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How Money Got Free: Bitcoin and the Fight for the Future of Finance, by Brian Patrick Eha
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"The rollicking, delightfully told tale of the creation of one of the most profound new technologies of our time." ―Nicholas Thompson, editor-in-chief, Wired
"If Brian Patrick Eha can make me, a Luddite dunce, both understand and care about the enigmatic Bitcoin, and if he can also tantalize the novelist in me with a narrative of intellectual daring and primal risk relating to Bitcoin’s rise and fall and rise, then he is some kind of journalistic magician. And so he is, because he did all those things and more. Welcome to a new reality and the monetary future. You’ll never find a better guide." ―Walter Kirn, author of Up in the Air and Blood Will Out
In the space of a few years, Bitcoin has gone from an idea ignored or maligned by almost everyone to an asset with a market cap of more than $12 billion. Venture capital firms, Goldman Sachs, the New York Stock Exchange, and billionaires such as Richard Branson and Peter Thiel have invested more than $1 billion in companies built on this groundbreaking technology. Bill Gates has even declared it ‘better than currency’.
But can its early promise endure? Or will the next evolution of money be neutered as it goes mainstream? The pioneers of Bitcoin were twenty-first-century outlaws – cryptographers, hackers, Free Staters, ex-cons and drug dealers, teenage futurists and self-taught entrepreneurs – armed with a renegade ideology and a grudge against big government and big banks. Now those same institutions are threatening to co-opt or curtail the impact of digital currency. But the pioneers, some of whom have become millionaires themselves, aren’t going down without a fight. Sweeping and provocative, How Money Got Free reveals how this disruptive technology is shaping the debate around competing ideas of money and liberty, and what that means for our future.
- Sales Rank: #128213 in Books
- Published on: 2017-05-09
- Original language: English
- Dimensions: 8.86" h x 1.30" w x 5.75" l,
- Binding: Hardcover
- 496 pages
Review
"The rollicking, delightfully told tale of the creation of one of the most profound new technologies of our time." ―Nicholas Thompson, editor-in-chief, Wired
"A long but fast-moving tale of digital currency and its discontents.
Brother, can you spare a byte? Digital currencies are a new feature of the financial landscape, and none to date has been as successful as Bitcoin. The brainchild of libertarian hackers, "pioneers who risked their money, time, and freedom to build the early infrastructure of a new economy," Bitcoin now runs the risk of going legit. That is to say, writes financial journalist Eha, the hedge fund crowd on Wall Street is now aware of Bitcoin and its possibilities, so much so that its capitalization now stands in the billions. The author, who has been writing about the currency for the last five years, traces the evolution of Bitcoin in a shadow economy backed by a computer network vastly more powerful than anything the straight economy can muster, all designed to move money around in a river of wealth undetectable to the world's governments and tax authorities. That it has become successful, manipulated by private funds and venture capitalists, is testimony to what Eha praises as its triple-threat nature: it functions as a "store of value, like gold," as a point of payment system like a credit card or PayPal, and as a financial network on par with the Western Union of yore. It is also a $1.2 trillion industry, which explains why the capitalists are circling. As they do, writes Eha, some of the founders aren't happy that their idealistic venture is now turning into a beast covered with leeches. One visionary who divined that a serious Bitcoin economy would have to build a serious infrastructure of companies around it has relocated to Japan, which for all its economic woes is still a forward-looking place, and others have migrated to places like Panama City, where looser regulations may help advance the cause of digital currency. Catnip for monetary policy wonks, particularly those on one side or another of "the ideological divide between Bitcoin's libertarian-anarchist wing and mainstream technocrats."
―Kirkus Reviews
Review
"The nineteenth and early twentieth centuries were ordered by the twin conceptions of mass and energy, and currencies were correspondingly massive – forged from precious metals and wood pulp. The late-twentieth and twenty-first centuries have been ordered by information and computation, and money has become digital, cryptographic, and scattered across a light-speed network of circulating trust. In this fascinating book, Brian Patrick Eha describes the inventor-revolutionary-hackers who made Bitcoin a reality – how they did it, the computing challenges they overcame, the vested interests they overturned, the laws that they broke, and the socio-technological reality that they are creating. This book is like a fiber-optic cable extending into our uncertain economic future."
― David Krakauer, president and William H. Miller Professor of Complex Systems, Santa Fe Institute
"The sweeping, exhaustively researched and vividly painted story of a fascinating new form of financial technology, with a cast of characters worthy of a cyberpunk novel and enough drama and heartbreak to capture the imaginations of non-geeks."
―Marc Hochstein, editor-in-chief, American Banker
"If Brian Patrick Eha can make me, a Luddite dunce, both understand and care about the enigmatic Bitcoin, and if he can also tantalize the novelist in me with a narrative of intellectual daring and primal risk relating to Bitcoin’s rise and fall and rise, then he is some kind of journalistic magician. And so he is, because he did all those things and more. Welcome to a new reality and the monetary future. You’ll never find a better guide."
―Walter Kirn, author of Up in the Air and Blood Will Out
About the Author
Brian Patrick Eha is a former editor at Entrepreneur and a journalist who has spent nearly five years following the rise of Bitcoin. His work has been published by The New Yorker, The Atlantic, Fortune, CNNMoney, American Banker, Outside, Port, Avaunt, and the Los Angeles Review of Books, among other publications. He lives in New York City.
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