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How Money Got Free
In the space of a few years, Bitcoin has gone from an idea ignored or maligned by almost everyone to an asset with a market cap of more than $12 billion. Venture capital firms, Goldman Sachs, the New York Stock Exchange, and billionaires such as Richard Branson and Peter Thiel have invested more than $1 billion in companies built on this groundbreaking technology. Bill Gates has even declared it ‘better than currency’.
The pioneers of Bitcoin were twenty-first-century outlaws – cryptographers, hackers, Free Staters, ex-cons and drug dealers, teenage futurists and self-taught entrepreneurs – armed with a renegade ideology and a grudge against big government and big banks. Now those same institutions are threatening to co-opt or curtail the impact of digital currency. But the pioneers, some of whom have become millionaires themselves, aren’t going down without a fight. Sweeping and provocative, How Money Got Free reveals how this disruptive technology is shaping the debate around competing ideas of money and liberty, and what that means for our future.
The pioneers of Bitcoin were twenty-first-century outlaws – cryptographers, hackers, Free Staters, ex-cons and drug dealers, teenage futurists and self-taught entrepreneurs – armed with a renegade ideology and a grudge against big government and big banks. Now those same institutions are threatening to co-opt or curtail the impact of digital currency. But the pioneers, some of whom have become millionaires themselves, aren’t going down without a fight. Sweeping and provocative, How Money Got Free reveals how this disruptive technology is shaping the debate around competing ideas of money and liberty, and what that means for our future.
496 pages, Hardcover
Published May 9, 2017
43 people are currently reading
527 people want to read
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Displaying 1 - 24 of 24 reviews
February 4, 2017
***I won this book in a Goodreads Giveaway***
This was a great book. It reads like a fiction novel, very fluid and quick. I learned a ton of things, not just about Bitcoin, but finance and economics and taxes and holy crap our entire system is a shell game. That's a bit of a bother. Anyway, Bitcoin technology and the industries that have grown around it are a lot more complex and, dare I say it, sustainable than I had thought. I highly recommend this book to all my nerds out there.
This was a great book. It reads like a fiction novel, very fluid and quick. I learned a ton of things, not just about Bitcoin, but finance and economics and taxes and holy crap our entire system is a shell game. That's a bit of a bother. Anyway, Bitcoin technology and the industries that have grown around it are a lot more complex and, dare I say it, sustainable than I had thought. I highly recommend this book to all my nerds out there.
August 7, 2017
The business news version of the history of bitcoin.
Well written and curated to highlight major projects influencing the early development of the ecosystem of Bitcoin. It shows an increasingly sophisticated investment and venture capital environment. Telling the stories of many central characters in a way that makes it easier to understand them as people. It also gives a very good sense of the international scope of the growth of cryptocurrencies.
It does a good enough job of prioritizing large influential projects that it seems odd that there is so little mention of the Bitcoin Core project that works on the development of the most important software in the system.
The reflections on philosophical motivations of players are illuminating but limited. It talks about libertarians who were very energetic in promoting the currency and had a very distinct agenda. It does a pretty good job of helping the reader understand the motivation. It also shows how more recent leaders have tended to have a more familiar ideological basis. Only touching on the philosophy of software, it does not really give a sense of the challenges and significance of developing a decentralized system. The additional challenges of Ethereum are also absent.
It does give a good sense of proportion to industry rising in America around cryptocurrencies. It also gives you a good sense of the urgency of current development. I learned a few things and will definitely recommend this book as a general non-technical introduction. But I would caution that the things left out have great significance, so think of this book as a starting point.
Well written and curated to highlight major projects influencing the early development of the ecosystem of Bitcoin. It shows an increasingly sophisticated investment and venture capital environment. Telling the stories of many central characters in a way that makes it easier to understand them as people. It also gives a very good sense of the international scope of the growth of cryptocurrencies.
It does a good enough job of prioritizing large influential projects that it seems odd that there is so little mention of the Bitcoin Core project that works on the development of the most important software in the system.
The reflections on philosophical motivations of players are illuminating but limited. It talks about libertarians who were very energetic in promoting the currency and had a very distinct agenda. It does a pretty good job of helping the reader understand the motivation. It also shows how more recent leaders have tended to have a more familiar ideological basis. Only touching on the philosophy of software, it does not really give a sense of the challenges and significance of developing a decentralized system. The additional challenges of Ethereum are also absent.
It does give a good sense of proportion to industry rising in America around cryptocurrencies. It also gives you a good sense of the urgency of current development. I learned a few things and will definitely recommend this book as a general non-technical introduction. But I would caution that the things left out have great significance, so think of this book as a starting point.
August 19, 2017
A compelling read about Bitcoin - told through stories about the good (and maybe not so good) guys who believed in a financial world without political borders.
As Bitcoin gains more mainstream acceptance, it's anybody's guess what will happen in the future. Nonetheless, it's underlying technology has changed the world forever.
The book does not predict much and only presents the case as-is. However, it defends the world of entrepreneurs who went against the system (legally or otherwise) to imagine a world where governments cannot intervene in economic choices made by free individuals. Whether or not this utopian dream will be realised, only time will tell.
