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Bitcoin & Blockchain

Payment must change – credit card is a systemic ripoff

Of the transformations enabled by Bitcoin, payment especially micropayment is of the most basic one. It is evident even from the Bitcoin’s whitepaper’s title: Bitcoin: a Peer-To-Peer Electronic Cash System. Payment is not a mere app added on the web, but a foundational part of the New Internet. However, more than 14 years after the creation...

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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SEC helps true innovation by enforcing securities law

Is SEC harming crypto by enforcing the securities laws? Short answer: it may harm crypto but will advance blockchain. It deters criminal behavior and promotes true innovation. The SEC actions may have an impact on the cryptocurrency industry as it stands now, but in a longer term will clear up the air for better technologies and products to be developed and grow.  Case in point A US federal judge of a District Court in New… Read More »SEC helps true innovation by enforcing securities law

The Wright strategy is the Satoshi strategy -Why doesn’t he just sign it?

If Craig Wright is Satoshi, why doesn’t he just sign it? “Sign it” specifically refers to signing with a private key of a bitcoin address that is publicly known to belong to Satoshi, such as the mining reward address of block-9 involved in the famous ‘Satoshi-Finney transaction’ (also it’s almost certain that Satoshi mined the...

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 New Internet & Blockchain

The real Bitcoin and blockchain Blockchain was invented 14 years ago in the form of Bitcoin. As designed by its inventor Satoshi Nakamoto [1], it is a law-abiding dis-intermediating Peer-to-Peer cash payment system built on an IP-to-IP decentralized protocol compatible with IPv6, with unbounded scalability and extremely low transaction costs. Its native token, bitcoin, is...

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 necessary scalability of Layer-1 on blockchain

Blockchain has opened up many possible applications, including payments, tokenization, smart contracts, and in general, data access management. For beginners, a recent article The Crypto Story written by Matt Levine on Bloomberg is a good read. It explains quite well in non-technical language some of the problems blockchain could potentially solve, as well as the problems it currently has. Especially, the article makes a good common sense case for the need for a new kind of database to replace the existing ones, something that the current crypto world largely misses.

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

DAOs and the reality

The delusion of DAOs (Decentralized Autonomous Organizations) being out of the reach of law is just an extension of the old fancy of using an invisibility cloak to commit an illicit act. Here is the catch: as long as the scheme has a connection and an effect in the real world, law can, and should, reach it. Even a DAO in the so-called metaverse falls within the jurisdiction of the real-world law, as long as… Read More »DAOs and the reality

Triple Entry Accounting & Blockchain

Triple entry accounting was introduced by Ian Grigg in 2005 (Triple Entry Accounting (iang.org). Bitcoin blockchain is a perfect system on which triple entry accounting can be implemented. This is not only because Bitcoin blockchain is an ideal 'independent third-party' to keep and verify the third entry (cryptographically signed cross-entity receipts as transaction records), but also because it provides a highly efficient built-in payment system.

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

What about Hyperbitcoinization?

Hyperbitcoinization is a term coined by Daniel Krawisz to describe the phenomenon of a fiat money being replaced by bitcoin at a hyperspeed with exponential acceleration. The concept is similar to hyperinflation in which a fiat money is replaced by an alternative money, except that in hyperinflation, a fiat money is replaced by another fiat or in some cases something even worse, but in hyperbitcoinization a fiat is replaced by a superior money, namely bitcoin.… Read More »What about Hyperbitcoinization?

Merkle Tree and Bitcoin

A post on Twitter summarizes how Merkle tree works, but has caused some debates. To be fair, the original post did a fairly good job to explain Merkle tree, albeit quite basic, not nearly as deep as how Dr. Craig S. Wright explained it in Merkle Trees and SPV, and further in Simplified Payment Verification. But as the two BSVers pointed out in Twitter replies, with its limited block size BTC does not need a… Read More »Merkle Tree and Bitcoin

The US needs leadership in Blockchain and the New Internet

Statements of purpose: In this document, we first point out the existing problems in the field of blockchain and cryptocurrencies, but it is not our belief that a crackdown by the US government can be the primary solution to the problem. Rather, our focus is to point out the right direction of the technological development of the field, and hope that the US government may start to formulate an effective strategy to guide the future… Read More »The US needs leadership in Blockchain and the New Internet