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Bitcoin mining and monopoly

Does professionalization and specialization of bitcoin mining result in monopoly? A short answer is “no.” Professionalization and specialization of bitcoin mining under competitive Proof-of-Work is less likely to result in a monopoly than most other competitive businesses. Proof-of-Stake, on the other hand, has a natural gravitation toward forming a monopoly or a cartel due to...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

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Bitcoin Trilemma is a fallacy

Blockchain and Bitcoin involve a lot of concepts that are not easy to grasp. Lots of education is needed on these subjects, not only for developers and investors but also the public, legislators and government officials, or we will see wasteful and even destructive actions committed by all elements of the society. In fact, we already have, witnessing the ICOs, DeFi, and NFT frenzies on the one hand, and the lack of knowledge and leadership from the government on the other.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

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Misconceptions about Blockchain & Bitcoin

Blockchain and Bitcoin involve a lot of concepts that are not easy to grasp. Lots of education is needed on these subjects, not only for developers and investors but also for the public, legislators, and government officials, or we will see wasteful and even destructive actions committed by all elements of society. In fact, we...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Money & Currency

It is important to make a distinction between “money” and “currency”, not for the sake of semantics but to have a clear way to conceptualize the whole matter. I used to think it was a trivial distinction, but started to more and more realize its importance. Concerning money, Ludwig von Mises’ theory of money &...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Blockchain, bitcoin, money, currency and token

What is blockchain? Blockchain is often broadly defined as a chain of data blocks timestamped by a secure network. Sometimes, depending on the context, the word “blockchain” refers to the system that is used to create such a chain of data blocks, rather than the chain itself. The idea of time stamping a chain of...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

The Internet is a test

Allan Milne Lees’ article Why The Internet Is Destroying Civilization is an interesting read. Written by a talented and insightful writer, but tinted with a bias. The Internet is infested by not only lies that are designed to induce fear and prurience (which are highlighted by the author in the article), but all kinds of lies, including that are designed to induce false hopes or to work as deceitful sedation (which are neglected in the… Read More »The Internet is a test

Web3, NFT’s and DeFi are a sham without a blockchain scalable at L1

I recommend a reading of “My first impressions of web3” written by Signal app creator Moxie Marlinspike, as well as “Signal app creator Moxie Marlinspike proves NFT signal-to-noise ratio is low”, a commentary written by Jerry Chan.

Moxie describes the current status of Ethereum, on which almost everything relies on L2 solutions and thus has become re-centralized, as almost all dApps use either Infura or Alchemy in order to interact with the blockchain. This is not only a security problem but also a privacy problem.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

The DeFi report “Why Decentralised Finance (DeFi) Matters and the Policy Implications”

OECD - OCDE report "Why Decentralised Finance (#DeFi) Matters and the Policy Implications"

It's a 70-page report. Concerning one reader's objection to its length, however, I'd say, in general, there are things that should be written in few words, but there are also things that require many words. A theory can be short, but implementations and studies of their effects might not be.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Tim O’Reilly: Why it’s too early to get excited about Web3

Why it’s too early to get excited about Web3, By Tim O’Reilly This is one of the very rare articles written on Web3 that are truly insightful and honest without being blinded by crypto market frenzy and misleading narratives. “In that regard, what I’d be looking for is evidence of capital allocation via cryptocurrencies toward productive investment in the operating economy rather than capital allocation toward imaginary assets.” – Tim O’Reilly Mr. O’Reilly, I believe you… Read More »Tim O’Reilly: Why it’s too early to get excited about Web3

The Smart-Business Paradigm

A revolution to how business relationships, structures, organizations, assets, contracts, transactions, and records are created, managed and serviced is happening, and people will soon notice. It is an important part of the biggest business revolution since the invention of computers and Internet. We are talking about smart-business as a new paradigm (analogous to smart-phone being a new paradigm for electronics) which encompasses all aspects of business, including relationships, organizations, structures, contracts, transactions, and records. The… Read More »The Smart-Business Paradigm