of 1,000,000’s of working-class individuals by rebalancing the economy.

Top 4 improvements👇
In the current system, all worker's wages are debased by money printing. This lowers buying power and makes everything more expensive.

In a bitcoin world, ALL worker's wages will grow in value over time. Giving them more buying power and long-term financial stability. Chart showing the dollar collapsing in purchasing power (191Log scale chart showing bitcoin increasing in value over tim
Each year homes get more unaffordable for the “underprivileged” due to money debasement and the ultra-wealthy storing their value in real estate, artificially raising the prices.

Bitcoin will give UHNWI’s a place to park their wealth and make "saving" for a home possible again. Price chart showing a massive increase in the average price
The US dollar as the reserve currency of the world makes all our exports more expensive. This has gutted good-paying, middle-class jobs. (Treffen Dilemma)

On a Bitcoin Standard, exports will cheaper. This will boost the country’s production and boost middle-class job creation. Chart showing middle-income jobs dropping from 50.3% to 42.2
College is overpriced for 2 reasons:

1. Debasement forces us to more education so we can outpace inflation.

2. Lack of good-paying middle-class jobs drives more people to college. (Supply vs Demand)

Bitcoin will fix this by reducing demand and ending monetary debasement. Chart comparing disparity between median income and the cost
There are many 2nd & 3rd order impacts that bitcoin will have on the US economy. Some say a new Renaissance is coming.

I agree and I believe the USA has more to gain than lose from a bitcoin standard. I believe it will fix many of the economic & societal problems we face today.

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More from @Dennis_Porter_

Oct 24, 2024
BREAKING: The state of Pennsylvania has passed ‘Bitcoin Rights’ in the House by a sweeping majority. Both Republicans and Democrats united together to pass the bill.

Pennsylvania is poised to be the most important state in the ‘24 election & this bill is poised to play a role👇 Image
Pennsylvania is consistently one of the most competitive swing states in presidential elections, with both parties vying for its critical electoral votes.

Pennsylvania holds 19 electoral votes, a significant prize that could tip the balance in a tight race.
Pennsylvania, has been a key swing state and has been a bellwether for previous elections

In 2016, President Trump won the state by just 0.7% . And in 2020, Biden won the state by a little more than 1%.

Pennsylvania is a critical state to win on the path to the Oval Office.
Read 16 tweets
Oct 20, 2023
Some say #Bitcoin is the "dark alley" of the financial world, a haven for criminals and even terrorists. But let me paint you a clearer picture. Spoiler: #Bitcoin isn't the 'tool for terrorists' its made out to be.

A thread 🧵about traceability

Tag your lawmakers below!

1/
Contrary to popular belief, Bitcoin is very bad for crime and illicit behavior. It operates on a public ledger.

EVERY single transaction is recorded on the blockchain FOREVER.

Bitcoin may be 'easy to use' by 'anyone globally' but criminals that use it do so at their peril.
#Bitcoin is highly traceable which makes it a poor way to transfer value secretly.

In fact, #Bitcoin is so traceable that terror groups who have used crypto in the past have stopped accepting #Bitcoin because they were getting easily tracked down by authorities. Image
Read 14 tweets
Oct 13, 2023
I am getting a lot of calls about the recent NYT article on #Bitcoin mining.

I appreciate the opportunity to discuss the points brought up by Gabriel and Michael in the NYT piece.

Gabe’s Bitcoin mining concerns:
1. National Security risk
2. Potential for a grid attack

🧵 1/ Image
The NYT article starts off with a startling assertion…

Assertion: #Bitcoin mining sites across America are controlled by ‘Chinese owned’ companies and sometimes those sites are near US military installations, which is a “National Security” concern. Image
Regardless of Gabriel’s unfavorable view on BTC and BTC mining, I agree with him that we should be concerned if our foreign adversaries control land near military installations such as the nuclear missile base he references in Wyoming.
Read 25 tweets
Dec 26, 2022
2021: No miners in Texas, record cold, grid destabilized, 246 recorded deaths

2022: Miners in Texas, record cold, grid stabilized, no recorded deaths

This is the headline everyone should be shouting: #Bitcoin miners stabilize the grid and save lives.
Correction: One death recorded. An individual was found outside a McDonald’s.

texastribune.org/2022/12/23/erc… ImageImage
For some clarity:

In February of 2021 miners had not yet left China. Most hashrate was still outside the USA.

When China banned mining, visionaries like @GideonOPowell worked hard to attract miners to that state.

The “draw to Texas” was the ability to participate in the grid. Image
Read 19 tweets
Dec 13, 2022
Bitcoin miners must get active at the state level!

Utilities are regulated monopolies. They are regulated at the state level by Public Utility Commissions (PUCs) which oversee ‘rate cases’.

These rate cases can kill or grow business for miners in an entire state. Image
Rate cases are used by PUCs (aka PSCs) to determine wether it is lawful for a utility to create new rate schedules or make changes to existing ones.

This regulatory body prevents utilities from using their monopoly powers in an un-ethical manner. Image
Miners have already faced several known ‘rate cases’ of which the outcome has almost always resulted in a less favorable power rates for miners.

The cases that were the “most favorable” were ones where miners got active in the dialogue. Image
Read 13 tweets
Nov 10, 2022
People are mad at FTX for doing the exact same thing that the banks do every day. Don’t believe me? Walk into your bank and ask to withdraw all your money and see what happens.
Some of you are confused. I meant, ask for the cash. If it’s over $10k the bank likely won’t give it to you because they don’t have it.
People don’t realize what a scam the traditional banking system is. Banks will fractional reserve 10x more money than they have. All legal.

The main difference between what happened with FTX and banks is the Fed will backstop. Aka we all pay for the fraud through inflation.
Read 5 tweets

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