Andrew M. Bailey Profile Banner
Andrew M. Bailey Profile
Andrew M. Bailey

@resistancemoney

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1,750
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I teach and write about money and philosophy. Bitcoin research at . Fellow at .

🇸🇬
Joined January 2013
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@resistancemoney
Andrew M. Bailey
2 months
Don't trust; verify. So before you buy a copy of Resistance Money, read Chapter 1 for free! Link 👇
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@resistancemoney
Andrew M. Bailey
1 year
Targeting uses of energy rather than production is incoherent. This is a mess of an argument.
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@resistancemoney
Andrew M. Bailey
3 years
CBDCs do not compete with bitcoin. They create demand for bitcoin.
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@resistancemoney
Andrew M. Bailey
2 years
Satoshi wasn't a seller of bitcoin. He was a buyer. Because he had to purchase his coins from nature — with electricity and processor cycles — just like anyone else. There's something so attractive about this: the creator of a new money following the same rules as everyone else.
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@resistancemoney
Andrew M. Bailey
1 year
I approve of this message (from @mer__edith ). And look at his eyes while she talks, my goodness!
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@resistancemoney
Andrew M. Bailey
3 years
The state of bitcoin discourse
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@resistancemoney
Andrew M. Bailey
3 years
People who think bitcoin is for right-wing libertarians have forgotten about the 'punk' in 'cypherpunk'
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@resistancemoney
Andrew M. Bailey
3 months
When powerful lawmakers rage against non-custodial wallets, they are not striking a blow against "big crypto". Rather, they oppose little crypto — normal people keeping money themselves instead of in the pockets of a corporation.
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@resistancemoney
Andrew M. Bailey
1 year
"a one way trading pattern where you deposit funds, convert it to digital currency, and then withdraw" 😳 aw shucks, thanks for noticing, guys 😊
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@resistancemoney
Andrew M. Bailey
1 year
bitcoin in appearance; bitcoin in reality
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@resistancemoney
Andrew M. Bailey
2 years
If someone say that bitcoin was borne from right wing or libertarian conspiracy theories, you know they've not done their homework. Bitcoin is cypherpunk software, and the golden thread uniting the cypherpunk movement is anti-authoritarianism, not opposition to the state. 🧵
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@resistancemoney
Andrew M. Bailey
1 year
Block will be working on Nostr-compatible products. Nice. Also: "Dorsey announced it would form the model for his new personal media policy: 'No more closed interviews for me. Over NOSTR or live pods only.'"
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@resistancemoney
Andrew M. Bailey
2 years
While we're bearposting: imagine a Tether blowup. No redemptions. Broken peg. USDC steps up minting and swells to accommodate demand. Coins die. There is only USDC. DeFi is USDC. Crypto is USDC. The Fed announces a new CBDC. It is USDC. We are all eating bugs. And we are happy.
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@resistancemoney
Andrew M. Bailey
2 years
A CBDC is a spreadsheet. Bitcoin is digital cash. They are not the same.
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@resistancemoney
Andrew M. Bailey
1 year
Let's give corporate and state authorities the ability to regulate access to our most vital systems via immutable biometrics. Biometrics from where? A crypto scheme with a history of preying on the global poor, self-dealing — all clothed in technobabble. Fascinating!
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@resistancemoney
Andrew M. Bailey
2 years
Let us never forget: cash is awesome -- private, cheap, censorship-resistant payments, for all. As things stand, going cashless is a step in the wrong direction, a step towards surveillance and control. Today, I will buy some groceries with cash.
@Suitpossum
Brett Scott
2 years
'Cashless' establishments *force* you to use card payment, which economists read as a rise in ‘demand’ for card payments, an interpretation that other institutions will use to justify why they too will ‘go cashless’, an action which in turn will coercively increase 'demand'
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@resistancemoney
Andrew M. Bailey
1 year
Bitcoin is more than a currency. It is a symbol of human ingenuity, resistance to authoritarian control, and love. It will remain a cornerstone of any effort to keep autocrats on a tight leash, and an anchor in economic storms created by irresponsible central banks.
