A few notes and resources from the first live chat session for the Introduction To Digital Currencies MOOC at University of Nicosia. This first section focused on A Brief History of Money as it relates to digital currency:
Side chains are alternative blockchains, recently it was proposed to be able to move Bitcoin on or off these chains while maintaining the fixed supply. These side chains can follow different rules/parameters effectively creating an alternate environment for Bitcoin. Insights provided by classmate Daryl Cusak.
Follow up question as to if sidechains such as Ethereum that are built off the Blockchain will cause the chain file size to grow enormously. The growth of alt chains are likely to follow a power law distribution. A handful dominating 90% of market share and the liquidity pool, with a very long tail in the tens-of-thousands of alts with a handful of users. Insights provided by Professor Andreas M. Antonopoulos (@aantonop).
Fungibility Fungibility must be maintained and coin tainting (or the marking of laundered or illicit use coins) is dangerous for the Bitcoin network. It is anticipated that this type of fungibility will be improved by Dark Wallet and other coin mixing tools.
Bitcoin Adoption Authoritarian and central-managed economies are disrupted more with cryptocurrencies than distributed economies. It is unlikely that centrally managed economies with currency controls will adopt – more likely to resist strongly. Which governments adopt Bitcoin is the wrong way to look at things, much more likely to be a grassroots adoption than any nation-state ever adopting cryptos. However, how a country accepts bitcoin as legal will depend on the openness of the markets. Insights from Professor Andreas M. Antonopoulos (@aantonop).
A few digital currency resources provided by classmate Daryl Cusak:
1. Bitlegal: Offers a good overview of attitudes towards bitcoin in each country.
2. Cryptoauction: Bitcoin auction site founded by a classmate Daryl Cusak. It uses multisignature accounts to enforce trust. Twitter: @Cryptoauction
3. Rise of the Altcoin Wars: Recommended article concerning the potential threat of cryptocurrencies to Bitcoin.
1. Bitcoin Magazine. Rise of the Altcoin Wars:
5. Dark Wallet: