The growing case for Bitcoin, amidst its many competitors
The term Bitcoin maximalist was coined by Vitalik Buterin not long after the Ethereum crowdsale. Despite its origin as an epithet, the term has been embraced by enthusiasts who posit Bitcoin is a superior network in engineering terms. In the article below, author Willem Van Den Bergh dives into considerations around Bitcoin Maximalism.
Ehh, most of the *sane* "Bitcoin maximalists" are more of the "well, nothing really competes with BTC, but other projects are trying to address fundamentally different goals, so that's fine, though skeptical of their ability to achieve those goals" opinion.— Matt Corallo (@TheBlueMatt) June 28, 2018
"The Network effect, Lindy effect and Schelling point are facets of one overarching phenomenon i.e. the adoption of one monopoly communication protocol through free market competition over time. The communication monopoly effect if you will."
This week's news recap
Monday: Will Lightning Network brings us hyperbitcoinization?
Tuesday: What does the disruption of Intel tells us about cryptocurrency mining?
Wednesday: Cryptocurrency in the eyes of politicians
Thursday: The challenges of incentive design
Further readings this week
"Their growth was driven, to an extent, by fundamental expansion. Earnings more than quadrupled over these five years, but even still, prices got out way over their skis as investors extrapolated this growth too far out into the future. The combined four companies were trading at 100x earnings and 26x sales by early 2000."
"Understanding one’s own tendencies can go a long way to addressing them, as well as understanding the tendencies of our coworkers. A yielding or avoidant person can be induced to collaborate by raising their confidence. A competitive person needs to have their defences lowered. But really everyone can benefit from these two golden rules of raising confidence and lowering defences."
"This approach is valued by some because it enables a wider array of miners to participate, especially those who do not have the resources to purchase ASICs, which can cost thousands of dollars apiece compared to several hundred for a GPU. This approach, some would argue, makes for a more decentralized network of miners."
"Y Combinator began the same way as most other startups: with a hypothesis about something we thought people wanted. It turned out they did want it, and we grew and grew. Now we've funded 1867 startups with a total value of over $100 billion."
"Now, security researchers from Ruhr-Universität Bochum and New York University Abu Dhabi have developed three novel attacks against LTE technology that allowed them to map users' identity, fingerprint the websites they visit and redirect them to malicious websites by tampering with DNS lookups."