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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. Nick Szabo  🔑‏ @NickSzabo4 23 Jul 2018
      • Report Tweet

      Nick Szabo  🔑 Retweeted George Selgin

      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.https://twitter.com/GeorgeSelgin/status/1021553927324688386 …

      Nick Szabo  🔑 added,

      George Selgin @GeorgeSelgin
      When I wrote my book on free banking, I tried to persuade other economists that it would promote stability. To do that, I had to take their concerns, theories, and beliefs seriously. Fans of bitcoin and other crypto's ought to do the same.
      Show this thread
      19 replies 128 retweets 425 likes
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    2. Nick Szabo  🔑‏ @NickSzabo4 23 Jul 2018
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      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.

      3 replies 24 retweets 173 likes
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    3. Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
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      (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.

      1 reply 9 retweets 100 likes
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    4. Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
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      The lesson I drew from that and other aspects of history that the real money in these circumstances was gold -- that is what people wanted at the end of the day. If the gold window closed, the trust-based part of the system collapsed.

      4 replies 22 retweets 158 likes
      Show this thread
    5. Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
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      Trust and security considerations are far more important than speculations about aggregate human behavior. Psychologists have a hard time making their experiments on individuals repeatable. Macroeconomists speculate about vast numbers of interacting individuals, no repeatability.

      6 replies 46 retweets 218 likes
      Show this thread
    6. Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
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      High inflation causes savers and creditors large tangible harms, as we see today in Venezuela, Iran, Sudan, Nigeria, Argentina, &c. But alleged harms caused by much lower levels of "bad deflation" are very causally remote from monetary decisions -- it's ideological speculation.

      4 replies 46 retweets 193 likes
      Show this thread
    7. Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
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      While macroeconomic debates are very popular in the fiat central banking world, where monetary decisions are highly political, they are nevertheless ideological speculations not science.

      7 replies 71 retweets 302 likes
      Show this thread
      Nick Szabo  🔑‏ @NickSzabo4 24 Jul 2018
      • Report Tweet

      For these reasons, I strongly urge those developing or maintaining cryptocurrencies to focus on trust minimization and security. Protect holders against internally caused loss of value, but treat macroeconomic considerations with many grains of salt and very low priority.

      12:30 AM - 24 Jul 2018
      • 93 Retweets
      • 487 Likes
      • Matt Khoury Robert Spigler 🔑 Jonesmohan Jamie Asefa Wax Crypto (Fans) The Money Team GH Mr. Jeff Cliff, BSc ItsJustMe ฿ L O C K S H A N E
      12 replies 93 retweets 487 likes
        1. New conversation
        2. zooko‏ @zooko 24 Jul 2018
          • Report Tweet
          Replying to @NickSzabo4

          https://forum.z.cash/t/nick-szabos-insightful-comments-on-crypto-macro-economics/30467 …

          2 replies 4 retweets 6 likes
        3. 1 more reply
        1. lawson : baker‏ @lwsnbaker 24 Jul 2018
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          Replying to @NickSzabo4

          lawson : baker Retweeted lawson : baker

          Agreed. I wrote about economics not being a science b/c human behavior is not predictable > experiments are not repeatable. However, I stated that dry code found in cryptocurrency protocols will allow economics to trend towards becoming a science.https://twitter.com/lwsnbaker/status/1019642244511379456?s=21 …

          lawson : baker added,

          lawson : baker @lwsnbaker
          Cryptocurrencies and blockchain-like protocols are the perfect testing ground for economic hypotheses because the code is dry. https://twitter.com/lwsnbaker/status/890683538088919041 …
          Show this thread
          0 replies 0 retweets 2 likes
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        1. Disruption Joe‏ @DisruptionJoe 24 Jul 2018
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          Replying to @NickSzabo4

          Would you be open to doing a fireside chat about this at an event? We are not accepting it to pitch money. We are curating the most interesting conversations possible.

          0 replies 0 retweets 1 like
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        1. lvi‏ @astrocytew 25 Jul 2018
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          Replying to @NickSzabo4

          can't you have trust minimisation and security witha fixed emission schedule in an uncapped currency?

          0 replies 0 retweets 1 like
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        2. Mayor Of Bitcoin‏ @MayorOfBitcoin 24 Jul 2018
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          Replying to @NickSzabo4

          “Bad deflation” equal unstable value, per George. Nick is more correct this time. BTC inflates (much more than most think), and “bad deflation” (read increasing value) is ALWAYS good in the short term. It limits new scale & breadth, but is always good for club members.

          1 reply 0 retweets 0 likes
        3. Mayor Of Bitcoin‏ @MayorOfBitcoin 24 Jul 2018
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          Replying to @MayorOfBitcoin @NickSzabo4

          The method of BTC inflation is deceptive. This is why it’s much more than most would speculate (4 or 2%). BTC inflates so rapidly, I suspect it will have a hard time around $40,000. More than ‘2%’ should indicate - And new club member recruitment remains a challenge.

          0 replies 0 retweets 0 likes
        4. End of conversation
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        2. Eric‏ @2ez28u 24 Jul 2018
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          Replying to @NickSzabo4

          Agreed with the security issues !And the no trust!The speculative aspect is very important the way I see it coz you need an extra incitative to stimulated markets and it does, in some ways it s a challenge even if it does hurts those who lose it keeps one on the edge, and there

          1 reply 0 retweets 0 likes
        3. Eric‏ @2ez28u 24 Jul 2018
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          Replying to @2ez28u @NickSzabo4

          Is so many options for those who seeks stability on market stocks bonds interest rates etc!!! So the speculative aspect is what brings the ??? How can I say that simple it does bring and it does offer an very different option then conventional markets and with less u can make

          1 reply 0 retweets 0 likes
        4. Eric‏ @2ez28u 24 Jul 2018
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          Replying to @2ez28u @NickSzabo4

          More and that is a very attractive aspect depending on ur entry 😂 ok thanks for the posting thanks for reading !

          0 replies 0 retweets 0 likes
        5. End of conversation
        1. Little₿it86‏ @bittybitbit86 24 Jul 2018
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          Replying to @NickSzabo4

          Value and security are not mutually exclusive and this is why BTC is still king today. Correct me if I'm wrong but the only way I see BTC destroyed is by making pow worthless, no one seems to be able to make that happen.

          0 replies 0 retweets 0 likes
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        2. Lane Rettig‏ @lrettig 29 Jul 2018
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          Replying to @NickSzabo4

          @threadreaderapp unroll please

          1 reply 0 retweets 0 likes
        3. Thread Reader App‏ @threadreaderapp 29 Jul 2018
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          Replying to @lrettig

          Saluti please find the unroll here: https://threadreaderapp.com/thread/1021658965279563776.html … Share this if you think it's interesting. 🤖

          0 replies 0 retweets 0 likes
        4. End of conversation
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        2. nothingmuch‏ @mHaGqnOACyFm0h5 24 Jul 2018
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          Replying to @SoakerPatoshi @NickSzabo4

          I didn't read it this way, even though I absolutely agree with the sentiment that macroeconomic considerations are not scientific and should be a lower priority than the trust minimization and security, that doesn't imply (to me at least) that ideal money is irrelevant

          1 reply 0 retweets 1 like
        3. nothingmuch‏ @mHaGqnOACyFm0h5 24 Jul 2018
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          Replying to @mHaGqnOACyFm0h5 @SoakerPatoshi @NickSzabo4

          this connects to how we disagree about the role and function of governance in bitcoin, specifically where we hold different opinions about the importance of privacy technology

          1 reply 1 retweet 1 like
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