Dogecoin

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pages: 156 words: 15,746

Personal Finance with Python by Max Humber

asset allocation, backtesting, bitcoin, cryptocurrency, Dogecoin, en.wikipedia.org, Ethereum, passive income, web application

Dogecoin just seemed like a lot more fun to talk about than something else random, like a lemonade stand. Mining If you’re interested in Dogecoin and want to own some, you can do one of the following:Buy it Generate it through a process called mining Buying Dogecoin is straightforward. But mining is more interesting. To grossly oversimplify things, to mining Dogecoin requires the installation of a program, on your computer that uses your hardware to solve computationally expensive math problems. Solve a problem. Get a Dogecoin. Easy-peasy. While you can run mining applications on your laptop, those serious about mining—for Dogecoin or otherwise—opt to run these sorts of applications on specialized rigs.

For the uninitiated, cryptocurrencies like Bitcoin (and Ethereum, Dogecoin, and Zcash) are digital assets that are designed to function as a medium of exchange and that use cryptography to secure transactions, to control the creation of new money, and to verify asset transfer. Because I think it’s hilarious, I’m going to use Dogecoin1 as the glue for the rest of this chapter. But honestly, these ideas extend beyond Dogecoin (and crypto for that matter). They apply whenever you have to spend money to make money. So, if you’re not a fan of crypto or Dogecoin (I certainly don’t blame you), bear with me. Dogecoin just seemed like a lot more fun to talk about than something else random, like a lemonade stand.

However, if you take on debt to buy something that will propel you forward and will help you pay it back, debt can super powerful. A couple of chapters ago we talked about Dogecoin mining. Implicit in the example was the concept of spending money to make money. The chapter assumed that a decent mining rig would set us back about $3,000 CAD (or as we learned previous chapter, around $2,341 USD). Most people don’t have that kind of money sitting liquid. If you have only a couple hundred dollars to your name, the Dogecoin game is out of the question, unless, of course, you decide to go into debt. (If you’re sick of Dogecoin at this point, pretend that you need $3,000 for a new laptop!) Quick disclaimer: debt is a super-complex subject.


pages: 296 words: 86,610

The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency by Ian Demartino

3D printing, AltaVista, altcoin, bitcoin, Bitcoin Ponzi scheme, blockchain, buy low sell high, capital controls, cloud computing, corporate governance, crowdsourcing, cryptocurrency, distributed ledger, Dogecoin, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, fiat currency, Firefox, forensic accounting, global village, GnuPG, Google Earth, Haight Ashbury, Jacob Appelbaum, Kevin Kelly, Kickstarter, litecoin, M-Pesa, Marc Andreessen, Marshall McLuhan, Oculus Rift, peer-to-peer, peer-to-peer lending, Ponzi scheme, prediction markets, QR code, ransomware, Ross Ulbricht, Satoshi Nakamoto, self-driving car, Skype, smart contracts, Steven Levy, the medium is the message, underbanked, WikiLeaks, Zimmermann PGP

Accessed June 21, 2015. http://arstechnica.com/information-technology/2014/04/farewell-to-arscoin-preparing-to-kill-our-cryptocurrency/. 3 “Dogecoin to Sponsor Josh Wise at Talladega.” NASCAR.com. May 22, 2014. Accessed June 22, 2015. http://www.nascar.com/en_us/news-media/articles/2014/5/22/josh-wise-dogecoin-sponsorship-talladega-sprint-fan-vote.html. 4 Davidson, Kavitha A. “Jamaican Bobsledders Ride Dogecoin Into Olympics.” BloombergView.com. February 4, 2014. Accessed June 22, 2015. http://www.bloombergview.com/articles/2014-02-04/jamaican-bobsledders-ride-dogecoin-into-olympics. 5 Higgins, Stan. “Dogecoin Community Celebrates as Merge Mining with Litecoin Begins.” CoinDesk.

., mining two coins with the same algorithm at the same time) with Dogecoin. Both coins use Scrypt, so hashrates can be put toward both coins simultaneously. There was no downside for Litecoin miners and the merge helped secure the Dogecoin network by bringing Litecoin miners onto it. Dogecoin Algorithm: Scrypt with AuxPoW Mining Type: Proof-of-Work Block Time: 1 minute Difficulty Re-target: Digishield (variable) Block Reward (current): 10k Doge Reward Curve: Halves every 840,000 blocks Total Number of Doge: 100 billion [goal, variable] If Litecoin is the most popular serious cryptocurrency, Dogecoin—pronounced either “Doggy Coin” or “Douje-Coin” depending on whom you ask—is the most “viral.”

Originally intended as a joke, Dogecoin ended up being a major hit with better-than-average staying power. The key to Dogecoin’s early success was its mascot. A Shiba Inu dog that had become an Internet meme has served as the mascot for the currency since its inception. The coin itself was never meant to survive long-term from a technical perspective, as it offered extremely high rewards early on to benefit early adopters. It is arguable that Dogecoin was set up as a pump-and-dump itself. This aspect hasn’t stopped it from thriving as a currency. A coin’s community can be extremely important and Dogecoin’s community is top-notch.


pages: 121 words: 36,908

Four Futures: Life After Capitalism by Peter Frase

Airbnb, basic income, bitcoin, business cycle, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, cryptocurrency, deindustrialization, Dogecoin, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, fixed income, full employment, future of work, Herbert Marcuse, high net worth, income inequality, industrial robot, informal economy, Intergovernmental Panel on Climate Change (IPCC), iterative process, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Kim Stanley Robinson, litecoin, mass incarceration, means of production, Occupy movement, pattern recognition, peak oil, Plutocrats, plutocrats, post-work, postindustrial economy, price mechanism, private military company, Ray Kurzweil, Robert Gordon, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart meter, TaskRabbit, technoutopianism, The future is already here, The Future of Employment, Thomas Malthus, Tyler Cowen: Great Stagnation, universal basic income, Wall-E, Watson beat the top human players on Jeopardy!, We are the 99%, Wolfgang Streeck

Measured in terms of its value in US dollars, Dogecoin never threatened Bitcoin. But that was never relevant for the currency’s core use. Within a few months of its inception, there were more daily unique transactions in Doges than Satoshis (as Bitcoins were sometimes called in homage to their mysterious inventor).29 And that’s because Dogecoin satisfied a need for a different kind of currency, far removed from the traditional capitalist sort and in fact more similar to Whuffie. Technically, Dogecoin and Bitcoin are nearly identical, but that’s a misleading picture of Dogecoin’s significance. The sociology of Dogecoin’s community is very different, as is the problem to which Dogecoin provides a solution.

The sociology of Dogecoin’s community is very different, as is the problem to which Dogecoin provides a solution. To understand Dogecoin, you have to understand what people mostly do with the currency. While people do sometimes buy valuable goods with it, the most common use is “tipping”: the practice of transferring a small number of Dogecoins to another Internet user in appreciation of their witty or helpful contribution. This is encouraged by the fact that a single Dogecoin was only worth a tiny fraction of a cent in US currency. Tipping in Dogecoins became particularly common on Reddit and Twitter, which developed easy-to-use platforms for executing these transfers.

For the purposes of this chapter, however, the most interesting cryptocurrency is the one that is generally regarded as a silly joke: Dogecoin. In its rise and fall we can see a promising mechanism that may have been introduced prematurely into a society that was not ready for it. Dogecoin takes its name from a viral Internet meme featuring a picture of a Shiba Inu dog surrounded by enthusiastic, ungrammatical exclamations. By the time of publication, readers of this book may not even remember it. And the same may be true of Dogecoin, which was launched at the peak of both Bitcoin and Doge’s popularity in late 2013. Yet the community that arose around it tells us something important about the real significance of the entire class of alternative moneys.


pages: 309 words: 54,839

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

altcoin, Amazon Web Services, augmented reality, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, Blythe Masters, Bretton Woods, clean water, cloud computing, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, distributed ledger, Dogecoin, Ethereum, ethereum blockchain, Extropian, fiat currency, financial innovation, Firefox, Flash crash, Fractional reserve banking, functional programming, index fund, Internet Archive, Internet of things, Kickstarter, litecoin, M-Pesa, margin call, Network effects, peer-to-peer, Peter Thiel, pets.com, Ponzi scheme, Potemkin village, prediction markets, quantitative easing, RAND corporation, ransomware, Ray Kurzweil, Ross Ulbricht, Ruby on Rails, Satoshi Nakamoto, short selling, Silicon Valley, Silicon Valley ideology, Singularitarianism, slashdot, smart contracts, South Sea Bubble, tulip mania, Turing complete, Turing machine, WikiLeaks

It hovered around $4 until it hit $30 in the second bubble – altcoin prices tend to track Bitcoin’s price – and the small current volume is Chinese speculators. Dogecoin Dogecoin (pronounced “dozhe-coin” or “dogue-coin”) started in December 2013, originally as a joke based on the “Doge” Shiba Inu Internet meme.288 The idea was mostly to have some fun with cryptocurrency cheap enough to mess around with; and who knows, maybe we’ll all get rich! Dogecoiners (“shibes”), gathering on Reddit /r/dogecoin, still dreamt of a cryptocurrency payday – but they made an explicit point of being nicer as a community than Bitcoin advocates, who had quite a reputation by this stage. Dogecoin got caught up in the hype of the Bitcoin bubble and quickly gained in price, peaking in January 2014 at 0.17 of a cent per DOGE, despite almost no use cases (some used it to tip other Reddit commenters) and not being exchangeable for anything but bitcoins.

He was also charged over the stolen Mintpal bitcoins in June 2017.292 With Green/Kennedy no longer in the picture, /r/dogecoin recovered its spirit somewhat, refused to worry about prices any more and is back to just having fun, though with wistful dreams of crypto riches. Unlike other cryptocurrencies’ claims about their prices, Dogecoin may succeed in going “to the moon!” – the community sponsored sending a physical Dogecoin on an Astrobotic commercial moon shot.293 It came out in May 2017 that the operator of the Dogecoin tipping bot on Reddit had stolen all the deposited Dogecoins two years earlier.294 Much sorry, many loss. Ethereum Ethereum was proposed by Vitalik Buterin (an early Bitcoiner and a co-founder of Bitcoin Magazine) and developed by Buterin, Gavin Wood, Jeffrey Wilcke and others.

