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Book-Bit & Coin

The politically modest but technologically ambitious Bitcoin

Today's headline: Coinbase Cuts Off 25K Russian Wallets!

It's unclear what the reporter's concern is. I don't mean that there should be no concern. It is just unclear what the reporter's concern really is. This is typical of the crypto reports, because the writers only look at superficial things and do not understand what is really at work.

From a political point of view, it is foolish to demand exchanges to cut off Russians just because they are Russians. And it is even questionable to cut off some Russians selectively, because how can an exchange decide?

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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The moral sentiments of Bitcoin

Question: Crypto projects seem to all create a new currency out of thin air and inject it into the economy to dilute money, so how do you justify doing it, whether it is BTC or BSV? It is a familiar and intuitive argument, but it arises from a misunderstanding caused by people’s familiarity with fiat money and...

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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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
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

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)

Already a member? Log in here

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

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

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...

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