1/ In the event of a global internet shutdown, would that lead to a temporary halt of all transaction processing, with everything going back to normal as the internet is "switched back on"? 2/ During the shutdown, miners would still mine on their own local networks, and you would essentially get thousands of chain splits occurring as each miner mined its own chain separately.

1/ The WEF’s “you’ll own nothing and you’ll be happy” is going further than we first realised.

At the foundation of private property, in any interpretation, is the ownership over oneself. The vaccine mandates are a culmination of the attack on this principle. 2/ A sacred wall has been broken, a new precedent set, in a carefully coordinated manner.

Your body is no longer absolutely your property, it is instead considered by the public and your rulers as a public good. A resource that people can fight over what to do with it.

1/ My prediction for the 2021 bitcoin bull run:

i. Price hits a minimum $100k+ peak.
ii. Western governments introduce unprecedented emergency regulations, such as withdrawal bans, turning off the buy button, and investor restrictions...

https://twitter.com/BTCization/status/1359141442992689153

2/
...
iii. Price dumps, most of the new corporate investors panic sell.
iv. Repeat the usual halvening cycle, as hodlers of last resort hold the line at a higher low and the industry adapts, evolves, routes around the new regulations. Life, uh, finds a way.

1/ Look, I'm concerned about the dangerous custodianisation of bitcoin as more corporates start hodling.

But wew, Tesla buying bitcoin is pure, unadulterated, 100% mainstreaming of bitcoin as an inflation hedge on savings/treasuries. 2/ Before it was Microstrategy and Square, fairly obscure B2B companies to most people.

Tesla is globally recognised, respected. Now everyone will want a piece to offset their treasury inflation.

1/ So much of the debate is around how deadly COVID is, or the effectiveness of the lockdowns, or the magnitude of the collateral damage.

But that immediately concedes the frame to the tyrants, both large and small. 2/ The implication of arguing in this fashion is that if the disease was actually that deadly, or the lockdowns were effective, or the collateral damage harmed fewer than it helped, then all this control and oppression might be acceptable.

1/ The assault against open-source software that emerged recently will not be resolved by self-hosting alone.

One of the authorities’ obvious next steps, after GitHub has “harmonised” its platform, is to demand licenses to host any software and maybe even licenses to produce it. 2/ These new rules will be implemented in the name of “ensuring new technology fits with the values of society” and “guaranteeing that everyone has a democratic stake in how technology affects our lives.”

1/ "What happens when the internet gets switched off?" Despite the best hopes of many salty nocoiners, a surprising number of great engineers have been thinking about how to keep bitcoin running in offline environments. 2/ Bitcoin is as much a hardware revolution as it is a software revolution. If your private keys are on someone else's device, the bitcoin are not yours. If your full node is in the cloud, it's not you verifying transactions.

1/ This is an idea I’m still working with, so comments and corrections welcome: S2F is only an *outcome* of something more fundamental, hence some people taking offence at the metric being used to explain bitcoin’s value.

https://twitter.com/bezantdenier/status/1180121886312804362

2/ For instance, you theoretically could have a good in low demand with a high S2F ratio, and its high S2F ratio would be a *product of* its low demand. The sale value of the good would be so low that only a few small manufacturers would bother producing it.

1/ To expand on this further, the idea of money "storing" value is just a metaphor, and often leads to the illusion confusion. People don't really agree or believe or imagine that money "has" value. Instead, individuals simply seek to obtain money as a means to further ends.

https://twitter.com/_ConnerBrown_/status/1178608259218825216

2/ They accept money as an intermediary good which they can subsequently exchange for something else. Each individual is constantly making a series value judgements on which goods to accept in exchange for the goods they produce themselves, on a path to satisfying their own ends.

1/ Bitcoin deals with money. Separating money from the state. Managing people’s life savings. People’s livelihoods depend on it. The path of civilisation is altered by the money its built on.

Dangerous, risky stuff. A lot is on the line. 2/ In addition to this, the vast majority of the industry surrounding bitcoin is comprised of scammers and their “agnostic” enablers. Fraudsters and charlatans that knowingly exploit the lack of understanding in this new technology to profit handsomely at others’ expense.