Dogecoin got caught up in the hype of the Bitcoin bubble and quickly gained in price, peaking in January 2014 at 0.17 of a cent per DOGE, despite almost no use cases (some used it to tip other Reddit commenters) and not being exchangeable for anything but bitcoins. The Dogecoin Foundation, started by Ben Doernberg and the coin’s creator Jackson Palmer, raised nearly $30,000 of Dogecoins in January to send the Jamaican bobsled team to the 2014 Winter Olympics. Doge4Water raised $32,000 for clean water in Kenya. This attracted the attention of a fellow calling himself Alex Green. “My name is Alex Green. I have zero online footprint.” He quickly set up UK cryptocurrency exchange Moolah. While others tipped single Dogecoins, worth a fraction of a penny, Green caught attention with tips of thousands of dollars. Dogecoin then raised $50,000 to sponsor a NASCAR racer, Josh Wise.


pages: 416 words: 106,532

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske, Jack Tatar

Airbnb, altcoin, asset allocation, asset-backed security, autonomous vehicles, Bear Stearns, bitcoin, Bitcoin Ponzi scheme, blockchain, Blythe Masters, business cycle, business process, buy and hold, capital controls, Carmen Reinhart, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, correlation coefficient, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, disintermediation, distributed ledger, diversification, diversified portfolio, Dogecoin, Donald Trump, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, fiat currency, financial innovation, fixed income, George Gilder, Google Hangouts, high net worth, Jeff Bezos, Kenneth Rogoff, Kickstarter, Leonard Kleinrock, litecoin, Marc Andreessen, Mark Zuckerberg, market bubble, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, packet switching, passive investing, peer-to-peer, peer-to-peer lending, Peter Thiel, pets.com, Ponzi scheme, prediction markets, quantitative easing, RAND corporation, random walk, Renaissance Technologies, risk free rate, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ross Ulbricht, Satoshi Nakamoto, Sharpe ratio, Silicon Valley, Simon Singh, Skype, smart contracts, social web, South Sea Bubble, Steve Jobs, transaction costs, tulip mania, Turing complete, two and twenty, Uber for X, Vanguard fund, WikiLeaks, Y2K

As Palmer stated in an early interview: It’s not taking itself as seriously, it’s not being used by people worrying about whether they’ll become rich … It’s something to share for thanks or kudos.36 Palmer’s marketing expertise was another feature that differentiated Dogecoin from other cryptocurrencies at the time. The Dogecoin community raised $50,000 via Dogecoin to send the Jamaican bobsled team to the Olympics; raised another $55,000 via Dogecoin to sponsor a NASCAR driver who raced with the Dogecoin logo at the Talladega Speedway; and raised money to support clean water projects in Kenya via Doge4Water, making the donation via a Twitter-based tip service.37 While Dogecoin may have been launched as a joke, its association with a wildly popular Internet meme, its lighthearted origins, and its savvy focus on slick marketing led to a quick rise, and its network value grew to $70 million only seven weeks after launch.38 But that did not last long.

Ripple has since pivoted away from being a transaction mechanism for the common person and instead now “enables banks to send real-time international payments across networks.”29 This focus plays to Ripple’s strengths, as it aims to be a speedy payment system that rethinks correspondent banking but still requires some trust, for which banks are well suited. Dogecoin A somewhat comic cryptocurrency addition arrived on December 8, 2013 (less than two weeks after bitcoin hit a notable high of $1,242) in the form of dogecoin.30 Dogecoin was launched as a riff off Doge the dog, which Wired magazine had pegged as 2013’s meme31 of the year.32 Doge was a Shiba Inu dog whose image with captions of an internal monologue went viral. Dogecoin was initially floated as a joke. Jackson Palmer, who worked in the marketing department of Adobe’s Sydney offices and was a cryptocurrency enthusiast, sent the tweet: “Investing in Dogecoin, pretty sure it’s the next big thing.”33 After a positive reception to what was intended as a joke, he bought the domain, Dogecoin.com.

Jackson Palmer, who worked in the marketing department of Adobe’s Sydney offices and was a cryptocurrency enthusiast, sent the tweet: “Investing in Dogecoin, pretty sure it’s the next big thing.”33 After a positive reception to what was intended as a joke, he bought the domain, Dogecoin.com. Jackson’s activity caught the attention of Billy Markus, a Portland, Oregon-based developer who aspired to launch a new cryptoasset. In Markus’s own words: “The first thing I said was, ‘This is so funny.’ Then I said, ‘I should just make this coin.’”34 Markus used Litecoin’s code to derive Dogecoin, thereby making it one more degree of separation removed from Bitcoin. If Litecoin was a child of Bitcoin, then Dogecoin was a grandchild of Bitcoin. A notable variation was that Dogecoin planned to issue a much larger amount of dogecoin than bitcoin or even litecoin.


pages: 457 words: 128,838

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna, Michael J. Casey

Airbnb, altcoin, bank run, banking crisis, bitcoin, Bitcoin Ponzi scheme, blockchain, Bretton Woods, buy and hold, California gold rush, capital controls, carbon footprint, clean water, collaborative economy, collapse of Lehman Brothers, Columbine, Credit Default Swap, cryptocurrency, David Graeber, disinformation, disintermediation, Dogecoin, Edward Snowden, Elon Musk, Ethereum, ethereum blockchain, fiat currency, financial innovation, Firefox, Flash crash, Fractional reserve banking, hacker house, Hernando de Soto, high net worth, informal economy, intangible asset, Internet of things, inventory management, Joi Ito, Julian Assange, Kickstarter, Kuwabatake Sanjuro: assassination market, litecoin, Long Term Capital Management, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, Money creation, money: store of value / unit of account / medium of exchange, Nelson Mandela, Network effects, new economy, new new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, offshore financial centre, payday loans, Pearl River Delta, peer-to-peer, peer-to-peer lending, pets.com, Ponzi scheme, prediction markets, price stability, profit motive, QR code, RAND corporation, regulatory arbitrage, rent-seeking, reserve currency, Robert Shiller, Robert Shiller, Ross Ulbricht, Satoshi Nakamoto, seigniorage, shareholder value, sharing economy, short selling, Silicon Valley, Silicon Valley startup, Skype, smart contracts, special drawing rights, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, supply-chain management, Ted Nelson, The Great Moderation, the market place, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, Turing complete, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, underbanked, WikiLeaks, Y Combinator, Y2K, zero-sum game, Zimmermann PGP

altcoin that started out as a joke by Billy Markus and Jackson Palmer: Patrick McGuire, “Such Weird: The Founders of Dogecoin See the Meme Currency’s Tipping Point,” Motherboard, December 23, 2013, http://motherboard.vice.com/blog/dogecoins-founders-believe-in-the-power-of-meme-currencies. Through campaigns launched on Reddit: For an overview of dogecoin fund-raising efforts, The Dogesonian has an overview at http://thedogesonian.weebly.com/the-early-dogecoin-projects.html. Also see Roop Gill, “Manchester Co-op Gets a Hand from Dogecoin to Smash Fundraising Targets,” CoinDesk, April 22, 2014, http://www.coindesk.com/manchester-co-op-gets-hand-dogecoin-smash-fundraising-target/. Our favorite dogecoin endeavor: Paul Vigna, “BitBeat: Dogecoin Makes Its NASCAR Debut; Ripple Signs a Bank,” Wall Street Journal, MoneyBeat blog, May 5, 2014, http://blogs.wsj.com/moneybeat/2014/05/05/bitbeat-dogecoin-makes-its-nascar-debut-ripple-signs-a-bank/.

For its software, dogecoin borrowed some of the ideas of litecoin’s founder, Charlie Lee, who had tweaked the mining system for his coins so that miners weren’t so incentivized to build up energy-hungry computing power in competition with each other as they were with bitcoin. But just as important, if not more, to dogecoin’s appeal were the two main goals that its emerging community set for itself: dogecoin was going to be fun, and its members were going to use their currency to do good deeds. Dogecoin was going to be philanthropic. Interest in the currency rose, as did its price on cryptocurrency markets, where it traded against bitcoins, which could then be sold for dollars. This meant that dogecoins had real value and could be used to raise money for causes. One member of the Dogecoin Foundation read about the Jamaican bobsled team’s being short of funds for a trip to the Sochi Olympics in 2014 and proposed raising money for their trip.

Our favorite dogecoin endeavor: Paul Vigna, “BitBeat: Dogecoin Makes Its NASCAR Debut; Ripple Signs a Bank,” Wall Street Journal, MoneyBeat blog, May 5, 2014, http://blogs.wsj.com/moneybeat/2014/05/05/bitbeat-dogecoin-makes-its-nascar-debut-ripple-signs-a-bank/. When GoCoin decided that it would: Michael J. Casey, “BitBeat: Much Good, Dogecoin; So Hip,” Wall Street Journal, MoneyBeat blog, March 13, 2014, http://blogs.wsj.com/moneybeat/2014/03/13/bitbeat-much-good-dogecoin-so-hip/. though with bitcoin’s market capitalization more than ten times: as per the market capitalizations of the top 100 cryptocurrencies quoted at coinmarketcap.com.


pages: 271 words: 52,814

Blockchain: Blueprint for a New Economy by Melanie Swan

23andMe, Airbnb, altcoin, Amazon Web Services, asset allocation, banking crisis, basic income, bioinformatics, bitcoin, blockchain, capital controls, cellular automata, central bank independence, clean water, cloud computing, collaborative editing, Conway's Game of Life, crowdsourcing, cryptocurrency, disintermediation, Dogecoin, Edward Snowden, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, financial innovation, Firefox, friendly AI, Hernando de Soto, intangible asset, Internet Archive, Internet of things, Khan Academy, Kickstarter, lifelogging, litecoin, Lyft, M-Pesa, microbiome, Network effects, new economy, peer-to-peer, peer-to-peer lending, peer-to-peer model, personalized medicine, post scarcity, prediction markets, QR code, ride hailing / ride sharing, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, SETI@home, sharing economy, Skype, smart cities, smart contracts, smart grid, software as a service, technological singularity, Turing complete, uber lyft, unbanked and underbanked, underbanked, web application, WikiLeaks

Daily Dot, October 21, 2014. http://www.dailydot.com/politics/moolah-dogecoin-alex-green-ryan-kennedy-ryan-gentle-millions-missing-mintpal/. 188 Pick, L. “Nearly $2 Million Worth of Vericoin Stolen from MintPal, Hard Fork Implemented.” Digital Currency Magnates, July 15, 2014. http://dcmagnates.com/nearly-2-million-worth-of-vericoin-stolen-from-mintpal-hard-fork-considered/. 189 Greenberg, A. “Hacker Hijacks Storage Devices, Mines $620,000 in Dogecoin.” Wired, June 17, 2014. http://www.wired.com/2014/06/hacker-hijacks-storage-devices-mines-620000-in-dogecoin/. 190 Swan, M. “Scaling Crowdsourced Health Studies: The Emergence of a New Form of Contract Research Organization.”

