Chris Burniske
Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
by
13 editions
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published
2017
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“Cryptoassets, like gold, are often constructed to be scarce in their supply. Many will be even more scarce than gold and other precious metals. The supply schedule of cryptoassets typically is metered mathematically and set in code at the genesis of the underlying protocol or distributed application.”
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
“The only way attackers can process invalid transactions is if they own over half of the compute power of the network, so it’s critical that no single entity ever exceeds 50 percent ownership. If they do, then they can perform what’s referred to as a 51 percent attack, in which they process invalid transactions. This involves spending money they don’t have and would ruin confidence in the cryptoasset. The best way to prevent this attack from happening is to have so many computers supporting the blockchain in a globally decentralized topography that no single entity could hope to buy enough computers to take majority share.”
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
“When reading the white paper, the first question to ask is: What problem does it solve? In other words, is there a reason for this cryptoasset and its associated architecture to exist in a decentralized manner? There are lots of digital services in our world, so does this one have an inherent benefit to being provisioned in a distributed, secure, and egalitarian manner? We call this the decentralization edge. Put bluntly by Vitalik Buterin, “Projects really should make sure they have good answers for ‘why use a blockchain.”
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
― Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
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