@ecb
European Central Bank
1 year
The euro is more than a currency, says President Christine Lagarde. It’s a symbol of European integration and stands for a united Europe that works together. We’ll always be a cornerstone of that effort and an anchor of stability. Read #TheECBblog
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@resistancemoney
Andrew M. Bailey
3 months
Crowd reactions to pro-bitcoin remarks at OSU's commencement are telling. Bitcoin is a brand. And to this audience, an annoying or possible grifty one.
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@resistancemoney
Andrew M. Bailey
2 years
In a recent letter to Congress, 21 human rights advocates from 20 countries gave evidence about how bitcoin is actually used. Their report is concrete testimony, not speculation: pure signal, in a world of noise.
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@resistancemoney
Andrew M. Bailey
7 months
The real story is not that bitcoin continues to flourish after fifteen years. Nor is it that SBF is a convicted criminal. It’s that the worlds of credentialed academia and journalism got both SBF and bitcoin exactly wrong. The press darling is in jail. Bitcoin roams free.
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@resistancemoney
Andrew M. Bailey
1 year
I have some heterodox views in philosophy. One is that not everything that happens has a good explanation. But the idea that inflation is one of these unexplainable mysteries — that it can sneak up on us, totally without a cause — is a bridge too far. Truly wild!
@NikoJilch
Niko Jilch ⚡️
1 year
Never forget
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@resistancemoney
Andrew M. Bailey
1 year
Bitcoin is filthy.
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@resistancemoney
Andrew M. Bailey
3 years
The most significant historical event of my lifetime is either the fall of the USSR or the invention of #bitcoin .
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@resistancemoney
Andrew M. Bailey
2 years
Why this paper is wrong: bitcoin's fast and nearly free native payment system, the lightning network, does not suffer more delays the more it's used, unlike on-chain settlements, which use scarce block space. It shouldn't be this easy to refute academic research about bitcoin.
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@resistancemoney
Andrew M. Bailey
4 months
A fine end to the week.
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@resistancemoney
Andrew M. Bailey
3 years
I like RSS, self-hosted blogs and podcasts, BitTorrent, Tor, PGP, and bitcoin. Which web is that again? 1.5? I'll have that number of web, please.
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@resistancemoney
Andrew M. Bailey
1 year
Let's do a close reading of "stay humble and stack sats". Here are six observations about the slogan: 1. Lowercase: this is advice for everyone, not just monocle people who observe the rules of Queen's English. Anyone can do this. 2. Conjunction: the "and" indicates that these
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@resistancemoney
Andrew M. Bailey
2 years
This chart is now officially part of the peer-reviewed academic literature on bitcoin. (The left column is, of course, incomplete)
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@resistancemoney
Andrew M. Bailey
11 days
Wyoming is good. And from August 2025, I'll be a Professor of Philosophy at the new Bitcoin Research Institute at the University of Wyoming. @rettlerb and I have long dreamed of building something together; this is a dream come true.
@resistancemoney
Andrew M. Bailey
2 months
Wyoming is good.
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@resistancemoney
Andrew M. Bailey
1 year
I prefer a slightly different framing: "Bitcoin held strong on proof of work. Why did Ethereum give in to pressure?"
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@resistancemoney
Andrew M. Bailey
2 months
Resistance Money: A Philosophical Case for Bitcoin is now shipping. I'd love to give away copies. Like and retweet this post, and on Friday I'll send five random people free paperbacks. (you'll need to follow me, and be willing to DM a physical address)
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@resistancemoney
Andrew M. Bailey
2 years
Some of these Proof of Work critics have never read The Blocksize War, and it shows. Here’s the TL;DR: there’s historical, empirical (not theoretical) evidence that miners don’t control bitcoin. In particular, miners were together unable to change the protocol in 2017.
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@resistancemoney
Andrew M. Bailey
7 months
lfg
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@resistancemoney
Andrew M. Bailey
3 years
Citadel? Lambo? Nah. Just give me a sunrise to watch and a little time every day to make music.
