Bitcoin in 2016: The Year Politics Challenged Algorithmic, Apolitical Money
When I first started working to develop bitcoin applications in 2011, I assumed it was a fairly stable protocol that would be unlikely to change in drastic ways – the rules were well-defined and the network was open to participation by anyone who adhered to these rules. Despite noting plenty of ways the system's design could have been made better in hindsight, it was clear that getting everyone on the network to adopt changes to these rules would be a difficult task. It was feasible to have multiple implementations as long as they all followed the same rules. But even relatively small....
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Are algorithmic stablecoins trying to clone the intrinsic qualities of fiat money or dollar; like security? The recent craze over algorithmic stablecoins has stirred mixed reactions from the crypto community. For crying out loud, it has been an emotional contagion for crypto enthusiasts everywhere. So, is it overkill? Are algorithmic stablecoins too ambitious? Suggested Reading […]
Politicians like Ted Cruz often try to force Bitcoin into their political paradigm, but Bitcoin is apolitical and doesn’t fit into any category.
An early trope about bitcoin was that it was ‘non-political’ money. That’s a tantalizing notion, given the ugliness of politics. But a monetary system is a social system, technology is people, and open-source software development requires intensive collaboration – particularly around a protocol with strong network effects. When the group is large enough and the subject matter important enough, human relations become politics. I think that is true even when it’s not governmental (read: coercive) power at stake. Bitcoin’s politics burst into public consciousness last week with the “whiny....
One thing to be aware of in our world is, sadly, politics. Yes, Politics. It's 'smart-people' term for 'yelling about government.' Take it from me, Calvin Tran. I was oddly fascinated with politics in 3rd grade with the election of George Bush VS John Kerry. I was the typical brainless child who stood by his parents's opinions and with no real understanding of politics. This came back in 2011 when I discovered Ron Paul, and (yes, I can see your eyes rolling) I became enthused with the Libertarian ideals of free market principles and social freedoms. Since then, I've been enthralled by....
2016 has been an exciting year for cryptocurrencies. With most of the major open-source currencies showing growth this year and with some expected to see significant expansion in 2017, 2016 reflects a loss of faith in traditional money systems in light of the global populism trend and a growing confidence in the underlying technologies in play for crypto transactions. As the year comes to an end, CoinDesk took a moment to look at the best-performing cryptocurrencies by market capitalization for the year and the factors that affected the markets throughout the year. For the sake of this....