The County Election, George Caleb Bingham 1856

Let’s say there is a person who has never experienced or learned how a democratic process works. He could be a North Korean subject, or perhaps a time traveling Feudal era peasant. If we explain to this person what the American government looked like in 2017 -2019, when the Republican party took control of the executive and legislative branch (or 2008–2010 when Democrats took control), he may wrongly conclude that a single party controls the country, and that the American government is autocratic. This conclusion is of course wrong. …


As I write this, Bitcoin just ripped through 19,000 $ and hit all time highs. As a holder of Bitcoin, part of me is euphoric, the other part of me is a bit melancholy. If this bull market is going to play out, this would be my third bull/bear cycle in Bitcoin, and this feeling of melancholy is a bit new for me.

Every Bitcoin bull market has a story. During my first in 2013, I was just in amazement that this Bitcoin thing existed at all. I really didn’t know much about it other than that it was this…


Originally published at http://www.kkurokawa.com. June 12, 2015, Information may be out of date.

Decentralized exchanges have been raved about for a while now in the Bitcoin space and has been crowned as the future saviour of our financial exchange infrastructure (even Mark Karpeles of Mt. Gox fame is talking about it ) . But unfortunately, this is a very hard problem and the current batch of decentralized exchanges have one system breaking issue that makes them entirely unusable. I’m specifically talking about decentralized exchanges where the actual process of matching orders happens on the blockchain. This includes the likes of…


Frances Coppola, a long time critic of Bitcoin, declared that “Bitcoin is a Cult”, which predictably stirred a lot of shit posting and ruffled feathers. Many Bitcoin’ers were offended by this declaration, resulting in name calling and ad hominem attacks, which ironically proved Coppola’s points. Bitcoin is a cult, and no cultists likes to be pointed out as a cultist. She is not the first to point out this fact, others have said the same thing.

The cult label can be seen as a pejorative but I will attempt to explain here how it is a perfectly reasonable and necessary…


Goodbye 2018, Goodbye Bitconnect

I think 2018 will forever be etched into my memory as the year of Bitconnect. Nothing embodies the meteoric rise and fall of the crypto markets better than Carlos Matos’s iconic performance as chief shill of the now defunct ponzi scheme. Matos blew up into main stream culture, and everyone from Pewdiepie to John Oliver was talking about him. This EDM Remix of Matos will forever be on my playlist.

Despite the total craziness of 2018, Bitcoin’ers grinded away to develop great things like Lightening, and also seek the truth. This is my arbitrary list of the most informative truth…


Craig “Faketoshi” Wright and Bitcoin SV is running a variant of the Nigerian scam. Nigerian scams work because “by sending an email that repels all but the most gullible, the scammer gets the most promising marks to self-select, and tilts the true to false positive ratio in his favor.” [Cormac Herley, “Why do Nigerian Scammers Say They are From Nigeria”]. In other words, Nigerian scams work because it is a hyper efficient idiot finder. Only an idiot would engage with such a preposterous claim regarding a Nigerian prince. Most people will just ignore it, and this is good for the…


Bitcoin cash is facing a schism. Developers on Bitcoin ABC seems to be completely oblivious to this threat, hence they are proposing to hardfork over non critical matters on Nov 15th. It is not clear what the other BCH implementations like Bitcoin Unlimited and the new Craig Wright project Bitcoin SV intends to do on Nov 15th. What is clear is that there is a good deal of hostility (devs being banned from communication channels, Faketoshi posturing), and a high likelihood of Bitcoin Cash splitting into multiple chains. …


The Hydra is a multi headed serpent from Greek mythology that can regrow any head that was cut off

Vitalik Buterin recently made a massive series of tweets where he described his line of thinking regarding Proof of Stake (POS). It was quite technical and filled with a bunch of jargon, and I doubt that the average person interested in cryptocurrencies can decipher a fifth of what he was talking about. The goal of this post is to explain in simple term where his logic falls apart and why POS doesn’t work.

As Hugo Nguyen correctly pointed out, there are only three tweets (9–11) in Vitalik’s tweet storm that is relevant to the POS discussion. I will summarize here…


Symmetric Cost Principle

Offense and defense in a POW blockchain is symmetrical. The action required to keep a POW blockchain secure, is the same action required to attack it. That action is mining. Further more, any adversarial activity will be met with resistance. Using current hashrates to estimate the cost of a 51% attack (such as this site) ignores the important fact that additional hashrate could be brought online to resist a 51% attack.

By recognizing 51% attacks as a game fought between two opposing forces, we can make a general rule that applies to all POW blockchains regardless of…


This research has been sponsored by LBRY, a free, open, and community-run digital marketplace.

Designing ASIC resistant proof-of-work blockchains, and particularly hard-forking to achieve such ASIC-resistance is a contentious new issue in the cryptocurrency space. ASIC chips are custom manufactured computing devices designed specifically for a particular blockchain or hashing algorithm. As such, they are far more efficient at mining than commodity hardware such as CPUs or GPUs.

Forking to prevent such resistance, referred to as an AAHF (Anti-ASIC Hard Fork) for the rest of this article, changes the mining algorithm on a blockchain so that ASICs tailored to the…

Kay Kurokawa

crypto memes R&D

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