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@resistancemoney
Andrew M. Bailey
1 month
An academic philosopher who shall remain nameless — someone who has no connection to bitcoin, or philosophy of money, or any of that stuff, really — read our book and had this to say. Wow!
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@resistancemoney
Andrew M. Bailey
12 days
Two observations about the Nashville bitcoin conference so far. They probably say as much about me as they do about the thing itself. First: I've never seen bitcoiners so engaged in electoral politics — lobbying and policy, swing states, marginal votes, factions in this or that
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@resistancemoney
Andrew M. Bailey
2 years
Bitcoin-associated carbon emissions are about 0.09% of the global total. Climate activists would do well to direct 0.09% of their attention towards bitcoin, accordingly. Fixation on bitcoin beyond this proportion distracts us from opportunities for significant harm reduction.
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@resistancemoney
Andrew M. Bailey
2 years
Senator Elizabeth Warren has sponsored 533 piece of legislation since 2013. Exactly one has been signed into law. Oddly comforting!
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@resistancemoney
Andrew M. Bailey
3 years
#Bitcoin is net good for humanity in promoting financial inclusion, freedom from monetary repression, and self-sovereignty. But mining is energy-intensive and emits carbon. Can emissions be reduced without threatening fungibility? Yes. Thread c/o me and @thetrocro . 1/n.
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@resistancemoney
Andrew M. Bailey
11 months
New short chalk'n'talk on bitcoin security from Micah Warren (who recently got the banhammer here). Some of this will be familiar to longtime bitcoin understandoooors; but pay attention to detect the spice too!
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@resistancemoney
Andrew M. Bailey
1 year
In a monetary system operated by convicted criminal @Lagarde , you get a say in what color the money is. In bitcoin, you get a say in everything else. Interesting contrast.
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@resistancemoney
Andrew M. Bailey
2 years
Bitcoiners sneer at academics, degrees, institutional prestige. If you get bitcoin wrong, you're dumb and maybe bad. As an academic, of course this hurts. But it is very very healthy. We must Do The Work -- not skate on the prestige we've staked.
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@resistancemoney
Andrew M. Bailey
3 months
Money without insiders — sounds promising!
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@resistancemoney
Andrew M. Bailey
2 years
My experience is that academic philosophers and physicists are quicker to appreciate bitcoin than are economists or computer scientists. This may not reveal anything about bitcoin at all (or it may reveal something bad!). But I’m curious if my experience generalises. Does it?
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@resistancemoney
Andrew M. Bailey
11 days
Wyoming is good. And from August 2025, I'll be a Professor of Philosophy at the new Bitcoin Research Institute at the University of Wyoming. @rettlerb and I have long dreamed of building something together; this is a dream come true.
@resistancemoney
Andrew M. Bailey
2 months
Wyoming is good.
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@resistancemoney
Andrew M. Bailey
2 years
- Bitcoin is valuable because it's scarce ❌ - Bitcoin is valuable because it's costly to produce ❌ - Bitcoin is valuable because it's useful ✔️ 🧵 1/
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@resistancemoney
Andrew M. Bailey
2 years
My libertarian friends worry I’m a statist. Progressive friends fret that I’m a reactionary. Conservative friends suspect dangerous revolutionary impulses. I’m afraid it’s much worse than any of that, friends: I’m into bitcoin!
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@resistancemoney
Andrew M. Bailey
1 year
A recent Policy Statement on Section 9(13) of the Federal Reserve Act argues that banks cannot issue stablecoins. If followed consistently, the reasoning would also apply to physical cash.
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@resistancemoney
Andrew M. Bailey
1 year
This is going to be a fun class to teach next year: an entire upper-division seminar on The Philosophy and Economics of Bitcoin. I will, of course, open source it, for any to use and mutate as they like.
