On Narrative Economics: Bitcoin (Chapter 1)
I started this book, Narrative Economics, to get more into behavioral economics. The idea is that many people pursue interests not because of any rational reason, but more so because of emotions. Let's use Bitcoin for instance. A lot of people do not know the underlying technology, myself included before reading this book. Of course, I've heard of the elliptic digital signature algorithm, but that was because I was preparing for my Security+, and I didn't even know what specifically it was for. Now I found out the algorithm is useful for confirming and verifying the identity of whoever did an operation. Apart from that, the entire idea behind Bitcoin, which a lot of us might have known, is that it is meant to be democratic. This is for people who have the fear of getting replaced by jobs or the government controlling every facet of their lives. They see people in power who they feel are not as qualified, and I am inclined to agree with them. A lot of the people in power do...