Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

by Guy Swann

Abstract

In this paper, we introduce investors to a decades-old subculture of eccentric software-makers who resist the oppressive and ethically-fraught traditions of corporate employment. We encounter how they set out in the 1980s to make commercial software irrelevant, and how their mission expanded into a war against all forms of institutional oversight. We examine their approach to organizing volunteer software production in service of this war, and how their methods produced successful software. We present Bitcoin as the next logical innovation in volunteer-based software development: an ad hoc human coordination machine, which uses unpaid, unplanned contributions in lieu of a salaried workforce. We will examine how a volunteer-based system can resolve moral hazards endemic to software infrastructure development in a commercial setting, if the participants in the system adhere to a strict set of rules. We look at how a distributed network of machines is used to enforce and maintain rules setup for human participants, even if those participants hold key roles in developing the system software. Finally, we consider the cost savings achieved in a system built with volunteer labor, and how the economics of these “permissionless blockchains” might undermine the value proposition of full-time software employment. We relate this outcome to the original goal of the software makers to make institutional software uncompetitive, and examine who will be caught in the crossfire. As a coda, we ask: what is the larger socio-economic impact of systems like Bitcoin, and who benefits?

The complete reading of Iterative.Capital’s incredible and thorough thesis.

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Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

The Cryptocurrency Phenomenon – A Thesis [Part 9]

“Far from being a novelty or prototype, Bitcoin has shown itself to be a threatening alternative to present-day organizational conventions and to the large commercial businesses that rely on them.”

The Epic finale of the piece by the team at Iterative.Capital. Investigating the investment outlook and consequences of a world with Bitcoin.  Don’t miss the conclusion of “The Cryptocurrency Phenomenon.

https://medium.com/@pierre_rochard/understanding-the-technical-side-of-bitcoin-2c212dd65c09

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Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

The Cryptocurrency Phenomenon – A Thesis [Part 8]

“Thus, Bitcoin is the first free, non-commercial software project with the intensity of a commercial product.”

Today we hit Section 6 of the Iterative.Capital Thesis exploring the incentives and feedback loops that allow the Bitcoin network to accrue value, bring in developers, and expand its hardware environment. Don’t miss this one as we approach the conclusion of this thorough work!

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Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

The Cryptocurrency Phenomenon – A Thesis [Part 7]

“In practice, the Proof-of-Stake approach proves to be problematic in systems where the coins “at stake” were not created through Proof-of-Work.”

Today we explore how Proof-of-Work enables the Bitcoin system to achieve consensus without any central point of control. Concluding Section 5 of the incredible Thesis by iterative.capital, “Machine Consensus Via Proof-of-Work.”

Mentioned in the Commentary:
A Proof of Stake Design Philosophy
Critique of Buterin’s Proof of Stake Design Philosophy 

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Whats Really Driving the Cryptocurrency Phenomenon? – A Thesis by Iterative Capital

The Cryptocurrency Phenomenon – A Thesis [Part 6]

“How does Bitcoin use a peer-to-peer network of computers to enforce the rules agreed upon by human participants?”

Today we explore how Proof-of-Work enables the Bitcoin system to achieve consensus without any central point of control.  Section 5 of the incredible Thesis by iterative.capital, “Machine Consensus Via Proof-of-Work.”

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