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From the Coinbase FAQ: "Coinbase is a simple and secure online bitcoin wallet for sending, receiving, and storing bitcoin. Coinbase also allows you to buy and sell bitcoin using a bank account, or use our tools to accept bitcoin as a merchant. Coinbase is
During the program, Coinbase created a viable product and began offering consumers three important features: a cryptocurrency wallet to store their coins, a merchant platform that allowed businesses to accept Bitcoin as payment and an exchange service to trade cryptocurrencies for fiat currencies.
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"Assets, by themselves, are neither feudalist nor capitalist. Whether we are talking about gold, cucumbers, or Bitcoin, assets are assets – end of story. What makes an asset feudal or capitalist or socialist is the manner in which it interacts with a society’s social relations of production, the pattern of property rights it shores up, etc. My poin...
1. From Wikipedia: "Bitcoin is an open source peer-to-peer electronic cash system developed by Satoshi Nakamoto. The system is decentralized with no central server or trusted parties. Bitcoin relies on cryptographic principles to create unique, unreproducible, and divisible tokens of value. Users hold the cryptographic keys to their own money and t...
1.Satoshi writes: "It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust. The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is fu...
"The total number of bitcoins is programmed to approach 21 million over time. The money supply is programmed to grow as a geometric series every 210,000 blocks (roughly every 4 years); by 2013 half of the total supply will have been generated, and by 2017, 3/4 will have been generated. To ensure sufficient granularity of the money supply, bitcoins ...
Rainey Reitman (EFF): "To understand digital currency, one must first note that money in the digital age has moved from a largely anonymous system to one increasingly laden with tracking, control and regulatory overhead. Our cold hard cash is now shepherded through a series of regulated financial institutions like banks, credit unions and lenders. ...
Bitcoin's problematic deflationary design
Dan Kervick: "The Bitcoin system has what appears to be a built-in deflationary architecture. When the Federal Reserve System was created, it was charged with providing the US with an “elastic currency”. That means that the quantity of Fed-issued dollars in circulation is supposed to vary in response to the changing dynamics and needs of the real economy. The Fed is expected to monitor economic activity, and conduct a monetary policy that provides us with a stable but flexible medium of excha...
Bitcoin is not Anonymous
Jeff Garzik notes: If you visit the bitcoin wiki page on anonymity ], the first sentence is - While the Bitcoin technology can support[link] strong anonymity, the current implementation is usually not very anonymous. With bitcoin, every transaction is written to a globally public log, and the lineage of each coin is fully traceable from transaction to transaction. Thus, /transaction flow/ is easily visible to well-known network analysis techniques, already employed in the field by FBI/NSA/CIA...
A 'Commons Aspect': Triple Accounting and the Verification by the whole network of peers
Jaromil: "The most remarkable innovation brought by Bitcoin deals with the system of accounting that we use today. Double-entry bookkeeping is what we use today to make sure that earnings and expenditures match, basically authenticating the flow of money and making sure “nothing is duplicated”. From an historical perspective, the double-entry bookkeeping system is very ancient and barely actualisedthrough the ages: it was described by an Italian mathematician and Franciscan friar named Luca Pa...
Bitcoin's Three-pronged Governance system: miners, businesses, developers
Buck Perley: "How do you account for a system meant to take a diversity of opinions and priorities into account and how do you coordinate changes where if the network isn’t in unanimous agreement it suffers a split that can cause real financial harm? Just as the founders devised mechanisms to allow for change in a system absent an absolute ruler, so too did Satoshi take this problem into account: - The proof-of-work also solves the problem of determining representation in majority decision ma...
Bitcoin is not decentralized
0. Aleksi Grym, Bank of Finland: "For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.”(https://helda.helsinki.fi/bof/handle/123456789/15564) 1. Arthur Brock: ""Why would I call a “decentralized” system like bitcoin centralized? Because it is taken out of the hands of participants and relegated to an elite, privileged class of algorithm designer...
"A Call for Decentralized Governance": On the Lack of Democracy in Bitcoin
Julian Feder: "Since Hearns post mid january, the Bitcoin price has more or less recovered and an avalanche of advocacies in defense of Bitcoin’s future has rained upon the blogosphere, sounding at least as convincing as Mike Hearn himself. Seems like Bitcoin isn’t dead yet, and as the saying goes: Those declared dead live the longest. However, one crucial point remains standing without a doubt – The Bitcoin community suffers from serious communication issues and lack of maneuverability to sa...
See also the detailed historical review here at https://medium.com/all-things-venture-capital/intro-to-vc-the-history-of-blockchain-17ec65dfcf78 Benjamin Wallace: "Nakamoto himself mined the first 50 bitcoins—which came to be called the genesis block—on January 3, 2009. For a year or so, his creation remained the province of a tiny group of early a...
Bitcoin functions as a reserve currency in the Cypriot crisis, http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html
"According to the MIT Technology Review, bitcoin was four times more volatile in 2013 than the average stock, and the dollar-bitcoin exchange rate was 10 times more volatile than the dollar rate wi...
Exchanges: Coinbase or Binance (which are centralized organizations) to swap a unit of a cryptocurrency against another. with the emergence of decentralized exchanges (DEX), holders of cryptocurrencies no longer need to leave the crypto space for swapping their tokens.
2024年2月29日 · 14.10 Opportunities and Pitfalls for a progressive use of the blockhain. 14.10.1 Pitfall #1: We can replace messy and time-consuming social processes with elegant technical solutions. 14.10.2 Pitfall #2: The technical can instantiate new social or political processes. 14.11 The Blockchain's Major Design Flaw.
Applications built atop this architecture will, in most cases, work very similarly to the ones we have today – just like Coinbase works similarly to PayPal. The big difference to consumers, however, is that because they are built on decentralized protocols, they will be able to talk to each other, just like different email applications and bitcoin wallets can interoperate.
Description Jacob Horne: "Cryptoeconomic Primitive: Protocol based incentives systems that are uniquely enabled by tokens. Also referred to as “tokenized economic games”. They enable the coordination and allocation of capital to achieve a shared goal via the use
