Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts

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Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts

Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts

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These case studies, and many more, give the impression that blockchains aren’t a viable asset so much as a melon dropping towards the pavement.

The insanity of bitcoin mining was more than enough to convince me of its immoral and irrational basis. It's a fun book: a lot of the stuff here is pretty ridiculous, and he doesn't shy away from saying so. In times like these, it's important to go back to the fundamentals and remember why we are investing in crypto in the first place. It is, however, important to distinguish between the intrinsic values of the actual cryptocurrencies vs the underlying blockchain technologies, though the author thinks they are redundant as well. That being said, I agree with the sentiment that for most of the projects nowadays the blockchain isn’t even needed, and would arguably work better in a centralized way.In 2014, darknet markets were estimated to have processed more bitcoins than all legitimate payment processors put together. If you are looking for a good history of Bitcoin, the various other cryptocurrencies that have been attempted and either failed or still hang on, and Blockchain I would say this is a great start. MyNameIsKaz, a LetsPlayer, if such a title exists, has an amusing economic theory he describes as “vampire dollars”, one which I expect Jack Graham would state simply describes all monetary systems. If you have programmers, they probably save their code in Git, which is the closest I can think of to a useful blockchain-like technology: it saves individual code edits as transactions in Merkle trees with tamper-evident hashes, and developers routinely copy entire Git repositories around, identifying them by hash.

Even though a lot has happened in the 5 years since the book was written, this is still a very solid primer. The mysterious inventor of bitcoin-- and those who have pretended to be him-- was also interesting, and so were all the tales of bitcoin hucksters, including the guy who kept a list of his crimes on his computer in a .The “anarcho-capitalism” ideology permeated the disputes concerning Bitcoin from the very beginning. It was entirely unclear to any observer what possible arrangement could be more interesting to the thief than “I have all your bitcoins now”. I for one am a hodler, and general believer in crypto and blockchain, though I can also acknowledge we're very early in the game, and the tech has ways to go before it matures.

Before the Autumn of 2017, it seemed like the big story of the year would be the attempts by governments and consulting firms to substantiate blockchain as a separate entity from cryptocurrencies - which are well covered in the penultimate chapter. I’d never encountered American-style ideological libertarianism and anarcho-capitalism before the Internet. This is mostly because, as he correctly points out, there is very little evidence of real, proven, use cases. It seems the author is well versed in the crypto currency ecosystem and has aggregated several articles into one book. However, it is when he gets onto home ground, such as in the final chapter, that the author displays his most biting insight.In practice, any keyboard equipped with Ctrl, C, and V keys can fork the coin, defeating the purpose. AllCrypt ran their exchange off a MySQL database … and were running WordPress on the same database, and their WordPress got hacked such as to allow access to the exchange data. The chapters on Mt Gox, the Craig Wright affair and Silk Road are particularly entertaining and informative. The competition gets viciously Darwinian very quickly, and the electricity is literally wasted for the sake of decentralisation.



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