- Bitcoin, The Beginning

Bitcoin is nothing more than a protocol followed by its participants (miners and users). However, due to the fact that its protocol is unique, few seem to understand it. Generally when people explain Bitcoin they don’t ever show you what is actually happening on the blockchain. To know how to build a proper Bitcoin application we need to make sure the app is designed to work cooperatively with Bitcoin. To know how to do that we must examine a Bitcoin transaction as it appears on the blockchain.

Though it looks complicated a Bitcoin transaction is simple enough to be understood even by those without a computer science background.

The fundamental thing that must be understood is that…


What went wrong? Bitcoin promised to change the world, but a decade on and one has to ask “Do any regular people use Bitcoin in their day to day life”? Sadly the answer is no, but this is not the extent of the problem. Bitcoin was originally sold to solve a problem, not as a get-rich quick scheme. Reading the whitepaper there is no mention of investment gain whatsoever. Instead the whitepaper details a system of sending messages (specifically payment messages) over a decentralized network that has an internal method of achieving consensus. Yet the vast majority of Bitcoin news…


Bitcoin is held together by incentives. Without a centralizing entity to control its ledger and with the double-edged sword of immutability these incentives can have deadly consequences. One consequence that is not readily understood is the consequences of relatively simple to use darknets. Most who invest in Bitcoin tend to be libertarian, and they care little about markets where consenting adults trade goods amongst each other. But, these markets have a dark side. The dark sides of darknet markets actually concern the legal goods being sold. …


How to Seduce Bitcoin Miners

Bitcoin, a technology heralded by some as bigger than the internet. Proclaimed to usher in a new age of freedom and break the current age of mercantilism that holds sway over the world. But what is it about Bitcoin that makes people take such bold positions? Bitcoin was not the first instance of a Proof of Work based electronic currency. Bitcoin was not the first attempt to use merkle trees in an electronic currency. Bitcoin was not the first attempt to utilize reusable Proof of Work in an electronic currency. Bitcoin was not the first instance of a blockchain. Bitcoin…


Since NChain’s failed hash-war a wave of interest has come to the topic of hash-wars. Unfortunately, it seems many are following in Craig’s example and choosing to pursue hash-wars whose only result can be massive losses to the attacker. Of all the proposed hash-wars, Craig’s was by far the least effective and the most ill-advised. The only reason Craig could have succeeded was the fact that he and his partner, Calvin Ayre, are two of the richest men in this space. …


So you want to be the Predator? You want to be the man who wipes the market of scam-coins? You want to be the first Crypto Raider? Well it’s not going to be as easy as you think, but it’s also a lot easier than it should be. Since it’s never been done before there is a guarantee that this article has flaws. The author by no means believes himself to be an “expert” on the topic. However few others have ever discussed it and there are a lot of factors in need of accounting.

The first thing you must…


Although we never got the hash-war both sides promised, we did see glimpses of a hash-war. We also saw what mattered most to the participants in the battle. The unfortunate lesson is that almost no one in the community actually wants to participate in a hash-war, this is unfortunate because it means that hash-wars will likely not be useful except in extreme circumstances. This is unfortunate because hash-wars are a way to objectively prove your method as being best. If we are left only with argumentation, we will have trouble proving the real Bitcoin.

In order to try and allow…


If Hannibal and Carthage are coming to pillage Rome and the Roman soldiers sail to Athens, at the end of the war who holds Rome? The purpose of the war is to win, not survive. That’s why I was incredibly disappointed by the actions of ABC. In a hash-war you prove the legitimacy of your chain through Proof-of-Work in order to prove in an objective manner the dominance of your protocol. The way it works is simple, in Bitcoin it is most profitable to mine on the honest chain, so if there is confusion as to which chain is honest…


After the Tokenized.Cash system was released there was an incredible response that completely boggled the mind. Some said the token system didn’t exist, other’s claimed it was nothing special, and finally others claimed that it was a token system for tyrants because it required something called “permission”. None of these claims are true, but it’s not the falsity of the claims that bothers me, it is the implication of people’s understanding of how Bitcoin works. Now I can’t claim that I never shared any of these worries. …


An interesting video recently released by Daniel Krawisz highlighted an issue that I’ve been attempting to bring to the forefront for some time. The particular issue was not the main point of the video released (titled “Bitcoin Stuff — I think I figured out nChain’s business model”), but it was a very prominent point among many. The issue is the possibility of profitable hash-wars. …

Rothbard's Disciple

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