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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. Franklin Delafleur‏ @stoneagezenmind 3 May 2018
      • Report Tweet
      Replying to @NickSzabo4

      Yes, but gold tied to tokens with physical decentralization (eg. storage distributed across different jurisdictions) reduce this flaw. Also 5k years of price history. I think blockchain might just make gold sexy again.

      2 replies 0 retweets 0 likes
    3. Franklin Delafleur‏ @stoneagezenmind 3 May 2018
      • Report Tweet
      Replying to @stoneagezenmind @NickSzabo4

      Look at digix. To me, this is pretty much akin to the old bearer bonds.

      1 reply 0 retweets 2 likes
    4. Alex Bernier‏ @AlexDaTravellah Jul 6
      • Report Tweet
      Replying to @stoneagezenmind @NickSzabo4

      How do I know the gold is there? Still gotta trust a 3rd party.

      1 reply 0 retweets 5 likes
    5. Franklin Delafleur‏ @stoneagezenmind Jul 6
      • Report Tweet
      Replying to @AlexDaTravellah @NickSzabo4

      Very true, but it makes gold infinitely divisible, and simple to use as a means of payment. In the current system, we are always forced to trust 1 or more 3rd parties. (btc etc the exception, but usability still limited)

      1 reply 0 retweets 0 likes
    6. Ben Prentice‏ @mrcoolbp Aug 11
      • Report Tweet
      Replying to @stoneagezenmind @AlexDaTravellah @NickSzabo4

      You just outlined the case for bitcoin perfectly. Trusted 3rd parties are security holes. Did you guys even read the thread? You just tried to make the case for paper money, we tried that already...

      2 replies 0 retweets 2 likes
    7. Franklin Delafleur‏ @stoneagezenmind Aug 12
      • Report Tweet
      Replying to @mrcoolbp @AlexDaTravellah @NickSzabo4

      My case was simply that blockchain makes gold better (than it has been). Do not understand how you can say I make a case for paper money. But POW is IMHO a weak spot, because it makes it easy for a Gov. to strike down larger data centers.

      1 reply 0 retweets 0 likes
    8. Ben Prentice‏ @mrcoolbp Aug 12
      • Report Tweet
      Replying to @stoneagezenmind @AlexDaTravellah @NickSzabo4

      "In the current system, we are always forced to trust" Bitcoin is the exception. Don't trust, verify.

      1 reply 0 retweets 0 likes
    9. Ben Prentice‏ @mrcoolbp Aug 12
      • Report Tweet
      Replying to @mrcoolbp @stoneagezenmind and

      Your digital gold certificates are exactly how we got to paper money in the first place, they were originally redeemable for gold. Read Nick's thread again.

      2 replies 0 retweets 1 like
    10. Franklin Delafleur‏ @stoneagezenmind Aug 12
      • Report Tweet
      Replying to @mrcoolbp @AlexDaTravellah @NickSzabo4

      Redeemable to gold in a GOVERNMENT secured system, not in a bunch of private vaults having nothing to do with a centralized system. Rather big difference. @NickSzabo4 is welcome to comment either way.

      1 reply 0 retweets 0 likes
      Nick Szabo  🔑‏ @NickSzabo4 Aug 12
      • Report Tweet
      Replying to @stoneagezenmind @mrcoolbp @AlexDaTravellah

      Governments if they desire have effective control over the vaults either way.

      10:31 AM - 12 Aug 2019
      • 5 Likes
      • Raphael Schmidt  ⚡️ Josh Zimmer CryptoGucci🌱 Triple Cake Smack Ben Prentice
      2 replies 0 retweets 5 likes
        1. New conversation
        2. Ben Prentice‏ @mrcoolbp Aug 12
          • Report Tweet
          Replying to @NickSzabo4 @stoneagezenmind @AlexDaTravellah

          But Nick! Governments would never seize our gold right??!!? There's no historical precedent for them taking it or outlawing it's possession right!?! Trusted 3rd parties might be really friendly!!11!

          1 reply 0 retweets 7 likes
        3. CryptoGucci 🌱‏ @CryptoGucciGG Aug 12
          • Report Tweet
          Replying to @mrcoolbp @NickSzabo4 and

          Of course not. All you have to do is trust, easy and simple.

          1 reply 0 retweets 1 like
        4. Nick Szabo  🔑‏ @NickSzabo4 Aug 12
          • Report Tweet
          Replying to @CryptoGucciGG @mrcoolbp and

          All you have to do is have confidence in the confidence men, easy and simple.

          0 replies 0 retweets 5 likes
        5. End of conversation
        1. New conversation
        2. Franklin Delafleur‏ @stoneagezenmind Aug 12
          • Report Tweet
          Replying to @NickSzabo4 @mrcoolbp @AlexDaTravellah

          Yes and that same argument will be valid for significant "hash rate centers" too.

          1 reply 0 retweets 0 likes
        3. Ben Prentice‏ @mrcoolbp Aug 12
          • Report Tweet
          Replying to @stoneagezenmind @NickSzabo4 @AlexDaTravellah

          Taking even a large number of mining facilities offline doesn't confiscate the underlying value behind the network, though it may affect the cost to transact (fees, confirmation times). Mining is far more decentralized (and may actually decentralize further in the future)

          1 reply 0 retweets 1 like
        4. Franklin Delafleur‏ @stoneagezenmind Aug 12
          • Report Tweet
          Replying to @mrcoolbp @NickSzabo4 @AlexDaTravellah

          Really do hope it decentralizes further.

          1 reply 0 retweets 0 likes
        5. Ben Prentice‏ @mrcoolbp Aug 12
          • Report Tweet
          Replying to @stoneagezenmind @NickSzabo4 @AlexDaTravellah

          BetterHash is a great development to this end. There's a GIF floating around of mining centralization over time but I can't find it right now.

          0 replies 0 retweets 1 like
        6. End of conversation

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