Attack of the 50 Foot Blockchain
Blockchain and cryptocurrency news and analysis by David Gerard
China is worried about crypto mania affecting the real economy. So they’re pressing Bitcoin miners toward a phased shutdown, and ending subsidies on electricity and land.
“A fish bowl with no food in it that fish keep jumping into because they heard it’s an all-you-can-eat buffet. And for the meanest fish, it is.” Why most Bitcoin on-paper “wealth” can never be realised.
Ripple: “who, us? Anything to do with the XRP pump? Ahahaha nonono!”
A book given to historical rambling, but the Ross Ulbricht/Silk Road chapter is particularly good and insightful on what happens when you overextend an ideology to the point of monstrosity.
A quiet day, but with some good bits. Get yourself a good free ebook too.
A bit of news, a few good opinion pieces, some nice book photos and the Christmas tweet selection. Also, you should sign up for the Patreon.
Public discussion and media coverage of Bitcoin assumes certain things about Bitcoin:
• Bitcoin has a price, that you could expect to buy or sell it around.
• Bitcoin is like buying a share in a company, or a commodity like gold — the market works the same way.
• Bitcoin is liquid — you can easily convert your money to Bitcoin, and your Bitcoin to money.
None of these are true.
The SEC’s action against Munchee is particularly noteworthy for how generic the dodgy ICO in question is.
Plus: the worst bootleg version I’ve ever seen of any book, and it was of mine.
The best bit is where CryoGen recommend the article where I detail why what they’re selling doesn’t work. I suppose I did call them sincere.