Chris Burniske

The main questions the authors set out to explain are: Why are Bitcoin and other cyptocurrencies relevant? What is the history and what is the future of cryptoassets such as Bitcoin?
Here’s a brief passage that summarizes why Bitcoin and other similar assets are relevant:
“Currency originally came about to facilitate trade, allowing society to move past barter and the double coincidence of wants. It has evolved over time to be more convenient, resulting in its present paper state. Inherently, that paper has little value other than the fact that everyone else thinks it has value and the government requires it be accepted to fulfill financial obligations. In that sense, it is a usefully shared representation of value. The libertarians in the room would say it’s a usefully shared illusion of value, going back to the idea the paper itself is worth little. Bitcoin is a similarly shared representation of value, except it has no physical manifestation and no top-down authority to protect it. Despite these hurdles, the elegance of the mathematics that allow it to function has also allowed it to grow and store billions in value.”
How did Bitcoin come about?
“One of the most miraculous aspects of bitcoin is how it bootstrapped support in a decentralized manner. The importance, and difficulty, of being the first currency to do so cannot be emphasized enough. Until people understand how bitcoin works, they often argue that it has no value as currency because, unlike what they’re used to, you can’t see it, touch it, or smell it. Paper currency has value because it is mutually agreed upon by members of society that it has value. It’s much easier for society to agree to this with a government involved. Getting a global society to agree that something has value and can be used as a currency without government support and without a physical form is one of the most significant accomplishments in monetary history. When bitcoin was launched, it had zero value in the sense that it could be used to purchase nothing. The earliest adopters and supporters subjectively valued bitcoin because it was a fascinating computer science and game theory experiment.”

Why is the book Cryptoassets worth reading> The authors tie together a lot of information in an accessible manner. I would encourage close reading of this book before investing or speculating in any cryptoasset. They certainly have a lot of experience and their advice is worth heeding:
“Innovative investors are active participants in their financial future, but this doesn’t mean they must be alone on that journey. Relying on the advice of financial professionals can be effective because they can provide research and direction. Yet while innovative investors may take advice from experienced professionals, the final decisions are their own. They adapt their investing approach, strategies, and even selections based on what is occurring around them. This is especially vital in the age of exponential change that we’re living in.”… (más)