It is simply not correct to point fingers at wind & solar energy as we try to understand the situation in TX. The system (almost) had a plan for weather (almost) like this. 1/x

It relied on very little wind energy - that was the plan. It relied on a lot of natural gas - that was the plan. It relied on all of its nuclear energy - that was the plan. 2/x
There was enough natural gas, coal and nuclear capacity installed to survive this event - it was NOT "forced out" by the wind energy expansion. It was there. 3/x
Wind, natural gas, coal and nuclear plants all failed to deliver on their expectations for long periods of time. The biggest gap was in natural gas! The generators were there, but they were not able to deliver. 4/x
It may be fair to ask why there is so much wind energy in ERCOT if we do NOT expect it to deliver during weather events like this, but that is an entirely different question - and one with a lot of great answers!! 5/x
Most importantly, we build technology like wind energy into the system to avoid burning fossil fuels when we can, and there are many days when wind delivers on that promise. 6/x
Probably the most important question is why planners did not anticipate that so much natural gas generation would be unavailable during an event like this, and have a plan to address that. 7/x
Others (@JesseJenkins , @jacob_mays ) are sure to have better answers than me to those questions in the coming days, weeks and months, so follow them for updates. 8/x
@JesseJenkins @jacob_mays The end... 9/8 (that was supposed to end on the last tweet)

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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.


The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.

This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.

The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."

This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.