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Noahpinion's profile
Noah Smith
Noah Smith
Noah Smith
Verified account
@Noahpinion

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Noah SmithVerified account

@Noahpinion

Bloomberg Opinion writer. Elected "top neoliberal shill" of 2018. Occasionally posts anime gifs.

San Francisco, CA
bloomberg.com/view/contribut…
Joined April 2011

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    1. Noah Smith‏Verified account @Noahpinion Oct 25

      Kaissar: Investors are more careful now because we learned our lesson from the tech and housing bubbles. The Bitcoin bubble was pretty small.

      2 replies 0 retweets 2 likes
      Show this thread
    2. Noah Smith‏Verified account @Noahpinion Oct 25

      Cowen: The people losing on ICOs are typically highly educated nerdy people who know what game they're playing.

      2 replies 0 retweets 13 likes
      Show this thread
    3. Noah Smith‏Verified account @Noahpinion Oct 25

      Feldman: But isn't general trust in the markets a public good?

      3 replies 0 retweets 6 likes
      Show this thread
    4. Noah Smith‏Verified account @Noahpinion Oct 25

      Levine: It's possible you need to have decades of scammy markets in order to build the infrastructure for a functioning market, which you then regulate.

      5 replies 1 retweet 12 likes
      Show this thread
    5. Noah Smith‏Verified account @Noahpinion Oct 25

      Cowen: @VitalikButerin is one of the very smartest people I've ever met, and with no formal training has replicated results by Nobel-winning economists.

      1 reply 5 retweets 39 likes
      Show this thread
    6. Noah Smith‏Verified account @Noahpinion Oct 25

      Cowen: Vitalik is worried that too much of people's trust in Ethereum is just personal trust in him. So the mechanisms [of the Ethereum ecosystem] need to work in a more formal, effective way.

      1 reply 3 retweets 15 likes
      Show this thread
    7. Noah Smith‏Verified account @Noahpinion Oct 25

      Kaissar: We're now realizing the negative impacts of social media. What negative effects might blockchain have on the world?

      3 replies 0 retweets 9 likes
      Show this thread
    8. Noah Smith‏Verified account @Noahpinion Oct 25

      Russo: Bad guys are already using blockchain for their own benefit. And there's lots of market manipulation and other bad behavior in the crypto space. It's a fertile ground for bad actors.

      2 replies 0 retweets 9 likes
      Show this thread
    9. Noah Smith‏Verified account @Noahpinion Oct 25

      Ou: Blockchain could topple the nation-state and lead to ultimate peace and prosperity. Feldman: Having been to Iraq, toppling the nation-state sounds bad.

      6 replies 13 retweets 70 likes
      Show this thread
    10. Noah Smith‏Verified account @Noahpinion Oct 25

      Cowen: Bitcoin's flaws actually allow you to hedge against weird things (like the state of hacking technology).

      1 reply 1 retweet 9 likes
      Show this thread
      Noah Smith‏Verified account @Noahpinion Oct 25

      Cowen: Skeptical of stablecoins. All pegs fail. Bretton Woods failed. The Chinese currency peg failed. How well-capitalized are stablecoins? They will fail.

      12:48 PM - 25 Oct 2018
      • 10 Retweets
      • 35 Likes
      • Kevin Riggle nic carter Miles Suter Jeff Bean Tommy Nicholas hugo StormingJ ⚡ Max Kaehn Stephan Livera
      4 replies 10 retweets 35 likes
        1. New conversation
        2. Noah Smith‏Verified account @Noahpinion Oct 25

          Noah Smith Retweeted Bloomberg Opinion

          https://twitter.com/bopinion/status/1055549311587676160?s=19 …

          Noah Smith added,

          Bloomberg OpinionVerified account @bopinion
          "Cash I think will be better for most kinds of crimes than these anonymous coins for the foreseeable future," says @tylercowen https://bloom.bg/2ELPKsM 
          2 replies 4 retweets 15 likes
          Show this thread
        3. Noah Smith‏Verified account @Noahpinion Oct 25

          Cowen: As crypto matures it will become bureaucratized and institutionalized. Levine: A lot of crypto is rediscovering the (institutional) history of finance.

          2 replies 8 retweets 43 likes
          Show this thread
        4. Noah Smith‏Verified account @Noahpinion Oct 25

          Me: Crypto is using enormous and increasing amounts of energy. Currently for Bitcoin it's all being used for either speculation or crime. It threatens to.undo the decoupling of growth from energy use. What will save us from the Bitcoin energy apocalypse?

          9 replies 2 retweets 25 likes
          Show this thread
        5. Noah Smith‏Verified account @Noahpinion Oct 25

          Russo: Bitcoin might be worth it. It still uses less energy than gold mining. And it uses electricity in places where electricity is cheap. Cowen: Bitcoin is relatively minor as far as energy usage goes, but it's a real problem. Levine: Lighting network and proof-of-stake.