Then, the top layer is the currency itself, Bitcoin, which is denoted as BTC or Btc when traded in transactions or exchanges. There are hundreds of cryptocurrencies, of which Bitcoin is the first and largest. Others include Litecoin, Dogecoin, Ripple, NXT, and Peercoin; the major alt-currencies can be tracked at http://coinmarketcap.com/. Table 1-1. Layers in the technology stack of the Bitcoin blockchain Cryptocurrency: Bitcoin (BTC), Litecoin, Dogecoin Bitcoin protocol and client: Software programs that conduct transactions Bitcoin blockchain: Underlying decentralized ledger The key point is that these three layers are the general structure of any modern cryptocurrency: blockchain, protocol, and currency.

The concept and operational details are described in a concise and readable white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System.”7 Payments using the decentralized virtual currency are recorded in a public ledger that is stored on many—potentially all—Bitcoin users’ computers, and continuously viewable on the Internet. Bitcoin is the first and largest decentralized cryptocurrency. There are hundreds of other “altcoin” (alternative coin) cryptocurrencies, like Litecoin and Dogecoin, but Bitcoin comprises 90 percent of the market capitalization of all cryptocurrencies and is the de facto standard. Bitcoin is pseudonymous (not anonymous) in the sense that public key addresses (27–32 alphanumeric character strings; similar in function to an email address) are used to send and receive Bitcoins and record transactions, as opposed to personally identifying information.


pages: 434 words: 77,974

Mastering Blockchain: Unlocking the Power of Cryptocurrencies and Smart Contracts by Lorne Lantz, Daniel Cawrey

altcoin, Amazon Web Services, barriers to entry, bitcoin, blockchain, business process, call centre, capital controls, cloud computing, corporate governance, creative destruction, cryptocurrency, currency peg, disinformation, disintermediation, distributed ledger, Dogecoin, Ethereum, ethereum blockchain, fault tolerance, fiat currency, Firefox, global reserve currency, Internet of things, Kubernetes, litecoin, Lyft, margin call, MITM: man-in-the-middle, Network effects, offshore financial centre, packet switching, peer-to-peer, Ponzi scheme, prediction markets, QR code, ransomware, regulatory arbitrage, rent-seeking, reserve currency, Ross Ulbricht, Satoshi Nakamoto, Silicon Valley, Skype, smart contracts, software as a service, Steve Wozniak, tulip mania, uber lyft, unbanked and underbanked, underbanked, web application, WebSocket, WikiLeaks

More Altcoin Experiments Lots more altcoins have been launched since the early era. A few interesting examples include: Dogecoin Invented by programmer Billy Markus and marketer Jackson Palmer in 2013, Dogecoin is the realization of an internet meme crossed with cryptocurrency. Tweeting as a joke (Figure 3-6), Palmer suggested creating a cryptocurrency based on the internet meme of a Shiba Inu dog (doge). The idea gained traction, and an ecosystem formed around Dogecoin. Dogecoin is relatively inexpensive to acquire because there is no cap on the total number of coins, which keeps its price low. Figure 3-6. Dogecoin started with a simple tweet Unobtainium Derived from an engineering term for an extremely rare element, Unobtainium was established in 2013.

As its name suggests, the cryptocurrency has a very small number of coins in circulation—a cap of 250,000 units was set, to be mined over 30 years. Though an interesting experiment to try to create low inflation, Unobtanium experiences volatility like most other cryptocurrencies, and its daily trading volume is low (in the hundreds of dollars). Coinye Introduced in 2014, not long after Dogecoin, Coinye or Coinye West was the plan for a Scrypt-based cryptocurrency using rapper Kayne West as its meme/mascot. Almost immediately after the plans were announced, the developers received a trademark infringement notice from Kanye West. Although the team rushed to launch the coin, the legal pressure forced them to shut the project down.

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cross-shard communication complexity, Other Altchain Solutions crypto laundering, The Evolution of Crypto Laundering-The Evolution of Crypto Launderinghow funds are laundered, The Evolution of Crypto Laundering cryptocurrencies, Cryptocurrency Fundamentals-Summaryadditional, Mastercoin introducing notion of, Mastercoin and Smart Contracts backing DAI multi-collateral token, DAI and blockchain, leading to new platforms for the web, Web 3.0 blockchain systems and unit of account, Storing Data in a Chain of Blocks consensus, Consensus-Alternative methodsother concepts for, Other Concepts for Consensus proof-of-stake, Proof-of-Stake-Proof-of-Stake proof-of-work, Proof-of-Work-Confirmations cryptographic hashes, Hashes-Custody: Who Holds the Keys custody, Custody: Who Holds the Keys-Security Fundamentals ICOs or fundraising for projects, Use Cases: ICOs illegal uses of, Catch Me If You Can methods of buying and selling, Evolution of the Price of Bitcoin mining, Mining-Block Generation privacy-focused, Privacy-Focused Cryptocurrencies public and private keys in systems, Public and Private Keys in Cryptocurrency Systems-Public and Private Keys in Cryptocurrency Systems regulatory bodies in the US, FinCEN Guidance and the Beginning of Regulation security, Security Fundamentals-Recovery Seed stablecoins based on, Crypto-Based Stablecoins-Tether stakeholders in ecosystem, Stakeholders-Informationanalytics services, Analytics brokerages, Brokerages custody solutions, Custody exchanges, Exchanges information services, Information theft from ownersexchange hacks, Exchange Hacks-NiceHash other hacks, Other Hacks-Summary transactions in, Transactions-Bitcoin Transaction Security UTXO model for Bitcoin transactions, The UTXO Model-The UTXO Model cryptocurrency ATMs, Evolution of the Price of Bitcoin CryptoCurrency eXchange Trading Library (CCXT), Open Source Trading Tech cryptographyBitcoin's use on transactions, Introducing the Timestamp Server cryptographic hashes, Hashes-Custody: Who Holds the Keys ECDSA encryption, signing and verifying transactions, Signing and Validating Transactions enabling proof-of-work on Hashcash, Hashcash public/private key, Bitcoin's use of, Public/private key cryptography-Generating keys use by DigiCash, DigiCash CryptoKitties, ERC-721-ERC-777causing scaling problems on Ethereum, Challenges in Developing Dapps digital cats as nonfungible tokens, Fungible and Nonfungible Tokens CryptoLocker and ransomware, CryptoLocker and Ransomware CryptoNote protocol, Monero currencies, exchanges for, Exchanges(see also exchanges) custodial wallets, Wallet Types: Custodial Versus Noncustodial(see also wallets) custody, Custody: Who Holds the Keys-Security Fundamentalscounterparty risk with exchanges, Counterparty Risk, Custody and counterparty risk crypto custody solutions, Custody custody providers, Counterparty Risk cyberbucks, DigiCash D DAGs (directed acyclic graphs), DAGs DAI stablecoin, DAIsavings rates for, Savings Dai, Wei, B-Money DAML, DAML DAOs (decentralized autonomous organizations), Decentralized Autonomous Organizations-Other Ethereum forks, Important DefinitionsThe DAO project on Ethereum, Initial Coin Offerings dapps (see decentralized applications) Dash, Dash database management systems (DBMSs), Databases and Ledgers databasesbackend/database differences between centralized exchanges and Uniswap, Infrastructure and ledgers, Databases and Ledgers decentralizationversus centralization, Decentralization Versus Centralization decentralizing the web, Web 3.0 distributed versus centralized versus decentralized systems, Distributed Versus Centralized Versus Decentralized-Bitcoin Predecessors decentralized applications (dapps), Ether and Gas, Decentralized Applications (Dapps)-Challenges in Developing Dappsbuilding decentralized web frameworks, Web 3.0 challenges in developing, Challenges in Developing Dapps Corda, Corda language running on top of a blockchain, Deploying and Executing Smart Contracts in Ethereum use cases, Use Cases decentralized autonomous organizations (DAOs), Decentralized Autonomous Organizations-Other Ethereum forks, Important DefinitionsThe DAO project on Ethereum, Initial Coin Offerings decentralized exchange contracts, Decentralized Exchange Contracts-Summary decentralized exchanges, The Role of Exchanges, Decentralized Exchanges-Scalabilityversus centralized exchanges, Decentralized Versus Centralized Exchanges-Scalabilitycustody and counterparty risk, Custody and counterparty risk exchange rate, Exchange rate infrastructure, Infrastructure Know Your Customer (KYC) rules, Know your customer scalability, Scalability token listing, Token listing decentralized finance (DeFi), Decentralizing Finance and the Web-Derivativesflash loans, Flash Loans-The Fulcrum Exploitcreating the flash loan smart contract, Creating a Flash Loan Contract-Deploying the Contract deploying the contract, Deploying the Contract executing a loan, Executing a Flash Loan-Executing a Flash Loan Fulcrum attack, The Fulcrum Exploit important definitions, Important Definitions privacy and information security, Privacy-Ring Signaturesring signatures, Ring Signatures Zcash, Zcash zero-knowledge proof, Zero-Knowledge Proof zk-SNARKs, zk-SNARKs redistribution of trust, Redistribution of Trust-Naming Servicesidentity and dangers of hacking, Identity and the Dangers of Hacking naming services, Naming Services services, DeFi Services-Derivativesderivatives, Derivatives lending, Lending savings, Savings stablecoins, Stablecoins-KYC and pseudonymity traditional versus decentralized financial system, Decentralizing Finance DeFI Pulse website, DeFi Services delegated proof-of-stake, Alternative methods deposit contracts, Ethereum Scaling depth charts, Depth Chartssell wall on, Whales derivatives, Derivativesin decentralized finance, Derivatives derivatives exchanges, The Role of Exchanges desktop wallets, Wallet Type Variations DEXes (see decentralized exchanges; exchanges) dictionary attacks on passwords, Zero-Knowledge Proof difficulty of discovering valid block hash, Block discovery DigiCash, DigiCash digital bonds, Banking digital money, Bitcoin Predecessors(see also cryptocurrencies) creation of, in B-Money, B-Money use of hashing to limit double spend, Hashcash digital signaturesmultisignature system, Hash Time Locked Contracts, Lightning Schnorr algorithm, Privacy signing transactions, Signing and Validating Transactions Digix, Digix directed acyclic graphs (DAGs), DAGs disintermediation, Identity and the Dangers of Hacking distributed ledger technology (DLT), Databases and Ledgers distributed systems, Decentralized Applications (Dapps)Bitcoin, Compelling Components distributed versus centralized versus decentralized systems, Distributed Versus Centralized Versus Decentralized-Bitcoin Predecessors Dogecoin, More Altcoin Experiments Domain Name System (DNS), decentralized version of, Altcoins dot-com crash, Tulip Mania or the internet? double spend problem, Hashcashin Satoshi Nakamoto's whitepaper, The Whitepaper dumping of a cryptocurrency, Wash Trading E E-gold, E-Gold EEA (Enterprise Ethereum Alliance), The Enterprise Ethereum Alliance Elements open source project, Liquid Elliptic Curve Digital Signature Algorithm (ECDSA) encrytionsecp256k1 function, Public and Private Keys in Cryptocurrency Systems signing and validating transactions with, Signing and Validating Transactions Elliptic Curve Digital Signature Algorithm (ECDSA) secp256k1 function, Generating keys Enigma, Skirting the Laws, Privacy enterprise blockchains, Enterprise Implementations-DAMLCorda, Corda-Corda language DAML, DAML Hyperledger platform, Hyperledger zero-knowledge proofs used in, Zero-Knowledge Proof Enterprise Ethereum Alliance (EEA), The Enterprise Ethereum Alliance EOS, Blockchains to Watchorigins of, Tokenize Everything ERC-20 token standard, Tokens on the Ethereum Platform, ERC-20-ERC-20creating your own custom token, ERC-20 DeFi's reliance on Ethereum and ERC-20 assets, Decentralizing Finance events supported by ERC-20 compliant smart contracts, ERC-20 example of ERC-20 smart contract, ERC-20-ERC-20 listing of tokens on Uniswap, Token listing methods, ERC-20 push and pull transactions to move tokens, ERC-777 wrapped tokens outside of Ethereum ecosystem, Important Definitions ERC-721 token standard, Fungible and Nonfungible Tokens, ERC-721-ERC-777 ether, Ether and Gasdenominations of, Gas and Pricing EtherDelta redirection, EtherDelta Redirection Ethereum, The Evolution to Ethereum-Summaryblock times, Float Configuration 2 cost of storing data on, Tokenize Everything decentralized applications (dapps), Decentralized Applications (Dapps)-Challenges in Developing Dapps decentralized exchange, IDEX, Decentralized Exchange Contracts DeFi's reliance on Ethereum and ERC-20 assets, Decentralizing Finance deploying and executing smart contracts, Deploying and Executing Smart Contracts in Ethereum-Interacting with CodeEthereum Virtual Machine (EVM), The Ethereum Virtual Machine-Gas and Pricing Ethereum Classic fork, The Ethereum Classic Fork Etherscan analytics service, Analytics improving Bitcoin's limited functionality, Improving Bitcoin’s Limited Functionality-Ethereum: Taking Mastercoin to the Next Level improving Bitcoin's lmited functionalitycolored coins and tokens, Colored Coins and Tokens Mastercoin and smart contracts, Mastercoin and Smart Contracts Omni Layer, Understanding Omni Layer-Adding custom logic Keccak-256 hash algorithm, Hashes maximum transaction rate, Scalability origins of, Tokenize Everything privacy implementations based on, Ethereum-Based Privacy Implementations scaling in Ethereum 2.0, Ethereum Scaling-Ethereum Scaling scaling solutions, Other Altchain Solutions taking Mastercoin to the next level, Ethereum: Taking Mastercoin to the Next Level-ConsenSysdecentralized autonomous organizations, Decentralized Autonomous Organizations-Other Ethereum forks ether and gas, Ether and Gas key organizations in ecosystem, Key Organizations in the Ethereum Ecosystem use cases, ICOs, Use Cases: ICOs tokenize everything via ICOs, Tokenize Everything tokens on, Tokens on the Ethereum Platform-Different Token Typesairdrops and, Airdrops deciding whether a token is necessary, Is a Token Necessary?


