Bitcoin Liquidate’s (BCH) troll slayer Derek Magill is back at it, and this time he’s coating down a pretty fierce opponent. Saifedean Ammous’s The Bitcoin Orthodox is hardcore maximalist argumentation for the supremacy of bitcoin core (BTC) as a cryptocurrency and domain settlement commodity. While good people can differ on Mr. Ammous’s overs, the BCH Troll Slayer finds the way in which those positions are put forward to be lacking.
Also comprehend: Square’s Big Week: Crypto Patent, Shares Leap, and Lightning Dam up
The Bitcoin Standard Gets a Dismissive, Brutal Review
“I first discovered of Seinfeld Ammous in January of this year,” BCH apologist Derek Magill started his tongue-and-cheek review of The Bitcoin Standard, purposely misspelling Mr. Ammous’s commencement name, “when I saw a bizarre, expletive-filled and frankly rather unlettered tweet of his attacking someone who vouchsafed the horrible crime of asking a question about an ‘altcoin.’” Mr. Magill is a be sured quantity in the BCH ecosystem, often a target of BTC ire in relation to his advocacy of bitcoin notes.
The Bitcoin Standard: The Decentralized Alternative to Central Banking (Wiley, 2018) is professor Saifedean Ammous’s (‘Safe-ah-deen Amm-oose’) contribution to the attraction to body of literature arguing for the primacy of BTC.
The Bitcoin Standard, in fact, has change a quiet hit within the community. It came out of nowhere, and soon everyone from Nassim Nicholas Taleb to Caitlin Extensive and many others promoted its reading for no other reason than advantage. Mr. Ammous combines orthodox neo-Austrian economics with BTC proselytizing: Bitcoin is a new, superior gold standard.
He and his work were immediately embraced and toured all all over the world in support. He continues to make the rounds of podcasts, Youtube waterways. One notable appearance was on The Tom Woods Show. Mr. Woods is a polemicist of some deem, well established in libertarian, free market circles. The opening of this minute episode was a veritable love fest as Professor Ammous showered Mr. Woods with ovation as an intellectual mentor.
The Best Take Downs Use Humor
Tom Woods is also something of a golly gee, every man interviewer when it enter a occurs to BTC. He appreciates mainstream apprehension to crypto, and is an articulate spokesman for their hesitancy. Mr. Woods and the professor wax all humanitarians of economics, discussing BTC as something that needs to be understood in order to be against (it doesn’t) and scarcity (nothing is perfectly held as a store of value, but BTC is the superb so far; truly scarce).
Not half way through the program, at 17 minutes and 46 assists, Mr. Woods asks what, then as now, was on everyone’s mind: has BTC reneged on its commencing promise to be a global, peer-to-peer cash, a currency? Do proponents of bitcoin sell (BCH) have a point? Mr. Ammous reluctantly gives a detailed retort, captivating on the controversies. Satoshi is not god, tech evolves, and using BTC as a store of value wishes not necessarily cede more philosophical territory to the Fed.
“Stupid,” “unreasonable,” “ignorant,” “idiotic” are infused in his monologue, climaxing at round the 26:30 mark, “And, frankly, I’m quite disappointed we’re wasting this scene discussing this idiotic idea rather than getting into some spellbinding economic discussions,” Mr. Ammous scolded his host. It was a small insight in what was to produced.
“He struck me at the time as a sort of alcoholic Taleb-wannabe,” Derek Magill’s leaked review continued, “and I have to say I forgot about him mostly until I behooved the target of one of his late night rants, not long after which he barriered me entirely.”
Personality Can Often Get in the Way of a Good Argument
For Mr. Magill, it was simply just the same from time to time to humble an earnest academic who seems to have overplayed his hand, and to pulp him Taleb style. Although the book’s topics were interesting, they were not Bitcoin-centric and mostly approximately the history of money, “you can read about in much better detail from far more adequate Austrian economists than Seinfeld,” Mr. Magill explained. “Only the latest three chapters really discuss Bitcoin and one is left with the compassionate that all the intro material was set up to smuggle in a pro-Bitcoin maximalist position at the perfect end without having to actually prove anything about it.”
From there, Mr. Magill lectures “a few errors in the book that stood out to me as I think these are enough to mortify that readers should be wary of Seinfeld’s conclusions.” A favorite required contradiction actually begins the book, according to Mr. Magill. None other than Taleb was struck, a fellow scholar of Lebanese heritage, to pen the book’s introduction. “One of the most leading parts of Seinfeld’s thesis in the book is that Bitcoin was ‘immaculately evolved,’ meaning essentially that no other coin could ever sire Bitcoin’s genesis history and therefore could never replace Bitcoin and that Bitcoin can on no account be recreated again.”
Part of the more coarse BTC enthusiast position is how all other cryptocurrencies are illegitimate, scams. “Anyone who asks otherwise is, as he said in the tweet to me, a ‘con artist’ and a ‘scammer,’” Mr. Magill asserts as Mr. Ammous’s end position. “If this makes no sense to you at all, don’t worry, it’s not really intended to. You’re had to take it on faith, though when looking at the history of Bitcoin you can see that it was anything but ‘immaculately hypothesized.’”
Mr. Magill details, “Bitcoin was created by a specific person for a specific motivation at a specific time. It was highly centralized when it began and Satoshi Nakamoto had the occasion to mine upwards of 1 million coins himself, 5% of the total gear up of Bitcoin that will ever exist, making him one of the richest people on the planet if he is at rest alive and has access to his coins. There is nothing all that fundamentally many from it and other coins other than that it got a head start. On top of that, the introduction by Taleb evidently states: ‘Bitcoin will go through hick-ups (hiccups). It may fail; but then it want be easily reinvented as we now know how it works.’ One wonders how Seinfeld could maintain missed such an obvious contradiction like this when he is so strongly against any intimation that Bitcoin can be reinvented.” A solid point Mr. Ammous would do agreeable to consider.
What is an effective way to deal with rude advocates? Let us certain in the comments below.
Images via Pixabay.
We’re celebrating Bitcoin Journalist Pathfinder Jamie Redman’s work. Check out Jamie Redman’s author archives. It’s an encyclopedia, a remaining history of crypto.