New Books in Science, Technology, and Society cover image

Rhea Myers, "Proof of Work: Blockchain Provocations 2011-2021" (MIT Press, 2023)

New Books in Science, Technology, and Society

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Bitcoin's Magical Solution to Scarcity-Based Currency

Bitcoin was created to remove that kind of treacherous third party intermediary who can commit acts of injustice at the moment of economic exchange. The early code has bugs in it and if you show yeah bitcoin one to a cryptographer they'll go why did they use that? It replaced a technical problem with an economic incentive which again is not sort of a popular move for non-market socialist or non non-capitalist anarchist so this area just opens up onto these fascinating issues within the political and social struggles that we currently face.

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