Tag: bitcoin

Are NFTs the missing crypto killer-app?

The dot com vision was e-commerce, but the killer apps came in the form of social and search. In crypto, its still to be seen where the killer apps are.

I don´t think this killer apps will be about cryptocurrencies. Why? Because you need a real crypto economy generating value for many people.

A crypto economy is not people buying and selling Bicoins, but people earning Bitcoins in exchange for their work, products, and services.… Read more...

Crypto: Where are the Added Value Apps?

In 1999 Friedman predicted Bitcoin stating that internet would reduce government power and introduced the idea of digital cash, in order to reduce the power of a third party in transactions. I think that´s a legitimate objective.

Also, a business structure where control is spread out rather than hierarchical such as DAOs, and where a community of like-minded people is working together towards a common interest, without a central authority, is also an interesting figure with tons of potential to create value.… Read more...

Tokenización de Objetos Reales y la 4ª Revolución Industrial

Prácticamente todo el debate crypto se centra en las criptomonedas y los NFTs, pero es en la confluencia de la tecnología Blockchain y la trazabilidad en el mundo físico donde está la acción importante.

Es el internet de las cosas (IoT) aplicado a las cosas del mundo real. Es decir, la tokenización de objetos reales para su registro y gestión en cadenas de bloques.… Read more...

Confianza vs Eficiencia: El Fracaso de Bitcoin

Aunque la tecnología Blockchain pueda parecer compleja, esencialmente se basa en el concepto central a todo tipo de negocio: construir confianza. La confianza no es gratuita, lleva tiempo y esfuerzo a cualquier organización construir las relaciones necesarias para que un negocio funcione. Se necesita interacción humana y sistemas de control caros de mantener.… Read more...

What is a DAO?

A decentralized autonomous organization (DAO), sometimes labeled a decentralized autonomous corporation (DAC), is an organization that is run through rules encoded as computer programs called “smart contracts”, and whose financial transaction record and program rules are maintained on a blockchain database.… Read more...

From Subprimes to CBDCs

The idea behind banks is that they lend into business and industry to increase the productive capacity of the economy. Business and industry don’t have to wait until they have the money to expand. They can borrow the money and use it to expand today, and then pay that money back in the future.

The economy can then grow more rapidly than it would without banks.… Read more...

Libertarians and Social Justice

The crypto ideal was captured by the free-market economist Walter Williams who stated,

Let me offer you my definition of social justice: I keep what I earn and you keep what you earn. Do you disagree? Well then tell me how much of what I earn belongs to you—and why?.

In this view, social justice resides in the reward of merit and the protection of property rights, especially the property every person has over his or her own body.… Read more...

Economía Post-Covid y la Fábrica de Burbujas

Los inversores han dejado de considerar el valor ‘utilidad’ y se están pasado al valor ‘almacén’. Compran pisos como en China para “guardar” el dinero, no para generar innovación o investigación. Lo mismo pasa con muchos otros productos: la gente piensa cada vez más en el valor de reventa de las cosas, y menos en el de utilidad.… Read more...

Remember CBDCs are still DEBT !

The fallacy we live in is that we believe that debt based fiat currency has any value beyond the government’s promise to take it in as taxes. Otherwise, there is no other promise and anyone not required to pay US or EUR tax can just as easily transact in something else. Those holding fiat debt instruments are waking up to this.… Read more...

Who Needs a Hackable World?

Governments and corporations won’t ever allow decentralized apps because they are the ‘institutional hackers’. They need a hackable world to spy and control people.

Data breaches are just collateral damage in a war is about controlling each and every aspect of your life. Its about controlling your will (govs, police, etc.)… Read more...

The challenges in Bitcoin: development

Innovation around Bitcoin is being slow: mostly exchanges and wallets. The script makes it ‘programmable money’, but its probably too restrictive. To become mainstream, Bitcoin needs a killer app… but here´s the issue: the crypto community just does not respect the user.

Developers should understand what they are doing and why.… Read more...

Investment vs Speculation

Investment is buying something because its price is lower than its intrinsic value. You pay money that will come back to you increased over time, as the result of some form of added value.

Speculation is buying something without considering the underlying value, or the appropriateness of the price, in order to make a profit by selling it back.… Read more...

