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Nick Szabo⚡️
@NickSzabo4
, 9 tweets, 1 min read Read on Twitter
1/ Successful Internet companies can usually be characterized by the phases of a deal (economist’s “contract”) they improve the most
2/ Phases of a deal (1) search: buyers & sellers finding each other, (2) negotiations, (3) performance, (4) post-performance incentivization
3/ Google, Facebook: search (advertising to match buyers and sellers)
4/ eBay: search (matching buyers & sellers), negotiatns (auction), but for resulting performance prblm (paying small sellers) needed PayPal.
5/ Amazon: search (matching buyers & sellers), performance (retail distribution oriented around home delivery).
6/ Uber: search (riders to drivers), negotiation (pricing algo), performance (route maps). AirBnB: search (matching houses & travelers).
7/ Yelp + ratings on aforementioned sites: post-performance review & incentivization + buyers search for next sellers.
8/ In total, trillions of $ of value have been created by using internet to improve the way people make and perform deals with each other.
9/ Smart contracts: intentionally apply tech to enable more kinds of deals between more far-flung & differently lawed & cultured people
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More from @NickSzabo4 see all

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Nick Szabo⚡️
@NickSzabo4
George is a fellow OG but this is wrong. Bitcoin is seamlessly global, it does not and need not conform to the ideological speculations ("macroeconomic theories") of particular polities.
Dr. Selgin was on the mailing list with Wei Dai and myself where in 1998 cryptocurrency (bit gold, and a bit later b-money) was invented. His description of free banking was very inspirational and informative.
(Also Larry White's description of free banking). My two-layer architecture (bit gold for the basic currency and settlement, Chaumian cash for the retail "bank notes") was inspired by the free banking system of bank notes redeemable on demand for gold at a gold window.
Read 8 tweets
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Nick Szabo⚡️
@NickSzabo4
Biological scalability is the ability to support a larger, denser, and/or wealthier population in a given ecosystem.
Farming was the big breakthrough in biological scalability. Less obvious but still very important were advances in hygiene, such as the use of boiled water (as herbal or proper tea) or alcohol to avoid drinking disease-carrying village water.
East Asia was probably the biggest early innovator biological scalability: pottery to protect stored food from vermin; alcoholic beverages (made from wild plants) and tea to avoid the need to drink village-polluted water.
penn.museum/sites/biomolec…
dinersjournal.blogs.nytimes.com/2008/07/11/why…
Read 18 tweets
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Nick Szabo⚡️
@NickSzabo4
U.S. Federal Reserve to teachers and students (there will be a quiz!): “Traditionally, currency is produced by a nation's government.“
files.stlouisfed.org/research/publi…
Education or propaganda? At the very least it is quite incomplete. The following thread fills in some of the gaps:
2/ Many banks besides central banks issued bank notes that circulated as currency. See work of @lawrencehwhite1 & @GeorgeSelgin
• Charted Bank of India, Australia, and China, 1954
• Mechanic’s Bank, U.S.,1856
• North of Scotland bank, 1945
• Ipswich bank in England,1820s
3/ In the industrial revolution, factories had to attract workers with frequent pay that could be spent at bargain shops. The Royal Mint was not producing low-denomination coins, so factories minted their own. Was not the only time or place for private coins. ht @GeorgeSelgin
Read 5 tweets

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Alex Sunnarborg
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