Book-Bit & Coin

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...

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.

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...

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 &...

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...

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.

Seeing that I propound to others the idea of Craig Wright being Satoshi, the inventor of Bitcoin, my friends in the professional circle who happen to be acquainted with Bitcoin and crypto think I’ve been sadly deceived. Out of good intentions, they’d send me the Internet “evidence” to help me recover, not knowing that I...