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Plinz's profile
Joscha Bach
Joscha Bach
Joscha Bach
@Plinz

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Joscha Bach

@Plinz

FOLLOWS YOU. Artificial Intelligence, Cognitive Architectures, Computation. The goal is integrity, not conformity.

San Francisco, CA
bach.ai
Joined April 2009

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    1. Venkatesh Rao‏ @vgr 14 Jan 2018
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      Venkatesh Rao Retweeted Venkatesh Rao

      Hmm, even though 41% think crypto is in a bubble, nobody seems to have good ideas for how to measure bubbliness. In stock bubbles, P/E is a good metric. In debt crises, debt-to-tax-revenue is a good metric. What the heck do you measure here?https://twitter.com/vgr/status/951339822739734528 …

      Venkatesh Rao added,

      Venkatesh Rao @vgr
      Poll: Your broad view of bitcoin and crypto
      18 replies 6 retweets 24 likes
    2. Joscha Bach‏ @Plinz 15 Jan 2018
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      Replying to @vgr

      Cryptocurrency is incompatible with a functioning macro economy, which requires institutions that can regulate the money supply. If it gets too large, it must be shut off. The only reason that is not happening may be that some folks involved with regulation are still invested.

      1 reply 0 retweets 3 likes
    3. EidoSearch‏ @EidoSearch 15 Jan 2018
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      Replying to @Plinz @vgr

      Why is it necessary for institutions to regulate the money supply?

      1 reply 1 retweet 1 like
    4. Joscha Bach‏ @Plinz 15 Jan 2018
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      Replying to @EidoSearch @vgr

      Because (a) the amount you make is on average proportional to the amount of money you can invest, so money tends to concentrate in very few hands and the circulation gets stuck, (b) non-synchronized economies require flexible exchange rates.

      1 reply 0 retweets 1 like
    5. David Kedmey‏ @DKedmey 16 Jan 2018
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      Replying to @Plinz @EidoSearch @vgr

      Do you think (a) and (b) could be handled by software, i.e. rules put in place that would accomplish what human & gov't-sponsored central bankers do? If so, innovation in money could come from individuals and private & public institutions. Let the best coin(s) win.

      1 reply 0 retweets 0 likes
    6. Joscha Bach‏ @Plinz 16 Jan 2018
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      Replying to @DKedmey @EidoSearch @vgr

      Government and regulation are literally the same thing. Private parties with power and incentives to regulate are a form of government, just an autocratic one. Competing government does not work, so one has to give. What form of government do you want?

      1 reply 0 retweets 0 likes
    7. David Kedmey‏ @DKedmey 16 Jan 2018
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      Replying to @Plinz @EidoSearch @vgr

      A scheme where those in control cannot easily influence the usefulness of a coin in an undesirable way but still allows for innovation. And one that can correct problems, which are inevitable. Whatever form of gov't that takes.

      2 replies 0 retweets 0 likes
      Joscha Bach‏ @Plinz 16 Jan 2018
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      Replying to @DKedmey @EidoSearch @vgr

      This is not a new idea. Many local currencies existed, mostly not to enrich speculators or buy drugs, but to overcome shortage of liquidity in communal economies, or to implement negative interest rates. They were all squashed, obviously.

      7:57 AM - 16 Jan 2018 from Neighborhood 9, Cambridge
      1 reply 0 retweets 0 likes
        1. New conversation
        2. David Kedmey‏ @DKedmey 16 Jan 2018
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          Replying to @Plinz @EidoSearch @vgr

          I guess you're saying, while there are known benefits, it's unrealistic to expect nations to allow serious competition. Probably true and with many old and recent examples. But who knows? Maybe a large country will defy our expectations.

          1 reply 0 retweets 0 likes
        3. Joscha Bach‏ @Plinz 16 Jan 2018
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          Replying to @DKedmey @EidoSearch @vgr

          Possible! But also very risky. I really hope they run simulations and contained experiments first. It is also clear that our current monetary systems will need a reboot at some point. (And btw., 80% of btc is held by a tiny number of accounts: you don’t want that in an economy.)

          1 reply 0 retweets 0 likes
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