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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 3 May 2018
      • Report Tweet

      Nick Szabo  🔑 Retweeted Mr.Hodl 🌕 🍿

      Gold has severe flaws. Physical locality makes it less secure and far more transactionally local, and thus more vulnerable to politics and less sound, than we can now achieve with Bitcoin, with good key management and taking advantage of its trust-minimized global settlement.https://twitter.com/MrHodl/status/991676293052813312 …

      Nick Szabo  🔑 added,

      Mr.Hodl 🌕 🍿 @MrHodl
      Get inside the mind of a BCasher. "My view is the world was not in need of another sound base money when Bitcoin came along. Nor is that the main innovation Bitcoin brings to the table.The world has had sound base money for thousands of years... gold coins, silver bars, etc." https://twitter.com/ChrisPacia/status/991450241219092480 …
      58 replies 408 retweets 1,303 likes
      Show this thread
    2. Nick Szabo  🔑‏ @NickSzabo4 3 May 2018
      • Report Tweet

      Aztecs took gold tribute from their subject tribes. Spanish conquistadors looted the Aztecs. Sir Francis Drake looted Spanish galleons. Seizing gold vaults was a universal war objective. Many politicians have controlled monetary systems by controlling gold. Now we can do better.pic.twitter.com/pg33pZLJCK

      33 replies 244 retweets 880 likes
      Show this thread
    3. Nick Szabo  🔑‏ @NickSzabo4 Jun 27
      • Report Tweet

      Probably the biggest flaw with the monetary metals (gold, sil er, and copper) is that they are costly to assay/validate. This led making people vulnerable to (i.e. requiring them to trust) centralized entities such as coin minters and bank note issuers, said trust often abused.

      44 replies 230 retweets 1,014 likes
      Show this thread
    4. Joseph Skewes‏ @josephskewes Jun 27
      • Report Tweet
      Replying to @NickSzabo4

      I agree that an indiscernible gold ingot can be more difficult to irrefutably test than bitcoin (performing a water displacement test is not costly & accurate in most situations.). Realistically though, almost all buyers of gold or bitcoin rely on centralised entities.

      3 replies 1 retweet 0 likes
    5. Nick Szabo  🔑‏ @NickSzabo4 Jun 27
      • Report Tweet
      Replying to @josephskewes

      You exaggerate. I and many other Bitcoin users validate for ourselves. It's quite easy.

      5 replies 1 retweet 52 likes
    6. Lec‏ @Lec29560622 Jun 28
      • Report Tweet
      Replying to @NickSzabo4 @josephskewes

      Just compare the cost and steps involved to validate, secure and transport bitcoin vs metals. The benefits and cost savings when using bitcoin is enormous. Even the most bullish gold bug knows this but they might not say it publicly of course.

      1 reply 0 retweets 3 likes
    7. Joseph Skewes‏ @josephskewes Jun 28
      • Report Tweet
      Replying to @Lec29560622 @NickSzabo4

      Joseph Skewes Retweeted Joseph Skewes

      I don't believe it's that simple. I can independently transport (on my person) & transact a high value quantity of gold. @roysebag makes the argument (rightfully) that bitcoin requires substantial infrastructure to do the same.https://twitter.com/josephskewes/status/1132093163114356738 …

      Joseph Skewes added,

      Joseph Skewes @josephskewes
      "..behind the virtual act [transferring Bitcoin], what is, in actuality, enabling all of this to take place is massive amounts of physical infrastructure in the natural world, comprised of computational hardware, energy transformers, physical space, and human computer engineers." pic.twitter.com/9vMH1JkWIe
      Show this thread
      2 replies 1 retweet 1 like
    8. Roy Sebag‏Verified account @roysebag Jun 28
      • Report Tweet
      Replying to @josephskewes @Lec29560622 @NickSzabo4

      The idea that assaying or "validating" pure gold is a difficult task is imho a myth. The whole reason gold as an element ascended as money is due our ability as humans to employ kinesthetic, taste, smell (gold has no taste or smell) sense perceptions to validate it vs. others.

      1 reply 0 retweets 0 likes
    9. Roy Sebag‏Verified account @roysebag Jun 28
      • Report Tweet
      Replying to @roysebag @josephskewes and

      Holding gold in your hand, burning it with a lighter, biting into it, smelling it, tasting it with your tongue, exposing it to water, etc. are all very easy ways to decentrally and self-evidently verify it to be unique to everything else. X-Ray, chemical assays, are also cheap.

      2 replies 0 retweets 3 likes
      Nick Szabo  🔑‏ @NickSzabo4 Jun 28
      • Report Tweet
      Replying to @roysebag @josephskewes @Lec29560622

      Cheap, easy, reliable: pick one. Far short of being good enough for typical retail transactions. Why coins were invented millennia ago. With modern spectroscopy could do better, but would have to redesign form factor of jewelry to be suitable for random sampling & quick spectro.

      5:52 PM - 28 Jun 2019
      • 2 Retweets
      • 12 Likes
      • Sean 🔑 Rory damiendonnelly Riding Unicorns to the Moon Ale Gimenez Minotaur⚡️🔑 a×wolf×called×storm skynetcapital
      1 reply 2 retweets 12 likes
        1. New conversation
        2. ♤ReaI Phil Ivory♤‏ @RealPhilIvory Jun 28
          • Report Tweet
          Replying to @NickSzabo4 @roysebag and

          Consensus = vote . Democracies are a bad idea, especially when it comes to money. Gold's properties are hard coded into the organic ledger system that requires no power to maintain security.

          1 reply 0 retweets 0 likes
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