Summary of Neel Mehta, Aditya Agashe & Parth Detroja's Blockchain Bubble or Revolution

By IRB Media

Please note: This is a companion version & not the original book.

#1 On Halloween 2008, a computer scientist named Satoshi Nakamoto published a whitepaper introducing Bitcoin, a digital currency that allows people to exchange money without going through a bank or credit card processor.

#2 Money has traditionally been held in two forms: physical items like cash or gold pieces, or having a trusted institution like a bank or chieftain track how much money you have. The shortcomings of these forms of money are clear: it's easy to steal, it can't be used for online or long-distance transactions, it can be counterfeited, and it's a pain to store and transport.

#3 Humanity has always used money to solve the problems of tangibility. Money was invented by a trusted institution, such as a bank or local chief, to mediate between humans and their tangible money. However, this form of money has several shortcomings that stem from the fact that there is a middleman.

#4 What we really need in money is intangibility. M3 gives you intangibility by introducing middlemen: if you trust institutions to manage and move your money for you, you don’t have to hold tangible money anymore. But middlemen come with their own bundle of drawbacks.

• Language: English
• Publisher: IRB Media
• Release date: Apr 13, 2022
• ISBN: 9781669385561

IRB Media

With IRB books, you can get the key takeaways and analysis of a book in 15 minutes. We read every chapter, identify the key takeaways and analyze them for your convenience.

Book preview

Insights on Neel Mehta and Aditya Agashe & Parth Detroja's Blockchain Bubble or Revolution

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 7

Insights from Chapter 8

Insights from Chapter 9

Insights from Chapter 1

#1

On Halloween 2008, a computer scientist named Satoshi Nakamoto published a whitepaper introducing Bitcoin, a digital currency that allows people to exchange money without going through a bank or credit card processor.

#2

Money has traditionally been held in two forms: physical items like cash or gold pieces, or having a trusted institution like a bank or chieftain track how much money you have. The shortcomings of these forms of money are clear: it's easy to steal, it can't be used for online or long-distance transactions, it can be counterfeited, and it's a pain to store and transport.

#3

Humanity has always used money to solve the problems of tangibility. Money was invented by a trusted institution, such as a bank or local chief, to mediate between humans and their tangible money. However, this form of money has several shortcomings that stem from the fact that there is a middleman.

#4

What we really need in money is intangibility. M3 gives you intangibility by introducing middlemen: if you trust institutions to manage and move your money for you, you don’t have to hold tangible money anymore. But middlemen come with their own bundle of drawbacks.

#5

The Yapese people use a system of communal memory to keep track of the stones. If the chieftain’s daughter wants to buy a boat from the carpenter, she would announce that one rai stone she controls now belongs to the carpenter. The villagers would spread the word that the chieftain’s daughter gave a stone to the carpenter.

#6

The