What is Bitcoin?

Bitcoin is a so-called virtual currency that has been devised for anonymous payments made entirely independently of governments and banks. In recent years, Bitcoin has generated a great deal of attention on several fronts. Bitcoin payments are based on a new interesting technical solution and function differently to traditional payments. In certain payment situations, Bitcoin […]

Why Bitcoin Matters

An internet pioneer’s thoughts on the importance of bitcoin from an investor’s prospective.

The promise and perils of digital currencies

Interest in digital currencies, especially Bitcoin, has exploded over the past year. The cryptocurrency Bitcoin was created in 2009 by an anonymous entity operating under the pseudo- nym Satoshi Nakamoto. Using cryptographic primitives to create a digital currency is not particularly new David Chaum proposed electronic cash nearly thirty years ago. What is different about […]

Questions related to Bitcoin and other Informational Money


A collection of questions about Bitcoin and its hypothetical relatives Bitguilder and Bitpenny is formulated. These questions concern technical issues about protocols, security issues, issues about the formalizations of informational monies in various contexts, and issues about forms of use and misuse. Some questions are formulated in the more general setting of informational monies and […]

Some Economics of Private Digital Currency


This paper reviews some recent developments in digital currency focusing on platform-sponsored currencies such as Facebook Credits. In a model of platform management, we find that it will not likely be profitable for such currencies to expand to become fully convertible competitors to state-sponsored currencies

On The Longest Chain Rule and Programmed Self-Destruction of Crypto Currencies

In this paper we revisit some major orthodoxies which lie at the heart of the bitcoin cryptocurrency and its numerous clones. In particular we look at The Longest Chain Rule, the monetary supply policies and the exact mechanisms which implement them. We claim that these built-in properties are not as brilliant as they are sometimes […]