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Tuur Demeester

@TuurDemeester

Mar 19

@GeorgeSelgin

What a zinger, by the great @GeorgeSelgin no less! My head is spinning 😁 His knowledge of bank history far exceeds mine, but I'll nonetheless clarify my position here below.

@GeorgeSelgin

@GeorgeSelgin 1/ Imo fractional banking could be lawful only if its operation is transparent and disclosed to customers. It'd be in essence a gambling contract (which would reduce demand).
Here's a rebuttal to your 2000 piece “Should We Let Banks Create Money?” that I wrote in 2011:

@GeorgeSelgin

@GeorgeSelgin 2/ My main point was that a claim on a fractional reserve bank can neither be called a deposit contract, nor a loan, which means that the bona fide banker who works with fractional reserves is neither a depositary, nor a debtor. He is the operator of a gambling operation.

Read 4 tweets

Tuur Demeester

@TuurDemeester

Mar 17

I’m short ETH/BTC—entered positions around 0.07 BTC.

Thesis:
- “sell the news” of The Merge
- legal hurricane for all crypto DINOs
- greed has turned to fear
- ETH/BTC trading sideways for 2yrs
- Digital gold > Web3 narrative
- VC bubble is deflating
- Lightning Network going mainstream

(DINO = Decentralized In Name Only)

Read 4 tweets

Tuur Demeester

@TuurDemeester

Mar 15

1/ Midjourney v5 is Live!
Here is Hayek dreaming of a better world:

/2 It’s so fun to re-run old prompts. I’ll use this thread to share some.

3/ Some Frank Zappa inspired imagery

Read 10 tweets

Tuur Demeester

@TuurDemeester

Mar 15

The EU not as politically integrated as the US. Now that banks are getting hammered, expect tremendous conflict over who should pay for a bailout. PIIGS Crisis redux. Bank holidays / corralito much more likely in the old continent.

My point illustrated with a chart. I see echo's of 2008 happening today.

If that's the case, we can expect for the euro to resume its decline against the dollar:

Read 4 tweets

Tuur Demeester

@TuurDemeester

Mar 14

First impression of Chat GPT-4:
- Looks like a fantastic tool for writers, a virtual editor who reviews your drafts, provides commentary, and who provides complete rewrites
- The poetry & prose it produces is on a whole other level compared to GPT-3. Huge jump, I’m impressed.

Here’s how I turned it into a virtual editor:

1/ Here’s a poem written by GPT-4. The general idea was mine, this was the first result it produced, no rewrites.

Read 4 tweets

Tuur Demeester

@TuurDemeester

Mar 13

What if... we see a run on dollar deposits, and short term T-Bills are in effect the new currency? 🤯

Here's how the French hyperinflation started: "In 1789, 400 million assignats were issued, certificates of indebtedness of 1,000 livres each, with an interest rate of 5%."

https://twitter.com/PauloMacro/status/1635107639188422656

Relevant thread:

https://twitter.com/PauloMacro/status/1635107639188422656

https://twitter.com/TuurDemeester/status/1634913386436886528

https://twitter.com/TuurDemeester/status/1634913386436886528

Read 5 tweets

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