Bitcoin is a peer to peer electronic cash, a new form of digital money that can be transferred between people or computers without any trusted intermediary (such as a bank) and whose issuance is not under the control of any single party.
Think of a paper dollar or metal coin. When you give that money to another person, they don’t need to know who you are. They just need to trust that the cash they get from you is not a forgery. …
As money rapidly turns digital, we must contemplate three possible futures of money: central bank managed, corporate issued, and decentralized.
But first, a brief detour for some history.
Most people reading this, being younger than 75 years old, have known money as something the government issues at will, without any backing. In fact, the current global financial system, which hinges on the US Dollar as the world reserve currency was born as recently as 1944, was stripped of its gold backing only in 1971, has created massive inequality, and may in fact be on its way to a bitter end.
We are now witnessing the next rapid transformation in the nature of money. The vast majority of dollars in existence are already digital entries in bank databases. …
Alex Gladstein of the Human Rights Foundations is one of the best “impact” speakers in Bitcoin. In this podcast, he nails why Bitcoin is a freedom currency.
A new proposal for a layer 2 protocol
One of my favorite Bitcoin philosophers, Gigi with a site of lessons from studying Bitcoin. An absolute must.
Not strictly Bitcoin related, but the state of surveillance states is not looking good in 2019. A daily reminder that we constantly give up freedom for safety and convenience.
A gentle reminder for those who run exchanges like they’re casinos: every game (coin) you support has immense support costs. Here’s an example of a low liquidity coin that nobody cares about causing major trouble. …
A strong month for Bitcoin financially as it moved from $5k to $8k. That’s a 60% monthly move, with Bitcoin up about 200% from the start of the year. Not bad for something that was totally, definitely, for sure this time dead according to most media coverage.
I don’t usually post zerohedge links, but when I do it’s those that are aggregating information from other sources. This one says the recession is starting:
Upstream Data, a provider of mining rigs for stranded gas operations, continues to impress me.
Jill Carlson dropped some awesome education on the history of money in the U.S. …
I’m starting a new series in which I’ll collate some of my thoughts and some of the most interesting tweets from the month in an easy to read digest. If you find this useful, please leave a comment!
April Fool’s day was a fun day on Bitcoin Twitter, but my favorite tweet was unintentionally funny:
Here we have the founder of one “decentralized” system, making fun of another founder of another “decentralized” system. I’m not sure if Vitalik saw the irony in this, but if your system has a known founder who takes an active role in its development, it’s not actually decentralized enough to be money. …
In order to test the bloXroute BDN in realistic circumstances, it wasn’t enough to pump artificial transactions through the network. Instead, we wanted to connect it to real functioning networks to see how it would do under everyday conditions, which may include misbehaving peers, corrupted or invalid blocks, and so on.
bloXroute’s mission is to serve any blockchain, so we set out to test a variety of existing clients in real world conditions. Each node contains a dockerized version of the client in question, alongside a bloXroute Gateway client. The bloXoute Gateway acts as a standard peer to that blockchain node (the node doesn’t know it’s talking to something special). …
This article is targeted toward CTOs, CIOs, and other decision makers in both enterprise and startup environments. Today we’re going to cut through all the hype and get to the bottom of whether you should be using “blockchain” in your business from the lens of tradeoffs, arguably the most important lens for a technology leader.
Why should you listen to me? In my experience as CTO of Reverb.com, I had a very strong belief that you should choose boring technology and only deviate from this when the tradeoffs of using a newer technology present an order of magnitude improvement. We built most of our website on Rails and Postgres, and we did just fine. …
I’ve decided to move my Bitcoin writing to a bitcoin specific publication to enable me to deliver more focused content. Please follow me if you like! https://medium.com/bitcoin-not-blockchain — Also please pick up a copy of my new book for anyone who’s interested in Bitcoin — it explains bitcoin in less than 100 pages at http://inventingbitcoin.com
At bloXroute Labs, we are developing a Blockchain Distribution Network (BDN, akin to Akamai for blockchains) in order to reduce propagation times and therefore reduce orphan and uncle block (for ETH) rates in any blockchain network, allowing for throughput increases.
In Part 1, we covered building a basic network of a full node and miner. In Part 2, we talked about Bitcoin Docker images, and simple scripts for managing and interacting with networks. In Part 3, we’ll cover how Bitcoin peering works and how we automated the specification of peering topologies.
Standard Bitcoin Peering
In normal usage, Bitcoin nodes connect to some number of peers, and then discover additional peers through a gossip protocol where each peer tells your node about its peers. …