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@resistancemoney
Andrew M. Bailey
5 months
highest honor of my career
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@resistancemoney
Andrew M. Bailey
6 months
@CasPiancey Oh my gosh. I knew it’d be gross but I still wasn’t ready for the quickness of the transition from condolences to top 5 coins
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@resistancemoney
Andrew M. Bailey
1 year
Before going to bed last night, I wrote this to my main group chat: "It may have been a tactical error, hiring an artist who cares. Imagine... artist discovers he’s being used, that bitcoin ain’t so bad, that bitcoiners are not so bad — and turns on greenpeaceusa"
@thevonwong
Von Wong
1 year
Avalanche of DMs from the Environmental Bitcoin Crew giving me a lot of hope! Need some time to reply, reflect and summarize. 🙏 Excited about the discussion I was hoping for! Sorry if I haven't replied yet.
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@resistancemoney
Andrew M. Bailey
2 years
I reject the slogan "fix the money, fix the world". The world is more messed up than that. But I do accept this one: "if you don't fix the money, you won't fix the world". And you can't fix the money without a fair founding – like bitcoin's.
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@resistancemoney
Andrew M. Bailey
2 years
Keynes on inflation is somethin'. Bitcoiners who rage against him would do well to read these paragraphs, at least!
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@resistancemoney
Andrew M. Bailey
1 year
Crypto is AOL. Bitcoin is the internet.
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@resistancemoney
Andrew M. Bailey
10 months
Ask not why bitcoin uses so much energy. Better: why do bitcoin users choose to pay for so much energy? They’re getting something out of it — what might that be? This question unlocks many insights!
@Andercot
Andrew Côté
10 months
Can anyone actually defend the energy consumption of Bitcoin? Seems like a skill issue to me.
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@resistancemoney
Andrew M. Bailey
2 years
If you only knew the credentials of the people who email me with bitcoin-curious or bitcoin-positive ideas. This is not a train you want to stand in front of, hoss.
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@resistancemoney
Andrew M. Bailey
2 years
Decentralized finance? Sounds cool. Let's do it. But first let's decentralize the money. DeMo, then DeFi.
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@resistancemoney
Andrew M. Bailey
2 years
Many friends find Twitter to be overwhelmingly negative: drama, hate, doomscrolling. But when I log in, I see good people, working on good things, united by enthusiasm for bitcoin. It is moving, to me, and it inspires hope.
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@resistancemoney
Andrew M. Bailey
2 years
Bitcoin First This is not the same as “bitcoin only”, or “bitcoin forever” — but it is the thesis I endorse at present. Bitcoin is the thing, the center of the vortex. So we must look to it before anything else, and return to it too. Bitcoin First.
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@resistancemoney
Andrew M. Bailey
5 months
Vladimir Putin, Recep Erdoğan, and the Chinese Communist Party oppose bitcoin for an unsurprising reason: it limits their control. Leaders of the free world should think twice before adopting that stance.
@BitcoinNewsCom
Bitcoin News
5 months
NEW: “ #Bitcoin is a worldwide problem," says 🇮🇸 Iceland Prime Minister Katrín Jakobsdóttir.
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@resistancemoney
Andrew M. Bailey
2 years
Financial privacy is all about consent. The world does not deserve to know, without permission, what hormones you’re on, your religious views, what books you read. Yet all this and more is revealed by your purchases. Cash enables privacy. Cash promotes a culture of consent.
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@resistancemoney
Andrew M. Bailey
2 years
Q: If bitcoin is so good, why does it need a marketing team? Why must you sell sell sell? A: Bitcoin, as a politically disruptive technology, has a long list of autocratic enemies. The marketing team isn’t there to sell bitcoin. It’s to refute misinformation those enemies spew.
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@resistancemoney
Andrew M. Bailey
1 year
Seems like a fine time to meditate on Satoshi's words: "The root problem with conventional currency is all the trust that's required... Banks must be trusted to hold our money... but they lend it out in waves of credit bubbles with barely a fraction in reserve."
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@resistancemoney
Andrew M. Bailey
2 years
My top four favorite peer-reviewed academic articles on bitcoin: - Is bitcoin money? And what that means (Hazlett and Luther) - Bitcoin’s Academic Pedigree (Narayanan and Clark) - Synthetic commodity money (Selgin) - What is bitcoin? (Warmke) PDFs below. What are yours? Share!
