Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money by Nathaniel Popper (PDF)

Description

New York Times Book Review Editor’s ChoiceSHORTLISTED FOR THE 2015 FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEARA New York Times technology and business reporter charts the dramatic rise of Bitcoin and the fascinating personalities who are striving to create a new global money for the Internet age.Digital Gold is New York Times reporter Nathaniel Popper’s brilliant and engrossing history of Bitcoin, the landmark digital money and financial technology that has spawned a global social movement.The notion of a new currency, maintained by the computers of users around the world, has been the butt of many jokes, but that has not stopped it from growing into a technology worth billions of dollars, supported by the hordes of followers who have come to view it as the most important new idea since the creation of the Internet. Believers from Beijing to Buenos Aires see the potential for a financial system free from banks and governments. More than just a tech industry fad, Bitcoin has threatened to decentralize some of society’s most basic institutions.An unusual tale of group invention, Digital Gold charts the rise of the Bitcoin technology through the eyes of the movement’s colorful central characters, including an Argentinian millionaire, a Chinese entrepreneur, Tyler and Cameron Winklevoss, and Bitcoin’s elusive creator, Satoshi Nakamoto. Already, Bitcoin has led to untold riches for some, and prison terms for others.

User’s Reviews

Editorial Reviews: Review “An amazing story. Bitcoin is about to transform both finance and how we use the internet, and this fascinating book chronicles its unlikely genesis. Popper has produced a riveting tale filled with colorful innovators that is crucial reading for anyone who wants to understand the future.” — Walter Isaacson, author of The Innovators“Bitcoin may be a product of computer science, but it is a very human story. This highly entertaining history reminds us yet again that truth can be stranger than fiction and can be peopled with even more unusual and compelling characters.” — Larry Summers, former Secretary of the Treasury“So, yes, it’s a totally awesome book” — Justin Fox, Bloomberg“This excellent work is the book on Bitcoin you’ve been waiting for” — Tyler Cowen, Marginal Revolution“An elegant, thrilling tour-de-force. . . . Nathaniel Popper gives us a front-row seat on the origins of Bitcoin and its captivating cast of characters. The fast-paced action never stops.” — William D. Cohan, author of House of Cards“Finally, the book so many of us have been waiting for: A riveting and smart account of the strange history of Bitcoin. You’ll start knowing nothing about Bitcoin and finish with deep knowledge, but you won’t realize you’re learning along the way — you’ll just think it’s a lot of fun.” — Adam Davidson, co-founder of NPR’s Planet Money“An engrossing introduction to one of the most transformative innovations in finance of the last few decades. Digital Gold paints a vivid portrait of the economics and technology of Bitcoin as well as the people behind it.” — Susan Athey, The Economics of Technology Professor, Stanford Graduate School of Business and Winner of the John Bates Clark Medal in Economics“The most compelling and in-depth investigation into the world of Bitcoin and digital currency. Nathaniel Popper charts Bitcoin’s fascinating transformation from fringe oddity to a truly global currency. If you want to understand the future of money, read this book.” — Joshua Davis, author of Spare Parts“Nathaniel Popper’s new book, Digital Gold, is as close as you can get to being the definitive account of the history of Bitcoin.” — Felix Salmon, Fusion“An engrossing look at a system creatively designed to bring money into the 21st century.” — Library Journal“Necessary reading” — Bethany McLean, New York Times Book Review“Digital Gold is as strong a narrative achievement as a reporting one” — Chris Wilson, Bookforum“A vivid guide to the characters who met online and built bitcoin” — John Gapper, Financial Times“It’s a tale told quickly and well” — John Biggs, TechCrunch“An impressive accomplishment” — Tim Fernholz, Quartz“Bitcoin may be inherently speculative, but Digital Gold is a sound investment” — Edward Chancellor, Reuters“A family saga… structured like a tech thriller” — John Naughton, The Guardian From the Back Cover SHORTLISTED FOR THE 2015 FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEARBitcoin, the landmark digital money and financial technology, has spawned a global social movement with utopian ambitions. The notion of a new currency, maintained by the computers of users around the world, has been the butt of many jokes, but that has not stopped it from growing into a technology worth billions of dollars, supported by the hordes of followers who have come to view it as the most important new idea since the creation of the Internet.Believers from Beijing to Buenos Aires see the potential for a financial system free from banks and governments, and a new global currency for the digital age. An unusual tale of group invention, Digital Gold tells the story of the colorful characters who have built Bitcoin, including a Finnish college student; an Argentinian millionaire; a Chinese entrepreneur; Tyler and Cameron Winklevoss; Bitcoin’s elusive creator, Satoshi Nakamoto; and the founder of the Silk Road online drug market, Ross Ulbricht.With Digital Gold, New York Times reporter Nathaniel Popper offers a brilliant and engrossing account of this new technology. At each step of the way, Bitcoin has provided one of the most fascinating tests of how money works, who benefits from it, and what it might look like in the future. About the Author Nathaniel Popper is a reporter at The New York Times. Before joining The Times, he worked at the Los Angeles Times and the Forward. Nathaniel grew up in Pittsburgh and is a graduate of Harvard College. He lives in Brooklyn with his family. Read more

