Technology & Business

The crypto-inspired speculative assets trading on insecure exchanges is not what Bitcoin blockchain is meant to be and actually is (see, Bitcoin is not crypto).

The entire crypto world has become an irrational Ponzi-laden frenzy. The crypto industry went in the wrong direction long ago and went too far by turning the original Bitcoin, one of the greatest inventions ever, into a multitrillion-dollar gambling of speculations over other people’s speculations.

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...

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.

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...

From an abstract point of view, the three most fundamental elements of the human economic and financial system are: (1) creation of value (2) definition of value (3) transaction of value.   Creation of value ‘Creation of value‘ is the central purpose of a productive economy. It should not be controversial to say that value is...

The longer-term impact of the cost of transaction (CoT) is misunderstood and underestimated. It’s not just about something being cheaper or more expensive from an individual user’s viewpoint. The CoT is more fundamental in that it is structural. It determines what kind of transactions may happen and what kind may not. It also determines what...