The system is rigged. We all can see it in the opulent residences of the rich in San Francisco which lie blocks away from the squalid tents of the homeless. We can feel it in the way that certain people and businesses do little to better civilization yet make ludicrous amounts of money. We can hear it in the frivolity with which certain people spend money and the morbid gravity of those whose souls are crushed by debt.

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That the system favors certain people and screws over others is obvious even to a five-year-old. Why the system is so unfair is not at all obvious and is the source of much political confusion. People on the left think the rich get there through exploiting the poor. People on the right think the poor get there because they’re lazy. What’s the truth? …


On block 631058 was mined a transaction which spent an output from February of 2009, that is a month after the Bitcoin network went live. This has caused a bit of a price swing, not to mention, a lot of speculation, about whether this is Satoshi Nakamoto moving these coins or not.

In this article, I’m going to lay out the case for why it probably wasn’t Satoshi and the bit of digital forensics we can use to figure this out.

What Happened

On May 20, 2020, a transaction with the id of cb1440c787d8a46977886405a34da89939e1b04907f567bf182ef27ce53a8d71 was broadcast onto the Bitcoin network and included in block 631058. The transaction’s input was from block 3654, specifically the coinbase transaction, which was mined on or around February 9, 2009. …


Jiang Zuouer of BTC.top posted a rather… interesting analysis of their plan to fund BCH development with 12.5% of the BCH coinbase award for 6 months starting in May. If you haven’t seen the proposal, the idea is for the miners to form a cartel where they will orphan any blocks that don’t give the developer subsidy, meaning they have some assurance that they have at least 51% (more likely in the 70% range) to make good on this threat. …


Over the past couple of weeks, I’ve gone through the Economics 11: Principles of Economics course on saifedean.com. In this article, I’m going to review the class, what I think about it and who I think it’s good for.

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The Austrian Method

One of the things that has always attracted me to Austrian economics is that everything is logically deducible and the arguments are very clearly laid out where other schools of economic thought hand wave to various conclusions.

That said, one of the frustrating things about reading Austrian economics books is that they do seem to spend a lot of time on technical objections that are confusing for a new student and lay things out in a way that require a lot of rigor. That is, they’re not exactly learning-friendly. It’s not easy, for example, to get through Menger or Mises or even Rothbard without feeling like there are entire parts that you missed. …


If you haven’t heard yet, CoinFloor announced that the exchange will be Bitcoin-only come January 3, 2020. That is, they’ll delist BCH and ETH and concentrate only on BTC. Similarly BitGo is no longer supporting BSV given their p2sh rollback coming in a month. This is welcome news, not the least to the poor engineers in charge of having to keep the costly nodes upgraded and running.

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This is the beginning of a trend and in this article, I’m going to show all that goes into supporting an altcoin and why an exchange might be delisting certain tokens.

The Economics of Exchange Listing

Listing coins on exchanges has a sordid history, going as far back as 2013 when btc-e allegedly listed Novacoin in exchange for a significant portion of the premine. Since then, there have really only been 3 ways to get a coin listed on an…


This is another post that’s too long for Twitter.

Yesterday, I had an odd encounter. Someone came up to me and opened with “We’ve never met, but I’ve been wanting to meet you.” The interesting thing was, that I had met this person back in 2015 at a conference, just that no one knew who I was back then. Fact is, this industry moves fast and it’s difficult to remember where we were even a few years ago. All that is to say, a lot can happen in a few years.

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My Story of Setting Goals

Back in May of 2017, I had just broken 1000 followers on Twitter and had just started appearing on YouTube shows talking about Bitcoin. Around that time, I was introduced to the self-authoring program by Jordan Peterson, which I completed shortly after. …


This is a short musing based on some conversations from yesterday that’s too long for a Tweet.

Part of the joy, and frustration, of traveling is that different places have a very different perspectives. It’s easy to be limited to a very narrow view of the world and think that it’s broad. Traveling is the antidote to this deception.

The problem is even worse in tech as Silicon Valley has hegemony over what’s innovative. Thus, the ubiquitous, and wrong, perspective that Bitcoin is mainly a technology that needs iterating, changes, governance by technocrats.

The Latin American perspective in this regard is refreshing. They already know that central bank monetary expansion is a big problem and see Bitcoin’s store of value property as a way to get out from under it. They’ve gone through huge currency devaluations and have learned already not to store value in their local currency. In other words, they have hard earned wisdom that Silicon Valley does not have. …


Bitcoin has value because it’s decentralized digital money. It has a stock/flow ratio that continues to increase and a scarcity enforced by a highly credible monetary policy that no physical asset can ever have. In addition, Bitcoin has a huge network which has made it the Schelling Point, security that’s extremely expensive to subvert and a history that no crypto asset can match. Some nascent research has suggested that stock to flow is a fundamental measure of value for Bitcoin, which makes sense as Bitcoin is really decentralized.

Altcoins are a different story. They all lack the one major innovation that Bitcoin has: decentralization. This means that altcoins are fundamentally different from Bitcoin and are closer to fiat money. Their central points of failure can and have been used by outside parties to influence or even control. Centralization is why the stock to flow model does not work at all for altcoins but does so for Bitcoin. So what gives altcoins value? …


About a year ago, I was talking to someone about how difficult it was to get myself to write. I had been working on a book for O’Reilly and Associates for about 9 months at that point and had talked to other authors who acknowledged the same problem. Many authors find that books take a long time to write with 2 years being the norm. The 14 months that I took for my book was relatively fast, according to my editors.

Why is book writing so slow?

It occurred to me that there must be a better way. After all, I’m a programmer and I’ve done crazier, more daunting tasks in a much shorter amount of time . What was different? …


ICOs, also known as utility tokens, have dominated the cryptocurrency industry for the past three years. They’ve been credited with Ethereum’s growth, a new financing model and a gateway to a decentralized future. But what are utility tokens, really? Economically, what do they do and what value do they add?

This article will show that utility tokens have no real utility and that they’re schemes to extract fees on transactions from a decentralized application. Those applications, in turn, have little to no chance of traction because of the friction introduced by these tokens. …

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Bitcoin Educator, Developer and Entrepreneur. Book: https://amzn.to/2RSlnTb PGP Fingerprint: C1D7 97BE 7D10 5291 228C D70C FAA6 17E3 2679 E455

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