As Bitcoin gains more mainstream acceptance, it's anybody's guess what will happen in the future. Nonetheless, it's underlying technology has changed the world forever.
The book does not predict much and only presents the case as-is. However, it defends the world of entrepreneurs who went against the system (legally or otherwise) to imagine a world where governments cannot intervene in economic choices made by free individuals. Whether or not this utopian dream will be realised, only time will tell.
February 17, 2019
Riveting! "How Money Got Free" should be a movie or miniseries. The mysterious Bitcoin is not only fully revealed, told through the personal stories of those involved, it reads like a thriller, a page-turner, that will likely keep you up late into the night. The remarkable story and exceptional writing make this book a recommend to anyone!
February 17, 2019
Riveting! "How Money Got Free" should be a movie or miniseries. The mysterious Bitcoin is not only fully revealed, told through the personal stories of those involved, it reads like a thriller, a page-turner, that will likely keep you up late into the night. The remarkable story and exceptional writing make this book a recommend to anyone!
August 13, 2017
I find bitcoin extremely fascinating for a lot of different reasons. It's technically innovative and creative, and it holds serious promise for upending the global financial systems. The latter are currently controlled by corporations and central governments, and their cronyism hurts the Western poor, retards third world development, and destroys economic growth. A free and decentralized global monetary system would do wonders to increase liberty and autonomy.
This book covers the history of bitcoin. It's technical but still layman-friendly, and a major focus is on how it developed from the underground currency of the dark web--drugs, traffickers, assassinations--to the darling of Silicon Valley investment firms. Now, it's increasingly respected as a legitimate store of value, and a legitimate means of payment: over 100,000 merchants accept bitcoin today.
I'm concerned about some of the unresolved questions that the bitcoin community has to work through--technical controversies that pose barriers to broad global acceptance over time (for example, today the bitcoin protocol can process 7 transactions per second, while Visa can handle over 50,000). I hope they can resolve these items and clear away the barriers to global adoption.
As I heard a bitcoin enthusiast point out the other day, we ARE going toward having a cashless society--either by law or de facto. We WILL be using a digital currency. The question is whether you want to use a digital currency that is controlled, monitored and gatekept by governments and corporations, or use one that is decentralized, secure, private, and free. I know which one I'm hoping for.
This book covers the history of bitcoin. It's technical but still layman-friendly, and a major focus is on how it developed from the underground currency of the dark web--drugs, traffickers, assassinations--to the darling of Silicon Valley investment firms. Now, it's increasingly respected as a legitimate store of value, and a legitimate means of payment: over 100,000 merchants accept bitcoin today.
I'm concerned about some of the unresolved questions that the bitcoin community has to work through--technical controversies that pose barriers to broad global acceptance over time (for example, today the bitcoin protocol can process 7 transactions per second, while Visa can handle over 50,000). I hope they can resolve these items and clear away the barriers to global adoption.
As I heard a bitcoin enthusiast point out the other day, we ARE going toward having a cashless society--either by law or de facto. We WILL be using a digital currency. The question is whether you want to use a digital currency that is controlled, monitored and gatekept by governments and corporations, or use one that is decentralized, secure, private, and free. I know which one I'm hoping for.
Read
July 25, 2017This book chronicles the early history of Bitcoin, told through the eyes of the early adopters that came to lead the nascent industry.
Brian Eha paints the characters behind the story: The pragmatic visionary (Barry Silbert), the criminal (Ross Ulbricht), the purist (Roger Ver), the jocks (The Winklevoss Twins) and the local boy made good (Charlie Shrem). Narrated through their eyes, Eha describes the ideological tension between the crypto-anarchists and the pragmatists, with Wall Street waiting in the wings.
I think it’s essential reading to understand the context of these companies: Some want it to be a tool of Wall Street, and others have a more utopian vision. Eha does an excellent job contrasting the positions without the toxic judgement so often seen on Bitcoin discussion forums.
It’s also a fun read: A “hard work, hard play” page turner that reminded me of Peter Biskind’s “Easy Rider, Raging Bulls”.
Brian Eha paints the characters behind the story: The pragmatic visionary (Barry Silbert), the criminal (Ross Ulbricht), the purist (Roger Ver), the jocks (The Winklevoss Twins) and the local boy made good (Charlie Shrem). Narrated through their eyes, Eha describes the ideological tension between the crypto-anarchists and the pragmatists, with Wall Street waiting in the wings.
I think it’s essential reading to understand the context of these companies: Some want it to be a tool of Wall Street, and others have a more utopian vision. Eha does an excellent job contrasting the positions without the toxic judgement so often seen on Bitcoin discussion forums.
It’s also a fun read: A “hard work, hard play” page turner that reminded me of Peter Biskind’s “Easy Rider, Raging Bulls”.
January 29, 2018
Good:
A solid narrative to recap how cryptocurrency got to where it is today.
Provides color and context around the current group of people and companies in the space.
Bad:
Tends to ramble and sometimes the point trying to be made isn't clear.
