allen farrington Profile picture
everybody who buys my book is going to make it
Claire Delaney Profile picture Anh Le Profile picture ... Profile picture Brant Hammer Profile picture Clairbize1659 Profile picture 5 added to My Authors
May 6 19 tweets 4 min read
so get this: mainstream macroeconomists are *kinda* right about the Phillips curve but they have no idea why.

🧵

if your monetary system is structured such that money *is debt* and hence unbacked credit expansion is almost always the most appealing form of finance ...

1/n
... then naturally you will misallocate spectacular quantities of capital in consumption and investment patterns that depend on its artificial cheapness.

you will also become unsustainably leveraged (kinda the same thing but from a different perspective) ...

2/n
May 6 5 tweets 2 min read
inflation destroys the social fabric.

from A Piece Of The Action by Joe Nocera or,

wtfhappenedin1971.com
Jan 15 14 tweets 3 min read
a speculative copium PSA:

while millions of adults will never recover from the trauma of two years of fear, lies, and manipulation, a generation of children and young adults will grow up waaaaaay above-baseline suspicious of authority and sensitive to incipient authoritarianism. as vaguely relevant observational evidence, consider formerly communist eastern Europe: while many such countries have had and still have ridiculous rules (where true, largely due to EU pressure) basically nobody actually cares. the rules aren't enforced and the only people ...
Sep 25, 2021 30 tweets 6 min read
I'm sorry but you can't hide behind "you just want the government to clamp down on your competitors!" as an excuse for financial illiteracy.

if I grant that many specific securities laws are stupid, will you grant that the concept of "a security" is a meaningful one?

🧵⏰ ... there are a lot of dummies on here trying to out-ancap one another by claiming that in a "free market" it's buyer beware and you live and you learn, blah blah blah

they don't seem to realize that they aren't arguing for freedom so much as for the freedom to get away with fraud.
Sep 19, 2021 6 tweets 8 min read
🧡 Only The Strong Survive 🧡

A Philosophical, Technical, and Economic Critique of Prospects in “Crypto” Beyond Bitcoin

by yours truly and my partner in crime, @Big_Al256, who, it cannot be denied, hits dingers.

uncerto.com/only-the-stron… sincere thanks to @muneeb, @resistancemoney, @dhruvbansal, @benthecarman, @TuurDemeester, @RyanTheGentry, @dergigi, @joekelly100, @AlyseKilleen, @coryklippsten, @Theo_Mog, @Excellion, @jlppfeffer, @balajis, @starkness, @intangiblecoins, and @giacomozucco ...
Aug 17, 2021 6 tweets 2 min read
closed networks only ever beat distributed networks because the distributed network lacks some utility as a fundamental feature of its design that the closed alternative supplies, either from scratch or by variations on embrace, extend, extinguish:

1/n

en.wikipedia.org/wiki/Embrace%2… the idea of distributed energy suffers from the transience of generated power and the inability to reliably match supply and demand, hence lacks a guaranteed buyer that the centralized grid provides.

#bitcoin fixes this.

2/n
Aug 15, 2021 17 tweets 3 min read
I've realized something that others may well have realized long ago, may reflect my naivety and optimism, but is now made me seriously doubt things can or will improve.

there is an alarming proportion of people who, having caved before authoritarianism ...

1/n
... react to those who have not, not with any of: admiration of courage, sadness at futility, curiosity, apathy, or even well-conceived disagreement or anger given they actually believe in the merits of authoritarianism, but rather pure, sadistic resentment and attack.

2/n
Aug 13, 2021 6 tweets 1 min read
from The Organization Man, by William Whyte, published in 1956, the thesis of which is basically that corporate America, far from being a beacon of hyper-individualist capitalist awesomeness, instead turns people into cowardly, risk-averse, collectivist wusses.

*** 1956! 😱 *** from the chapter titled, "Scientism":

"The scientific elite is not supposed to give orders. Yet there runs through all of them a clear notion that questions of policy can be made somewhat nonpartisan by the application of science. There seems little recognition that ...
Aug 7, 2021 7 tweets 2 min read
these people have no idea what they've just done.

#bitcoin is now the universally applicable, single-issue pro-freedom schelling point that has never previously existed.

and now they are clumsily conspiring to attack it, outing themselves as unequivocally anti-freedom. we know their attack will fail, yet the harder they fight the more attention they draw, leading more precoiners to decide to educate themselves to figure out what the hell is going on, accelerating their failure.

it really is beautiful to watch.
Jun 7, 2021 32 tweets 6 min read
any bitcoiners working in traditional finance: your employer may not be as awesome as mine but don’t worry, your time will come and you’ll be a god damned hero 😊

DM me if you want any advice. happy to open source my institutional orange-pilling strategy 👍 so my DMs have exploded - WHICH IS A GREAT THING!