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@resistancemoney
Andrew M. Bailey
3 years
Fascinating prediction. (H/T: @ZLOK )
@wef
World Economic Forum
7 years
In 2020 Bitcoin will consume more power than the world does today
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@resistancemoney
Andrew M. Bailey
2 years
Follow the peer-reviewed science. Bitcoin is king.
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Andrew M. Bailey
8 months
They're starting to get it. Bitcoin as cockroach is as good an image as any. I'd put it this way: suppose someone is trying to squash you. Wouldn't you want access to money that's as resilient as a cockroach?
@bitcoinfool
fool
8 months
The Economist: “Just fking die already stupid Bitcoin!!!” Bitcoin: *Goes up almost 150% this year*
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@resistancemoney
Andrew M. Bailey
11 months
They say this is a good book — and they’re right. What they don’t tell you is just how thicc this tome is. Pretty cool.
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@resistancemoney
Andrew M. Bailey
11 months
"We found a strong relationship between the network hashrate and mining difficulty." (from a new paper on bitcoin's carbon footprint. It is as bad you might guess from just this sentence)
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@resistancemoney
Andrew M. Bailey
1 year
Worldcoin is still stupid and bad, in four points. 1. The team, incredibly, was not prepared for people to sell credentials. It doesn't solve one problem it was supposed to solve.
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@resistancemoney
Andrew M. Bailey
2 years
I focus on bitcoin, because it stands apart. I study everything, because I’m curious. And I’ll use anything that’s useful. I don’t like ICOs. But I’ll make friends with anyone who agrees with me that privacy is good and autocrats are bad. Am I a maxi? Does it matter? 🤷‍♀️
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@resistancemoney
Andrew M. Bailey
2 years
As banks and neobanks and bankmans implode time and again, remember: "The root problem with conventional currency is all the trust that's required... Banks must be trusted to hold our money... but they lend it out in waves of credit bubbles with barely a fraction in reserve."
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@resistancemoney
Andrew M. Bailey
2 years
If it bugs you that a billionaire and his friends and the House of Saud control Twitter; a global information commons — you’re gonna love the way the dollar, a global monetary commons, works!
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@resistancemoney
Andrew M. Bailey
1 year
this is my take on, roughly, everything
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@resistancemoney
Andrew M. Bailey
3 months
Armoured cars, weirdly enough, are not money transmitters!
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@callebtc
calle
3 months
Shill me examples of things or entities that are not capable of transmitting money 👇
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@resistancemoney
Andrew M. Bailey
2 years
Things bitcoiners are good at, IMO: - Dunking on foolish nocoiner takes from 2013 - Central banker memes - Bitsplaining bitcoin Things bitcoiners are not so good at, IMO: - Predicting geopolitical events - Sound nutritional advice - Evaluating populist politicians
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@resistancemoney
Andrew M. Bailey
1 year
@thetrocro @Gemini Not just stacking. A sustained pattern, without any sell orders for over half a decade, always ending in self custody. Dubious! Dubious!
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@resistancemoney
Andrew M. Bailey
5 months
Agreed. When you have the time horizon of a mayfly, a big bitcoin allocation is unwise.
@RetirementRight
BLACK SWAN
5 months
Imagine holding a large amount of your savings in btc and waking up one morning and its -15%. This is why its garbage and only meant for speculation
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@resistancemoney
Andrew M. Bailey
10 months
When I hear SBF talk, I think about a phrase from this old spoken word piece: 'aggressively inarticulate'. Talking this way is a choice. And it is disrespectful to oneself and one's audience to take up their time with ums and uhs and likes and rights.
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@resistancemoney
Andrew M. Bailey
1 year
Many bitcoiners prefer direct spending of bitcoin over selling bitcoin. That is, they prefer selling bitcoin for stuff over selling bitcoin for money. The usual reason is "support bitcoin's circular economy" Is this a good argument? Is spending better than selling?
