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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. Parker Lewis‏ @parkeralewis 23 May 2018
      • Report Tweet

      Parker Lewis Retweeted Peter Schiff

      Bitcoin was never acting like a monetary safe haven. It has always been acting like an emergent monetary good - volatility / price discovery as a network increases by orders of magnitude. It's as if gold-bugs think gold was magically not volatile when it emerged as monetary good.https://twitter.com/PeterSchiff/status/999317444580859904 …

      Parker Lewis added,

      Peter Schiff @PeterSchiff
      #Bitcoin is no longer acting like a monetary safe haven. Despite all the turmoil in global currency markets, investors are fleeing from not to the digital currency. Bitcoin's safe haven status was purely a function of misplaced confidence. When confidence goes so will the status!
      5 replies 49 retweets 215 likes
    2. Roy Sebag‏Verified account @roysebag 24 May 2018
      • Report Tweet
      Replying to @parkeralewis

      Gold lack of volatility is derived from the laws of physics. Gold never "emerged as monetary good".... It unveiled itself as a commodity-money that lasted longest, was hardest to earn, and paid for its movement. Volatility comes from nature. The rate of decay/diminishing utility

      3 replies 0 retweets 1 like
    3. Nick Szabo  🔑‏ @NickSzabo4 24 May 2018
      • Report Tweet
      Replying to @roysebag @parkeralewis

      Wrong.

      2 replies 1 retweet 33 likes
    4. Nick Szabo  🔑‏ @NickSzabo4 24 May 2018
      • Report Tweet
      Replying to @NickSzabo4 @roysebag @parkeralewis

      The process of "unveiling itself", or reducing the uncertainty & increasing the shared knowledge about its nature & utility, that gold undoubtedly underwent in its early decades is just the process Lewis is referring to in Bitcoin. volatility = f(uncertainty, exchange).

      2 replies 0 retweets 13 likes
    5. Roy Sebag‏Verified account @roysebag 24 May 2018
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      Replying to @NickSzabo4 @parkeralewis

      That may be so but this doesn't change the basic fundamentals of WHY gold over everything else. The WHY is due to natural law, physics, chemistry, crustal abundance, geology, whatever you want to call it. The measurement of volatility = the measurement of relative decay.

      5 replies 0 retweets 1 like
    6. Nick Szabo  🔑‏ @NickSzabo4 24 May 2018
      • Report Tweet
      Replying to @roysebag @parkeralewis

      That physics is important because of the resulting secure supply curve, validation, storage, transport, etc. properties, not inherently. Bitcoin & its predecessor design bit gold were designed to improve those properties, and in most ways Bitcoin is a huge improvement over gold.

      1 reply 3 retweets 7 likes
    7. Roy Sebag‏Verified account @roysebag 24 May 2018
      • Report Tweet
      Replying to @NickSzabo4 @parkeralewis

      I'd argue the quantities you mention are derivatives of the qualities enforced by Gold's physics. In other words, physics mandates gold be "money". As for last point, in your view, no natural element has been an improvement over gold? Why? and nothing else, until Bitcoin? Why?

      1 reply 0 retweets 0 likes
      Nick Szabo  🔑‏ @NickSzabo4 24 May 2018
      • Report Tweet
      Replying to @roysebag @parkeralewis

      Actually, for everyday trust-minimized money for the non-filthy-rich, silver was an improvement over gold. Far more used for buying land, paying legal fines, etc. in the earliest written records than gold. (Second most common was copper, and for farmland transactions barley).

      6:14 PM - 24 May 2018
      • 1 Retweet
      • 6 Likes
      • Coriolis ~ Pistol Pete ᶜʸᵖʰᵉʳ🅿🆈🅻🅾🅽⚡ Dr. Philip Kousoubris ⚡️ janey Sean
      1 reply 1 retweet 6 likes
        1. New conversation
        2. Roy Sebag‏Verified account @roysebag 24 May 2018
          • Report Tweet
          Replying to @NickSzabo4 @parkeralewis

          Sure, just like Checks or Debit Cards or Litecoin or Venmo... but Silver was never valued by any meaningful group of humans at a ratio to gold which digressed from the ratio in nature.... 1/30- 1/60 AU to AG.

          2 replies 0 retweets 1 like
        3. janey‏ @janeygak 24 May 2018
          • Report Tweet
          Replying to @roysebag @NickSzabo4 @parkeralewis

          Silver was valued by the Babylonians and Egyptians and most goods were priced in silver. There are stone tablets that show pharaohs declaring goods purchased and their price in silver.

          1 reply 0 retweets 2 likes
        4. janey‏ @janeygak 24 May 2018
          • Report Tweet
          Replying to @janeygak @roysebag and

          janey Retweeted janey

          See https://twitter.com/janeygak/status/945417819872624640 … for reference.

          janey added,

          janey @janeygak
          Accounts of the first off-chain transactions in ancient Babylonia. Final settlements in silver. #Bitcoin pic.twitter.com/XwlcxPySKF
          Show this thread
          0 replies 0 retweets 3 likes
        5. End of conversation

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