I’ll reply to all to be polite but a lot of what I’m saying is the same so I’ll shortly do a thread to make the generalities truly “open source”

...
Jun 6, 2021 4 tweets 1 min read
I’ve only cried as an adult 3 times that I can remember: when my gf accepted my proposal, listening to @Snowden, and now listening to @JackMallers. and that order matters btw: I will only ever be in awe of Edward and Jack from afar but family is the most important thing. especially the one you haven’t started yet 😊
May 28, 2021 14 tweets 4 min read
I had an interesting thought after listening to @harris_irfan and @saifedean and also chatting with Harris about his far too kind tweet below.

not to sound too grandiose but here follows my thesis on: what bitcoiners do and don't fight over.

🧵/n

Harris said he found it quite intimidating how smart everybody seems in the community. on the one hand, yay, go us, we are super smart 🤓

but on the other, I think the intimation is more a function of behaviour than intellgience. and it's indirectly a filter for humility.

2/n
May 26, 2021 4 tweets 2 min read
I'd be very, very, VERY careful dabbling in the "#Bitcoin is ESG" narrative and trigger-happily nailing your colors to the mast.

this narrative is absolutely true and will win out in the long run, but because bitcoin supports freedom, not because it supports audits 🙄 if you think capital allocators are going to give the slightest shit about greenwashing in the midst of a stagflationary bond market collapse, then I'm sorry to be the one to tell you this, but you have been hoodwunk by ur-racoons, to happily borrow an @EpsilonTheory-ism.
May 24, 2021 9 tweets 3 min read
probably no group in human history has done more damage to the environment than "environmentalists".

the ultimate source of the climate being a political issue is that nuclear power is politically impossible.

we are in the early innings of the exact same thing with #bitcoin 🧵 the greenest future you can hope for with any shred of realism is predominantly nuclear and hydro, with pockets of wind, solar, and natural gas, all enormously aided by bitcoin mining reducing their cost of capital.

all else is virtue signaling bullshit, power-grabbing, or both.
May 23, 2021 4 tweets 2 min read
I'm conscious of people hearing the same points all the time and everybody agreeing on the same things, and I didn't want to just add to the noise.

so Marty and I made a deal: I have a friend who has a unique way of explaining his take on #bitcoin so he's coming on with me.

1/3 I guarantee nobody will have heard this before or thought about it this way so I'm really excited, but it is important he tells it himself rather than me telling it for him.

the only problem is he is on a submarine and I don't know where it is or when it's coming back.

2/3
May 21, 2021 8 tweets 2 min read
not that I speak for everybody or anything (except following thinkboi decimation EGMs) but my humble suggestion would be that the memes need to get more serious and more aggressive.

don't defend #bitcoin; make *them* defend literally anything else.

because the fight is coming. for example:

May 10, 2021 4 tweets 1 min read
even aside from the marginal benefits to intermittent renewables, methane flaring, etc, the truly remarkable thing is that so many allegedly serious people have been conditioned to think that energy consumption is bad.

energy consumption is synonymous with human flourishing. increased energy consumption per capita per year is correlated with (and obviously causally linked to) improvements in extreme poverty, child mortality, undernourishment, sanitation, education, and life expectancy.

ourworldindata.org/12-key-metrics
May 4, 2021 5 tweets 2 min read
95% of people objecting to this don't understand accruals-based accounting.

which is fair because it's really hard.

the other 5% have a point but I'll let them bask in their own private glory without wrecking their notifications over a shitpost 😉 I'm gonna break it down for y'all coz I'm feeling charitable this beautiful morning and also coz I stumbled upon the perfect explanatory concept:

the use case this refers to does not need to be "economical" or "competitive" in terms of what you think those words mean.

1/4
Mar 25, 2021 55 tweets 15 min read
yeah so I'm livetweeting this shitshow now.

congressman guy: would you agree with setting up a government agency that controls all the things to stop them being bad?

@jack: um ... no? congressman guy 2: I really liked John Adams on HBO and Google seems like a monopoly to me.

@sundarpichai: we have many, many lines of business. we do searches for cats, we do searches for dogs. we sell phones. we have lost a lot of money on pointless investments too.
Mar 25, 2021 16 tweets 5 min read
thanks so much to @EpsilonTheory for indulging such degenerate plebs as @AleksSvetski and me.

I want to do a thread while it's still reasonably fresh on trying to steelman Ben's "Wall Street swallows Bitcoin" thesis, as I have a newfound appreciation for it after our chat. okay, so first of all here's a strawman, which I will admit is more or less what I thought going into the chat:

"investment banks comes to control so much of the circulating supply they can do all kind of annoying forky statist shit and it will become unusable for the good guys"
Mar 23, 2021 5 tweets 2 min read
now that @real_vijay is my hype man, this is the perfect opportunity to pump my least read medium post, by far.

if you don't read this, it's almost like you don't think genomes, sex, or math are interesting. I don't know what else to tell you ...

allenfarrington.medium.com/one-in-a-billi… if you do read it, I (probably obviously) highly recommend the two books and essay of which it is a favourable mashup review:

amazon.com/One-Billion-Vo…