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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The author, David Gerard seems to have some type of agenda against cryptocurrencies at the book's surface; although his criticisms are well cited and quite logical. Smart contracts on Ethereum are worse than even non-financial commercial code; as of May 2016, Ethereum contracts averaged 100 obvious bugs (so obvious a machine could spot them) per 1000 lines of code.

Single, spectacular failures he chronicles, like the original The DAO, became structures that multiplied.This requires some technical understanding of the language of IT, but even without that you will get a sense of what is happening. Proponents of Austrian economics include the fringe economics blog Zero Hedge, which has confidently predicted two hundred of the last two recessions. The “anarcho-capitalism” ideology permeated the disputes concerning Bitcoin from the very beginning. It is replete with criticisms which are oftentimes sarcastic but always rooted in facts; citations are taking a good chunk of the volume. org is a corporate open source Potemkin village of the sort IBM has long favoured: the illusion of an open project, with no “there” there.

Since it’s all but impossible to pick what data will have a particular hash, guessing what value will give a valid block takes many calculations – as of June 2017 the Bitcoin network was running 5,500,000,000,000,000,000 (5. David Gerard covers the origins and history of Bitcoin to the present day, the other cryptocurrencies it spawned including Ethereum, the ICO craze and the 2017 crypto bubble, and the attempts to apply blockchains and smart contracts to business.And the next time we want to LARP a Neal Stephenson novel, I really hope it's the one with the math monks. I suppose there is some inherent confirmation bias in liking this book because it puts into words what I have more or less suspected about crypto.

But blockchain is more famous as the technology underpinning Bitcoin, which, while surrounded by plenty of its own bafflegab, is rather more entertaining to read about, given that it recently suffered the third horrendous market crash in its brief history. Taking into account the current "gold fever", this is a book everyone should read, not necessarily because it is the whole true about cryptocurrencies, but because it go through a vet thorough version of the negative side of them, which is still relevant as most of the problems of the past are still around and prone to happen again (and again). The environmental impact of this technology – Bitcoin is already consuming more energy than the whole of New Zealand. Crypto "investment" opportunities are mainstream enough now that they get advertised on UK railway billboards alongside the latest Thomas Cook deals and chick-lit blockbuster novels, yet few people are aware of the lies, greed, delusion, and fraud that permeates this sector.A sober riposte to all the upbeat forecasts about cryptocurrency - New York Review of Books A very convincing takedown of the whole phenomenon - BBC NewsAn experimental new Internet-based form of money is created that anyone can generate at home; people build frightening firetrap computers full of video cards, putting out so much heat that one operator is hospitalised with heatstroke and brain damage.

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