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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. Sasha Fleyshman‏ @ArcaChemist Aug 2
      • Report Tweet

      [Introduction] "What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party." Does that sound like $BTC to you? Sounds like it to me

      2 replies 1 retweet 30 likes
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    2. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      Moving on to some of #Satoshi quotes from forums etc, we arrive at my theory of semantics error: "The more standard Wiki thing to do is that we should have a paragraph in one of the more general categories that we are an instance of, like Electronic Currency or Electronic Cash."

      1 reply 1 retweet 15 likes
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    3. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      From an email thread 2008-11-08: "If the supply of money increases at the same rate that the number of people using it increases, prices remain stable. If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase."

      2 replies 3 retweets 35 likes
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    4. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      From a p2pfoundation forum 2009-02-11: "It's time we had the same thing for money. With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."

      1 reply 1 retweet 16 likes
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    5. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      From a mailing list 2009-01-08: "There are two ways to send money. If the recipient is online, you can enter their IP address and it will connect, get a new public key and send the transaction with comments."

      2 replies 1 retweet 15 likes
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    6. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      The list goes on. The interchanging use of currency, cash, and money points to the idea that the actual word 'cash' was never meant to be the crux of #Bitcoin. To get so hung up on that term is to lose sight of what was really trying to be conveyed.

      2 replies 1 retweet 43 likes
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    7. Sasha Fleyshman‏ @ArcaChemist Aug 2
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      cc: @danheld @100trillionUSD @BitcoinErrorLog @APompliano @lopp @udiWertheimer @saifedean @SatoshiLite @aantonop among others. Respect your thoughts in the space and would love to hear you opine on what seems to be a continuous debate on irrelevant points.

      6 replies 2 retweets 21 likes
      Show this thread
    8. Ryan Calder‏ @_RyanCalder Aug 2
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      Replying to @ArcaChemist @danheld and

      I'd love to hear @CaitlinLong_ @TraceMayer @CathieDWood @AriannaSimpson @NickSzabo4 @eric_lombrozo @adam3us @DHannum8 too if possible

      2 replies 0 retweets 9 likes
    9. Nick Szabo  🔑‏ @NickSzabo4 Aug 2
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      Replying to @_RyanCalder @ArcaChemist and

      Layer 1 is a settlement layer, its trust minimization akin to gold but able to be settled online. Layer 2 is retail cash (among other applications). This falls out of the computer science and trust minimization being the essential top priority for a seamlessly global currency.

      18 replies 98 retweets 415 likes
    10. NYCPunter‏ @NYCPunter Aug 2
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      Replying to @NickSzabo4 @saifedean and

      Amazing that most people in the space haven't figured this out already, as many prominent figures have posited this for quite some time now. Bitcoin has a greater destiny than buying Starbucks. That narrative died in dec 2017.

      2 replies 0 retweets 19 likes
      Nick Szabo  🔑‏ @NickSzabo4 Aug 2
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      Replying to @NYCPunter @saifedean and

      Bitcoin is to protect your wealth, bitcoin (layer 2) is for the coffee.

      9:29 PM - 2 Aug 2019
      • 100 Retweets
      • 506 Likes
      • Ad.K. pseudozach Hodlinger andhans ₿ from twi͛tter jai͛l Andrew ₿entley ⚡️🇺🇸 John Ðough BitcoinHaiku Astha22 Emanuele Cisbani
      13 replies 100 retweets 506 likes
        1. New conversation
        2. Sasha Fleyshman‏ @ArcaChemist Aug 2
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          Replying to @NickSzabo4 @NYCPunter and

          Layer 1 - Savings Layer 2 - Checking If you believe in the potential of LN, which I do at this point in time, its a fair argument to make that when you take your BTC off L1-->L2 to spend you are essentially moving wealth from savings-->checking. Not 1:1 comparison, but helps IMO

          8 replies 1 retweet 35 likes
        3. NYCPunter‏ @NYCPunter Aug 2
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          Replying to @ArcaChemist @NickSzabo4 and

          When you truly have it rationalized, you will never consider the idea of "spending" Bitcoin. You're on the right track in many regards, IMHO.

          1 reply 0 retweets 1 like
        4. John Carvalho‏ @BitcoinErrorLog Aug 2
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          Replying to @NYCPunter @ArcaChemist and

          Bitcoin is useless if you can't spend it. It is quite literally for storing and spending. Why do people store value? To spend it.

