Lately I’ve been thinking that cryptocurrency depends on scarcity. Yes there is the monetary scarcity built in to fixed supply currencies like Bitcoin —there can only be 21M Bitcoin ever mined. But that’s not what I’ve been thinking about. Crypto’s underlying security mechanisms ECC (Elliptic Curve Cryptography) assumes that both the cryptography never be cracked and that machines will never get fast enough to allow for brute force attacks. This assumption implies that technology in a future with Bitcoin (and other cryptoassets) would look very similar to what technology looks like today.
On the scarcity of Bitcoin
On the scarcity of Bitcoin
On the scarcity of Bitcoin
Lately I’ve been thinking that cryptocurrency depends on scarcity. Yes there is the monetary scarcity built in to fixed supply currencies like Bitcoin —there can only be 21M Bitcoin ever mined. But that’s not what I’ve been thinking about. Crypto’s underlying security mechanisms ECC (Elliptic Curve Cryptography) assumes that both the cryptography never be cracked and that machines will never get fast enough to allow for brute force attacks. This assumption implies that technology in a future with Bitcoin (and other cryptoassets) would look very similar to what technology looks like today.