Summary Of David Gerard S Attack Of The 50 Foot Blockchain
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Attack of the 50 Foot Blockchain
An experimental new Internet-based form of money is created that anyone can generate at home; people build frightening firetrap computers full of video cards, putting out so much heat that one operator is hospitalised with heatstroke and brain damage. A young physics student starts a revolutionary new marketplace immune to State coercion; he ends up ordering hits on people because they might threaten his great experiment, and is jailed for life without parole. Fully automated contractual systems are proposed to make business and the law work better; the contracts people actually write are unregulated penny stock offerings whose fine print literally states that you are buying nothing of any value. The biggest crowdfunding in history attracts $150 million on the promise that it will embody “the steadfast iron will of unstoppable code”; upon release it is immediately hacked, and $50 million is stolen. How did we get here? David Gerard covers the origins and history of Bitcoin to the present day, the other cryptocurrencies it spawned including Ethereum, the ICO craze and the 2017 crypto bubble, and the attempts to apply blockchains and smart contracts to business. Plus a case study on blockchains in the music industry. Bitcoin and blockchains are not a technology story, but a psychology story. Remember: if it sounds too good to be true, it almost certainly is. “A sober riposte to all the upbeat forecasts about cryptocurrency” — New York Review of Books “A very convincing takedown of the whole phenomenon” — BBC News
Summary of David Gerard's Attack of the 50 Foot Blockchain
Author: Everest Media,
language: en
Publisher: Everest Media LLC
Release Date: 2022-04-16T22:59:00Z
Please note: This is a companion version & not the original book. Sample Book Insights: #1 The developed world has mostly come to use banks to transfer money between accounts, using digital money. However, this isn’t a complete solution since a shop’s card reader could be down, your payment gateway might charge fees, and you may want to send money to someone not on the same banking network. #2 Bitcoins are a bit like money in a bank account with a debit card, except there is no safety net and no way to reverse a transaction. You can earn, spend, save, and invest them, but they aren’t actually yours. #3 Bitcoin is secured by math. The blockchain is a digital ledger that is tamper-evident. It contains every confirmed transaction since January 2009. #4 Bitcoin is a digital currency that requires competitive Proof of Work to write to the ledger. The competition gets viciously Darwinian very quickly, and the electricity is literally wasted for the sake of decentralisation.
The Politics of Bitcoin
Author: David Golumbia
language: en
Publisher: U of Minnesota Press
Release Date: 2016-09-26
Since its introduction in 2009, Bitcoin has been widely promoted as a digital currency that will revolutionize everything from online commerce to the nation-state. Yet supporters of Bitcoin and its blockchain technology subscribe to a form of cyberlibertarianism that depends to a surprising extent on far-right political thought. The Politics of Bitcoin exposes how much of the economic and political thought on which this cryptocurrency is based emerges from ideas that travel the gamut, from Milton Friedman, F.A. Hayek, and Ludwig von Mises to Federal Reserve conspiracy theorists. Forerunners: Ideas First is a thought-in-process series of breakthrough digital publications. Written between fresh ideas and finished books, Forerunners draws on scholarly work initiated in notable blogs, social media, conference plenaries, journal articles, and the synergy of academic exchange. This is gray literature publishing: where intense thinking, change, and speculation take place in scholarship.