File Size: 2025 KB
Print Length: 245 pages
Publisher: Wiley; 1 edition (November 3, 2014)
Publication Date: November 3, 2014
Would have liked a step by step how to acquire Bitcoin instruction, though., Great Guide. Kelly assists you to understand what makes bitcoin 'mania' mark., Great explanation of cryptocurrency and Bitcoin!, It helped me out greatly in understanding the system., Mr. M. K. really hit a home run with this book. I learned a great deal about the Bitcoin. It is well researched and well written. Congratulations BK., TERRIBLE GUIDE! How dare someone write a book about a topic they evidently avoid understand and then press their own agenda!!!
Allow 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. We are not a Bitcoin Expert, but I understand it very well and am 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 comprehension of the Bitcoin Ethos. The particular lay person might check out this book and walk considering they understand Bitcoin. They will be wrong. They became a dose of “misinformation” and their understanding would barely qualify as " light " (This is where We 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).
A few may argue the in depth workings of Bitcoin is/are not important neither necessary to most people and to this I fully agree. That being said, if you are heading to include these ideas and concepts in your book they must be accurate less they break the “Law of Primacy”. To paraphrase “It's harder to unlearn than to learn properly the first time”.
My review; The particular book a new lot of typos and grammatical problems 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 by using the dissemination of false information around Bitcoin and the use of weak or not related metaphors and analogies.
In order to demonstrate that Bitcoin is a “decentralized” network mcdougal used the example of Napster calling it a decentralized file sharing service. Napster was evidently 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 the “disruptive” technology.
The author then speaks to the SHA256 hash algorithm claiming it produces random numbers. This particular couldn't be further from the reality. Although the SHA (Secure Hash Algorithm, a cryptographic hash function designed by the United Says National Security Agency) creates a hash that looks random it is absolutely deterministic. In other words, the data you submit to the hash will always produce the same hash. Same data will always the same same hash.
“Functionally there is no difference between a Bitcoin transaction and a payment created by check” the author states. This particular statement shouts ignorance and absolutely belittles the improvements that underpin this new technology. A check can be reversed, stopped, NSF, closed and thus many other things Bitcoin cannot. The Bitcoin transaction can be a “smart contract” or a transfer of property, a deed, a trust and so much more. A more accurate assertion 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 returning to an analogy of students executing a math equation to correlate to Bitcoin Mining (aka securing the blockchain and confirming transactions). The particular author misses again. The claim is that 6 those under 18 are required for confirmations. This particular is conflating ideas. There has been a long standing idea among Bitcoiners that certain should wait for six confirmations on a transaction before spending bitcoins (I personally rarely wait around for one confirmation). This does not mean 6 minors. The confirmation occurs when a bitcoin miner includes your transaction into a prevent (on the Bitcoin Blockchain) and validates this prevent by solving a cryptographic puzzle. Then all of the minors on the network prove the quality of that block. Each and every block created on top of the previous block is considered another confirmation. Thus confirmations are created by thousands of minors taking part together. Even one confirmation.
Then after being inundated with misinformation I ultimately hit chapter 7 where the author's true motives are revealed. The schedule is to enhance the creators own CryptoCurrency. Chapters several & 8 are all about a CryptoCurrency mcdougal created likely in an attempt to “get rich quick”. Well this is the icing on the dessert. Here you have a individual that evidently demonstrated they know very little about CryptoCurrencies (Bitcoin is a CryptoCurrency) and after this they are going to make their own “Bitcoin” and pushed it after the general public. Shame shame shame!!!!
In case you are going to write a book ensure you know what you are discussing about., Trader and CNBC-TV " Fast Money" regular Brian Kelly brings much needed clarity of thought to the fascinating world of Bitcoin and other cryptocurrencies. He writes with an easy, engaging style, whether he is explaining cryptography, blockchains, or monetary plan. His experimental foray into creating his own altcoin reminds me of the captivation journalism of A. J. Jacobs and only adds to his credibility and understanding into this ascendant field. There is no substitute for first-hand experience.
Brian serves as a level-headed and knowledgeable field facts an exotic new world polarized by extreme opinions at both ends of the spectrum -- from head-in-the-sand skepticism to wild-eyed hype.
I'll admit... I'm enamored with the opportunities for Bitcoin and its altcoin cousins. The greater We learn about blockchain technology the more I can envision it impacting, if not significantly transforming, diverse swaths of our world, including real estate, financial, insurance, venture capital, gambling, supply chains, internet of things, identity verification, and voting.
After finishing Bitcoin Big Bang, I was reminded of Amara's regulation, which says, " All of us tend to overestimate the result of a technology in the short run and underestimate the result in the long run. " That could well apply to the blockchain. In the long run, " check it on the blockchain" could be as common an expression as " google it. "
Whether you are considering investing in crypto or perhaps want to stay current with the latest innovations in finance and technology, Bitcoin Big Bang is the definitive guide to comprehending the origins and prospective of this emerging disruptive technology.
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