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The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World, by Brian Kelly
PDF Ebook The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World, by Brian Kelly
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Get a handle on the digital currency revolution and learn how to get onboard
The Bitcoin Big Bang is a guide to navigating the uncharted territory of digital currency. Written by CNBC contributor Brian Kelly, this book goes beyond Bitcoin 101 to explain how this transformative technology is about to change the world. Digital currency is thrown into perspective against the history of payment systems and its own evolution as readers are invited to explore the ways in which this technology is already changing the way business gets done. Readers gain insight into the mechanisms behind Bitcoin and an expert perspective on digital currency's effect on the future of money and the economic implications of the Bitcoin revolution. In the same way that email changed the way we transfer information, the decentralized Bitcoin network is about to revolutionize the business world, the legal profession, and even the role of the government. The Bitcoin Big Bang dives headfirst into this paradigm shift, allowing readers to:
- Explore the origins of digital currency
- Learn the history and evolution of payment systems
- Discover how the Bitcoin network is facilitating free and instant transfer of value
- Understand the mining of Bitcoin and how to invest
The digital currency revolution has implications that spread far beyond the finance industry. Anyone who exchanges payment for goods and services is on the cusp of the next big push in societal evolution, and only an understanding of the technology and a clear knowledge of the systems and behaviors at play can fully prepare us for the changes to come. The Bitcoin Big Bang is the go-to guide, helping those who use money use it better.
- Sales Rank: #115769 in Audible
- Published on: 2015-03-24
- Released on: 2015-03-24
- Format: Unabridged
- Original language: English
- Running time: 535 minutes
Most helpful customer reviews
8 of 8 people found the following review helpful.
Egriougously innacurate: Total violation of the "Law of Primacy"
By ronnieB Idaho Bitcoin Group
TERRIBLE BOOK! How dare someone write a book about a topic they clearly don't understand and then push their own agenda!!!
Let me start with my background. I am an adroit Bitcoiner. I run our regions Bitcoin Meet-up Group and I conduct Bitcoin Talks with our local libraries. I am not a Bitcoin Expert, but I understand it very well and I write some Bitcoin Code.
Initially you may see that my review is quite different (opposite in fact) than some of the other reviews. This is understandable given my background and understanding of the Bitcoin Ethos. The lay person might read this book and walk thinking they understand Bitcoin. They would be wrong. They just got a dose of “misinformation” and their understanding would barely qualify as superficial (This is where I could go off the rails on media and journalist (as is the author's day job) and draw many a corollary, but I will stick to the book).
Some may argue the in depth workings of Bitcoin is/are not important nor necessary to most people and to this I fully agree. That being said, if you are going to include these ideas and concepts in your book they must be accurate less they violate the “Law of Primacy”. To paraphrase “It's harder to unlearn than to learn correctly the first time”.
My review; The book had a lot of typos and grammatical errors which I did not bother to keep track of. As a dyslexic, my grammar and spelling can be atrocious so I am not one to throw stones in this department. My real complaint is with the dissemination of misinformation around Bitcoin and the use of weak or unrelated metaphors and analogies.
In an effort to demonstrate that Bitcoin is a “decentralized” network the author used the example of Napster calling it a decentralized file sharing service. Napster was clearly centralized (the opposite of decentralized) hence the ease with which the government shut it down. Napster would have been better used as an example of a “disruptive” technology.
The author then speaks to the SHA256 hash algorithm claiming it produces random numbers. This couldn't be further from the truth. Although the SHA (Secure Hash Algorithm, a cryptographic hash function designed by the United States National Security Agency) generates a hash that looks random it is absolutely deterministic. In other words, the data you submit to the hash will always generate the same hash. Same data will always equal same hash.
“Functionally there is no difference between a Bitcoin transaction and a payment made by check” the author states. This statement shouts ignorance and absolutely belittles the innovations that underpin this new technology. A check can be reversed, stopped, NSF, closed and so many other things Bitcoin cannot. A Bitcoin transaction can be a “smart contract” or a transfer of property, a deed, a trust and so much more. A more accurate statement would have been “Functionally there are very few, if any, similarities between a Bitcoin transaction and a payment made by check”
Then on page 82 the author references back to an analogy of students conducting a math equation to correlate to Bitcoin Mining (aka securing the blockchain and confirming transactions). The author misses again. The claim is that 6 minors are required for confirmations. This is conflating ideas. There has been a long standing idea among Bitcoiners that one should wait for six confirmations on a transaction before spending bitcoins (I personally rarely wait for one confirmation). This does not mean 6 minors. A confirmation occurs when a bitcoin miner includes your transaction into a block (on the Bitcoin Blockchain) and validates this block by solving a cryptographic puzzle. Then all of the minors on the network prove the validity of that block. Each block created on top of the previous block is considered another confirmation. So confirmations are created by thousands of minors participating together. Even one confirmation.
