John Carvalho

Today, I am releasing my first formal research paper: Credible Exit and The Law of Conservation of Blockspace. It shows the limit on users that Bitcoin layers can support in a "trust-minimized" way, and proves layers cannot actually scale Bitcoin. Blockspace.science

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@johnkronberger @CJ_Bitcoin I'd rather use bananas.

@BitcoinErrorLog @CJ_Bitcoin One could consider securities as a "sort of" currency. I mean, if it's liquid enough, and you can redeem it anytime... it's a same general idea.

The killer application of $BTC is Digital Credit. $STRC

@BTCGUS21 Projection

@BitcoinErrorLog You seem desperate for a win. You win!

Ego is not "fiat." (please stop using 'fiat' this way...) Ego is what compels me to take risks, to defend ideas, to help because I want to be the kind of person who helps, to build because I want to leave my mark on the world. Ego makes you want to matter to other people. Ego is not vanity. It is agency. Sometimes it is instinct. Ego is going on social media to tell everyone how to live. It is natural and good to take pride in your work, to share your experience, to be a role model. A person saying “I am important” is cheap. A person being important or experienced is real. A person spending years, capital, reputation, attention, and pain to make something real is not cheap. Ego made every innovation in history. Wisdom is not the absence of ego. Wisdom is ego that was right, whether by luck, bravery, or experience. Ego with feedback. Ego that survives consequence. No ego means no boundary, no authorship, no taste, no risk, no responsibility. A person with no ego does not build. They comply. The problem is not ego. The problem is the vanity and cowardice that rejects criticism, reflection, failure or accountability. "Fiat" ego wants recognition without proof. It wants fame and riches without work. It wants to gamble. A healthy ego accepts cost, failure, and judgment ... and reward. Bitcoin is not an ego-death machine. Bitcoin is made of people, all of which have an ego. Bitcoiners of all types are some of the most ego-driven people on Earth, for better or worse.

@coinjoined @peterktodd More like everyone in Bitcoin is eventually proven to be retarded and arbitrary about the things they are most loud about.

If @peterktodd's track record is "eventually right," how worried should I be about demurrage? 😧

@johnkronberger @CJ_Bitcoin but they arent issuing a currency or anything aside from securities, right?

@BitcoinErrorLog @CJ_Bitcoin I guess if fiat is "gold credit" this would be "bitcoin credit"

@BTCGUS21 But I do know better than you on an array of topics, and I don't think me tweeting things everyone already knows is very useful.

@BitcoinErrorLog Correct, it is not. So, stop making it so with your "I know better than you" takes!

@fartface2000 Maybe, but he chose "ego" and it is a pet peeve of mine when cowards judge risk-takers just because they speak candidly. Bravery is ego.

@BitcoinErrorLog I think Jack is talking about is arrogance, when you are so narcissistic you only hear the words in your own head. I think what you are referring to is confidence.

@fartface2000 Ask Jack if the best people on his team have an ego or not.

@BitcoinErrorLog I would use the word confidence in lieu of ego. Actually wrote about how I want to hire confident people. @FF2K/confidence-beats-know-how-5dcc99bdc9de" target="_blank" rel="nofollow noopener">medium.com/@FF2K/confiden…

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The bitcoin economy is mostly separate from the speculative expectations people have about the scarcity of units in the float. The Bitcoin economy can shrink or expand to any qty of float units, but the smaller the float and/or higher the speculation on stock, the less secure it will be, the more volatile it will be, etc. As a money bitcoin competes with all payment solutions. As a "digital gold" it competes with all speculative things. It is not magically immune to competition. A healthy, valuable Bitcoin has the highest possible quantity of users making the highest possible volume of transactions (onchain). In this system, diversity and activity create the value, NOT hoarding. Hoarding is not especially interesting or beneficial.

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@citlayik The problem is the economics not consensus issues.

@BitcoinErrorLog BTC ownership is irrelevant, this isn't pos.

The more BTC ownership centralized, the more people will opt to use something else when solving their problems.

@raybopbop ugh whatever you deserve your fate

@BitcoinErrorLog Wait till you learn how many shareholders own a stake in Strategy.

@Blubarlu Other things being worse does not make this pattern good.

@BitcoinErrorLog Look at something like ethereum or ripple where the foundations own 20% 🤣

No. The only thing that increases the trade value is demand rising faster than supply. I know you think that means hoarding, but no, EVERYONE has a price, and ALL of the Bitcoin is always already held by someone. When there is massive hoarding, it just means poorer people are being excluded. If you exclude too many people, the price starts falling again. You can't hack Bitcoin to make it more valuable. It has to actually be more useful to more people.

@Dad_Presents @BitcoinErrorLog Correct.

@Dad_Presents Hoarding makes it so there are less people using bitcoin, and less bitcoin transactions being made. This ultimately lowers utility and value.

@BitcoinErrorLog Large pools of BTC owned by corporations or states does nothing to your ability to transact freely with Bitcoin Concentrated ownership is not centralized control. Learn about Bitcoin before spouting this kind of nonsense.