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@resistancemoney
Andrew M. Bailey
2 years
Reminder: the NYT has a history of spreading misinformation about bitcoin.
@resistancemoney
Andrew M. Bailey
2 years
@craigwarmke and I make something of this in a recent whitepaper for @btcpolicyorg , using a particularly galling example (still uncorrected) that appeared in the NYT.
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@resistancemoney
Andrew M. Bailey
1 year
@PocketBitcoin I believe I am supposed to gamble on the markets -- and to trust a custodian while I do it!
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@resistancemoney
Andrew M. Bailey
16 days
I recently ran a class on the Philosophy and Economics of Bitcoin at Yale-NUS. It's now open source: readings, reflections, practicum assignments. Instructors: I'm happy to consult if you'd like to integrate this into your classrooms or degree programs.
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@resistancemoney
Andrew M. Bailey
6 months
Pre-order your copy of Resistance Money today! Just $29.95 gets you the most meticulously researched, lively, comprehensive, and measured evaluation of bitcoin to date — peer-reviewed, and published by a leading academic press.
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@resistancemoney
Andrew M. Bailey
2 years
Energy and money are systems of value expression. Bitcoin upends them both — by uniting them.
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@resistancemoney
Andrew M. Bailey
3 years
Under contract with Routledge Press: *Resistance Money*, by @rettlerb , @craigwarmke , and @resistancemoney . 200 pages of academic research and argument on the philosophy, politics, and economics of #bitcoin . Book website with chapter previews:
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@resistancemoney
Andrew M. Bailey
1 year
WSJ: "A handful of developers with power to change the cryptocurrency’s software..." Wrong. Only you have the power to change the software running on your own node. And that's just the subtitle. It gets worse from there!
@pkwsj
Paul Kiernan
1 year
Bitcoin is seen as the “decentralized” gold standard of crypto. But behind the scenes, a small community of developers work tirelessly on software that 99% of the Bitcoin network uses. This is the story of their six trusted stewards, known as maintainers.
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@resistancemoney
Andrew M. Bailey
2 years
Our op-ed from a year ago remains correct: bitcoin is for anyone, left or right.
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@resistancemoney
Andrew M. Bailey
2 years
I'd like for this to be correct, but I don't think it's quite right. It was @IanAllison123 's reporting on the Alameda balance sheet (from a leaked document, not blockchain analytics) that really started this thing in early November. Good old fashioned reporting, in other words.
@brian_armstrong
Brian Armstrong
2 years
Twitter has broken just about every piece of this FTX story using blockchain analytics, while NYT is writing puff pieces on a criminal. Feels like a turning point for citizen journalism and loss of trust in MSM.
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Andrew M. Bailey
8 months
It's pretty funny how good central bankers are at calling the bottom
@ecb
European Central Bank
2 years
The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets. Read more
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@resistancemoney
Andrew M. Bailey
3 years
Proof of Work: people should be rewarded (with tokens and control over transaction ordering or inclusion) for what they *do*. Proof of Stake: people should be rewarded for what they *have*.
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@resistancemoney
Andrew M. Bailey
4 months
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@vydamo_
vydamo
4 months
It is with a heavy heart I announce the sale of my long term ape, Salazar. Most of my early followers know me as this ape. My kids know me as this ape. I met my wife when I WAS this ape and had my first kid when I was still proudly wore this ape. By extension, it is part of me.
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@resistancemoney
Andrew M. Bailey
2 years
Amazing.
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@resistancemoney
Andrew M. Bailey
2 years
Bitcoin has all the right enemies. Sometimes I get too much joy in seeing how upset they get as adoption spreads, one mind, heart, pocketbook – and sometimes, nation – at a time.
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Andrew M. Bailey
2 years
The contrast to an ICO or pre-mine is so stark, isn't it? "Buy my newly minted magical beans!", say the carnival barkers. Satoshi, meanwhile, quietly mines new blocks, paying all the while (electricity isn't free) for their rewards.
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