Scott Micklethwaite

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 @davidbrickell80 dude! WTF!? DM me.

[Scott Micklethwaite @ScottMthwaite]

@lufc @bbc @PhilHay_ since when were @lufc known as the Blades? This is on Google now when you search Leeds Red Bull 🤦‍♂️

[Saifedean Ammous @saifedean]

Happy bitcoin halving day!!

For the first time in history, humans have a form of money whose supply increases by less than 1% per year.

This is a big deal because the hardness of our money is a control knob for our time preference: the degree to which we discount the future. The harder the money, the less its supply increases, the better it holds value into the future, the more it allows you to plan and provide for the future, the more you are able to curb your base immediate impulses in favor of rational future orientation.

All human progress and civilization is intertwined with us finding harder moneys. From cattle to salt to seashells to metals to precious metals, we've constantly progressed by moving to the harder money, allowing us more reliable ways for providing for the future, making us more future-oriented. This culminated with gold becoming the whole world's only money by the end of the 19th century, with annual supply growth of ~2%. Everyone on Earth could save in gold without fear of inflation.

A century of human catastrophe followed when governments banned the monetary use of gold & replaced it with their fiat credit, whose supply increases at ~14% per year. Saving became unattainable and the future more uncertain. Time preference rose as people became more present-oriented, and governments had infinite spending power at the expense of their serfs. Wars became longer and more likely with governments able to rob their citizens effortlessly to finance them.

Bitcoin fixes this. Not only does bitcoin allow us a form of money outside government control, it's also the hardest money to ever exist, making it the most advanced form of money ever, better than even gold. No matter what happens, you can be sure your bitcoin will never be diluted by more than 1% per year.

I discuss these ideas in more detail in my books:

The Bitcoin Standard: https://t.co/KxUygWRRHT

And The Fiat Standard:

https://t.co/GYbEWTNqpZ

[Scott Micklethwaite @ScottMthwaite]

@instablog9ja Twat. Look it up.

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 What an 18th birthday present for babyhodler!

[Scott Micklethwaite @ScottMthwaite]

@footballtweet

[Preston Pysh @PrestonPysh]

The irony of the art is comical. If people actually want to understand why Bitcoiners are so amused, this is why (2 minute read):

Demand response programs are essential for balancing electricity supply and demand, increasing grid efficiency, and integrating renewable energy sources. Bitcoin mining can contribute significantly to these programs by absorbing excess energy during peak times, providing a sustainable financial system less reliant on traditional fiat infrastructure.
During high electricity demand, supply is often stretched thin, leading to increased costs and potential grid instability. Conversely, during low demand, excess energy, particularly from intermittent renewable sources like solar and wind, can go to waste. Bitcoin mining, with its immediate, on-demand energy consumption, can function as a flexible load that adjusts energy usage based on grid conditions. By participating in demand response programs, miners help absorb excess energy during periods of low demand, acting as a "battery" storing energy in digital currency form. This helps balance the grid and encourages the adoption of renewable and already existing natural energy sources.

In addition to environmental benefits, Bitcoin mining contributes to a more efficient financial system. The traditional fiat-based banking and financial infrastructure require millions of employees, thousands of branches, data centers, and other resources to function, consuming significant amounts of energy. By comparison, the Bitcoin network serves as a decentralized financial backbone, requiring far fewer physical resources and personnel to operate.

Bitcoin's decentralized nature eliminates many intermediaries in the financial system, streamlining processes and reducing overhead costs. Sure, the mining process requires computational power, consuming energy, but the overall energy usage is significantly less than the traditional fiat system.

Moreover, the Bitcoin network operates 24/7, providing near-instantaneous global settlements, contrasting with the slow traditional financial system (which requires trust and centralized powers that can debase the amount of currency supply in the system - which favors a few at the cost of the many), which can take days to clear and settle transactions across borders. The increased efficiency of the Bitcoin network translates to reduced energy consumption per transaction.

The transition to a Bitcoin-based financial backbone could result in significant energy savings, as the computational power needed for mining is less resource-intensive than maintaining the existing financial infrastructure. As the Bitcoin network continues to mature and gain acceptance as a global financial system, its potential to improve grid efficiency and reduce overall energy consumption will become increasingly apparent.

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 Minimalist ballet?

[Scott Micklethwaite @ScottMthwaite]

I’ve told you the location of the bag several times but you still did nothing. Now @British_Airways you’ve closed my missing bag claim and I now see that my bag is at an auction house in south london.

[Scott Micklethwaite @ScottMthwaite]

@British_Airways Tried that, but now I’m getting an automated response and info about covid. Not very helpful.

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 Nice thread @davidbrickell80

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 Why did stocks bounce?

[Scott Micklethwaite @ScottMthwaite]

@LeeMadgwick Get lessons. Get the kids in lessons too. Skate together. Nobody cares if you are crap. Your kids will be better than you immediately, which is fine. It just hurts more when you fall when you are our age, that’s the only downside.

[Anthony Pompliano 🌪 @APompliano]

The digital economy is going to challenge multiple generations with the question "Are you curious enough to learn something new and humble enough to realize some your prior knowledge may be a liability instead of an advantage?"

[Scott Micklethwaite @ScottMthwaite]

@PeterMcCormack @davidbrickell80 looks like @PeterMcCormack has beaten us to it…

[Scott Micklethwaite @ScottMthwaite]

@moonpayeth @BoredApeYC

[Scott Micklethwaite @ScottMthwaite]

@_maxamg 👀

[Scott Micklethwaite @ScottMthwaite]

Saint Étienne's urban doodler with a sense of humour http://t.co/a5G6Doesxa

[Scott Micklethwaite @ScottMthwaite]

@davidbrickell80 @RaoulGMI