Dan Hedl Profile picture
BD @Krakenfx | Prior @InterchangeHQ (acq by @Krakenfx), Rider Growth @Uber, 1st PM @Blockchain, Co-Fndr @ZeroBlock (acq by @Blockchain). Opinions my own.
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17 Jun
1/ You may have noticed over the last few weeks that I’ve changed the background and profile image across different social media channels to a monochromatic aesthetic. This was part of establishing a personal brand identity which lays the foundation for something much bigger.
2/ Bitcoin comes across as goofy, technical, and boring. I felt that it was important we show Bitcoin as a blend between sci-fi and revolution. A combination of Inception, Blade Runner, and Mr. Robot mixed with educational content.
3/ My brand mark was designed to be a distinctive cohesive element woven throughout my content, future interviews, physical items, and digital items. Through working with David Port, a brand designer, we were able to distill my brand.

Below I’ll walk you through our process👇
Read 13 tweets
16 Jun
1/ Bitcoin has a decentralized marketing team, which is composed of all Bitcoiners.

We are part of a grand A/B testing experiment where we iterate with messaging and propagate different ways to explain Bitcoin to the masses, to teach them how to use Bitcoin, buy Bitcoin.
2/ My personal brand is my iteration on that experiment which I’ll cover tomorrow in another thread.

Bitcoin comes across as goofy, technical, and boring
3/ I felt that it was important we show Bitcoin as a blend between sci-fi and revolution. A combination of Inception, Blade Runner, and Mr. Robot mixed with educational content.

But before we get there tomorrow, a little more on marketing👇
Read 32 tweets
30 Mar
1/ I’ve signed up with Alcor, a cryopreservation company. As part of that, I get a quarterly magazine. The last one was a profile of Hal Finney.

It offers an incredible new view into his personal life, ideals, and perpetual optimism, even against certain death.

A must read👇
2/ Everything from here is a copy paste from the article:

Though widely known for his pioneering professional achievements across cyberspace and tech circles, Hal’s daily life paints a much more nuanced portrait. He was a devoted husband, father, accomplished Renaissance man.
3/ SoCal Roots

Harold Thomas Finney was born in the spring of 56' in the small town of Coalinga, California. Hal’s father… was a long time employee of Union Oil of California… which supported the family’s relocation to a number of different places throughout his lifetime.
Read 82 tweets
4 Feb
1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:
3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:
Read 46 tweets
28 Dec 19
1/ A tweetstorm for the “Information Theory of Money” an article originally written for @TimelessBitcoin

How prices reflect aggregate market information and how a fixed supply gives us the best measuring stick for entrepreneurial outcomes. A thread👇
2/ “Prices are knowledge, and the signals that communicate information... they are the information system of economic production, communicating knowledge across the world and coordinating the complex processes of production.”
@saifedean
3/ Prices are the coordinating force of a free market system. Each individual decision-maker can rely on the prices of goods and services to help with their decision making, as the prices themselves are a distillation of all known market information into a single metric.
Read 39 tweets
5 Nov 19
1/ Bitcoin is a minimalist philosophy.



Bitcoin Minimalism is a lifestyle that helps people question what things add value to their lives.



A joint thread mostly by @_ConnerBrown_ and myself, with other Bitcoiners providing input:
2a/ Create more, consume less



Bitcoin reduces your time preference and enables you to look long-term at saving and investing. It’s not about consuming, it’s about saving and investing that makes our world a great place.
2b/ By consuming less, you allow others to access good and services more cheaply currently.

It’s a way to escape the excesses of the world around us — the excesses of consumerism, material possessions, clutter, too much debt, too many distractions, too much noise.
Read 17 tweets
15 May 19
1/ My latest article "Bitcoin's Security is Fine" where I address concerns with Bitcoin’s security model which is funded by the block subsidy + transaction fees. Part of a new content series produced by @InterchangeHQ called “The On-Ramp”

Thread 👇

blog.picks.co/bitcoins-secur…
2/ Approx. every 10 minutes, a new Bitcoin block is created, which contains newly minted Bitcoins (the “block subsidy”) plus transactions fees. The value of the newly minted coins plus transaction fees is called the “block reward.”
3/ Per Bitcoin’s hard-coded monetary policy, the amount of newly minted coins per block decreases over time, eventually reaching 0% in the year 2140. At the time of this tweet being published, over 83% of all Bitcoins that will ever exist have already been minted.
Read 91 tweets
23 Jan 19
1/ Quantum Narratives: the rise and fall of crypto narratives