pages: 661 words: 185,701

The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance by Eswar S. Prasad

access to a mobile phone, Adam Neumann (WeWork), Airbnb, algorithmic trading, altcoin, bank run, barriers to entry, Bear Stearns, Ben Bernanke: helicopter money, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, Bretton Woods, business intelligence, buy and hold, capital controls, carbon footprint, cashless society, central bank independence, cloud computing, coronavirus, Covid-19, COVID-19, Credit Default Swap, cryptocurrency, deglobalization, disintermediation, distributed ledger, diversified portfolio, Dogecoin, Donald Trump, Elon Musk, Ethereum, ethereum blockchain, eurozone crisis, fault tolerance, fiat currency, financial independence, financial innovation, financial intermediation, Flash crash, floating exchange rates, full employment, gig economy, global reserve currency, index fund, inflation targeting, informal economy, information asymmetry, Internet Archive, Jeff Bezos, Kenneth Rogoff, Kickstarter, light touch regulation, liquidity trap, litecoin, loose coupling, Lyft, M-Pesa, Mark Zuckerberg, mobile money, Money creation, money market fund, money: store of value / unit of account / medium of exchange, Network effects, new economy, offshore financial centre, open economy, passive investing, payday loans, peer-to-peer, peer-to-peer lending, Peter Thiel, Ponzi scheme, price anchoring, profit motive, QR code, quantitative easing, RAND corporation, random walk, Real Time Gross Settlement, regulatory arbitrage, rent-seeking, reserve currency, ride hailing / ride sharing, risk tolerance, risk/return, Ross Ulbricht, Satoshi Nakamoto, seigniorage, Silicon Valley, Silicon Valley startup, smart contracts, special drawing rights, the payments system, too big to fail, transaction costs, uber lyft, unbanked and underbanked, underbanked, WeWork, wikimedia commons, Y Combinator, zero-sum game

The price and market capitalization date for Jesus Coin are from “Jesus Coin,” CoinGecko, https://www.coingecko.com/en/coins/jesuscoin/historical_data/usd?end_date=2021-01-02&start_date=2016-01-01#panel. See https://dogecoin.com/ for more information on the provenance of Dogecoin and to sign up. Price and market capitalization figures for Dogecoin are from https://coinmarketcap.com/currencies/dogecoin/. See Ryan Browne, “Tweets from Elon Musk and Other Celebrities Send Dogecoin to a Record High,” CNBC, February 8, 2021, https://www.cnbc.com/2021/02/08/tweets-from-elon-musk-and-celebrities-send-dogecoin-to-a-record-high.html. The story about how Meme coin came to be and Lyall’s quote on the matter can be found in Mathew Di Salvo, “How an Anti-Meme Coin Joke Backfired into a $1.2 Million Meme Coin,” Decrypt, August 15, 2020, https://decrypt.co/38887/an-anti-meme-coin-joke-just-led-to-a-1-2-million-meme-coin.

Based on the popular “Doge” internet meme and featuring a Shiba Inu (a Japanese breed of dog) as its mascot, Dogecoin (DOGE) is a cryptocurrency that was forked from Litecoin in December 2013. Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward the creation or sharing of quality content. Its creators had envisioned it as “a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience.” From its inception until April 2017, Dogecoin’s market capitalization was under $30 million, already a sizable figure for a whimsical cryptocurrency.

Then the price took off, and the market capitalization peaked at $1.9 billion on January 7, 2018. It fell back sharply after that, but not quite back to earth, with a still astonishing market capitalization of $580 million as of December 2020. That was not it, however. A series of supportive tweets from Elon Musk, who referred to it approvingly as “the people’s crypto,” then helped push Dogecoin’s market capitalization briefly above $90 billion in early May 2021! Struck by the absurdity of such meme coins, in August 2020 a programmer named Jordan Lyall introduced the Degenerator, a phony project that supposedly allowed anyone to create their own DeFi project in less than five minutes. To Lyall’s shock and dismay, a meme coin called Meme, based on his joke, was created a few hours later.


pages: 233 words: 66,446

Bitcoin: The Future of Money? by Dominic Frisby

3D printing, altcoin, bank run, banking crisis, banks create money, barriers to entry, bitcoin, Bitcoin Ponzi scheme, blockchain, capital controls, Chelsea Manning, cloud computing, computer age, cryptocurrency, disintermediation, Dogecoin, Ethereum, ethereum blockchain, fiat currency, fixed income, friendly fire, game design, Isaac Newton, Julian Assange, land value tax, litecoin, M-Pesa, mobile money, Money creation, money: store of value / unit of account / medium of exchange, Occupy movement, Peter Thiel, Ponzi scheme, prediction markets, price stability, QR code, quantitative easing, railway mania, Ronald Reagan, Ross Ulbricht, Satoshi Nakamoto, Silicon Valley, Skype, slashdot, smart contracts, Snapchat, Stephen Hawking, Steve Jobs, Ted Nelson, too big to fail, transaction costs, Turing complete, War on Poverty, web application, WikiLeaks

‘It’s only a matter of time’, says journalist Victoria McNally, ‘before this discussion becomes all-out war in the style of GIF vs JIF.’53 In a reference to the much-loved 1993 comedy Cool Runnings, the Dogecoin community raised the funds to send the Jamaican bobsled team to the 2014 Winter Olympics. They then did the same for an Indian luge contender Shiva Keshavan. He would become the 2014 Winter Olympics ‘underdoge’. The community raised money earlier in the year for a water charity in Kenya. One person was able to donate $14,000 worth of coins with one tweet. The implications of that kind of ease of payment are enormous. Underlying Dogecoin, as well as technological advances, is a generosity of spirit. Long may the spirit continue. 5 How a Computer Nerd became the FBI’s Most Wanted Drug Dealer ‘You’d make a wonderful Dread Pirate Roberts.’

It has faster transaction time confirmation than Bitcoin, making it a better system of payment. It also claims its storage efficiency is better. Like Litecoin, Dogecoin also has faster transaction time confirmation. It is a more inflationary system – there is no limit to supply and it has a faster coin production schedule. Its primary use has been for online tipping and fundraising – you see something you like, you give them some dogecoins. Some coins have been developed which are more private and anonymous. Darkcoin is currently the most famous of these. Transactions are pooled together in its block chain, so they cannot be traced back to individual wallets.

