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Backing Bitcoin

What is bitcoin backed by? The currency is backed by a public ledger, called the blockchain, which specifies which bitcoins are in which account and identifies everyone’s holdings. The blockchain is in turn backed by decentralized replication, consensus, advanced cryptography and a network with the most computing power of any network in history. Each coin […]

November 18, 2021

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CyberBusiness

This: “Then there’s ‘cyberbusiness’. We’re promised instant catalog shopping—just point and click for great deals. We’ll order airline tickets over the network, make restaurant reservations and negotiate sales contracts. Stores will become obsolete. So how come my local mall does more business in an afternoon than the entire Internet handles in a month? Even if […]

November 18, 2021

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Responding to Krugman’s article

Paul Krugman recently published an opinion piece in the NYT (original article here) and a good friend forwarded it to me. Below, find his article (in italics) and my responses. The story so far: Bitcoin, the first and biggest cryptocurrency, was introduced in 2009. It uses an encryption key, similar to those used in hard-to-break […]

November 18, 2021
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