This is such a powerful meme but it's completely wrong. The Wright brothers & a century of airplane builders were engineers. Scientists first dismissed flight as impossible even after it happened, then made up a bunch of irrelevant equations to pretend to explain how it happened.
Everything that matters to our modern life was built by engineers and workers who got their hands dirty. Scientists sat in cushy universities writing textbooks after the fact indoctrinating generations to think it was their post-hoc explanations that built things.
Lord Kelvin was one of the world's most important scientists when airplanes were invented. This is what he thought:

"I have not the smallest molecule of faith in aerial navigation other than ballooning, or of the expectation of good results from any of the trials we heard of.”
Astronomer & polymath Simon Newcomb in 1903:

"Aerial flight is one of that class of problems with which man will never be able to cope"

This was the same year in which the Wright Brothers, two bicycle shop owner high school dropouts, built the first working airplane.
Three years after the Wright Brothers flew, The London Times dismissed their claims of flight as fake, and was instead writing:

“All attempts at artificial aviation are not only dangerous to human life, but foredoomed to failure from the engineering standpoint.”
For more on the anti-scientific miracle that is the airplane, check out my paper: Slowdown papers.ssrn.com/sol3/papers.cf…
An excellent explanation of the relationship between science and engineering, and the economics governing them, is in Terence Kealey's amazingly important book: The Economic Laws of Scientific Research:
libgen.rs/book/index.php…
The first commercial steam engine was invented by Simon Newcomen, a barely literate ironmonger who had never come in contact with a scientist. James Watt was a technician, not a scientist, & explicitly denied that any scientific theories influenced his invention.
The scientific method is practiced by engineers building things, experimenting to see what works. Professional science consists mostly of nerds quibbling over each other's irrelevant papers & agreeing they all need more funding.
Nothing in science needs trust. I don't trust anyone to get in an airplane. I look at the track record of airplanes & decide the risks are acceptable given the benefits. "Trust science" is how you end up with billions of lives destroyed over virus hysteria
Why won't you just Trust The Science of tin cans!??

The bottom line is that if the Wright Brothers had done what @paulg says and trusted the scientists, they would have agreed with Kelvin & Newcomb and never attempted flight.
The New York Times had already smugly DEBUNKED the possibility of the airplane ever existing, exactly two months before two high school dropout bike mechanics invented it

WHY WON'T THE WRIGHT BROTHERS TRUST THE SCIENCE!?

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More from @saifedean

8 Jul
Environmentalism:

We should destroy modern civilization and 500 years of tech progress necessary for billions of people to survive, just in case the increase in the atmospheric concentrations of a trace essential gas turns out to have vague ill-defined undesirable effects.
The crusade against CO2 can only mean the destruction of life & civilization.

If you are an environmentalist who disagrees with this characterization, you are an unthinking moron who doesn't understand what they're being manipulated into by their TV and university.
The only established effect of increased atmospheric CO2 is faster plant growth. All the other scare stories are dumb fiat science.

The cost of stopping CO2 emissions is billions of human deaths.

You have to watch a lot of TV to be stupid enough to even consider this.
Read 4 tweets
3 Jul
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.
Read 6 tweets
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
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
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
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

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