It has become a free-for-all, like the gold rushes of the Wild West. Over time, things should settle. But one of the things you quickly notice is the sense of humour to it all. Many altcoins are based around a joke – ‘Coinye West’, for example. (When my father read this he asked, ‘What’s the joke?’) Many are simply in it for the laugh. Dogecoin is, according to its website, ‘an open source peer-to-peer cryptocurrency, favored by Shiba Inus worldwide’. (Shibu Inus are petite Japanese dogs that have a surprised look on their faces.) The currency is, apparently, based on an internet meme about a dog’s inner thoughts. This has led to a heated discussion about the pronunciation of the word ‘doge’.


pages: 226 words: 65,516

Kings of Crypto: One Startup's Quest to Take Cryptocurrency Out of Silicon Valley and Onto Wall Street by Jeff John Roberts

"side hustle", 4chan, Airbnb, altcoin, Apple II, Bernie Sanders, bitcoin, blockchain, Blythe Masters, Bonfire of the Vanities, Burning Man, buttonwood tree, cloud computing, coronavirus, Covid-19, COVID-19, creative destruction, Credit Default Swap, cryptocurrency, Dogecoin, Donald Trump, double helix, Elliott wave, Elon Musk, Ethereum, ethereum blockchain, family office, Flash crash, forensic accounting, hacker house, hockey-stick growth, index fund, Jeff Bezos, Joseph Schumpeter, litecoin, Marc Andreessen, Mark Zuckerberg, Menlo Park, move fast and break things, move fast and break things, Network effects, offshore financial centre, open borders, Paul Graham, Peter Thiel, Ponzi scheme, prediction markets, ransomware, regulatory arbitrage, reserve currency, ride hailing / ride sharing, Robert Shiller, Robert Shiller, rolodex, Ross Ulbricht, Sam Altman, Sand Hill Road, Satoshi Nakamoto, sharing economy, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, smart contracts, software is eating the world, Startup school, Steve Ballmer, Steve Jobs, Steve Wozniak, transaction costs, WeWork, Y Combinator, zero-sum game

• • • Lempres pushed a plan for Coinbase to split into two legal entities—one that did business in heavily regulated places like the United States and another that offered dozens of cryptocurrencies while operating from a regulatory haven like Bermuda. The plan went nowhere, and well into 2018, Coinbase stumbled along with the same four currencies. Longtime engineer Craig Hammell recalls a plan for the company to add Dogecoin, the novelty currency based around the Shiba Inu dog meme in which an adorable pup speaks silly phrases in broken English. Dogecoin had a cult following and would have been easy enough to add in the old days. But with Coinbase’s new layers of corporate bureaucracy, it stalled. “We were going to do it,” Hammell remembers, “but then it went into all these meetings where someone said they didn’t see a return on investment.

Murck and an oddball assortment of other bitcoin advocates had launched the foundation as a sort of crypto chamber of commerce, pushing to bestow an air of respectability on Satoshi’s creation. It was not just bitcoin flourishing. Other cryptocurrencies had emerged with fan bases of their own and, like bitcoin, could be exchanged for real-world money. These included Litecoin, the offshoot of bitcoin created by Coinbase’s Charlie Lee, but also off-the-wall creations like Dogecoin—a novelty currency inspired by a feel-good meme about a Shiba Inu dog, but which nonetheless became worth tens of millions in real-world dollars. Meanwhile, a visionary pro-grammer named Jed McCaleb, who’d founded the world’s biggest crypto exchange, helped launch a versatile currency called Ripple before hatching another one called Stellar.

And in a move that underscored CZ’s sweeping ambitions, Binance laid plans to challenge Ethereum. Vitalik’s smart contract platform was still top dog when it came to hosting other cryptocurrencies—even Binance Coin relied on Ethereum—but CZ concluded it was too slow. The time had come, he decided, for Binance to build its own blockchain. While Coinbase was dithering over Dogecoin, CZ was laying plans to remake the next era of crypto. His exploits made him a cult figure in the industry. An effusive profile in the trade publication Coindesk blared without a hint of irony: “The Unbelievable Brilliance of Binance.” Was CZ as brilliant as all that? Possibly. But some people attribute the rapid rise of Binance at least in part to the hubris of Coinbase and its investors.


Bit by Bit: How P2P Is Freeing the World by Jeffrey Tucker

Affordable Care Act / Obamacare, Airbnb, airport security, altcoin, bank run, bitcoin, blockchain, business cycle, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Dogecoin, Fractional reserve banking, George Gilder, Google Hangouts, informal economy, invisible hand, Kickstarter, litecoin, Lyft, Money creation, obamacare, Occupy movement, peer-to-peer, peer-to-peer lending, QR code, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, sharing economy, Silicon Valley, Skype, TaskRabbit, the payments system, uber lyft

Or it could have been outright fraud. Or denial. Regardless, lawsuits are pending. What we can do now is be careful not to trust any institution fully. Security for your property is at a premium until the market shakes itself out. Question: What is Dogecoin? Tell me about it. Answer: It’s very cool, or maybe it is a silly fad. The market has to decide. Dogecoin is one of many currencies built on a Litecoin protocol, which in turn was built on bitcoin. There are tens of thousands of so-called altcoins in circulation today. This is market competition at work. They all live in their own ecosphere. May the best coin win!

This is part of what happens in any startup technology. Question: Can you tell me about one or two popular altcoins? How are they different? Will they replace bitcoin? Answer: Litecoin is the second most popular cryptocurrency. It is based on a different algorithm from bitcoin, and it has an infinite inflation rate. Others include Namecoin, Dogecoin, Worldcoin, Peercoin, Primecoin, and Feathercoin. All have unique properties and some appeal to people for specific reasons. The Indian nation of Lakota, for example, uses its own coin called Mazacoin. 41 The cryptocurrency market is still in its infancy. There is no way to predict its precise direction.


pages: 200 words: 47,378

The Internet of Money by Andreas M. Antonopoulos

AltaVista, altcoin, bitcoin, blockchain, clean water, cognitive dissonance, cryptocurrency, disruptive innovation, Dogecoin, Ethereum, ethereum blockchain, financial exclusion, global reserve currency, litecoin, London Interbank Offered Rate, Marc Andreessen, Oculus Rift, packet switching, peer-to-peer lending, Ponzi scheme, QR code, ransomware, reserve currency, Satoshi Nakamoto, self-driving car, Skype, smart contracts, the medium is the message, trade route, Tragedy of the Commons, underbanked, WikiLeaks, zero-sum game

They only know that within their local community, it has purchasing power. As a little fanciful thought: Imagine a decade from now, in a rural village detached from developed-nations, villagers exchanging two currencies. One has a Shiba Inu, a Japanese breed of dog, on the front and is pronounced Dogecoin. I’m not quite sure how to pronounce it and it doesn’t really matter, but you can buy half a dozen eggs with it. The other villagers are trading another currency that has an old white lady named Elizabeth on it. They have no idea who Elizabeth is. They don’t know why she got her picture on the coin.

We’re going to start treating currency as an application, and in order to do that we’re going to need interfaces that allow us a unified currency experience, that allow us to have a single wallet with perhaps 150 different currencies in it. Because of inventions like sidechains, decentralized exchanges, fluid liquid systems and the complete absence of monopoly, of lock-in, of hostage situations around the currency, we will be able to instantaneously and at very low cost convert from bitcoin to Namecoin to Dogecoin to Ethereum. If we can do that, then it doesn’t matter because we won’t do that; our unified wallet interface will do that, by trying to see what we’re trying to achieve with our currency. If I’m buying a house, it might express my transactional will in the modality of bitcoin because that is the most suitable currency.

Index Currency There’s a very real possibility we’re going to have an index currency: a currency that is not in itself tradable, that has no intrinsic use as a transactional commodity, but instead is only used to express the purchasing power vis-a-vis the various coins in our wallets. I may have a thousand unified currency units. You can’t buy unified currency units. You can buy bitcoin and then you can tell me how many unified currency units that is. I price everything in unified currency units, and then I pay in Dogecoin or Namecoin or bitcoin or Ether, depending on how I want to use it. "I can see a world in which we can smoothly move between currencies in a multimodal way." We already do this in financial markets. In fact, you can trade S&P 500. You’re not buying a single company; what you’re buying into is the aggregation of all of the different things that are in the stock market as an expression of the total value of the market.


pages: 960 words: 125,049

Mastering Ethereum: Building Smart Contracts and DApps by Andreas M. Antonopoulos, Gavin Wood Ph. D.

Amazon Web Services, bitcoin, blockchain, continuous integration, cryptocurrency, Debian, Dogecoin, domain-specific language, don't repeat yourself, Edward Snowden, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, Firefox, functional programming, Google Chrome, intangible asset, Internet of things, litecoin, move fast and break things, move fast and break things, node package manager, peer-to-peer, Ponzi scheme, prediction markets, pull request, QR code, Ruby on Rails, Satoshi Nakamoto, sealed-bid auction, sharing economy, side project, smart contracts, transaction costs, Turing complete, Turing machine, Vickrey auction, web application, WebSocket

A broad range of applications exist for systems like TrueBit, ranging from machine learning to verification of proof of work. An example of the latter is the Doge–Ethereum bridge, which uses TrueBit to verify Dogecoin’s proof of work (Scrypt), which is a memory-hard and computationally intensive function that cannot be computed within the Ethereum block gas limit. By performing this verification on TrueBit, it has been possible to securely verify Dogecoin transactions within a smart contract on Ethereum’s Rinkeby testnet. Decentralized Oracles While centralized data or computation oracles suffice for many applications, they represent single points of failure in the Ethereum network.


pages: 87 words: 25,823

The Politics of Bitcoin: Software as Right-Wing Extremism by David Golumbia

3D printing, A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, bitcoin, blockchain, Burning Man, crony capitalism, cryptocurrency, currency peg, distributed ledger, Dogecoin, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Extropian, fiat currency, Fractional reserve banking, George Gilder, Ian Bogost, jimmy wales, litecoin, Marc Andreessen, Modern Monetary Theory, Money creation, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, new economy, obamacare, Peter Thiel, Philip Mirowski, risk tolerance, Ronald Reagan, Satoshi Nakamoto, seigniorage, Silicon Valley, Singularitarianism, smart contracts, Stewart Brand, technoutopianism, The Chicago School, Travis Kalanick, WikiLeaks

In this sense, it becomes a tool for existing power to concentrate itself, rather than a challenge to the existing order: as some better economically informed commentators consistently point out, Bitcoin functions much more like a speculative investment than a currency (Worstall 2013; Yermack 2014), although what one is investing in, beyond Bitcoin itself, is not at all clear. 6. The Future of Bitcoin and the Blockchain BITCOIN IS NOT SO MUCH a single software program as it is software written using a model called the blockchain that is can be used to build other very similar programs (related cryptocurrencies like Litecoin, Dogecoin, and so on), but also less similar ones. The cryptographically enabled distributed ledger, and the blockchain used to implement it, advocates insist, have wide application outside of their current uses.[1] We hear (not infrequently) that the blockchain is as revolutionary today as were “personal computers in 1975, the internet in 1993” (Andreessen 2014).


