A World Built on Block Chains – Ethereum Part 2

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Satoshi Nakamoto published his theoretical white paper explaining the mechanism of the bitcoin in October 2008. Although the paper is only 9 pages long, it…… Read More

Bitcoin 2.0 – Ethereum

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In an attempt to cash in on the recent popularity and prevalence of bitcoin, inventors have launched a good number (i.e. hundreds) of cryptocurrencies. What they have in common is that all of them are based on the pioneering bitcoin technology, except that some of them (e.g. litecoin) also involve meaningful developments. However, the majority do not add anything of significance to the technology. … Read More

End of the Silk Road

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Silk Road is the leading online drugs marketplace. It’s entirely public on the Deep Web, yet untraceable. Or at least that was the case until last week, when the FBI finally managed to arrest a 29 year-old man suspected of running the site, which has now been blocked. Approximately 26,000 Bitcoins were also seized (currently worth approx 3 million USD), suspected to derive from … Read More

Monetary Chernobyl: The Ideal Monetary System (Part 1)

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In April 1986 an experiment was performed in a Soviet nuclear power station. We all know what happened next: the experiment went wrong and the most serious nuclear accident to date ensued. As tends to be the case, the unfortunate development of several independent factors played a role in the disaster occurring. It was a combination of conspiring factors. One such factor was that … Read More

Exchange Bankruptcy Priced into Bitcoin?

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Currently we are witnessing the “gold rush” era of decentralized virtual money. Bitcoin was only recently invented, and while it’s possible to sense its significance,…… Read More

Bitcoin Fever Gripping the World, Part 5: Review

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In my opinion, and based on what I wrote in my previous posts, those who dismiss the Bitcoin fever as a typical speculative bubble, as experienced time and time again throughout history, are mistaken. The difference is that Bitcoin is a brilliant invention, the like of which the world hasn’t seen before. It’s a unique thing, which means the outcome cannot be predicted. Currently … Read More

Bitcoin Fever Gripping the World, part 4: Risks

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As I explained in my previous post, Bitcoin can be an excellent means of avoiding the risks inherent in the existing monetary system. However, it shouldn’t be forgotten that Bitcoin is also part of an entirely different type of system, surrounded by entirely different (systemic) risks. The system is based on the miner program (which verifies transactions), the peer-to-peer network of miner computers and … Read More

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