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wycats's profile
Yehuda Katz 🥨
Yehuda Katz 🥨
Yehuda Katz  🥨
Verified account
@wycats

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Yehuda Katz  🥨Verified account

@wycats

Tilde Co-Founder, OSS enthusiast and world traveler.

Portland, OR
yehudakatz.com
Joined August 2007

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    Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017

    In 2008, the Dow dropped from 11,000 to 7,000 over the course of several months. What did we call it? A crash. When bitcoin drops from 20k to 10k (now trading around 14k) over the course of one day, optimists call it a "natural market correction"

    7:19 PM - 22 Dec 2017
    • 32 Retweets
    • 85 Likes
    • Tristan Reynolds Kyle b_d Keri Hēnare 𝕹𝖎𝖈𝖐 𝕼𝖚𝖆𝖗𝖆𝖓𝖙𝖔 🧛🏼‍♂️ Jaana B. Dogan Adam Mackintosh Jason Mitchell J🎃seph D. Marhee
    19 replies 32 retweets 85 likes
      1. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017

        I mean, that's one way to put a 50% reduction in market value, but the two-day market crash in the US stock market in 1929 called "black monday" and "black tuesday" amounted to ~25% in total.

        5 replies 7 retweets 20 likes
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      1. New conversation
      2. Avi Flombaum‏ @aviflombaum 23 Dec 2017
        Replying to @wycats

        I think it’s a different kind of thing and asset and you can’t expect it to behave like the other ones. We’ve created something new, we’re still learning about it. I know this sounds crazy, but to the long term hodlers, bitcoin feels tremendously stable at this point.

        1 reply 0 retweets 2 likes
      3. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @aviflombaum

        I'm kibbitzing cuz why not. If I'm wrong I'm wrong :)

        1 reply 0 retweets 1 like
      4. Avi Flombaum‏ @aviflombaum 23 Dec 2017
        Replying to @wycats

        Yes I’ve enjoyed our conversations around the topic, as always, you push me to think and give voice to feelings and reason. Sorry when I’m inciderary and a bit rude and a jerk, it’s one of my least favorite parts of myself, I will learn to be better.

        1 reply 0 retweets 2 likes
      5. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @aviflombaum

        I don't mind our convos and I'm for sure a bit over the top here (because Twitter, but as you say, no excuse). I think there are reasons to want something like Bitcoin to exist and work, but in practice it's such a mess.

        1 reply 0 retweets 2 likes
      6. Avi Flombaum‏ @aviflombaum 23 Dec 2017
        Replying to @wycats

        Confirm (as you would say). Everything New and disruptive is a mess at first, remember the early internet? It was the Wild West.

        1 reply 0 retweets 1 like
      7. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @aviflombaum

        It just may not be BTC that makes it out the other end.

        1 reply 0 retweets 1 like
      8. Avi Flombaum‏ @aviflombaum 23 Dec 2017
        Replying to @wycats

        Ya I was just thinking, has the internet even made it out the other end yet?

        1 reply 0 retweets 1 like
      9. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @aviflombaum

        Some shit like TCP and HTTP are doing ok. Bitcoin might be like the x.25 of public ledger systems.

        1 reply 0 retweets 1 like
      10. 1 more reply
      1. New conversation
      2. Daniel Ƀ‏ @csuwildcat 22 Dec 2017
        Replying to @wycats

        That's a dreadful comparison: a market index dropping 20%+ is a crash b/c it represents a vast, aggregated market cap of 1000s of assets. Swings like that in a single small cap commodity are far more frequent b/c they can be swung by far less vol/participants. This is Finance 101

        2 replies 1 retweet 15 likes
      3. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
        Replying to @csuwildcat

        Yes, I was being a little cheeky. Still, 50% crash in a commodity with market cap of hundreds of billions is not a small detail.

        3 replies 0 retweets 0 likes
      4. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
        Replying to @wycats @csuwildcat

        DJIA combined market cap is a few trillion (5ish atm). Bitcoin market cap atm is 250 billion, and was 50 billion higher yesterday. I don't think treating bitcoin as a small easily manipulated commodity is quite right.

        1 reply 0 retweets 1 like
      5. Michael Christenson II‏ @m3talsmith 23 Dec 2017
        Replying to @wycats @csuwildcat

        1/ To @csuwildcat 's point, the distribution of BTC is in fact very unequal. 4.11% of wallet addresses own 96.53% of ~ 21 million BTC. That means that this owners can sell off when they think it's hit high enough, massively swinging the market value:https://howmuch.net/articles/bitcoin-wealth-distribution …

        4 replies 0 retweets 1 like
      6. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @m3talsmith @csuwildcat

        I mean all this is true. It should also give you some doubts about the claim that BTC is important because it can replace "fiat currency"

        1 reply 0 retweets 1 like
      7. Michael Christenson II‏ @m3talsmith 23 Dec 2017
        Replying to @wycats @csuwildcat

        Yes, BTC is no longer in the currency game. It hasn't been since the markets took over years ago, markets mainly gained because of prohibitive mining costs, which casts the whole idea of a fixed qty currency and more impotant, it's strategy, in doubt for me.

        0 replies 0 retweets 0 likes
      8. End of conversation
      1. New conversation
      2. bud fox‏ @budfoxbtc 22 Dec 2017
        Replying to @wycats

        last time i checked 1 btc = 1 btc

        1 reply 0 retweets 0 likes
      3. Yehuda Katz  🥨‏Verified account @wycats 22 Dec 2017
        Replying to @budfoxbtc

        Are there any goods you could buy for 1btc yesterday that still cost 1btc today?

        1 reply 0 retweets 6 likes
      4.  🦉‏ @IgnoredAmbience 23 Dec 2017
        Replying to @wycats @budfoxbtc

        1 database ransom?

        0 replies 0 retweets 7 likes
      5. End of conversation
      1. New conversation
      2. Christophe Dumont‏ @christophDumont 23 Dec 2017
        Replying to @wycats

        Crypo is not a traditional currencies nor a traditional markets it’s a disruption in lots of ways & it’s not a crash cause a crash has clear real bad consequences, do you see one ? #btc is good but #ltc will rule for sure @SatoshiLite

        1 reply 0 retweets 1 like
      3. Yehuda Katz  🥨‏Verified account @wycats 23 Dec 2017
        Replying to @christophDumont @SatoshiLite

        The main reason for the lack of consequences is that people haven't taken it seriously as a currency.

        0 replies 0 retweets 0 likes
      4. End of conversation

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