In quantum mechanics, there is something called “superposition” in which systems can exist in multiple states at once. There isn’t only one reality, but in fact multiple “true” realities

danheld.com/blog/2019/1/13…
2/ Each of these realities would remain valid until they were observed by the external world. At that time, the superposition collapses in on a single version of the possible states. To visualize this idea Erwin Schrödinger proposed a thought experiment called “Schrodinger’s cat”
3/ It is only once we open the box to observe the cat to be either dead or alive that the multiple states cease to be simultaneously true. It is our actions that determine, ultimately, which reality prevails.
Read 35 tweets
14 Jan 19
1/ Satoshi’s Vision™ is a silly endeavor, as it doesn’t matter what it was, we are where we are now. However, those pushing the “Bitcoin was first made for payments” narrative insist on cherry-picking sentences from the white paper and forum posts to champion their perspective.
2/ The following tweetstorm is a categorical repudiation of this tired narrative. Bitcoin was purpose-built to first be a Store of Value (SoV), a thread:
3/ How do we determine Satoshi’s intention? We need to look at his ideology, description of functionality/architecture, timing, and audience. Let's start with how Satoshi describes the problem Bitcoin solves. In his first public comms after the whitepaper, in the first paragraph:
Read 47 tweets
30 Dec 18
1/ How would @Uber fare in a financial downturn? This was something I thought about while I worked at Uber on Rider Growth.

A thread 👇
2/ The Uber Network

Most simplistically, Uber is comprised of riders and drivers. Uber’s role is to match them, ensuring liquidity on a block by block basis. The marketplace is asymmetrical, with 1 driver servicing XX riders (Drivers naturally cost more to acquire)
3/ How Uber Grows

Uber acquires new riders and drivers for free (organic) or through paid channels (ex: FB/Twitter). Naturally, some of those existing riders and drivers churn (leave) which means they need to be replaced to ensure adequate network liquidity.
Read 8 tweets
12 Dec 18
@varun_mathur @marttimalmi @real_vijay @nathanielpopper Hey guys! It seems some find it hard to differentiate between marketing material and functionality. Let me help!
@varun_mathur @marttimalmi @real_vijay @nathanielpopper "In this sense, it's more typical of a precious metal. Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes. As the number of users grows, the value per coin increases” - Satoshi
@varun_mathur @marttimalmi @real_vijay @nathanielpopper “Bitcoin [is] more like a collectible or commodity.” - Satoshi
Read 8 tweets
12 Dec 18
1/ The Bitcoin (double) Standard

A deep dive into the cognitive dissonance of nocoiners, and the ridiculous double standard they have for Bitcoin. Thread 👇
2/ Manipulation

Over the last decade, banks globally have been fined with more than $200 billion in penalties, following investigations into manipulation of various markets/instruments: FX, metals, LIBOR, etc. Those cumulative fines are 2x the current total crypto market cap.
3/ Intrinsic Value

Complaining it has no intrinsic value when their primary currency has absolutely no intrinsic value.

“Bitcoin units have no intrinsic value… the U.S. dollar, the euro, and the Swiss franc, have no intrinsic value either.”

stlouisfed.org/open-vault/201…
Read 12 tweets
31 Oct 18
1/ Planting Bitcoin - “Development/community” (4/4)

Bitcoin’s perfect seed (genetic code) had been planted at the right and place. Now it was time for Satoshi to nurture Bitcoin’s development.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread 👇
2/ “The project needs to grow gradually so the software can be strengthened along the way.” — Satoshi Nakamoto

Satoshi chose to be anonymous, which fit the ethos of the Cypherpunks. People can project hopes and dreams on an anonymous individual, ensuring maximal narrative fit.
3/ Volunteers need to rely on trusting the objective reality of the code, rather than focusing on the merits of the project leader.

“It does not matter to the operation of the technology, in the same way that the identity of the inventor of the wheel no longer matters”@saifedean
Read 26 tweets
30 Oct 18
1/ Planting Bitcoin - “Soil” (Part 3)

Satoshi planted Bitcoin at precisely the right moment. He planted the seed with the Cypherpunks or “Soil” giving it the best chance for survival.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread 👇
2/ Sending the Bitcoin whitepaper to the cryptography mailing list was the obvious choice. The list was predominately populated by the Cypherpunks* who were activists advocating widespread use of strong cryptography, as a route to social and political change.
3/ The group was originally comprised of Eric Hughes, Tim May, and John Gilmore. At first, the meetings were in-person meetings in the San Francisco Bay Area, but they decided to expand the group via the cryptographer mailing list which would allow them to reach other Cypherpunks
Read 25 tweets
27 Oct 18
1/ Planting Bitcoin - “Season” (Part 2)

