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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. Yassine Elmandjra‏ @yassineARK Jan 16
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      16/ Graeber also claims a system of money as a unit of account developed first. "But, without having a network of antecedent barter pricing, how would these primitive people know how many units of the money to assign to each type of good and service?"pic.twitter.com/JvwkakpqjN

      1 reply 1 retweet 12 likes
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    2. Yassine Elmandjra‏ @yassineARK Jan 16
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      17/ It is hard to accept that merchants never engaged in barter but were able to use money prices invented by central planners.

      1 reply 0 retweets 10 likes
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    3. Yassine Elmandjra‏ @yassineARK Jan 16
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      18/ Finally, there are actual instance of communities developing money prices from scratch. See "P.O.W camp": http://icm.clsbe.lisboa.ucp.pt/docentes/url/jcn/ie2/0POWCamp.pdf … Also check out Halloween and its Candy to understand how fast economies may have evolved from barter:http://mises.org/daily/3834/Halloween-and-Its-Candy-Economy …

      1 reply 0 retweets 12 likes
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    4. Yassine Elmandjra‏ @yassineARK Jan 16
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      19/ All this to say that I don't think Graeber understands the claims that other people like Menger and Mises have made. Furthermore, in no way do any of his claims prove that the case for barter is actually wrong.

      2 replies 0 retweets 12 likes
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    5. Yassine Elmandjra‏ @yassineARK Jan 16
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      Yassine Elmandjra Retweeted David Gerard

      20/ Thanks to @davidgerard and @ahcastor for encouraging me to write this thread. Bitcoiners are amazing.https://twitter.com/davidgerard/status/1085614469206691840 …

      Yassine Elmandjra added,

      David Gerard @davidgerard
      Replying to @surja795 @misir_mahmudov and 6 others
      so why on earth are you following me bitcoiners are amazing
      2 replies 0 retweets 18 likes
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    6. Yassine Elmandjra‏ @yassineARK Jan 16
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      21/ Thanks to @mises, Robert Murphy, @NickSzabo4, and @saifedean for providing resources to help guide this thinking

      5 replies 0 retweets 15 likes
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    7. nic carter‏ @nic__carter Jan 16
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      Replying to @yassineARK @mises and

      Graeber is probably going to show up in this thread with histrionics (see: his meltdown after Taleb) but his book to me was a very straightforward statement of the idea that the hardness of money required for a trade varies with the mutual trust of the counterparties

      3 replies 1 retweet 21 likes
    8. nic carter‏ @nic__carter Jan 16
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      Replying to @nic__carter @yassineARK and

      He literally makes this point in his book. trading fish in your local village? favors (credit) probably suffice. intercontinental trade? silver or gold, because you'll never see your counterparty again. Bitcoin suits commerce of the latter form – money for enemies

      2 replies 0 retweets 19 likes
    9. nic carter‏ @nic__carter Jan 16
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      Replying to @nic__carter @yassineARK and

      It's really hard to read Debt and not see it as a very straightforward argument for the necessity of non-credit based money. Just like morality, credit cannot universalize. For trade among mutually mistrustful parties, hard and fast-settling commodity money is ideal

      4 replies 3 retweets 46 likes
    10. Nick Szabo  🔑‏ @NickSzabo4 Jan 16
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      Replying to @nic__carter @yassineARK and

      The money-from-barter theory is *theoretically* accurate, it can and indeed (as with the POWs) has happened. But a barter market (a) presupposes an efficient market, far more rare in prehistory than bilateral monopolies & coercive transactions, and (b) as observed is unstable.

      3 replies 6 retweets 33 likes
      Nick Szabo  🔑‏ @NickSzabo4 Jan 16
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      Replying to @NickSzabo4 @nic__carter and

      In other words,specialized monetary objects, e.g. necklaces of shells or monetary metals, generally came into use for fitness-critical wealth transfers (tribute, legal damages, marriage payments, etc.) millennia before they came into use as widespread media of retail exchange.

      7:18 PM - 16 Jan 2019
      • 3 Retweets
      • 31 Likes
      • Genia🔥 Ez Yassine Elmandjra Digital Currency Laboratories Étienne {°_°} ☰ John ☰ FORTIOR EX VULNERIBVS bitcoinpasada⚡ Core Prodigy
      3 replies 3 retweets 31 likes
        1. Manuel Polavieja‏ @ManuelPolavieja Jan 17
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          Replying to @NickSzabo4 @nic__carter and

          Credit barter of goods and services was probably much more usual, we still use it a lot. This is what Mengerian economist Carlos Bondone calls “irregular credit” where the good that cancels the debt is not specified, or its quantity, quality or due date.https://link.medium.com/SHBcvgM7xT 

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        1. Digital Currency Laboratories‏ @DCLcoins Jan 16
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          Replying to @NickSzabo4 @nic__carter and

          any time traveler worth his salt will have shells copper silver gold and digital currency

          0 replies 0 retweets 0 likes
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