My recent Twitter thread commenting on an essay describing Bitcoin as a fungus intertwined with humanity.
This will hopefully be my last post about the crypto bubble for a while. I feel terrible about myself for spending so much time being distracted by trying to convince people not to “invest” money that they can’t afford to lose into gambling on chance, but I also feel oddly satisfied too, as if I… Continue reading Flocking Behavior
In this post I try to explain the “unit of account” function of money and why cryptocurrency can’t fulfill it, using El Salvador as an example.
I explain the harm reduction that we can get, if we’re going to live with cryptocurrencies at all, by migrating from proof-of-work to proof-of-stake, or by starting with proof-of-stake for new blockchains.
This essay was originally posted to Medium on Mar. 29, 2021. I have one more prediction about Bitcoin. I recently learned about George Soros’s theory of reflexivity which explains so much about how markets often become detached from reality when pricing a new asset. At first there’s a slow buildup of hype and excitement that spurs further investment… Continue reading The Great Bitcoin Bank Heist