CRYPTO AND BITCOIN

Duniec uses a fictional narrative to chronicle his experiences with cryptocurrency.

Roger, a stand-in for the author, is an early adopter of Bitcoin, a successful miner of cryptocurrency who is determined to impart his wisdom to a society full of crypto detractors (Roger “looked at his laptop and realized he had enough knowledge and hands-on experience to compile something valuable for the world”). Through Roger’s memories, readers learn of the advent of Bitcoin through the reportedly groundbreaking “Bitcoin Whitepaper” written by the enigmatic Satoshi Nakamoto. Roger explains the technical components of cryptocurrency, such as mining, the blockchain, and other, more granular concepts that are necessary for new adopters to understand. For Roger, cryptocurrency is revolutionary in that it stands in direct opposition to traditional financial institutions as a decentralized system. Roger argues that this dynamic between technology and tradition, in addition to Bitcoin’s well-timed birth on the heels of the 2008 financial crisis, has turned cryptocurrency into a people’s currency, made accessible to all, immune to the machinations of a bloated economy. Roger concludes by predicting cryptocurrency’s entry into the mainstream and encourages readers to learn all they can and adopt a “Millionaire Mindset” that favors patience and slow, sustained growth over get-rich-quick schemes. While the author writes with expertise and authority—the text cites a variety of sources and seamlessly integrates these citations into the flow of the narrative—some direct quotes seem far too long, leaving little space for clarification or interpretation. Duniec’s analysis presents a rosy perspective that sometimes reads as overzealous. This is particularly true when the author addresses common legitimate criticisms of the volatility, privacy risks, and technical vulnerability of cryptocurrency. Duniec struggles to clarify some technical concepts, relying too much on the forced fictional narrative structure, which some readers may find condescending and off-putting.

A futurist’s defense of cryptocurrency that ultimately fails to make its case.