Don’t you hate it when you buy dog food at the pet store, then, as you browse the web moments later, advertisements for dog food appear on your screen? Or maybe you’re having a private conversation with you’re wife at home when you mention needing to get an oil change, and later ads for Jiffy Lube show up on a social media platform.… Read more
The Triumvirate of Liquidity – Nik Bhatia
Here is an interesting piece by Nik Bhatia explaining the Triumvirate of Liquidity — US Treasuries, gold, and Bitcoin — the only safe have assets which shelter investors from systemic risks of the overextended global financial system, the liquid assets to which investors flee amid turmoil.… Read more
The World Has Gone Mad and the System Is Broken – Ray Dalio
Bitcoin is Not a Pyramid Scheme
The next installation of the incredible Gradually, Then Suddenly series of blog posts by Parker Lewis has been published. This post combats the ridiculous claim thrown by uninformed Intellectual Yet Idiots that Bitcoin is a pyramid (or Ponzi) scheme.
While the title of the post references pyramid schemes, the meat of the post amounts to a tour de force exposition of the price mechanism.… Read more
A Model for Bitcoin’s Security
Last week, Hasu, James Prestwich, and Brandon Curtis released a research paper examining Bitcoin’s ability to function properly in an adversarial environment, A Model for Bitcoin’s Security and the Declining Block Subsidy.
In the paper, the authors introduce a model, which can be reduced to a simple formula, for assessing the Bitcoin protocol’s security based on a number of factors:
… Read moreWe can thus derive that EV(honest mining) EV(attack mining) is the necessary condition for Bitcoin to be secure against rational attackers.