Nick Szabo 🔑 on Twitter: "No, generally speaking (specifics depend on particular circumstances).… "

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Pius XIII‏ @youngcryptopope Aug 28

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he’s only right in the tightest of timeframes

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Nick Szabo ‏ @NickSzabo4 Aug 30

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Replying to @youngcryptopope @PeterSchiff

If you are saving up for your 2020 cuff links and can't stand the short-term volatility of Bitcoin, gold is safer. If you are saving for your legacy, and want your savings to be protected from the deeper risks of the coming decades, BItcoin has a much deeper safety than gold.pic.twitter.com/Ws8QXLWTJl

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Justin Berman‏ @justinberman95 Aug 30

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Replying to @NickSzabo4 @youngcryptopope @PeterSchiff

I don't think the chart proves Bitcoin is safer than gold from long-term risks. I assume you agree gold is safer than US stocks but gold’s avg sharpe ratio is far below stocks Better asset performance over a period of time != safer long-term investment from deep risks

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Nick Szabo ‏ @NickSzabo4 Aug 30

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Replying to @justinberman95 @youngcryptopope @PeterSchiff

Nick Szabo Retweeted Nick Szabo

It's the computer science of BItcoin's unprecedentedly strong trust minimization vs. gold's history of poor security that shows this. The chart is just a bit of consistent evidence for those who look at charts instead of computer science and history.https://twitter.com/NickSzabo4/status/992056245707128836 …

Nick Szabo added,

Nick Szabo @NickSzabo4

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 …

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Justin Berman‏ @justinberman95 Aug 30

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Replying to @NickSzabo4 @youngcryptopope @PeterSchiff

Fair, but then how would you explain gold’s lower sharpe ratio versus stocks? Irrationality?

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Nick Szabo ‏ @NickSzabo4 Aug 30

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Replying to @justinberman95 @youngcryptopope @PeterSchiff

Stocks do buybacks & sometimes pay dividends. Corporations get disproportionately cheap the money central banks conjure out of thin air. Gold's insecurity led to it being mainly confined to bank vaults. It's in the middle of a perhaps 2-century-long process of being demonetized.

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Justin Berman‏ @justinberman95 Aug 30

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Replying to @NickSzabo4 @youngcryptopope @PeterSchiff

Do you think stocks are safer than gold from the deeper risk you described in the original tweet for these reasons?

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Nick Szabo ‏ @NickSzabo4 Aug 30

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Replying to @justinberman95 @youngcryptopope @PeterSchiff

Stocks, as with bonds & gold ETFs, are part of the ubiquitous experiment in digital centralization. For a few people in some legal and political environments that can be very unsafe. Political trends suggest that the environments could get worse & number at risk greatly expand.

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Justin Berman‏ @justinberman95 Aug 30

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Replying to @NickSzabo4 @youngcryptopope @PeterSchiff

I think the price of gold ETFs follows the price of physical gold rather than the other way around as implied. If gold ETFs were seized by the gov, I think the price of physical gold would go up So it’s fair to rephrase the q to do you think stocks are safer than physical gold?

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Nick Szabo ‏ @NickSzabo4 Aug 30

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Replying to @justinberman95 @youngcryptopope @PeterSchiff

No, generally speaking (specifics depend on particular circumstances).

2:06 PM - 30 Aug 2019

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1. Justin Berman‏ @justinberman95 Aug 30
  
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  Replying to @NickSzabo4 @youngcryptopope @PeterSchiff
  
  Right, for that reason I don't think it makes sense for someone to use historical sharpe ratios to defend stocks as a safer investment from future risks than gold, and so I don't think it makes much sense to do w Bitcoin versus anything else either. But can agree to disagree
  
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