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, Bitcoin Ponzi scheme, blockchain, borderless world, Bretton Woods, BRICs, business cycle, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, commoditize, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, Dogecoin, eurozone crisis, fiat currency, financial exclusion, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Herbert Marcuse, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kickstarter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liberal capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, Modern Monetary Theory, Money creation, money market fund, money: store of value / unit of account / medium of exchange, mortgage debt, National Debt Clock, negative equity, new economy, Nixon shock, Nixon triggered the end of the Bretton Woods system, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer, peer-to-peer lending, Ponzi scheme, post scarcity, Post-Keynesian economics, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, risk free rate, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Veblen good, Wave and Pay, Westphalian system, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

Some 36.7 percent of users do not drink, smoke, gamble, or take drugs, and more people have used Bitcoin for donations than for illegal transactions (see http://simulacrum.cc/2013/04/13/overview-of-bitcoin-community-survey-feb-mar-2013/). 39 Quoted in “The Bitcoin Boom,” The New Yorker, April 2, 2013, see http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-bitcoin.html. 40 There are several other alternatives to Bitcoin, such as Litecoin, Namecoin, PPCoin, and Dogecoin. As of January 2013, there were more than seventy digital currencies listed on http://coinmarketcap.com/. Each offers its own distinct variation on (and reputed advantage over) the Bitcoin theme. For example, Litecoin can be mined using consumer-grade hardware (see https://litecoin.org/), while PPCoin is designed to be more secure (see https://en.bitcoin.it/wiki/PPCoin). Dogecoin, using the Shiba Inu dog as its mascot, is based on Litecoin. In 2014, a new digital currency called Coinye West—the name is inspired by the rapper, Kanye West, although he has no direct links with the project—was due to be launched, reputedly for use in the music industry. 41 See http://freico.in/faq/. 42 For example, “For the 99% who live paycheck-to-paycheck, the loss from demurrage is minimal and would be compensated for in wages and pricing.

See also currency wars; internal devaluation difference, in Deleuze and Guattari, 227–28; in Derrida, 227 digital money, 36, 41–43, 47, 214, 307 Dionysus, 136, 154, 155, 205, 251, 351; and money, 142, 175 direct monetary financing, 131 Discover, 377 disintermediation, 352, 363, 370, 379 division of labor, 63, 150, 151, 234, 324 Doctorow, Cory, 381 Dogecoin, 370n40 dollar, United States, 99, 299, 302 dollarization, 214 Douglas, Clifford Hugh, 355–57, 372, 382 Douglas, Mary, 283 Douglas Credit Party, 357 Douglass, Frederick, 222 Douthwaite, Richard, 374–76 Dow, Sheila, 106n19, 213n4 Dubief, Henri, 172n Dumas, Charles, 207–8 Durkheim, Émile, 46, 170, 173; on prices, 16; on religion, 15, 101, 308; on sacrifice, 167–68; on the social basis of contract, 31; on society, 8, 268; on sociology, 168 Dumézil, Georges, 172n Duthuit, George, 172n dystopia, 223, 383; and the market, 281 ecological money, 374–76 economic anthropology, 279, 285 Economic Cooperation Administration (ECA), 207 economic growth, 67, 374 economic liberalism, 322, 323–24, 325, 326, 329, 372n, 382; versus socialism, 323–25, 329, 382, 383 economics, 3, 7, 20, 38, 53, 99, 119, 170, 196, 205–6, 251, 282, 283, 308, 318, 390; of austerity, 159; ‘Austrian,’ 362; behavioral, 91, 290–91; of desire, 236; and guilt, 150–51; heterodox, 7; and intimacy, 289; Keynesian, 7, 178–79; Marxist, 234; neoclassical, 29; primitive, 155; and religion, 231; restricted, 178–79, 186, 207 economy of credit, 94 economy of interest, 94 Eckhart, Meister, 332, 334 Eichengreen, Barry, 245, 255–56 Einzig, Paul, 19, 282 Elias, Norbert, 276–77 Elizabeth I, 108 embeddedness, 279, 280–81, 285, 289 emotional labor, 241 empire, 77; in Hardt and Negri, 238–41; versus imperialism, 243–44 encryption, 36 endogenous money, 105, 108n23 energy, and base materialism, 169, 172; in Bataille, 173, 177, 183, 192; cost, 132; in de Sade, 169; in Deleuze and Guattari, 169; in Freud, 336; and money, 355, 375–76 Engels, Friedrich, 68, 391 epic recession, 128.


pages: 444 words: 124,631

Buy Now, Pay Later: The Extraordinary Story of Afterpay by Jonathan Shapiro, James Eyers

"side hustle", Airbnb, bank run, barriers to entry, blockchain, British Empire, clockwatching, cloud computing, collapse of Lehman Brothers, computer age, coronavirus, corporate governance, corporate raider, Covid-19, COVID-19, cryptocurrency, delayed gratification, diversification, Dogecoin, Donald Trump, Elon Musk, financial deregulation, greed is good, index fund, Jones Act, Kickstarter, late fees, light touch regulation, Mount Scopus, Network effects, new economy, passive investing, payday loans, paypal mafia, Peter Thiel, pre–internet, regulatory arbitrage, ride hailing / ride sharing, rolodex, short selling, Silicon Valley, Snapchat, sovereign wealth fund, technology bubble, the payments system, too big to fail, transaction costs, Vanguard fund

Some GameStop traders used their profits to buy giant billboards on freeways, marking their moment of triumph. Social media was primed for the next meme trade. It didn’t have to be a stock. In fact, most millennials and Gen Zs preferred trading cryptocurrencies. Elon Musk, rapper Snoop Dogg and former porn star Mia Khalifa encouraged their followers to buy one called Dogecoin, which was created not to be taken too seriously. The price went up 800 per cent. There was a lot of money to be made. Serious investors could make money by latching themselves onto millennial trends, and the most lucrative was cryptocurrencies. Increasingly, institutional investors became converts, and pitched the asset class to their clients.

