“…the Ethereum people sold their own made-up digital currency for someone else’s made-up digital currency, which will now be pegged against more new made-up currencies? And people trade cold hard US dollars for these? This is snake-oil nonsense! “
The Ethereum guys are smart and committed. It’s the digital currency aspects that I have a problem with. Wherever I find it.
No convertibility, no parity.
Strange, interesting, and wildly ambitious things are afoot in the world of Bitcoin and blockchains. I give you Zerocash, a completely anonymous currency; Ethereum, a blockchain platform designed to decentralize much of the Internet; and sidechains, a proposal to accelerate the evolution of Bitcoin itself. Any one of these could conceivably become a very big deal. All three? Prick up your ears.
Of Bitcoins And Blockchains
If you’re not au fait with blockchains, your head may already be swimming. Some background: Bitcoin, the infamous cryptocurrency, is built on a new kind of distributed-consensus technology called a blockchain, which allows transactions to be securely stored and verified without any centralized authority at all, because (to oversimplify) they are validated by the entire network.
Its success has spawned scores of variant cryptocurrencies, known as “altcoins,” the most famous of which is Dogecoin. But Bitcoin remains, by far, the big…
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