Nick Szabo 🔑 on Twitter: "Which is unlikely for a crypto exchange. If they were running an undisclosed fractional reserve they would be highly fraudulent and quite probably breaking many other laws (e.g. banking without a license). And crucially would be exposing the cryptocurrency to unnecessary risk.… https://t.co/AlSDdqVAkW"

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Lyric Hughes Hale‏ @lyrichues 17 Dec 2018

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Lyric Hughes Hale Retweeted Tone Vays [Bali - Financial Summit]

Bitcoin suicide: ask investors to create an artificial run on crypto exchanges-an uncontrolled stress test in a new & fragile market. Exchanges create needed on-ramps for non-techs & reg certainty. @ToneVays @LeahWald @coinbase @krakenfx @saifedean @NickSzabo4 @CaitlinLong_https://twitter.com/ToneVays/status/1074695740826497024 …

Lyric Hughes Hale added,

Tone Vays [Bali - Financial Summit] @ToneVays

#Bitcoin Morning Brief is BACK w/ @LeahWald & @nvk to cover latest article from @lopp on who controls Core (we all know it's @Blockstream

) latest on #Lightning and "Protect Your Keys" https://www.youtube.com/watch?v=YQyzHtTrofs …

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10 replies 1 retweet 9 likes

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Tone Vays [Bali - Financial Summit]‏ @ToneVays 17 Dec 2018

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Replying to @lyrichues @LeahWald and

If you're right, I would love to pick up a shit ton of #Bitcoin in the Bloodbath of incompetence

6 replies 1 retweet 39 likes

Lyric Hughes Hale‏ @lyrichues 17 Dec 2018

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Replying to @ToneVays @LeahWald and

You have an iron stomach for trading and a long term view. But this will spook institutional and retail investors, big time. Community should rethink this stunt.

4 replies 0 retweets 5 likes

Tone Vays [Bali - Financial Summit]‏ @ToneVays 17 Dec 2018

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Replying to @lyrichues @LeahWald and

I hope so, my biggest fear is everyone getting comfortable with a giant amount if #Bitcoin held in regulated entities at risk of US Govn't confiscation with a phone call like with #Gold in 1933.

3 replies 1 retweet 36 likes

Lyric Hughes Hale‏ @lyrichues 17 Dec 2018

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Replying to @ToneVays @LeahWald and

I totally understand that but is that the biggest threat to crypto assets right now? I think it is probably adoption and education.

3 replies 0 retweets 3 likes

HODLer of Last Resort‏ @jimyoung2817 17 Dec 2018

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Replying to @lyrichues @ToneVays and

Adoption and education are inevitable. Anti-fragility is not, it must evolve in a hostile env. Also, I think this stunt is more likely to bring needed awareness to the need to control ones own keys than to damage major exchanges. Unless I'm wrong, then see my first point.

1 reply 1 retweet 13 likes

Lyric Hughes Hale‏ @lyrichues 17 Dec 2018

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Replying to @jimyoung2817 @ToneVays and

Nothing is inevitable with crypto. This will just confuse people who don't think they're technically capable or physically secure holding their own keys. Exchanges are a bridge for them. Blow them up, or threaten to, and they will go away. Default behavior matters.

5 replies 0 retweets 1 like

Nick Szabo ‏ @NickSzabo4 17 Dec 2018

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Replying to @lyrichues @jimyoung2817 and

Indeed t does matter. A default that trusts a third party deprives users of most of the main benefits of a cryptocurrency & gives risky influence to centralizers who do not or care not to appreciate these benefits, but want a PayPal controlled by themselves instead of by PayPal.

3 replies 3 retweets 39 likes

Lyric Hughes Hale‏ @lyrichues 17 Dec 2018

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Replying to @NickSzabo4 @jimyoung2817 and

Imagine that the exchanges are like banks. If you suddenly had depositors withdraw all of their money they wouldn't be able to deliver. That doesn't mean they are or are not sound. What is being proposed is essentially a bank run. It will be seen as reckless & self-destructive.

5 replies 1 retweet 1 like

Saifedean Ammous‏ @saifedean 17 Dec 2018

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Replying to @lyrichues @NickSzabo4 and

A bank run is only destructive if the bank is engaged in fractional reserve lending.

3 replies 3 retweets 41 likes

Nick Szabo ‏ @NickSzabo4 17 Dec 2018

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Replying to @saifedean @lyrichues and

Which is unlikely for a crypto exchange. If they were running an undisclosed fractional reserve they would be highly fraudulent and quite probably breaking many other laws (e.g. banking without a license). And crucially would be exposing the cryptocurrency to unnecessary risk.

5:33 PM - 17 Dec 2018

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7 replies 5 retweets 42 likes

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1. To Pimp a Nation‏ @topimpanation 17 Dec 2018
  
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  Replying to @NickSzabo4 @CaitlinLong_ and
  
  Sad because banks started by loaning the fruits of others’ labor (labor the bank didn’t do). Then they started loaning friuts that didn’t exist (fractional reserve). Then they started creating money based on monies owed. I bet banks’ deposits are 1/1000 and even less by now.
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1. BitcoinTina - "TINA" (There is no Alternative)‏ @BitcoinTina 17 Dec 2018
  
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  Replying to @NickSzabo4 @saifedean and
  
  Seems to me Lyric the biggest misunderstanding here is yours.
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1. Weiße Rose‏ @7heAbolitionist 17 Dec 2018
  
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  Replying to @NickSzabo4 @saifedean and
  
  It's not fractional reserve if you just print new tethers. #unbounded
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