Criptomonedas, un problema de falta de adopción

El de las criptomonedas es un problema en el que confluyen economía, política, tecnología y emociones encontradas. Y los análisis se basan en “partidarios” y “detractores”, cuando lo que debería haber es un análisis puramente técnico del asunto, no un debate ideológico.

Las criptomonedas (en concreto Bitcoin) estaban llamadas a generar una nueva economía con más libertad y oportunidades para todos.… Read more...

Notes on Bitcoin

People could not use an operating system until Windows appeared. With icons and a mouse you no longer needed to post or learn lines of code. Same is happening with crypto. Bitcoin needs an ‘abstraction layer’ for people to understand it and go mainstream.

Alice wants to pay Bob for his services and both have their own wallet.… Read more...

The value of Bitcoin does not come from some arbitrary value, and therefore people trade it. It’s quite the opposite: because anyone can trade with BTC (anywhere, everywhere with no fraud and very low fees), that as a result it has value.

With bitcoin, we can trust the people, not one man. We can trust that 51% of us are honest.… Read more...

How to Attack a Blockchain

Some interesting post brings to me some ideas to the table. Lets discuss how to theorecally attack a BC and commit fraud on it (never done since the start in 2008).

  • Shutting down the Internet.
  • Or shutting down all the nodes running the BC.

The 51% Attack

Its a very large flaw in public BC like BTC. If a single entity had the majority of the hash rate then it could manipulate the public ledger.… Read more...

¿Dinero Separado del Estado?

Se debe huir del debate ‘Criptografía vs Ley’ porque es una falacia. La Criptografía nos interesa a todos, y no hay derecho a que el Gobierno demande una ‘puerta trasera’ a los gadgets con el fín de espiar a la gente.

Hacer las comunicaciones más inseguras sólo beneficia a los responsables políticos, pero perjudica a la sociedad, haciéndola mucho más vulnerable a los ataques y atentados de ‘los malos’.… Read more...

Crypto Regulation: a False Problem

(Regulate the cars as if they were horse cars).

The problem isn’t whether there should be regulation or not: no one is stupid enough to participate in a network where there are no rules or regulations of any kind. And that’s certainly not the case with Bitcoin.

Bitcoin rules are not imposed from a desk.… Read more...

No Bitcoins out of the Blockchain

There is not a single Bitcoin or Satoshi outside of the Bitcoin Blockchain. All transactions are kept there and the only thing that transfers is the access keys. I hear many people talk about what is safer to ‘store’ Bitcoins, a software or hardware wallet but that’s misleading because there are no Bitcoins stored anywhere else other than on the Blockchain.… Read more...

Blockchain: The fusion of a Database with a Network

To some, the blockchain architecture is a breakthrough because it constitutes the first large-scale fusion of a database with a network.

The Networked Database

Frst we had isolated databases, then we created the internet to connect databases to the network, and with the blockchain we are essentially merging both concepts in a completely secured and reliable way.… Read more...

Criptomonedas y Respaldo en Oro

La mayoría de las ‘gold-backed’ cryptos son un fake. Todas aquellas que no están asociadas a una cantidad fija de oro, 100% redimibles (entregándote tu porción de oro) no deberían ser consideradas como respaldadas por oro.

De lo contrario uno podría decir que cualquier divisa como el dólar o el euro está también respaldada por oro (allí donde el país emisor tenga reservas), lo cual es obviamente falso.… Read more...

Suministro limitado o ilimitado de dinero

Las monedas con valor intrínseco son una antigualla del pasado. El dinero debería tener un suministro como el de cualquier commodity.

Lo que no es tolerable es que (al igual que ocurre con las commodities) ese suministro primario lo acaparen y se beneficien de él unos pocos, como ocurre ahora mismo. Y esto también ocurre con el Bitcoin, ya que los mineros cuentan con ventajas de capital inducidas por el ‘viejo mundo’.… Read more...

Porqué Bitcoin es Deflacionario

A medida que el valor del Bitcoin se incrementa el número de ellos necesario para comprar algo disminuye. Esto es el modelo deflacionario, que llevará a que Bitcoin termine siendo una “meta moneda” y que en en la práctica sólo se utilicen sus fracciones.

Un segundo factor refuerza la tendencia deflacionaria: el hecho de que si pierdes tu monedero con las claves el dinero se pierde para siempre (nadie lo reencuentra ni se pone de nuevo en circulación).… Read more...