Jones 231 Bailey, Harley 55 Baillie Gifford 236 Bain, Iona 320 Baker, Craig 55 Bancroft, Cameron 197 banking sector bank bashing 139–40, 250 banking code of conduct 324 business model 336–7 Hayne Royal Commission 140, 141, 195, 205, 215, 218 innovation, slow to adopt 219 Beadle, Tom 252, 255, 299, 314 Beard, Phil ‘Scoop’ 132–3,134 Beard, Sandy 99 Bell, Colin 134 Bell Potter 107, 113, 121, 132, 184, 251 Bensimon, Albert 48 Berkman, David 50 Berkshire Hathaway 125, 234 BHP 70–1 Bill Me Later 77, 81 Blackrock 293, 294 Bligh, Anna 195, 217 Blockley, Lance 222 Bloomfield, George 9 Bolton, Faye 3 bond rates 186, 266, 333–4, 335 tech-stock valuations and 334–5 Bortoli, Luke 236, 264, 288, 289 Bos, Wayne 30 Boudrie, Nick 168 Bragg, Andrew 249–50, 251, 286, 296, 297, 300, 302, 304, 329 Brenner, Catherine 199 Brierley, Ron 17, 18, 24, 26–7, 33, 36 Afterpay 83, 117 Brierley Investments 27 child pornography possession 259 GPG see Guinness Peat Group (GPG) IEL see Industrial Equity Limited (IEL) Weiss and 26 Brierley Mercantile 117 Brighte 201, 325 Brinkman, Wens 61 British Fashion Council 323 Brody, Gerard 144, 148, 201, 286, 329 Bryan, Mark 113, 223 Bryett, Wez 76, 77 Buckingham, William 43 Buckingham’s 43 Buffet, Warren 125, 178–9 bushfires 2019-2020 260, 261 Business Review Weekly 7 buy now, pay later (BNPL) sector banks’ attitude towards 217 birth of industry 48 code of conduct 224, 286, 298, 324–6 definition 48 different models 317–18, 322 ‘no-surcharge’ rules 254, 255, 262, 301, 302, 341 regulation see regulation of BNPL sector 201 retail payment economy, proportion 264 self-regulation 223, 224, 286, 298–9 Cahill, Antony 216 Caledonia 127 Caliburn 22, 23, 24, 63 Calvert-Jones, John 59, 60, 62, 84 Campbell, Rob 19, 35 Cannon-Brookes, Mike 101, 156, 201, 277, 281 Carnegie, Mark 14, 39, 40, 99, 311–12 Carr, Tony 109 Catalina restaurant 305, 306 Cato, Sue 199 Cato & Clegg 199, 200, 242 Centennial Funds Management 95 Certegy 48, 49–50, 201 Certegy-Ezi-Pay 52 consumer groups and regulators 50 Freedom Australia deal 48 jewellery sector 48–9 Chandra, Ashwini 169–70 Change Up 116 Chanos, Jim 177, 178 Chappelli Cycles 100 Charlton, Andrew 196, 200, 208, 209, 249 Chen, Francis Sy Lei 5 Chester, Karen 340 China 275–6 Chippendale, Phillip 175, 246 Chung, Juliet 295 Cisco 98 Citibank 168, 169, 184, 251 Clearpay 184, 280, 322, 323 London Fashion Week 323 Cleeve, Adrian 54, 55, 57, 58, 59, 60, 62, 69, 111 ATC Capital 65, 116, 159, 267 Cleevecorp 115–16, 159 death 111, 115 TAFMO 64, 65 Touchcorp IPO 58, 59, 67–8, 94 Cleeve, Audrey 69 Cleeve, Damien 59, 66, 69 Cleeve, estate of Adrian Afterpay Touch shareholding 118 legal proceedings 159, 267 Cleeve, Keith 58, 59, 60, 62, 69 Cleeve, Laurence 59, 66, 69 Cleeve, Linley 69 Cleeve, Terence 69, 116 Cleevecorp 115–16, 159 Clegg, Brett 199, 211, 242 CNN Money 15, 16 Coats 31–3 Coatue Management 234–5, 257, 258, 282, 295, 335 Coburn, Niall 142 code of conduct 224, 286, 298, 324–8 ASIC input 327 consumer groups and 326, 328–9 credit checks 327–8 politicians’ response 329 Coleman, Charles Payson Chase 234, 295 Commonwealth Bank 216–17 BNPL scheme, creation of own 338, 339 CommSec 318 Hayne Banking Royal Commission 215, 337 Klarna investment 247–8, 337–8 money-laundering allegations 151–2, 217–18 Comyn, Matt 215, 217–18, 247, 337 Connal, Simon 149 Connolly, Paul 55 Consumer Action Law Centre 144, 148, 201, 286, 329 consumer people power 311 Consumer’s Federation of Australia 328 Coppleson, Richard 134–5, 136–7, 165–6, 167, 193, 225 The Coppo Report 134 Cordukes, James 339 Costello, Peter 21 Council of Small Business Organisations Australia 262 Course, Phil 61, 62, 63, 65 COVID-19 260–1, 269 Centrelink lines 269, 271 ecommerce during 278 emergency health response plan 265 government response 269–71 JobKeeper 271 share market reactions 265–7 Team Australia 269, 300–1 US Federal Reserve 273 Cox, Karen 249, 328–9 Creasy, Stella 322 credit 42 Bankcards 46, 120, 218 big retailers and 44–5 cash orders 43, 44 consumer leases 50 credit cards 40, 41, 46 instalments, purchases by 42 interest-free loans 50, 51 lay-by 41, 44, 45, 46–7 millennials and credit cards 40, 41, 52, 73, 208, 217, 222 Transax 47 credit cards 40, 41, 46 Bankcards 46, 120, 218 ‘card not present’ fraud 119 chargeback 119 fraud 119 history in Australia 218–19 millennials and 40, 41, 52, 73, 208, 217, 222 regulation of 220–2 virtual cards 279 Crennan, Daniel 143 Cribb, Tom 58, 66, 67, 168, 169, 184 Crosby, Lynton 340 Crutchfield, Philip 101 cryptocurrencies 311 Cue Group 87, 88, 113, 130 Cureton, Graeme 63, 71, 83 CVC Capital 84, 99, 117 Cyan Investment Management 95, 107 Daly, Tony 11 David Jones 20, 44 Davies, Enno 55 Davis, Jim Woodson 238, 295 Davis, Melissa 243 day traders 278–9, 308–10 De Carvalho, Fabio 76, 77, 86, 87, 89 de Smet, Jan 61, 63 Debelle, Guy 266 Dey, Sujit 162–4, 167 Diamond, Larry 100, 211, 270, 279 Dish 153 Dogecoin 311 Don, Gil 246 Donoghue, Jon 289 Douglass, Hamish 96, 181 Druckenmiller, Stan 233 Drummond, Shaun 101, 103 Eastern Suburbs Rugby Club 11 eBay 13, 14, 77, 98, 157, 180, 240, 263 ecommerce 47 EFTPOS direct-debit system 46, 219 Einhorn, David 177, 178 Eisen, Anita 19, 21 Eisen, Anthony Mathew 13, 14, 17, 19, 24, 52, 133, 341–2 Adrian Cleeve and 58, 63 Afterpay see Afterpay background 19, 20 Byron Bay house 194, 303 early career 21 education 21 fortune, personal 277, 333 GPG 19, 25, 30, 35–6, 37, 63 Molnar, meeting 39, 52 Eisen, Malcolm 19, 20, 21, 24 Eisen, Samantha 24 Eley Griffiths 104, 105, 107, 187, 293 Ellerston 241 Emerson, Craig 209–10 Enron 177 Everaardt, Tineka 151 Ezra, Adam 131, 279 FAANG stocks 182 Facebook 98, 102, 122, 263, 289 factoring 181 Fahour, Ahmed 257 Fairfax 126–7 ‘fallacy of composition’ 254 Farmers 44 Farquhar, Scott 101–2, 277, 281 fashion retail sector 306 fast fashion 307 Feit, Alon 246 Fergie, Dean 95, 107 Ferrington, Rebecca 55 financial deregulation 119 Find the Moat blogger 121–2, 125 Fink, Larry 302 Firetrail 272, 292 First Sentier 292 Fisher, Emma 335 FlexiGroup 117, 325 FlexiRent 50, 51 Floyd, George 277 Forrest, Andrew 294 Fortescue Metals Group 294 Frydenberg, Josh 251, 261, 300–1, 326 G20 meetings 250, 261 Gabriele, Mario 313 Galloway, Scott 285, 289 Gamble, Duncan 187 Gamble, Neil 23 GameStop 308–10, 311, 319 Garg, Akash 242, 243 Gates, Bill 302 Gavin, Tim 11 Gazard, David 200, 214 Ge, Xin 242, 243 GE Finance 51, 100 General Pants 87, 103, 106, 107, 111 Gibbs, Tony 34, 35 Gill, Keith 309 Gillard, Julia 196 Gillezeau, Natasha 307 Ginges, Agnes 6 Ginges, Berel 6, 9 Ginges, Max 9–10 Glass, Max 20 Glen, John 322 Global Financial Crisis 33, 34, 52, 74 Gniwisch, Isaac 15, 16 Gniwisch, Julie 15 Gniwisch, Shmuel (Sam) 14–15, 16, 40 Godfreys 49–50 Gold, Fred 10 Gold, Gitta 10 Goldman Sachs 33, 66, 67, 105, 251–2, 274 Good Shepherd Microfinance 201, 204–6 Google 54, 92, 102, 127, 182, 240, 263, 289 Goot, Robert 4 Grace Bros 44 Graf, Ervin 9 Grant, Luke 210 Gray, Peter 100, 315, 316, 318 Great Depression 44 Greenberg, Paul 77–8, 83, 114, 129, 188 Online Retailer Conference & Expo 86 Greenspan, Alan 180 Grimshaw, Tracy 151 Gross, Bill 15, 16 Guinness Peat Group (GPG) 17, 18, 24, 28, 60 assets of, realising 35–7 Coats 31–3 Eisen hiring 30 history 28–9 late 1995-2005, activities 29–35 TAFMO, sale of 64 Guscic, John 112 Guthrie, Fiona 328, 338 Hakoah Club, Bondi 5 Hallas, Peter 8 Hallas, Yvonne 8 Halvorsen, Andreas Ole 235 Hammond, John 9 Hancock, David 52, 53, 73, 74, 108, 120, 130, 133, 229, 236 Hanneman, Gerhard 55 Harris, Richard 74, 75, 87, 108, 160–1 Harry, Troy 84, 85, 117, 125–6, 273 Hartzer, Brian 259 Harvey, Gerry 50, 149, 225 Harvey Norman 50, 51, 100 Hatton, Lee 339 Hawkins, Alan 28 Hayne, David 173 Hayne, Kenneth 141 Hayne Royal Commission 140, 141, 195, 205, 215, 218, 287 hedge funds 231, 295, 310–11 Hempton, John 191–2 Henry, Ken 141, 206, 216 Higgins, Jonathon 279, 291 Hodge, Michael 141 Hodgens, Patrick 272 Hogan, Sean 84 Holmes à Court, Robert 18, 27, 70 Holocaust 2, 5, 6, 8 Howard, John 21 Hughes, Anthony 18 Hughes, Sean 297, 298 Hui, Gary 119, 120 Hume, Jane 211–12, 213, 329 Hungary, post-war 2 Hunt, Peter 23 Hurrigan, Mr 3, 5 Ice Online 16, 39, 40, 55, 307, 311 The Iconic 134, 135 Immelt, Jeff 51 Industrial Equity Limited (IEL) 26, 27, 28 initial public offers (IPOs) 98–9 Innovative Payments 53 instalments, purchases by 42 instore retail 113, 130 Intellect 60, 63 point of sale terminals 60 TAFMO 61, 63 interest rates, low 180, 185 International Monetary Fund 261 Investors Mutual 127, 128, 291–2 Jackson, Shaun 55 Jacob, Ashok 71, 84, 112 Jacobsson, Victor 190 Jasper, Leigh 155 Jeans, Neil 258 Jefferies, Mike 30, 54, 58, 60, 66 Afterpay 83, 84 TAFMO 63, 64 Touchcorp CEO 116 Touchcorp shares 65, 67, 68 Jetstar 135 Jewish community financial success of 7–8, 9 Hungarian Jewish immigrants 5, 8 Melbourne 5, 8 Polish Jewish immigrants 5, 8 rag trade 9, 19 Sydney 3, 5, 7–8 Jewish Welfare Society 2 Johnson, Mark 35 Johnson, Steven 288 Jones, Alfred Winslow 231 Jones, Stephen 329 J.P.


Mastering Blockchain, Second Edition by Imran Bashir

3D printing, altcoin, augmented reality, autonomous vehicles, bitcoin, blockchain, business process, carbon footprint, centralized clearinghouse, cloud computing, connected car, cryptocurrency, data acquisition, Debian, disintermediation, disruptive innovation, distributed ledger, Dogecoin, domain-specific language, en.wikipedia.org, Ethereum, ethereum blockchain, fault tolerance, fiat currency, Firefox, full stack developer, general-purpose programming language, gravity well, interest rate swap, Internet of things, litecoin, loose coupling, MITM: man-in-the-middle, MVC pattern, Network effects, new economy, node package manager, Oculus Rift, peer-to-peer, platform as a service, prediction markets, QR code, RAND corporation, Real Time Gross Settlement, reversible computing, RFC: Request For Comment, RFID, ride hailing / ride sharing, Satoshi Nakamoto, single page application, smart cities, smart contracts, smart grid, smart meter, supply-chain management, transaction costs, Turing complete, Turing machine, web application, x509 certificate

Any value can be used but an appropriate value is usually between a few minutes; if the generation time is too fast it might destabilize the blockchain, if it's too slow it may not attract many users. Block rewards A block reward is for the miner who solves the mining puzzle and is allowed to have a coinbase transaction that contains the reward. This used to be 50 coins in bitcoin initially and now many altcoins set this parameter to a very high number; for example, in Dogecoin it is 10,000, currently. Reward halving rate This is another important factor; in bitcoin, it is halved every 4 years and now is set to 12.5 bitcoins. It's a variable number that can be set to any time period or none at all depending on the requirements. Block size and transaction size This is another important factor that determines how high or low the transaction rate can be on the network.

