The Memory Pool

Where ideas wait to be mined into the block chain of the collective conscience
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Ethereum is Doomed

Daniel Krawisz - June 20, 2016

I fully support the attacker’s actions, and I wish I had thought of it first.


Proof That Proof-of-Work is the Only Solution to the Byzantine Generals' Problem

Oleg Andreev - November 17, 2015 (Originally published May 23, 2014)

If achieving consensus in a non-trust manner is ever possible in practice, then it is only possible with a Proof-of-Work scheme and highly specialized expensive production chains.


Who Controls Bitcoin?

Daniel Krawisz - February 08, 2015

Bitcoin upgrades must be a clear improvement to Bitcoin as an investment or else they face a sharp uphill battle to adoption.


Bitcoin as a Store of Value, Unit of Account, and Medium of Exchange

Daniel Krawisz - January 12, 2015

Bitcoin has the right properties for the world’s money, and the more the world comes to terms with this, the more stable it will become.


The Fappening — Brought to You By The Information Marketplace

Daniel Krawisz - January 06, 2015 (Originally published September 03, 2014)

Bitcoin makes conspiratorial group cohesion more difficult. If the Fappening took place as I described, then this effect is right at the center. The possibility of getting bitcoins by releasing secrets caused the group to fall apart.


Bitcoin’s Compound Rewards

Daniel Krawisz - January 05, 2015 (Originally published October 25, 2014)

The difference between Bitcoin and a Ponzi scheme is that in a Ponzi scheme, the early adopters benefit by cashing out. With Bitcoin, there is no reason ever to cash out.


Babysitting Bitcoin Skeptics: A Response to Krugman and Gobry

Daniel Krawisz - January 04, 2015 (Originally published November 30, 2014)

Krugman’s article and Gobry’s follow-up are confused, do not establish their case, and say nothing about Bitcoin.


Don’t Panic

Daniel Krawisz - January 03, 2015 (Originally published November 22, 2014)

Working in the Bitcoin world is like working for a drug addict with bipolar disorder.


The Two Ideologies in Bitcoin

Daniel Krawisz - January 02, 2015 (Originally published October 04, 2014)

There are two ideologies in the Bitcoin world. They are not political ideologies; they are different visions of Bitcoin’s place in the world and how adoption will happen.


Meditations on Cypherpunk Nightmares

Michael Goldstein - December 24, 2014

Protecting ourselves from the dangers of crypto-anarchy requires embracing it even more fully and internalizing and practicing the virtues that have helped great men weather the storms of life since antiquity.

Also available in: zh


The Legacy of the Dread Pirate Roberts

Daniel Krawisz - November 08, 2014 (Originally published July 10, 2014)

All Bitcoin entrepreneurs today build on top of the success of the Silk Road. Their work was made possible by his.


Real Crypto-Anarchy Without Anonymity

Oleg Andreev - October 02, 2014 (Originally published December 28, 2013)

Bitcoin raises the cost of many kinds of attacks, going far beyond protecting against central banks meddling with money supply.


Bitcoin Is Great, But It Won’t Fix Our Monkey Brains

Andrea Castillo - September 30, 2014 (Originally published June 10, 2014)

Bitcoin provides us alternatives to compelled trust in monopolies but it can never obviate the need for trusted human connections. Nor can it protect us from our own pesky brain bugs’ ambiguous filters on perceived reality.

Also available in: zh


Everyone's a Scammer

Michael Goldstein - September 11, 2014

There is a war going on for your bitcoins, and willpower is your only defense.


Bitcoin: Killer of Nietzschean Nihilism

Peter Dushenski - July 04, 2014 (Originally published April 29, 2014)

Only Bitcoin can restore the necessary balance between the Gods. Only Bitcoin can give us life.


Speculative Attack

Pierre Rochard - July 04, 2014

Bitcoin will overtake weak currencies like the dollar through speculative attacks and currency crises, not through the careful evaluation of tech journalists and 'mainstream consumers'.

Also available in: es


Bitcoin's Shroud of Subtlety and Allure

Daniel Krawisz - June 29, 2014

Potential Bitcoin attackers are in a Prisoner's Dilemma. In the same way that the people cannot easily rebel against the king owing to a lack of coordination on their part, governments cannot rebel against Bitcoin for the same reason. The government puts the people in a Prisoner's Dilemma against one another, and Bitcoin does the same to government agents.


Bitcoin's Rugged Individualism

Daniel Krawisz - June 29, 2014

There is a fundamental agency problem with Bitcoin: agents can disappear or simulate a heist upon themselves. They cannot rationally be trusted without extreme costs being imposed on them which are more stringent than traditional banks.