1/ Our parents were led to forget—no, outright reject—the ideological underpinnings that make the UK a nice place to live. Based on discussions with friends and family, apathy rules. Authorities have almost zero opposition, free to do as they please. “If youre not doing wrong...”

https://twitter.com/brucefenton/status/1091361381847351297

2/Nothing is real and relativism has completely taken hold. No one understands rights like private property or free speech, they’re not codified anywhere. There is no constitution or ethical framework to refer back to. That would be too rigid, “too ideological”.

1/ @Medium promotes articles from token sale scams to their front page and editor's picks, helping a group of scumbags make money at their readers' expense. That gets a pass. As long as the narrative is full of virtue, that's all that matters.

https://twitter.com/TiKawamoto/status/1080955515449065472

2/ Any articles about actual freedom? "You're scum get f ck d." The prevailing Silicon Valley worldview hates bitcoin and hates freedom. They want to set the agenda, they want to set the tone. They want to define "good" and then make everyone else live by it.

1/ “Fiat may not be great as store of value, but it has done great as a medium of exchange, no? Anyway, money needs to be a good enough store of value to make people want it, but a bad enough store of value that people don't want it too long.” 2/ I’d give fiat a C+ for medium of exchange. It’s certainly more convenient than transferring gold within the boundaries of a jurisdiction. It’s mostly useless for anyone elsewhere in the world, and is subject to extreme friction for cross border trade.

1/ Bitcoin or an altcoin’s fixed supply is far more than simply its code. The key is *how easy* this variable is to change.

https://twitter.com/truthcoin/status/1033103020274462725?s=21

2/ If an increase/decrease can be forked in, it can be forked out. The very fact that monetary policy is open for discussion is a threat.

1/ Just "believing in bitcoin" doesn't put you on "the same team". Belief in a miner-driven, trustful, low fee, big block bitcoin, is totally at odds with the node-sovereign, trustless, high fee, resource-constrained bitcoin. 2/ If you feel unhappy that some former bitcoiners have been "excommunicated" (translation: criticised, muted, ignored!) for their different views, that's not because of tribalism, or faith, or religion. It's because their ideas suck.

1/ People are commonly using the term “backed by” wrong in a bitcoin context. I’m probably guilty of a bit of this myself. 2/ E.g.:
“Bitcoin is backed by...”
...energy
...math
...scarcity
...decentralisation
“Fiat is backed by...”
...trust
...authority
...violence
...military
...taxes

Free riding from $1,200 to $200, and $20,000 to $5.5k (so far).

https://twitter.com/naval/status/1013323495520940033

“Incentives” is being misused as a codeword for Get Rich Quick. None of these token farces have produced anything valuable, despite all their fancy “incentives”.

Good thread on the surreptitiousness of modern day state theft/socialism. What’s yours is not yours.

https://twitter.com/russlamberti/status/1009766681596649472

Nowhere is this more apparent than the financial industry. Banks and others are increasingly becoming majority compliance.

Outsourced, hidden bureaucratic work of the state, lumped on private enterprise. Unproductive with zero profit motive.

1/ A paraphrased response kicked off by a friend asking about Angus' claims in this thread.

https://twitter.com/anguschampion/status/1002228888167239681

2/ Angus is laying down why ICOs can't succeed. And why they are all cynical money grabs. Yes, he is saying that shoehorning a token into whatever system you’re building all but guarantees failure.

1/ "What do you think of Decred?" --> Never looked into it, and definitely don’t plan to, but after a brief look at landing page, looks like another Tezos-alike. Solving a non-existent, imagined “problem”. 2/ Lack of explicit governance is a feature not a problem. Introducing explicit governance, especially objective majority-rules voting is antithetical to bitcoin and any other digital currency that cares about being sound money.

1/ After being sad to see @helloluis and Bloom went darkside and pivoted from rebittance to ICO pump-and-dump, it reminded me of Bitspark... 2/ After checking in the latest, I hadn't realised that Bitspark's token sale had only been for 12.5% of the supply. They held 1.75bn out of the 2bn total supply. They're celebrating this on their own blog!