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Jimmy Song (송재준)

Mar 21 • 8 tweets • 3 min read

Fiat Money is Evil and news from this past week.

Bitcoin Tech Talk #284

Money doesn't work the way you think it does. Banks make way more money than you think and most of that is through straight up money printing.

1/x

The loans that you get have no opportunity cost as it doesn't come from anyone's savings. You benefit, the bank benefits but everyone that owns the dollar loses.

2/x

Who are those people? They're not just people in the US, they're people in Turkey, Lebanon, Nigeria, Venezuela, even North Korea. These are the people being stolen from.

3/x

All those stimmy checks and PPP loans were created on the backs of those people. That's why fiat money is so evil. It makes us evil.

4/x

@lopp

Bitcoin
@lopp explores what it takes to build older Bitcoin Core versions and how they perform
@GalaxyDigitalHQ has a report on Stratum V2 and its benefits
m bass explains different addresses in Bitcoin

5/x

@Blockstream

Lightning
@Blockstream releases CLBoss to auto-manage your LN node
A paper looks at LN inbound liquidity pricing
@getAlby is a browser extension that works with your LN node over TOR

6/x

@CryptoHayes

Econ, Etc.
@CryptoHayes thinks a macroeconomic meltdown is coming
@TheBTCManual explains why Lightning won't work on other chains
@kroisosbitcoin has an entertaining review of @saifedean's Fiat Standard

7/x

This and much more (like Austin Powers references)!

Bitcoin Tech Talk #284

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More from @jimmysong

Jimmy Song (송재준)

@jimmysong

Mar 7

Why I'm Skeptical and news from this past week.

Bitcoin Tech Talk #282

US Media is singing from the same song sheet about the Ukraine and that has me worried. This has happened 3 times the last 20 years and all of them were disasters.

1/8

2003 was the invasion of Iraq. 2008 was the bank bailouts. 2020 was the COVID lockdowns. The track record of a unanimous media opinion is terrible. What's going on? Why is this particular issue now front and center of every news program?

2/8

It seems they're setting up this war as the scapegoat for everything. Inflation talk has been shifted to discussing gas prices. Treasury yields are back down. Even COVID restrictions are quietly being lifted everywhere.

3/8

Read 8 tweets

Jimmy Song (송재준)

@jimmysong

Feb 21

Bad Money Fragilizes and stories from this past week

#Bitcoin Tech Talk #280

Fiat money puts a lot of pressure on efficiency because of sticky prices. People don't like paying more money even when inflation makes their money worth less.

1/8

As a result, businesses tend to get huge to get the cost savings of large scale. This has the effect of making everything really fragile. Instead of a lot of competition, we end up with only a few that can achieve that level of efficiency.

2/8

That fragility is exacerbated by inflation, which causes disruptions everywhere in the economy. Because everything is so efficient and interconnected, even a small disruption in money tends to create giant ripple effects like we saw with the supply chain.

3/8

Read 9 tweets

Jimmy Song (송재준)

@jimmysong

Feb 14

NFTs and DeFi on Bitcoin.

#Bitcoin Tech Talk #279

Can we get X on Bitcoin is an eternal question, where X is a feature that's getting a lot of hype and marketing on some altcoin.

This is the wrong question because Bitcoin doesn't compete with altcoins. Altcoins' value is based on the same thing that fiat money is based on: trust in the central controllers.

This is why forked coins that have the same features don't have the same value. It's about the central controllers and not about the technical features. As a result, these features are often not well-thought out, have all sorts of vulnerabilities and don't make any sense.

Read 7 tweets

Jimmy Song (송재준)

@jimmysong

Feb 7

Improving Lightning Point-of-Sale and stories from this past week.

#Bitcoin Tech Talk #278

1/9

Most of the third world still operates using cash and their PoS systems are manual and labor intensive. We're used to modern PoS systems which integrate inventory management and accounting reconciliation.

2/9

An upgrade to Lightning for most of these countries is a huge leap, but it can be so much more. Currently, most PoS systems essentially monetize user data.

3/9

Read 10 tweets

Jimmy Song (송재준)

@jimmysong

Jan 31

Everyone's a Bank Now and stories from this past week.

#Bitcoin Tech Talk #277

Running an airline is tough. The economics are not favorable and weather, security threats and public health emergencies make operating at a profit really hard.

1/9

So how is it that they're still operating? They're certainly not innovating and prices haven't increased that much. So what's going on?

2/9

Airlines today make most of their money on selling airline miles, which is really a way of selling future flights for revenue now. Since they can issue miles from nothing, they're really fiat banks.

3/9

Read 10 tweets

Jimmy Song (송재준)

@jimmysong

Jan 17

Bitcoin and El Salvador and stories from this past week.

#Bitcoin Tech Talk #275

1/9

I'm in El Zonte checking out Bitcoin Beach. El Salvadorians have been, until recently, embarassed by how they've been known internationally due to the murder rate, corruption and so on.

2/9

Now they're starting to be proud, because people from all over the world are coming to their country to check out their Bitcoin integration. Bitcoiners are being treated really well here and Bitcoin is now a part of the national identity.

3/9

Read 9 tweets

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