Then after being bombarded with misinformation I finally hit chapter 7 where the author's true intentions are revealed. The agenda is to boost the authors own CryptoCurrency. Chapters 7 & 8 are all about a CryptoCurrency the author created likely in an attempt to “get rich quick”. Well this was the icing on the cake. Here you have a person who clearly demonstrated they know very little about CryptoCurrencies (Bitcoin is a CryptoCurrency) and now they are going to make their own “Bitcoin” and thrust it upon the public. Shame shame shame!!!!
If you are going to write a book make sure you know what you are talking about.
22 of 29 people found the following review helpful.
Overpriced. FULL of typos/grammatical errors. Returned the next day.
By Stephen G
This book reads as if it was written by a college sophomore. It is FULL of grammatical errors and typos. I returned it after only getting through chapter 4. It was not what I was expecting from a CNBC contributor and a book that was professionally published and listed on Amazon (Kindle copy mind you) for $16.99. There was so much potential for this to be a fantastic book and I give the author credit for his attempt to bring Bitcoin/bitcoin to the general public (2 stars) but I simply can't get past my inability to actually READ any further. Brian...take the book down, pay a few readers some BTC to proof and re-publish.
3 of 3 people found the following review helpful.
Bitcoin Big Bang is Also a Grand Slam Home Run
By John of Maine
This is a necessary and delightful book with a style that is essential when one considers the emotional and technical confounding subject of digital currencies. The concept of alternatives to banks, credit cards, and even legal contracts is so counterintuitive that the most difficult problem to solve in any book about the subject is how to make it accessible. Accessibility is accomplished with Kelly's "Fast Money" style (he seems to be a celebrity on that CNBC show — and a refreshing voice of reason at that.). He mixes the corny humor so common in the business world with serious economics (albeit narrow) and personal humbleness. Additionally, the book indirectly (and probably accidentally) taps into the passion of the Information Technology world's focus upon everything from "Net Neutrality" to getting the corrupting lobby influence out of our politics that the activist/martyr Aaron Schwartz alerted us all to (see the documentary "The Internet's Own Boy").
Blockchains, miners, digital wallets, enormous computing power, and thousands of autonomous geeks around the world all play a role in creating a universal set of digital currencies that may replace money, banking, bureaucratic nightmares, and the necessary and understandable lack of trust associated with the financial sectors. First we learn about Bitcoin — the powerful emotion and skepticism surrounding it, the concept of currency, and money itself. Then the mysterious mathematics and their secret creator or creators that make it all possible for free — thanks to the open-source concept and the hard-fought rules of "creative commons" (Kelly correctly does not go into these but the IT folks will immediately see the connection).
All through the book we see that he recognizes that the inherent problem with digital currencies is one of universal acceptance by the average person. This caution exists because the technology, the math, the secrecy of the inventor, and the emotional attachment to paper money, etc. makes any rational person very skeptical. So Mr. Kelly, with refreshing humor, walks us through his own doubts and foibles on the path to his own acceptance and bursting enthusiasm.
Personally, I cannot quite get my emotional and cognitive arms around the concept of digital currencies yet. However, thanks to this book, I am aware, excited, and fully understand the revolutionary potential.
Probably the best compliment that a reviewer can give to a book that he or she likes is to find only marginally related things to complain about. So here it goes. If Kelly would just jump on the "big money out of politics" band wagon, he just might find the right tool to regulate digital currencies in a way that works — indeed in a way that would make Kelly's dream possible. That is, toward the end of the book, he makes a big point about his fears of getting the regulatory part wrong — and getting it wrong is virtually guaranteed if elected officials must keep secretly shifting their positions toward the lobby money, thus guaranteeing that there will be no politician in a position to guard against "regulatory capture", which is a legitimate concern originating out of the Chicago School of Economics. This area is something that I wish the book would have at least acknowledged, especially considering its frequent references to the economics of Friedrich Hayek, the Chicago School's hero.
The only other negative about the book, and it is minor, is that Mr. Kelly, like most finance folks, seems to focus too much on the role of the Federal Reserve (e.g., I for one, am on Warren Buffet's side with his gratitude that our government can indeed print money!). Without question, monetary policy is the weaker of the two economic pillars but Kelly and the rest of us are thankful that the Fed. did what it did to mitigate the dual catastrophes of the banking meltdown and the too-late and too-much of a supply side stimulus on the fiscal side. John Maynard Keynes had it right all along but we only see mention of Friedrich Hayek in the book, who Keynes would have persuaded except for his untimely death.
I am glad that I bought the book and I await for the stars to be formed after this digital "big bang". Thank you Mr. Kelly.
John V. Lesko, Ph.D.
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