Blockchain by Stephen P. Williams

Author:Stephen P. Williams
Language: eng
Format: epub
Publisher: Scribner

In other words, the U.S. dollar is backed by debt, along with faith in the U.S. government. Bitcoin is backed in part by the scarcity that results from the limited supply of algorithmically generated coins; the mathematical “proofs” people must solve in order to earn new coins; and the game-theory implications of its design that compel people to make the network secure. There is no need for trust or faith in bitcoin, as long as you have faith in the algorithm. Many people don’t. Some don’t because they misunderstand how it works. Others say they understand it all too well, believing it to be some sort of pyramid scheme, or tulip bubble. The concept of creating currency from thin air can be difficult to register, although that’s essentially how our government prints the U.S. dollar.

I think both currencies are quite strong, and likely to be around for a long time. That said, people should follow their instincts and intellects when investing in cryptocurrencies. Even Vitalik Buterin, who cofounded the Ethereum blockchain and its currency, ether, agrees.

In a tweet he wrote that “people who do not hold cryptotokens are not uncool losers. They are people using very reasonable heuristics in not personally participating in an industry that they do not understand and there are many justifiable reasons to be wary of.”

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