Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts
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After the discussion of mining, Gerard tackles one of the most enduring and compelling aspects of Bitcoin - the mystery surrounding exactly who was responsible for creating Bitcoin in the first place. The Bitcoin address is mentioned in transactions on the blockchain; the key is the unique thing you have that makes your bitcoins yours.
Gerard is delightfully sarcastic in his treatment of the strange ideologues of the Bitcoin world, and provides a brief account of their roots in American Libertarianism, Austrian economics and gold standard fetishism. Attack of the 50 Foot Blockchain has all the information you need not to throw your money into the blockchain bubble, or at least to be very cautious if you do. Random cryptographic hashing is certainly an incredible waste of electricity; I would love to see further growth in currencies with other mechanisms for mining (such as Steem! Gerard also covers how blockchain technology has so far failed to live up to the hype for applications outside of currency tokens, and how Bitcoin itself has so far failed to find much success among traditional retailers.A new flashy technology is simply another excuse to shift value from the pockets of the gullible into the pockets of the scheming. However, it sometimes reads too negative and is too bitcoin and smart contract coins specific, therefore ignoring other aspects of cryptocurrencies which often have a real use case.
I laughed a lot and Gerard made the dry world of Bitcoin and Ethereum interesting and easy to understand. The book covers fifteen years of cryptocurrency, from the cypherpunks to the Satoshi whitepaper to the rapidly deflating bubble.
In the wake of the FTX-SBR debacle it seemed as good a time as any to lift this small primer from the pile in my closet to get some better insight into this entire phenomenon. Sadly, they’re also attractive to scammers: the concept is complicated enough that you can bamboozle laypeople, but not so complicated that you can’t fake the jargon with a little practice. this will give you more ammunition than you could possibly use on why every bit of it is flimflam nonsense.
And, yes, we as cryptocurrency fans perhaps need to tone down the fanaticism at times and admit that blockchain technology is not the second coming of Jesus. Gerard's tales of vapidity, cupidity, and stupidity will have you facepalming your whole way through.You can change your choices at any time by visiting Cookie preferences, as described in the Cookie notice.