What Are Cryptocurrencies, Anyway?

  There have been digital currencies like BitGold and digital payment systems like Paypal before. What makes cryptocurrencies so special? In fact, they aren’t really special except for two things. First, literally anyone can use them without needing a photo ID or a bank account. If you can carry a paper wallet in your pocket … [Read more…]

Why Not Just Use Banks?

I know what you’re probably thinking. With all the problems and highly technical solutions in the last chapter, why can’t future space colonies just establish a common banking system? It would almost be easier than agreeing on which cryptocurrency to use. This is ignoring the idea that colonies that wish to participate in trade don’t … [Read more…]

How The Blockchain Network Works

The above graphic shows the difference between a centralized, decentralized and distributed network for reference. It’s especially important to note that cryptocurrencies are decentalized networks – clients linking to nodes and nodes linking to each other – and not distributed networks in which each device is equal to all other devices. A typical Smart Phone … [Read more…]

We Have A Choice To Make

The idea that Satoshi Nakamoto might have been an alien might make for an amusing History Channel documentary. As a popular meme inspired by the History Channel’s “Ancient Aliens” says, “I’m not saying it was aliens, but it was aliens.” In all seriousness, Satoshi probably didn’t come from another planet any more than Elon Musk … [Read more…]