by Duane Nichols on January 14, 2022

“If it’s too good to be true, ... what do I know?”

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

>> Book and Blog by David Gerard, Author and Blogger, United Kingdom, 2017

An 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.

A young physics student starts a revolutionary new marketplace immune to State coercion; he ends up ordering hits on people because they might threaten his great experiment, and is jailed for life without parole.

Fully automated contractual systems are proposed to make business and the law work better; the contracts people actually write are unregulated penny stock offerings whose fine print literally states that you are buying nothing of any value.

The biggest crowdfunding in history attracts $150 million on the promise that it will embody “the steadfast iron-will of unstoppable code”; upon release it is immediately hacked, and $50 million is stolen.

How did we get here?

>>> 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. Plus a case study on blockchains in the music industry.

Bitcoin and blockchains are not a technology story, but a psychology story. Remember, if it sounds too good to be true, it almost certainly is.


See also: Jennifer Robertson: Bitcoin Widow, Love, Betrayal and the Mission Millions — Quadriga? I know nothing! Nothing! (HarperCollins Canada, January 2022) ~ Blog by David Gerard, December 23, 2021

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