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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. Tuur Demeester‏ @TuurDemeester Feb 9
      • Report Tweet

      Sources: http://www.lbma.org.uk/good-delivery-explained …, https://en.wikipedia.org/wiki/Gold_reserve …, https://www.goldmoney.com/images/media/Files/Old_GM_WP/theabovegroundgoldstock.pdf …, https://www.blockchain.com/en/charts/total-bitcoins …, https://www.cryptoground.com/mtgox-cold-wallet-monitor/ …

      3 replies 3 retweets 39 likes
      Show this thread
    2. Tuur Demeester‏ @TuurDemeester Feb 9
      • Report Tweet

      If the Dutch Central Bank wanted to hold as much weight in the Bitcoin world as it does in the Gold world, it could do that by investing $250M in BTC today.pic.twitter.com/OE6Hb78P0j

      15 replies 31 retweets 168 likes
      Show this thread
    3. Nick Szabo  🔑‏ @NickSzabo4 Feb 9
      • Report Tweet
      Replying to @TuurDemeester @martijnbolt

      Weight or control is not why central banks hold gold, and it wouldn't be why they'd buy Bitcoin.

      2 replies 5 retweets 17 likes
    4. Nick Szabo  🔑‏ @NickSzabo4 Feb 9
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      Replying to @NickSzabo4 @TuurDemeester @martijnbolt

      A central bank holds gold because they need a portion of their reserves that is trust-minimized and therefore a fallback to and anti-correlated with trust-based assets like government bonds and foreign currencies.

      9 replies 28 retweets 110 likes
    5. Nick Szabo  🔑‏ @NickSzabo4 Feb 9
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      Replying to @NickSzabo4 @TuurDemeester @martijnbolt

      Once their need for trust minimization (which varies greatly depending on their political circumstances) outweighs the risks from Bitcoin's greater volatility, they will start to switch -- the ones with the greatest such needs much sooner than the ones with the least, naturally.

      9 replies 28 retweets 133 likes
    6. Fernando Nieto‏ @fnietom Feb 10
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      Replying to @NickSzabo4 @TuurDemeester @martijnbolt

      Volatility can be sold using derivatives while keeping the trust-minimized underlying, so a liquid and mature derivatives market may advance government adoption.

      1 reply 0 retweets 1 like
    7. Nick Szabo  🔑‏ @NickSzabo4 Feb 10
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      Replying to @fnietom @TuurDemeester @martijnbolt

      No, the trust-minimized underlying has to pay a big premium for this artificial construct. Also how do you do this in a trust-minimized way, without an oracle?

      2 replies 0 retweets 2 likes
    8. Fernando Nieto‏ @fnietom Feb 10
      • Report Tweet
      Replying to @NickSzabo4 @TuurDemeester @martijnbolt

      Fernando Nieto Retweeted Fernando Nieto

      You could sell futures contracts in a traditional exchange matching bitcoin holdings (volatility hedge is not trust-minimized). The cost equals convenience yield associated to holding the underlying until expiry (the price of trust minimization) of course.https://twitter.com/fnietom/status/1084815552223285248 …

      Fernando Nieto added,

      Fernando Nieto @fnietom
      Gold lease rates (LIBOR - GOFO) are not always >0. Therefore its Cost of Storage can be greater than its Convenience Yield (Cost of Carry = Funding Interest Rate + CS - CY). http://jpkoning.blogspot.com/2014/11/golds-rising-convenience-yield.html … The incentives for the creation of paper gold don't exist in bitcoin (CS < CY). pic.twitter.com/XwMlKqkYCe
      Show this thread
      1 reply 0 retweets 0 likes
    9. Nick Szabo  🔑‏ @NickSzabo4 Feb 10
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      Replying to @fnietom @TuurDemeester @martijnbolt

      A centralized exchange isn't trust-minimized. The holders of the longs and the shorts (the latter needed to hedge the volatility of the underlying) would, unlike the underlying, have political vulnerability, eliminating which was the whole point of the exercise.

      1 reply 0 retweets 2 likes
    10. Fernando Nieto‏ @fnietom Feb 10
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      Replying to @NickSzabo4 @TuurDemeester @martijnbolt

      A central bank could keep part of its holdings in bitcoin (trust-minimized) even if it uses a trust-based hedge to eliminate bitcoin volatility exposure. These are risks of a very different magnitude, it's not the same risking the hedge as risking the principal.

      1 reply 0 retweets 8 likes
      Nick Szabo  🔑‏ @NickSzabo4 Feb 10
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      Replying to @fnietom @TuurDemeester @martijnbolt

      That's an interesting idea.

      9:52 AM - 10 Feb 2019
      • 2 Likes
      • acrual Sergej Kotliar
      0 replies 0 retweets 2 likes

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