Anarchist Strategy

Daniel Krawisz - June 12, 2014

The strength of the state is the perception of strength. No matter how vast and powerful it appears, the state can always be destroyed in a moment.


Appcoins Are Snake Oil

Daniel Krawisz - May 24, 2014

Appcoins are a terrible idea.


The Correct Strategy of Bitcoin Entrepreneurship

Daniel Krawisz - May 16, 2014

Don't be a venture capitalist—be a speculative philanthropist.


Bitcoin is the Best Unit of Account

Daniel Krawisz - May 10, 2014

Someone still lost in the dollar world looks at Bitcoin and sees wild and extreme volatility, whereas someone in Bitcoin looking back at the dollar sees the worst and longest economic crash in history.

Also available in: es


How We Know Bitcoin Is Not a Bubble

Daniel Krawisz - May 03, 2014

The difference between money and a bubble is that a commodity whose price is a bubble actually has some underlying value.


How to Market Bitcoin

Daniel Krawisz - April 26, 2014

Does Bitcoin need to be sanitized and separated from its anarchist, black-market roots in order to become acceptable to the general population? Absolutely not!


Hyperbitcoinization

Daniel Krawisz - March 29, 2014

Government currencies will rapidly lose value as Bitcoin supplants it. What will such an event be like and how can it be understood economically?

Also available in: es


The Coming Demise of the Altcoins (And What You Can Do to Hasten It)

Daniel Krawisz - March 14, 2014

What falleth, that shall one also push!


Bitcoin Has No Image Problem

Daniel Krawisz - February 25, 2014

The best way to improve Bitcoin’s image is simply to improve the Bitcoin economy.


I'm Hoarding Bitcoins, and No You Can't Have Any

Daniel Krawisz - February 12, 2014

The real hero is the hoarder.


Why Bitcoin Will Continue to Grow

Daniel Krawisz - February 01, 2014

For now at least, Bitcoin’s present trend is self-reinforcing with no equilibrium in sight.


I Love Bitcoin's Volatility

Daniel Krawisz - January 28, 2014

Those who worry about Bitcoin’s volatility fail to understand what it actually means for Bitcoin.


Why Anarchy?

Daniel Krawisz - December 31, 2013

Anarchism is not extremism: it is simply correct.


Mastercoin is a Nightmare of Insanity

Daniel Krawisz - December 20, 2013

No one should ever use Mastercoin under any circumstances or appraise their value as anything above zero.


The Bitcoin Central Bank's Perfect Monetary Policy

Pierre Rochard - December 15, 2013

The Bitcoin Central Bank will be the longest lasting institution of its kind thanks to the anti-fragile independent monetary policy it has set in stone.


The Problem with Altcoins

Daniel Krawisz - August 22, 2013

In short, the altcoin phenomenon is the product of greed and bounded rationality.


The Original Value of Bitcoins

Daniel Krawisz - July 02, 2013

Once it was known that bitcoin could be sold, even for a pittance, new possibilities opened up.


The Proof-of-Work Concept

Daniel Krawisz - June 24, 2013

Proof-of-work should not be seen as a mysterious or wasteful system, but as something functional, natural, and potentially of value for the design of any communication protocol.


Crypto-Anarchy and Libertarian Entrepreneurship - Chapter 4: The Risk from the Software Industry

Daniel Krawisz - June 05, 2013

Stay one step ahead of the government and don’t get embroiled in politics.


Crypto-Anarchy and Libertarian Entrepreneurship - Chapter 3: The Killer App of Liberty

Daniel Krawisz - May 29, 2013

If Bitcoin becomes money, the government’s control of money will have ended.


Crypto-Anarchy and Libertarian Entrepreneurship - Chapter 2: Public-Key Cryptography

Daniel Krawisz - May 24, 2013

Public-key cryptography is the greatest tool of liberty ever devised.


Crypto-Anarchy and Libertarian Entrepreneurship - Chapter 1: The Strategy

Daniel Krawisz - May 22, 2013

With cryptography, one libertarian inventor can create an entire libertarian society.


Fractional Reserve Banking is Obsolete

Pierre Rochard - February 22, 2013

There is no reason to deposit your money with a 3rd party. Bitcoin makes fractional reserve banking an obsolete technology.


End the Fed: Hoard Bitcoins

Pierre Rochard - February 19, 2013

Low transaction costs make Bitcoin the most competitive medium of exchange in humanity’s history, and it may be the case that a currency with even lower transaction costs is theoretically impossible.


Working and Saving are Revolutionary Acts

Pierre Rochard - December 24, 2012

New capital formation is the impetus for two trends that push the equilibrium of all industries towards decentralized markets: increasing technological sophistication and a deepening of the division of labor.