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐In brief: This is NOT a book about Bitcoin! Instead is a book about the history of Bitcoin and how the cryptocurrency came to be; plenty of names and personal stories of those pioneers that came at the very beginning of the Bitcoin phenomenon as well the evolution of Bitcoin under their guidance and their philosophy of decentralized power and the contrast between them and the new powerful players that belong to the “old ways” of money, more interested in the underlying technology, Blockchain, than in any idea of personal freedom. Tempered expectations are advised but at the end an informative read after all. The writing style is very engaging, each chapter starts almost like a thriller making us part of what we would witness in the following paragraphs and how organic and easily the author moves from thriller to investigative journalist and back again; plenty of time is dedicated to providing a background of each of the people introduced in each chapter and how that background influenced their attitudes and approach regarding Bitcoin. The author makes a point to explain that at the very beginning of Bitcoin, with Satoshi himself a mysterious ghost, the intention and motivations of the pioneers of the Blockchain technology behind Bitcoin was to circumvent the power that central banks and governments have over money and their free circulation with the goal to provide a free and viable alternative of the whole concept of money, payments and financial services; that goal was the big incentive for all those pioneers in invest time and effort to develop the software and hardware that today’s constitute the backbone of the Blockchain technology behind Bitcoin; just private citizens eager to provide a solution for the masses taking away the power of government and financial institutions and making the point of no central authority but a consensus of those believers in the Bitcoin project. But the success of Bitcoin, small and modest at the very beginning, slowly grab the attention of the big players in the financial world, and soon enough Central Banks and financial institutions like Chase and JP Morgan and hedge funds started to develop their own forums and study groups dedicated to exploiting for their own benefit the Blockchain technology and testing the water for Bitcoin investment; they are more interested in the decentralized model as well as the security provided by the technology, they are not interested in the “extreme democratization” of money -as the pioneers deeply believe- but in how to improve their bottom line. The Author let the reader perceive that both groups are still at odds today, but they are both, for better or worse, part of the Bitcoin backbone, and both groups have invested a sizeable amount of money and assets in the new frontier of cryptocurrencies and in a system that requires consensus from the main players -miners and coders especially- those differences in goal and motivations are set to collide with unknown consequences to the future of Bitcoin… only time will tell… says the author or at least that’s how would be interpreted by the readers.Warm Regards,Gunther Sotomayor

⭐If the Internet had been invented before the discovery of GOLD, the Aztecs would have etched Block Chains on their monuments. You’ll have to read this book to get the joke…however lame.I am a 30-year+ veteran of retail financial services. No, not a Quant who devises algorithms; I deal with Moms ‘n’ Pops and deliver understandable solutions.So, what’s with this Bitcoin thing? I needed to know what was going on. With the likes of Sir Richard Branson and other highly sophisticated and moneyed proponents of Bitcoin, I am reminded of the early stages of the Internet when a client commented to me, ‘if I meet someone, professionally, who concedes that he is not “online” then I fairly dismiss him. (I, of course, was very “online”.)I’ve always maintained that ‘if humans invented it, then humans should be able to understand it’.This book not only explains Bitcoin, this book is an historical compendium of Bitcoin’s embryonic journey to date. I had been reading, collaterally, the 2-part insertion in WIRED magazine about Silk Road, the internet drug site using Bitcoins to trade…wow, did I get confused as to who did what to whom! Popper, (Digital Gold Author) really did a yeoman’s job of articulating the timeline, whys, and the wherefores of the Bitcoin market.To convince me of the global demand of a digital commodity (an important distinction from “currency”) I only had to read about the Argentinian entrepreneur, Wences, who recounts his days as a boy at the grocery store with his mother. Carrying bags of currency into the store, they would fill shopping carts and if any cash was left over, they would go back to the shelves to spend it all. The point made was that if the cash stayed in a closet for a week, items on the grocery shelf would have been priced higher due to rampant inflation in Argentina.Another epiphany for me was the hypothetical example of an airliner crash survivor in the Andes Mountains. The aircraft’s cargo hold has split open to reveal gold bullion and bags of currency. Which is more valuable? The currency, because you can burn it for warmth.Ensconced in the comfort and economic stability of the dollar-denominated United States, we Americans are hard pressed to imagine the horrific political and financial instabilities around the globe. Bitcoin, as a global commodity has the potential to be a godsend to all global trade, not just in the disparate economies that are so horribly dysfunctional.The train is at the station. By reading this book about Bitcoin, I feel confident of my not missing it.

⭐Since I began my journey into reading on a daily basis my comprehension and vision of the content of the book has become more easy to understand, but with the technical content as the such in this book left me wondering what each term was/ment.Blockchain? Hashrate? Decentralization?As an absolute beginner of the crypto space I will say that the journey and the characters of the book really caught my attention and the struggles they went through, and the silent genius that seemed to spawn from each individual. Brilliant minds with drive, excitement and passion to fuel their pursuits. It is all fascinating how everything came to be and the rollercoaster ride feels like something straight from a movie, and it could be!For those looking to dive into how Bitcoin started and the legacy of events and real individuals that supported it (or cast FUD from it), be prepared to listen to a narrative of an incredibly well structured community of people who laid down the foundation for where we are today. Now surely this is only one instance of what has taken place but I Believe it’s a good starting place.Also, the technical appendix in the back is quite handy! Check it out!

⭐The book was easily digested and with a great flow to it, makes for a compelling read and each character is well described. My understanding of the Bitcoin creation and all actors is a nice to know. The books chapters were linked allowing for easy reading.

⭐A great account of the development and rise of Bitcoin. Brilliantly researched ! Very easy to read! No complex jargon thrown in thereby making it very accessable.

⭐Very in depth history of bitcoin. Great for someone looking to learn about the creation of bitcoin and crypto currency as we know it today. Although it’s not the most enjoyable read.

⭐Good Introduction – fascinating brief history of the story so far and a really good starting point to understand what Bitcoin is, what Blockchain Technology is etc. Well written, thorough and even quite entertaining. A good reference guide.

⭐Gives you insights into how BTC was created and evolved, what were the failures, mistakes and learnings on the way

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