Matt Levine, and his tour de force look at Cyrptocurrency is going to be the best read of 2022 - and perhaps forever - on this subject. Not only has he written a boffo history of how we got to where people were paying millions for digital apes which took someone just a few minutes to create and post on one of the NFT projects.
And if you are a regular reader of Matt (a month ago in a Bloomberg article he aced how last week would end with Musk & Twitter) you have to know he takes his usuual time eviscerating obvious fraudsters in Crypto. (His looks on Musk, Wirecard, Theranos, Housing, Enron, etc., was like knowing the end of movies which he was directing from behind a pushbroom attached to his computer’s keybooard.
Levine’s best contacts on Twitter are legends who broke stories on the Housing Bubblle, Housing Crash, Evergrande, China RE Crash, China’s “Tofu Construction” and Bridges Which Fall Down Within a Year of Opening," Russia’s Mad Vlad’s Sinking to the Bottom Line and more. Levine is like a forensic accountant with a flaming calculator coming out of the skies to administer a little bit of comeuppance to the worlds psychopaths and sociopathsl
Levine is on it.
For the second time in the magazine’s history, Bloomberg assigned an entire issue to one writer. Matt Levine wrote last week’s magazine, cover to cover.
Here is his flowing
work, and it is fun to read. 40,000 words, all written in an easy to understand lessons, examples, and mini-essays. Levine poured his heart into this very well researched and hard to understand (by the masses who hate to read books) subject, and what he has produced is a sublime piece of writing.
From Part I - Ledgers, Bitcoin, Blockchains
What if we rewrote all the databases from scratch, in modern computer languages using modern software engineering principles, with the goal of making them interact with one another seamlessly?
If you did that, it would be almost like having one database, the database of life: I could send you money in exchange for your house, or you could send me social reputation in exchange for my participation in an online class, or whatever, all in the same computer system.
That would be convenient and powerful, but it would also be scary. It would put even more pressure on trust. Whoever runs that one database would, in a sense, run the world. Whom could you trust to do that?