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  • Why Doesn’t Bitcoin Fit Gresham’s Law (Bad Money Drives Out Good)?

    Web3 & Bitcoin

    Why Doesn’t Bitcoin Fit Gresham’s Law (Bad Money Drives Out Good)?

    Many people who question Bitcoin focus on its so-called “deflationary” character: because the total supply of bitcoins is limited and tends to appreciate, people are inclined to hoard them rather than spend them, so liquidity is poor and Bitcoin cannot become a mainstream currency. There are also two dimensions to this issue: one is temporal, the other spatial. First, considering the prospect of future appreciation, we may use money as conservatively as possible and engage less in speculation and investment. In this sense, the weakening of so-called “liquidity” by Bitcoin is inevitable, but that is not necessarily a bad thing. In a series of earlier articles of mine (such as…

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  • Is Bitcoin Environmentally Friendly?

    Web3 & Bitcoin

    Is Bitcoin Environmentally Friendly?

    This article is an original entry in the 2013 essay contest organized by Bitren and was first published on the Bitren forum, so it did not debut on my blog. At first I thought I stood no chance of winning any prize, so last night I casually posted it on the blog; unexpectedly, it still won the second-place grand prize. Because I reposted it half a day early (to Babbitt), I have voluntarily deducted 10% of the prize money as punishment, and here I would like to apologize to and thank the Bitren website. 1. Does Bitcoin waste resources? Bitcoin’s proof-of-work mechanism, that is, the so-called “mining,” is often criticized:…

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  • Bitcoin: Musings on Mining and Altcoins

    Bitcoin: Musings on Mining and Altcoins

    Bitcoin: Musings on Mining and Altcoins
    Web3 & Bitcoin

    Bitcoin: Musings on Mining and Altcoins

    It has been exactly three months since I started buying bitcoin. From my first purchase, I bought 0.06 coin at 1,160 yuan per coin; at the lowest point I bought 0.5 coin at 372 yuan. All told, my cost basis is roughly 650 yuan. Then I spent 5 coins buying mining machines, made 5 coins from stock trading, and between assorted low buys, high sells, and gambling, my overall balance of income and expenditure is about even. During this period I wrote a series of bitcoin-related articles, and also started a column on Babbitt, which has circulated fairly well in the Chinese bitcoin community. At the same time, I also…

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  • Bitcoin: Common Sense and Dogma

    Bitcoin: Common Sense and Dogma

    Bitcoin: Common Sense and Dogma
    Web3 & Bitcoin

    Bitcoin: Common Sense and Dogma

    Recently I’ve been following some Weibo accounts and websites related to Bitcoin, watching from the sidelines and even taking part in some of the related debates—for instance, the arguments surrounding this Weibo post were very lively: http://weibo.com/1646744100/zBFt7q7D1 I must admit that paying attention to Bitcoin while I’m anxiously preparing my doctoral dissertation does make me seem a bit off task, but I’d still like to offer myself a defense: after all, this is not completely beside the point. First of all, of course, one buys Bitcoin hoping to make money, or at least hoping to hedge risk. Right now the international and domestic financial and economic environment is facing a…

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  • Bitcoin: The Disappearance of the State

    Web3 & Bitcoin

    Bitcoin: The Disappearance of the State

    I’ve now written the third consecutive article about Bitcoin, and after this one I’ll more or less be wrapping things up for the time being. My spare cash has basically all been invested already, and I’ve now bid farewell to the infuriating Bitcoin China trading platform. I put one bitcoin into Mt.gox and started groping my way through the game of selling high and buying low; a few days later, one coin had become 0.98 coins… It’s a bit discouraging, really… Of course I’ll keep trying my hand at it, but I no longer dare to make any big moves. For now, the main thing is just to hold the…

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  • Bitcoin: An Endless Scam

    Bitcoin: An Endless Scam

    Bitcoin: An Endless Scam
    Web3 & Cypherpunks

    Bitcoin: An Endless Scam

    Previously I wrote a long article on Bitcoin, but I still did not make clear the two most crucial questions: first, the question people on the internet love to argue about most—whether Bitcoin is really a scam; second, the truly important question: what exactly is the revolution brought about by Bitcoin? The previous article in fact also touched on these two questions, but because it was so long, they may have been obscured, so let me talk about them separately here. First, let us discuss this question, which in fact is not even worth refuting: is Bitcoin a scam? Many people like to compare Bitcoin with the notorious tulip bubble,…

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  • Bitcoin: The Nature of Money

    Bitcoin: The Nature of Money

    Bitcoin: The Nature of Money
    Web3 & Bitcoin

    Bitcoin: The Nature of Money

    Recently Bitcoin has risen and fallen wildly, and a great deal of discussion has sprung up as well. Of course there are those who strongly support it and those who predict its doom; in any case, this peculiar electronic currency has officially entered public view. In fact, I heard about this thing a few years ago, and at the time I also thought about joining the ranks of the “miners.” Unfortunately I was still too wary of trouble to pursue it in depth. More crucially, my insights in media philosophy were not yet mature enough then, so I failed to seize the opportunity. And these past few days, gritting my…

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