          3 replies 0 retweets 6 likes
        5. Sasha Fleyshman‏ @ArcaChemist Aug 2
          • Report Tweet
          Replying to @BitcoinErrorLog @NYCPunter and

          Sasha Fleyshman Retweeted Sasha Fleyshman

          I think his point has some merit in the short term. If I am of the belief that $BTC will continue to accrue value at a rapid pace, as it has not yet become a unified money, I am disincentivized to spending it. I go into why I think we should spend it here:https://twitter.com/ArcaChemist/status/1156409635466649606 …

          Sasha Fleyshman added,

          Sasha Fleyshman @ArcaChemist
          What would be one product that is currently missing from the #cryptocurrency space that you would love to see? For me, it would be @Trezor partnering with a Visa/Mastercard provider that allows me to spend #Bitcoin I think HODL is a nice idea, but there is a bigger picture 1/x
          Show this thread
          2 replies 0 retweets 3 likes
        6. NYCPunter‏ @NYCPunter Aug 2
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          Replying to @ArcaChemist @BitcoinErrorLog and

          Given a choice, all societies will spend in a soft currency and save in a hard one. This is at the crux of what we are trying to do. The tipping point where all realize that an exit of inflationary & arbitrarily printed currencies is not only inevitable, but required for survival

          1 reply 0 retweets 5 likes
        7. Nick Szabo  🔑‏ @NickSzabo4 Aug 2
          • Report Tweet
          Replying to @NYCPunter @ArcaChemist and

          That presumes it is easy and very low cost to convert between the two currencies, but it may often not be.

          2 replies 0 retweets 7 likes
        8. Sasha Fleyshman‏ @ArcaChemist Aug 2
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          Replying to @NickSzabo4 @NYCPunter and

          Well, currently you can use a BitPay or some other form of payment processor that lets you spend BTC, uses a PoS terminal to convert to USD, and output to receiver as USD. You hold BTC and spend BTC the whole time, but the other side accepts fiat. Not perfect, but not terrible.

          2 replies 0 retweets 1 like
        9. Nick Szabo  🔑‏ @NickSzabo4 Aug 2
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          Replying to @ArcaChemist @NYCPunter and

          Those are fragile trusted third parties, not things we can reliably expect to be around in bad legal or political environments.

          1 reply 1 retweet 14 likes
        10. 1 more reply
        1. Anant Tapadia  🔑‏ @TheBitcoinBee Aug 3
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          Replying to @NickSzabo4 @CaitlinLong_ and

          The tech is ready but I am not sure we are ready for it. People don’t want to spend bitcoins nor does the tax implications make it easy.

          0 replies 0 retweets 2 likes
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        1. NYCPunter‏ @NYCPunter Aug 2
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          Replying to @NickSzabo4 @saifedean and

          💣💣💣

          0 replies 0 retweets 1 like
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        1. PlymouthFreemason  ⚡️‏ @Freemason_UK Aug 2
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          Replying to @NickSzabo4 @hodloncomrades and

          Noticed the use of an ‘big B’, then ‘small b’.. is that deliberate? Makes sense if so.

          0 replies 0 retweets 1 like
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        1. 锦鲤北鲲‏ @AODL8 Aug 4
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          Replying to @NickSzabo4 @NYCPunter and

          If bitcoin layer 1&2 are both matured in future, do you think is there any demand left on other cryptos : Litecoin or dogecoin or Monero ... etc. ?

          0 replies 0 retweets 0 likes
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        1. BitcoinHaiku‏ @HaikuBitcoin Aug 11
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          Replying to @NickSzabo4 @NYCPunter and

          World's scarcest asset Censorship-resistant wealth Your starbucks can wait. #BitcoinHaiku

          0 replies 0 retweets 0 likes
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        1. Don't ask‏ @berengerdcl Aug 4
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          Replying to @NickSzabo4 @NYCPunter and

          Don't ask Retweeted Don't ask

          The controlled demolition project, for profit:https://twitter.com/berengerdcl/status/1157670336189673472 …

          Don't ask added,

          Don't ask @berengerdcl
          Blockstream business plan: patent random blockchain techs (2016), then cripple BTC to force people to use fee-paying alternatives to BTC. Create the problem, sell the solution. Only possible with a fully centralized (and corrupt) #Bitcoin development team. When next scam? pic.twitter.com/vzxcugAfo3
          Show this thread
          0 replies 0 retweets 1 like
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        1. [MP]‏ @MarcosDarkos Aug 3
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          Replying to @NickSzabo4 @CaitlinLong_ and

          Layer 2 is the friends/network you make along the way. Meatspace never gets enough credit here.

          0 replies 0 retweets 0 likes
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        1. oclockz‏ @ocl0ckz Aug 3
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          Replying to @NickSzabo4 @NYCPunter and

          Cant be Layer 1 and Layer 2, ?

          0 replies 0 retweets 0 likes
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        1. Crypto_Curious‏ @CryptoCurious13 Aug 3
          • Report Tweet
          Replying to @NickSzabo4 @NYCPunter and

          Crypto_Curious Retweeted Crypto_Curious

          https://twitter.com/cryptocurious13/status/1147181661467099136?s=21 …

          Crypto_Curious added,

          Crypto_Curious @CryptoCurious13
          In near future, #bitcoin wallet (store of value) will be like your saving account and #LightningNetwork wallet (day to day spending with low transaction fees) will be your checking account.
          0 replies 0 retweets 0 likes
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