Bitcoin Tech Talk #318

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What I've been working on

1. The Debate - I was at laBitConf this past week and this is the panel everyone is talking about. The panel had Samson, Vitalik, Diego, Rodolfo and others, but the main message that I had during the panel is that “don’t trust, verify” has been corrupted by altcoiners and that’s resulted in tragedies like FTX. I admit being very spicy during the panel and I wish Diego didn’t interrupt the discussion I was having with Vitalik as his comparing Satoshi’s creation of Bitcoin to “useless coin on Bitcoin” is just utterly disingenuous. Satoshi didn’t premine a bunch of coins and it required proof-of-work. The crowd was obviously pro-Vitalik, and I really hope they started understanding that trusted third parties really are giant security holes.

2. Don’t Trust, Verify - I said basically the same thing to many reporters about FTX and how too many people are trusting and not verifying. Especially in Latin America, where trusting central banks bites you in your wallet on a continuous, obvious way, this message really needs to be spread far and wide. Trusting USD, in particular seems to be their alternative, but that’s proving to be pretty bad given the inflation the last few years.

3. Central Banks and Politics - I was on the Bitcoin Magazine podcast to talk a little politics and central banks. It’s all a bit moot now that the election is over, but still, the inevitability of fiat collapse seems pretty relevant. I see the current system as a problem of incentives. The politicians are incentivized to think very short term and are thus very high time preference.

What I'm up to

1. Buenos Aires - I’m loving this city with the abundant, delicious meat. That said, being here is showing me just how broken the monetary system is. I can’t use my credit card unless I want to pay an 80% premium on all goods and services, so I’ve been converting USD and BTC to local cash. Sadly, the highest bill is a 1000 peso bill, which is worth around $3.50. Carrying even $100 is a thick wad of bills and it’s not fun having to count so many bills. The western world really does have a lot of financial privilege and it’s not obvious until you’ve counted hundreds of bills many times a day.

2. Chile and Uruguay - I’m planning to visit both places over the next few weeks. Please let me know if there are any must-see places or interesting things I need to try! I’m especially interested in interesting landscapes or cool places to visit (particularly for photos!) Please reply to this email if you have suggestions.

3. More articles - I have a bunch of thoughts that I really need to write down for some articles in the near future. I’ve found that going to conferences and talking to people clarifies my thinking and I want to write them down, for myself, more than anything. Look for some articles the next few weeks, probably in Bitcoin Magazine.

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What I’m Shilling

• Books

  • Bitcoin and the American Dream

  • Thank God for Bitcoin

  • The Little Bitcoin Book

  • Programming Bitcoin

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