Coinage This parameter defines how long the coin has to remain unspent in order for it to become eligible to be considered stake worthy. Total supply of coins This number sets the total limit of the coins that can ever be generated. For example, in Bitcoin the limit is 21 million, whereas in Dogecoin it's unlimited. This limit is fixed by the block reward and halving schedule discussed earlier. There are two options to create your own virtual currency: forking existing established cryptocurrency source code or writing a new one from scratch. The latter option is less popular but the first option is easier and has allowed the creation of many virtual currencies over the last few years.


pages: 239 words: 74,845

The Antisocial Network: The GameStop Short Squeeze and the Ragtag Group of Amateur Traders That Brought Wall Street to Its Knees by Ben Mezrich

4chan, Asperger Syndrome, Bayesian statistics, bitcoin, Dogecoin, Donald Trump, Elon Musk, global pandemic, Google Hangouts, Hyperloop, Menlo Park, security theater, short selling, Silicon Valley, Silicon Valley startup, Tesla Model S, too big to fail, value at risk, wealth creators

Forty feet below the surface of Hawthorne, California, a working-class enclave fifteen miles outside Los Angeles. A freshly bored tunnel fitted with electrodynamic suspension rails and linear induction motors, as well as a partially constructed Hyperloop capsule, complete with inlet fan and axial compressor. Elon Musk, CEO and chief techno-king of Tesla; CEO, CTO, and chief designer of SpaceX; dogecoin enthusiast; bitcoin proselytizer; sometime richest man in the world; and the former president of the Galactic Federation of Planets, was moving fast, his legs churning at what felt like a thousand RPMs, as he tore through the twelve-foot-high, mile-long Hyperloop test track. He was breathing hard, fighting for air in the reduced pressure environment of the underground tube, but the state-of-the-art neurolink imbedded in his cerebellum instantly compensated for the lack of oxygen, firing messages down his neural pathways to continuously modify his circulatory and respiratory needs.


pages: 677 words: 206,548

Future Crimes: Everything Is Connected, Everyone Is Vulnerable and What We Can Do About It by Marc Goodman

23andMe, 3D printing, active measures, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, artificial general intelligence, Asilomar, Asilomar Conference on Recombinant DNA, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Brian Krebs, business process, butterfly effect, call centre, Charles Lindbergh, Chelsea Manning, cloud computing, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, Dean Kamen, disinformation, disintermediation, Dogecoin, don't be evil, double helix, Downton Abbey, drone strike, Edward Snowden, Elon Musk, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, future of work, game design, global pandemic, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, Intergovernmental Panel on Climate Change (IPCC), Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, John Markoff, Joi Ito, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kuwabatake Sanjuro: assassination market, Law of Accelerating Returns, Lean Startup, license plate recognition, lifelogging, litecoin, low earth orbit, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, Metcalfe’s law, MITM: man-in-the-middle, mobile money, more computing power than Apollo, move fast and break things, move fast and break things, Nate Silver, national security letter, natural language processing, obamacare, Occupy movement, Oculus Rift, off grid, offshore financial centre, optical character recognition, Parag Khanna, pattern recognition, peer-to-peer, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, RAND corporation, ransomware, Ray Kurzweil, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Ross Ulbricht, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, supply-chain management, technological singularity, telepresence, telepresence robot, Tesla Model S, The future is already here, The Future of Employment, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Wall-E, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, Westphalian system, WikiLeaks, Y Combinator, you are the product, zero day

In the days of Al Capone’s Prohibition-era racketeering, the Feds’ mantra became “Follow the money,” and it was ultimately tax evasion charges, not murder convictions, that brought down the world’s biggest crime boss of the 1930s. Though “follow the money” has been the core credo in law enforcement ever since, cops may soon have to find a new motto. There are now more than seventy virtual crypto-currency competitors to Bitcoin, such as Ripple, Litecoin, and Dogecoin, and it is estimated nearly $10 billion in virtual currencies were transacted in 2013 alone. Given the vast sums at play, it should come as no surprise that criminals are not only transacting Bitcoin but also targeting the crypto currency for theft. Hackers have been able to steal millions and millions of dollars in virtual money from one another, with the largest attack to date directed against Mt.

The computing power embedded in smart objects scattered throughout your home and office can be profitable to criminals in other ways as well. In early 2014, researchers discovered tens of thousands of Internet-enabled DVRs that had been hacked with the Linux.​Darlloz worm to use their processing power to mine for crypto currencies such as MinCoins and Dogecoins. In doing so, hackers can keep your appliances running at full speed, generating virtual currencies for them while sticking you with the electric bill for spinning your devices 24/7. In theory, the new smart meter in your home might catch the excessive electricity use, but of course it too can be hacked.


pages: 275 words: 84,980

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives) by David Birch

agricultural Revolution, Airbnb, bank run, banks create money, bitcoin, blockchain, Bretton Woods, British Empire, Broken windows theory, Burning Man, business cycle, capital controls, cashless society, Clayton Christensen, clockwork universe, creative destruction, credit crunch, cross-subsidies, crowdsourcing, cryptocurrency, David Graeber, dematerialisation, Diane Coyle, disruptive innovation, distributed ledger, Dogecoin, double entry bookkeeping, Ethereum, ethereum blockchain, facts on the ground, fault tolerance, fiat currency, financial exclusion, financial innovation, financial intermediation, floating exchange rates, Fractional reserve banking, index card, informal economy, Internet of things, invention of the printing press, invention of the telegraph, invention of the telephone, invisible hand, Irish bank strikes, Isaac Newton, Jane Jacobs, Kenneth Rogoff, knowledge economy, Kuwabatake Sanjuro: assassination market, large denomination, M-Pesa, market clearing, market fundamentalism, Marshall McLuhan, Martin Wolf, mobile money, Money creation, money: store of value / unit of account / medium of exchange, new economy, Northern Rock, Pingit, prediction markets, price stability, QR code, quantitative easing, railway mania, Ralph Waldo Emerson, Real Time Gross Settlement, reserve currency, Satoshi Nakamoto, seigniorage, Silicon Valley, smart contracts, social graph, special drawing rights, technoutopianism, The future is already here, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, wage slave, Washington Consensus, wikimedia commons

Years ago my son was already trading World of Warcraft Gold via his iPhone with insight and dexterity to match the best of Wall Street’s high-frequency traders. Now you can download an app for the Brixton Pound on your smartphone and, even as I write, there are kids in basements dreaming up the next DogeCoin and Drachma. Money eras It is difficult to see the trajectory of money when technologies that were invented in the 1960s (like the magnetic stripe) or indeed the 1860s (like uniformly valued, nationally based paper US dollars) exist alongside technologies that haven’t yet been fully invented (Maurer and Swartz 2014).


pages: 349 words: 102,827

The Infinite Machine: How an Army of Crypto-Hackers Is Building the Next Internet With Ethereum by Camila Russo

4chan, Airbnb, algorithmic trading, altcoin, always be closing, Any sufficiently advanced technology is indistinguishable from magic, Asian financial crisis, bitcoin, blockchain, Burning Man, crowdsourcing, cryptocurrency, distributed ledger, diversification, Dogecoin, Donald Trump, East Village, Ethereum, ethereum blockchain, Flash crash, Google Glasses, Google Hangouts, hacker house, Internet of things, Mark Zuckerberg, Maui Hawaii, mobile money, new economy, peer-to-peer, Peter Thiel, pets.com, Ponzi scheme, prediction markets, QR code, reserve currency, RFC: Request For Comment, Richard Stallman, Robert Shiller, Robert Shiller, Sand Hill Road, Satoshi Nakamoto, semantic web, sharing economy, side project, Silicon Valley, Skype, slashdot, smart contracts, South of Market, San Francisco, the payments system, too big to fail, tulip mania, Turing complete, Uber for X

Did they really need $100 million to develop a chat app? Hadn’t Ethereum raised just a fraction of that? WeChat itself only raised $3.5 million in its seed round. The word “greed” was coming up more and more often whenever ICOs were being discussed. Jackson Palmer, the founder of the digital currency Dogecoin, posted a YouTube video around the time of the Status sale saying, “The real reason the [ether] price has been going up something like a hundred dollars per week for the past month is really just greed: Greed from developers, greed from investors [and] greed from everybody in this speculative market.”


pages: 387 words: 112,868

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money by Nathaniel Popper

4chan, Airbnb, Apple's 1984 Super Bowl advert, banking crisis, Ben Horowitz, bitcoin, Bitcoin Ponzi scheme, blockchain, Burning Man, buy and hold, capital controls, Colonization of Mars, crowdsourcing, cryptocurrency, David Graeber, Dogecoin, Edward Snowden, Elon Musk, Extropian, fiat currency, Fractional reserve banking, Jeff Bezos, Julian Assange, Kickstarter, life extension, litecoin, lone genius, M-Pesa, Marc Andreessen, Mark Zuckerberg, Occupy movement, peer-to-peer, peer-to-peer lending, Peter Thiel, Ponzi scheme, price stability, QR code, Ross Ulbricht, Satoshi Nakamoto, Silicon Valley, Simon Singh, Skype, slashdot, smart contracts, Startup school, stealth mode startup, the payments system, transaction costs, tulip mania, WikiLeaks

Krugman asked. Cowen, meanwhile, argued that Bitcoin was going to have difficulty sustaining its value as new and better-designed cryptocurrencies came along and drew users away from it. Some people were, indeed, already choosing to hold Litecoin, Charlie Lee’s creation, and a hip, younger cryptocurrency, Dogecoin. But a deeper strain lurking beneath these critiques was an awareness that one of the fundamental premises that had driven Bitcoin’s popularity seemed, increasingly, to have been disproved. Many early Bitcoiners, particularly in the libertarian camp, had believed that the Federal Reserve’s efforts to stimulate the economy in the wake of the financial crisis, by pumping lots of new money into banks, would devalue the dollar and lead to high inflation, similar to what had happened in Argentina.