Satoshi had begun carefully crafting Bitcoin’s genetic code in 2007, but waited for the exact right moment to plan the seed - the 2008 financial crisis.

medium.com/@danhedl/plant…
(Music has been paired with the Medium article)

Thread👇
2/ “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” — Satoshi Nakamoto
3/ From the founding of the Bank of England, central banks have been used as a means for states to fund their policies without risking the popular ire caused by direct taxation.
Read 25 tweets
25 Oct 18
1/ Bitcoin’s origin is akin to planting a tree. It wasn’t just Satoshi’s selection of the species (code), but the season (timing), soil (distribution), and gardening (community) that were essential to its success

Part 1: Species

medium.com/@danhedl/plant…

Thread 👇
2/ Money is most easily defined as the medium in which value is transferred. It is also something more fundamental: It's a primitive form of memory or record-keeping. It's a representation of the work required to acquire goods and services, can also be viewed as stored energy
3/ Bitcoin is a new species of money called “cryptocurrency.” More importantly, it is “sound money,” or using proper taxonomy, “sanum pecuniam.” Sound money is money that has a purchasing power determined by markets, independent of governments which is essential for freedom
Read 25 tweets
4 Oct 18
1/ Many people think Bitcoin’s distribution wasn’t fair, or that Satoshi “stealth mined.” Below I dive into early mining, inequality, distribution, and ethics.

For a deeper dive, my Medium post: medium.com/@danhedl/bitco…

TL;DR - check out this thread 👇
2/ Satoshi didn’t premine. Satoshi gave everyone a 2 month heads up before mining the Genesis block, reaching out to the only other people who would possibly be interested in experimenting with a sovereign digital currency at the time, the cypherpunks. @MartyBent
3/ The whitepaper was published on October 31, 2008, then Bitcoin 0.1 software was released on January 9, 2009. The genesis block (the only block specially minted earlier) has a timestamp of 18:15:05 GMT on January 3, 2009.
Read 25 tweets
25 Sep 18
1/ Bitcoin as Digital Gold: Information Theory of Money @GeorgeGilder

This tweet storm is my distillation/tweak of his narrative. A thread 👇
2/ Money is the central information utility of the world economy. As a medium of exchange, store of value, and unit of account, money is the critical vessel of information about the conditions of markets around the globe in both time and space.
3/ Wealth is knowledge and growth is learning, and that both are governed by the science of information. Knowledge expands through testable learning, proceeding through entrepreneurial experiments, with the outcomes measurable by reliable money.
Read 10 tweets
14 Sep 18
1/ Most people think #Bitcoin’s PoW is "wasteful." I explore how everything is energy, money is energy, subjective use of energy, and PoW's costs relative to existing governance systems

For a deeper dive, my Medium post: medium.com/@danhedl/pow-i…

TL;DR - check out this thread 👇
2/ The idea of “work” being energy started when the French Mathematician Gaspard-Gustave de Coriolis introduced the idea of energy being “work done.” A long time ago, the work done in the economy was entirely human. That work was powered by food.
3/ Thousands of years ago, our energy usage increased when we domesticated animals which could labor in our place. Those new laborers also had to be fed. Large amounts of food were required to meet the energy demand, and our prosperity increased alongside.
Read 25 tweets
31 Aug 18
1/ Hodlers are the revolutionaries. A reflection on the important role hodlers play in developing Bitcoin’s network (and other cryptocurrency networks).

For a deeper dive please read my Medium post: medium.com/@danhedl/hodle…

For the TL;DR, check out this thread 👇
2/ “In the beginning of a change the patriot is a scarce man, and brave, and hated and scorned. When his cause succeeds, the timid join him, for then it costs nothing to be a patriot.” - Mark Twain
3/ Satoshi published the Bitcoin white paper on 10/31/2008, one month after the collapse of Lehman Brothers sent a shockwave through the financial system. Bitcoin was incepted in a time of absolute necessity. Trust had been lost in a world that ran on trust.
Read 25 tweets
24 Aug 18
1/ A complete debunking of top Lightning FUD claims:
2/ “Lightning is an IOU”

In no way are they transactions IOUs. The money you receive in a channel is under your complete control instantly. You may spend, or transfer back to the blockchain at your leisure
3/ “Lightning is fractional reserve”

Can you spend more Bitcoin inside the escrow than actually exist? Of course not, because it’s real bitcoin put into a real script that will execute as a real and valid transaction on the bitcoin network
Read 20 tweets