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In a separate article, we discussed how the economics of Bitcoin have firmly laid some of the basic assumptions of classical economics to rest. And in that article we referred to the profound implications that arose from the success of the Steemit experiment — a mini-blogging website, similar in many ways to Medium but without professional curation, which pays both bloggers and their readers by means of the Steem cryptocurrency.

The key point to note about the Steem cryptocurrency¹ is that it is essentially created from thin air as a function of content that is created and consumed by users on the fly. In other words, the acts of both reading and writing on Steemit give rise to the minting of its cryptocurrency². This seems strange, counterintuitive even, but it is precisely how Steem works. And a key implication here is that it is the content itself which gives value to the underlying cryptocurrency. …

Simply because Americans make it much too easy for Putin.

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Russian Dolls — Courtesy of StockVault

Since 2016, I think it’s fair to say that many Democrats have developed an unhealthy obsession with Russians. You can find a nice discussion of that specific subject here.

Before going any further, however, I will just point out that I am aware that we live in a world that doesn’t care for nuance. …

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In July of 2018, a revolutionary new blockchain-based betting platform was sent live. Three years in the making, Augur is the world’s first so-called decentralised betting platform.

The implications of this technology are profound and extend far beyond gambling itself. Before we go into that, it may be worth, at this stage, just positing a quick reminder of what we mean exactly when we say it is a “decentralised” technology.

Simply put, with Augur — just as with any other public blockchain of which Bitcoin is the most famous example — no-one is in control and no-one is in a position to take it down. …


Malachy Caldwell

Politics, Things Blockchain, Irish Stuff, Writing

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