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Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money Kindle Edition
New York Times Book Review Editor’s Choice
SHORTLISTED FOR THE 2015 FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR
A 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.
- LanguageEnglish
- PublisherHarper Paperbacks
- Publication dateMay 17, 2016
- File size4212 KB
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Editorial Reviews
Review
“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)
“Digital Gold is as strong a narrative achievement as a reporting one” (Chris Wilson, Bookforum)
“Necessary reading” (Bethany McLean, New York Times Book Review)
“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)
“An impressive accomplishment” (Tim Fernholz, Quartz)
“A family saga... structured like a tech thriller” (John Naughton, The Guardian)
“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)
“It’s a tale told quickly and well” (John Biggs, TechCrunch)
“So, yes, it’s a totally awesome book” (Justin Fox, Bloomberg)
“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)
“A vivid guide to the characters who met online and built bitcoin” (John Gapper, Financial Times)
“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)
“An engrossing look at a system creatively designed to bring money into the 21st century.” (Library Journal)
“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)
“Bitcoin may be inherently speculative, but Digital Gold is a sound investment” (Edward Chancellor, Reuters)
From the Back Cover
SHORTLISTED FOR THE 2015 FINANCIAL TIMES AND MCKINSEY BUSINESS BOOK OF THE YEAR
A 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.
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.
Product details
- ASIN : B01D8KFX9Q
- Publisher : Harper Paperbacks; Reprint edition (May 17, 2016)
- Publication date : May 17, 2016
- Language : English
- File size : 4212 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Sticky notes : On Kindle Scribe
- Print length : 435 pages
- Best Sellers Rank: #118,315 in Kindle Store (See Top 100 in Kindle Store)
- #2 in Online Banking
- #13 in Money & Monetary Policy (Kindle Store)
- #49 in Company Histories
- Customer Reviews:
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Top reviews from the United States
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Popper includes lots of entertaining details: like how businessman Wences Casares paid $250k to Eastern European hackers to find flaws in the bitcoin technology, but found that it checked out as sound; how entrepreneur Charlie Shrem's parents only agreed to post a $1 million bond to bail him out of jail if he broke up with a girlfriend they did not approve of first; or how FBI agents staged the death of notorious criminal Ross Ulbricht's assassination targets. Popper also presents a pretty convincing case that I was not familiar with for the identity of the person he thinks is Satoshi Nakamoto, the mysterious creator of Bitcoin
It remains to be seen whether Bitcoin itself will last long in the future, but the blockchain technology appears to be a real breakthrough in computer science. Nathaniel Popper is a talented non-fiction writer and this was a real page-turner. I gave it five stars because I enjoyed reading it so much.
That said, there 2 drawbacks for me:
1. The book was published in 2016 and only covered the events up to 2014, which means the ICO hype and the bull run in 2017, and the pandemic era are not included.
2. The Chinese market which accounts for half of the industry is covered in minimal details, presumably because of the author's lack of resources in the Eastern world. For example, the book does briefly go over the earliest exchange BTCChina but mentions very little about two other giant exchanges at the time OKCoin (OKEx) and Huobi (Binance didn't come into being until 2017 so it's understandable that there is no mention in the book).
Another example is the mining unicorn Bitmain doesn't get much real estate in the book.
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.
Top reviews from other countries
What a engaging story with larger than life characters and no end of twists in the narrative. Its about as interesting as history gets. This should be taught in school rather than the battle of Hastings. A little more relative. The definitive intro into crypto. Wonderful read.
Took a few pages to adjust back to reading a book the traditional way.