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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. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
      • Report Tweet
      Replying to @Ruminorang @NickSzabo4

      No, they have decent moneyable properties as good as gold K fair since historically that's how we see them continually failing, but in reality, their value becomes marginalized by competition & they are forced to print or lose monetary power But if we ignore that it still fails

      1 reply 0 retweets 0 likes
    2. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
      • Report Tweet
      Replying to @7heAbolitionist @Ruminorang @NickSzabo4

      It fails because there are no economic calculations without utility outside of a MoE. Man can rationalize more efficiently; marginalize its value against all other goods with every different utility the good has. What should the objective purchasing power of $1 dollar be?

      2 replies 0 retweets 0 likes
    3. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
      • Report Tweet
      Replying to @7heAbolitionist @Ruminorang @NickSzabo4

      Who the hell knows. Its value is made up. You can't marginalize a fiat against anything. 1 Bitcoin? is that a months rent? A lambo? A tropical island? What's an ounce of gold? It's a necklace, it's 20 gold teeth, it's 10 yards of wiring, it's the plating for a sink, etc.

      2 replies 0 retweets 0 likes
    4. Ruminative Orangutan‏ @Ruminorang 5 Nov 2018
      • Report Tweet
      Replying to @7heAbolitionist @NickSzabo4

      Yeah but what’s a necklace? Purely social value, no utility. And most high value uses of gold are of this kind. Pretty trinkets

      2 replies 0 retweets 0 likes
    5. Ruminative Orangutan‏ @Ruminorang 5 Nov 2018
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      Replying to @Ruminorang @7heAbolitionist @NickSzabo4

      I think gold was well established as money before it was used for anything really utilitarian, like wiring or plating. It was mostly for adornments which are just abstracted social value put in an object for public display

      2 replies 0 retweets 3 likes
    6. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
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      Replying to @Ruminorang @NickSzabo4

      Not relevant. What matters is they are forced to choose. Money or secondary uses. There is no choice bitcoin, therefore Bitcoin's price will be more volatile than gold's. It will not be demanded as money in the long run without it. It's price will decline to its 2nd use cases

      3 replies 0 retweets 1 like
    7. Murad Mahmudov  🚀‏ @MustStopMurad 5 Nov 2018
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      Replying to @7heAbolitionist @Ruminorang @NickSzabo4

      Mises Regression theorem has been debunked. It was too narrowly defined to imagine digital age instrumentshttps://medium.com/@manuelpolavieja/bitcoins-and-mises-s-regression-theorem-16a10db24bd5 …

      1 reply 0 retweets 4 likes
    8. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
      • Report Tweet
      Replying to @MustStopMurad @Ruminorang @NickSzabo4

      lol. I had a long debate with him actually. I like it. Though, I think I can debunk it. We are currently taking a break from discussion until I have time to read Carlos Bondone. Personally, I think it sounds like Carlos made more concise extension of the RT.

      1 reply 0 retweets 0 likes
    9. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
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      Replying to @7heAbolitionist @MustStopMurad and

      I could debunk assuming it would categorize bitcoin as not being fiat, which I believe it does. I need to read the book though.

      1 reply 0 retweets 0 likes
    10. Murad Mahmudov  🚀‏ @MustStopMurad 5 Nov 2018
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      Replying to @7heAbolitionist @Ruminorang @NickSzabo4

      Mises Regression theorem wasn't broad enough (1) Didn't consider psycho-social utility (2) Didn't imagine digital-native form of money (3) In fact he himself once said that "Gold isn't theoretically ideal. An ideal money would be one with no use-value at all to cause distortions"

      6 replies 4 retweets 18 likes
      Nick Szabo  🔑‏ @NickSzabo4 5 Nov 2018
      • Report Tweet
      Replying to @MustStopMurad @7heAbolitionist @Ruminorang

      It didn't account for foresight: that one can look at a tech or institution, study, and find it good for something, e.g. for using as money, just as e.g. one can study an insurance company and find it useful for insurance, even though it didn't start doing something else first.

      7:01 PM - 5 Nov 2018
      • 13 Likes
      • Gabriel D Vine 🧞‍♂️✨ TheCryptoProdigy Rearden Code The Cryptocurrency King Ruminative Orangutan Arjun Balaji Justin Moon Murad Mahmudov 🚀 Moonwhale Ventures
      1 reply 0 retweets 13 likes
        1. New conversation
        2. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
          • Report Tweet
          Replying to @NickSzabo4 @MustStopMurad @Ruminorang

          So anything can be money if we were all just more enlightened. Oh, if only men were angels.

          1 reply 0 retweets 0 likes
        3. Grinners The-Wizard‏ @Grinnersaok 5 Nov 2018
          • Report Tweet
          Replying to @7heAbolitionist @NickSzabo4 and

          Your argument: Reality doesn't match my theory, therefore reality must adjust.

          1 reply 0 retweets 1 like
        4. Weiße Rose‏ @7heAbolitionist 5 Nov 2018
          • Report Tweet
          Replying to @Grinnersaok @NickSzabo4 and

          Perhaps you should pick up an economics textbook & figure out what it's all about. Lol. If you knew, you'd be laughing with me right now.

          0 replies 0 retweets 1 like
        5. End of conversation

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