          3 replies 2 retweets 13 likes
          Show this thread
        6. Noah Smith‏Verified account @Noahpinion Oct 25

          Ou: Bitcoin energy usage is like war - a necessary use of energy to maintain competitive position. Feldman: But war is bad.

          3 replies 7 retweets 35 likes
          Show this thread
        7. Noah Smith‏Verified account @Noahpinion Oct 25

          And that's a wrap! Tomorrow we'll have two more panels: One on the economics of A.I., which I will be on, and one on regulation of big tech, which I will live-tweet! See you tomorrow!

          4 replies 0 retweets 13 likes
          Show this thread
        8. End of conversation
        1. New conversation
        2. David Glasner‏ @david_glasner Oct 25
          Replying to @Noahpinion

          @tylercowen What about the peg between currency and bank deposits?

          1 reply 0 retweets 3 likes
        3. David Andolfatto‏ @dandolfa Oct 25
          Replying to @david_glasner @Noahpinion @tylercowen

          Failed in Greece as recently as just a few years ago.

          1 reply 0 retweets 2 likes
        4. David Glasner‏ @david_glasner Oct 25
          Replying to @dandolfa @Noahpinion @tylercowen

          Yes, I agree. Some pegs do fail. Tyler said all pegs fail.

          2 replies 0 retweets 2 likes
        5. David Andolfatto‏ @dandolfa Oct 25
          Replying to @david_glasner @Noahpinion @tylercowen

          OK. But I've got a better example. How about the peg between Lincolns and Hamiltons? 🙂

          1 reply 0 retweets 0 likes
        6. David Glasner‏ @david_glasner Oct 25
          Replying to @dandolfa @Noahpinion @tylercowen

          Indeed, but I actually think that mine is better.

          1 reply 0 retweets 0 likes
        7. David Andolfatto‏ @dandolfa Oct 25
          Replying to @david_glasner @Noahpinion @tylercowen

          We could have a poll. Q would be: which peg do you think is likely to fail first. (1) 2:1 peg b/w Hamiltion and Lincoln or (2) par peg of Bank of America deposits with cash. Yes?

          1 reply 0 retweets 0 likes
        8. David Glasner‏ @david_glasner Oct 25
          Replying to @dandolfa @Noahpinion @tylercowen

          Not what I meant. I agree that the Hamilton/Lincoln peg will never fail. But that one's too easy, it literally can't fail. The deposit/currency peg can and sometimes does fail, but the failure is an anomaly.

          1 reply 0 retweets 1 like
        9. JP Koning‏ @jp_koning Oct 26
          Replying to @david_glasner @dandolfa and

          JP Koning Retweeted Zim Bollar Index

          It's currently happening in Zimbabwe. Zimbabwe's deposit/currency peg is known as RTGS/bond. But as you say, an anomaly. Not an inevitability.https://twitter.com/ZimBollar/status/1055763982785658882 …

          JP Koning added,

          Zim Bollar Index @ZimBollar
          Unpleasant signs as the Alt Market reverses ⬇ trend witnessed earlier in the week as consumers acquire forex to import basic commodities after SI 64 ws repealed RTGS/USD 205% ($3.05) Bond/USD 200% ($3) RTGS/Bond 11% ($1.11) OMIR 321% @BrezhMalaba @Mathuthu pic.twitter.com/vvg2pqUIn2
          0 replies 0 retweets 1 like
        10. End of conversation
        1. New conversation
        2. il pollastre‏ @ilpollastre Oct 28
          Replying to @Noahpinion

          How well-capitalized is Fort Nox? ...who will fail? http://www.usdebtclock.org pic.twitter.com/bbDc97BqEk

          tylercowen
          1 reply 0 retweets 0 likes
        3. il pollastre‏ @ilpollastre Oct 28
          Replying to @ilpollastre @Noahpinion @tylercowen

          il pollastre Retweeted Michael Matthews

          https://twitter.com/mikerelentless/status/1056378978045431808?s=19 …

          il pollastre added,

          Michael Matthews @mikerelentless
          As we watch the U.S. National Debt rise to... $22 trillion... $24 trillion... $26 trillion... $28 trillion... $30 trillion... $32 trillion... $34 trillion... $36 trillion... We know there will never be more than 21 million Bitcoins. 👍 #Bitcoin http://www.usdebtclock.org 
          0 replies 0 retweets 0 likes
        4. End of conversation
        1. Maximilian Roos‏ @MaximilianRoos Oct 25
          Replying to @Noahpinion

          To the extent the stablecoin is a token represents dollars in a safe bank account, that's not a peg being held in place by an institution. It only requires trust the underlying cash exists; not trust an institution can maintain the peg

          0 replies 0 retweets 0 likes
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