Crypto book review
6 November 2023
Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud
Articles tagged with "bitcoin"
Crypto Mining bad, Data Mining worse
1 May 2023
Aleh Tsyvinski is a professor of economics at Yale who has been researching Bitcoin and other cryptocurrencies over the last few years, in a bid to understand where the currencies sit within an economy, and figure out how to use them to make money.
Cryptoland
17 January 2022
I'm not a fan of cryptocurrencies. Bitcoin, the original and most "successful" of them, has not followed its creator's vision of being a decentralised currency that allows people to make payments to each other without having to go through traditional banking systems. Rather, instead of Bitcoin being used as a digital currency for purchasing online, people are using it as an investment, speculating on its price and hoping for “massive gains”. This is evidenced by both its high price per coin and its volatility. Hardly any Bitcoin transactions are actually involved in buying or selling goods, and the high price of Bitcoin these days means that the Proof of Work idea for securing the Blockchain (the shared list of transactions that records all transfers of Bitcoin) ends up using over 1,000kwh of electricity for each transaction. The promised decentralisation of Bitcoin is also mostly a myth these days. What Bitcoin has become is a way for greedy people to make money from other greedy people. Its creator, the enigmatic “Satoshi”, is probably despairing of what happened to his creation - if he's still alive.
Jacinda Ardern is not selling cryptocurrency
22 November 2021
For those who use Facebook - you may have seen a video advert recently using Jacinda Ardern as a way to promote a cryptocurrency. Obviously this is fake - Jacinda does not want you to “invest” your money in any crypto currency, and it's very likely that there's not even a real crypto currency or crypto company - just a website that will get you to transfer your hard earned money to scammers. Even if there was a real cryptocurrency involved, you would likely lose most or all of the money you risked. I saw people talking about this scam on Facebook, but I have enough layers of ad blocking at home that it proved too hard to get Facebook to show me any adverts at all, so I don't have a copy of the video.
Bitcoin for skeptics
1 February 2018
It is hard to avoid hearing about Bitcoin and other so-called cryptocurrencies these days. Almost every issue of every newspaper has an article about some aspect of Bitcoin. As a researcher in cryptography I have been interested in Bitcoin since around 2013 (though I confess to have never "mined" a block or invested in Bitcoin). The purpose of this article is not to explain the technology of Bitcoin or to give a detailed overview of it. And I am definitely not giving investment advice! Instead I want to highlight a few aspects of the Bitcoin story that I think are of particular interest to skeptics.