Read on Twitter
The Winklevosses ( @tyler & @cameron) are telling porkies about #Bitcoin 
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> @tyler: “I’ve yet to hear a convincing criticism that’s credible. If I hear an argument that’s convincing, I’ll let you know.”
Ok cool. Let’s see...
https://twitter.com/SALTConference/status/1333471826358374400
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.> @tyler: “I’ve yet to hear a convincing criticism that’s credible. If I hear an argument that’s convincing, I’ll let you know.”
Ok cool. Let’s see...
https://twitter.com/SALTConference/status/1333471826358374400
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> @tyler: “The supply is known, fixed at 21m.”
False. Bitcoin’s hard cap requires the emergence of an adequate fee market, where adequate means sufficient to cover security costs re: double-spending incentives, state attacks, etc. That is in no way guaranteed to happen.
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False. Bitcoin’s hard cap requires the emergence of an adequate fee market, where adequate means sufficient to cover security costs re: double-spending incentives, state attacks, etc. That is in no way guaranteed to happen.
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In other words, Bitcoin’s hard cap isn’t really hard at all; it’s a probabilistic claim which is conditional on multiple uncertain things happening in the future. The block subsidy that sustains the network now is decaying exponentially.
Short thread: https://twitter.com/joekelly100/status/1333745007417847809
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Short thread: https://twitter.com/joekelly100/status/1333745007417847809
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On double-spending incentives & common misconceptions about Bitcoin’s settlement assurances:
https://medium.com/@joekelly100/double-spend-attacks-are-much-worse-than-we-thought-dfd016ff8f3f
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https://medium.com/@joekelly100/double-spend-attacks-are-much-worse-than-we-thought-dfd016ff8f3f
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No, 6 confirmations does not mean infinite assurance and that your transaction is irreversible. Books like ‘The Bitcoin Standard’ are badly wrong.
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> @cameron: “To stop Bitcoin, you have to stop the internet.”
False. You can’t stop Bitcoin nodes messaging each other but you don’t need to. Unlike p2p file sharing, there’s an economic dimension to the Bitcoin network, tailor-made for state action:
https://twitter.com/joekelly100/status/1294214429878431746
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False. You can’t stop Bitcoin nodes messaging each other but you don’t need to. Unlike p2p file sharing, there’s an economic dimension to the Bitcoin network, tailor-made for state action:
https://twitter.com/joekelly100/status/1294214429878431746
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Longer version: https://medium.com/@joekelly100/how-to-kill-bitcoin-part-1-is-bitcoin-unstoppable-code-7a1b366f65ee
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> @cameron: “Bitcoin is not trying to disrupt.”
Bollocks. Blockchain technology only achieves one thing from an engineering standpoint — it makes money ungovernable. It’s anti-law tech. That’s easily revealed by the thought experiment in this thread:
https://twitter.com/joekelly100/status/1334168922887774214
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Bollocks. Blockchain technology only achieves one thing from an engineering standpoint — it makes money ungovernable. It’s anti-law tech. That’s easily revealed by the thought experiment in this thread:
https://twitter.com/joekelly100/status/1334168922887774214
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AML-compliant Bitcoin makes no sense; that makes the whole thing an incoherent value proposition. Proof-of-work mining in that context is just an insanely expensive piece of security theatre that achieves nothing of any practical value to anyone.
https://twitter.com/joekelly100/status/1333819207692275716
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https://twitter.com/joekelly100/status/1333819207692275716
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> @cameron: “Bitcoin is very open; it’s not a good place if you’re trying to commit bad activity.”
If criminals don’t exit the ecosystem via an AML-compliant off-ramp, they’re fine. That’s why the ransomware industry is a thing.
https://twitter.com/joekelly100/status/1333808923183296513
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If criminals don’t exit the ecosystem via an AML-compliant off-ramp, they’re fine. That’s why the ransomware industry is a thing.
https://twitter.com/joekelly100/status/1333808923183296513
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Plus there are protocol improvements, already in progress, that will make tracing activity on Bitcoin immeasurably more difficult: Taproot was just added, Schnorr signatures and coinjoin-by-default (economically the most efficient way to use blockspace) will finish the job.
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> @cameron: “Someone smart is going to say, ‘Gee, if we accumulate before any other country…’”
North Korea was the first state mover ages ago (& its Lazarus Group a major ransomware offender). NK becoming ultra-rich is +1 reason to stop BTC.
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North Korea was the first state mover ages ago (& its Lazarus Group a major ransomware offender). NK becoming ultra-rich is +1 reason to stop BTC.
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