Hard to read between what was a first hand account and what was a assumed implication.
Ugly:
The most interesting part - where we go from here - isn't helped much by the origin story.
A solid narrative to recap how cryptocurrency got to where it is today.
Provides color and context around the current group of people and companies in the space.
Bad:
Tends to ramble and sometimes the point trying to be made isn't clear.
Hard to read between what was a first hand account and what was a assumed implication.
Ugly:
The most interesting part - where we go from here - isn't helped much by the origin story.
June 22, 2018
Doesn't explain the technical aspects of the technology in much detail. It is, however, a wondrously detailed account of the recent history around Bitcoin - i.e. the 'Wild West' phase that the currency appears to be going through. Very well researched with lots of wild human stories.
June 10, 2017
An engaging and informative history of the major players behind the rise of Bitcoin, with a focus on the stories of Roger Ver, Charlie Shrem, Erik Voorhees, Barry Silbert, and those in their orbit.
July 21, 2017
A slapdash libertarian history of bitcoin, told from the perspective of Charlie Shrem, Nic Cary, and Barry Silbert. It will date quickly.
Read
April 30, 2018A book more of the real events capturing rather than discussing the foundational principles.
September 12, 2018
A very in-depth short history of bitcoin with all the main figures and their life span in this time.
July 26, 2025
A fun read focused on the stories of the main players in the early stages of Bitcoin's life. This book isn't going to teach you how Bitcoin, cryptocurrency, or blockchain works and perhaps assumes you already know those details. Nor is it going to tell you how to buy and sell or use Bitcoin. This is more what The Social Network is to (The) Facebook, and in fact has some of the same real-life characters (The Winklevoss twins continue to look like arrogant greedy stupid rich jerks).
This is real-world cyberpunk featuring tales of anonymous shadowy characters, drugs and imprisonment, white and black hat hackers, and of course trying to get one over on the banks.
While it is fun and interesting learning about these individuals trying to be the first to ride the initial wave into riches, my chief complaint is that the book seems to frequently jump between several people and stories with no central focus or "main character". While some of the people and companies documented are still often seen in the crypto-sphere, a few have seemingly disappeared altogether through Bitcoin's booms and busts. I suppose the equivalent would be reading a book from the late 1980s or early 1990s talking about the rise of personal computers, and while yes Bill Gates and Microsoft and Steve Jobs and Apple are talked about watching the focus shift to other tech individuals and companies you've never heard of before and who obviously never made it quite as big feels like a tease. "Hold up, I want to know more about THAT guy!"
That may not be the author's fault aside from casting too large of a net, as this is effectively "Bitcoin Vol. 1: The First Five Years" when we are closing out volume 3.
It is funny to see how the early hopes and dreams of Bitcoin were for people to spend it easily on everything on a global scale. Where now it is effectively a "Store of Value" or speculative investment, with no one really spending it so much as they are tapping and cashing out.
I chose this particular Bitcoin book to read because I went to the same university of the author, and briefly met him through friends of friends, around the same time Bitcoin started showing up on the scene. I should have stopped and thought "Huh, if this is something both my nerdy computer science and politically motivated libertarian-minded friends are digging into, maybe it's worth doing some of my own research and begin investing..." but alas I did no such thing. Next life time!
This is real-world cyberpunk featuring tales of anonymous shadowy characters, drugs and imprisonment, white and black hat hackers, and of course trying to get one over on the banks.
While it is fun and interesting learning about these individuals trying to be the first to ride the initial wave into riches, my chief complaint is that the book seems to frequently jump between several people and stories with no central focus or "main character". While some of the people and companies documented are still often seen in the crypto-sphere, a few have seemingly disappeared altogether through Bitcoin's booms and busts. I suppose the equivalent would be reading a book from the late 1980s or early 1990s talking about the rise of personal computers, and while yes Bill Gates and Microsoft and Steve Jobs and Apple are talked about watching the focus shift to other tech individuals and companies you've never heard of before and who obviously never made it quite as big feels like a tease. "Hold up, I want to know more about THAT guy!"
That may not be the author's fault aside from casting too large of a net, as this is effectively "Bitcoin Vol. 1: The First Five Years" when we are closing out volume 3.
It is funny to see how the early hopes and dreams of Bitcoin were for people to spend it easily on everything on a global scale. Where now it is effectively a "Store of Value" or speculative investment, with no one really spending it so much as they are tapping and cashing out.
I chose this particular Bitcoin book to read because I went to the same university of the author, and briefly met him through friends of friends, around the same time Bitcoin started showing up on the scene. I should have stopped and thought "Huh, if this is something both my nerdy computer science and politically motivated libertarian-minded friends are digging into, maybe it's worth doing some of my own research and begin investing..." but alas I did no such thing. Next life time!
September 25, 2021
Okay, this book was a lot. It's a new technology that I knew nothing about so there was a lot of re-reading to figure out what exactly it was talking about. That being said, it was great in explaining how Bitcoin worked and all of the startups around it. It was interesting hearing about the big players in the industry and even about how the regulations and politics around it all worked. But there is definitely a feeling of "everything you never wanted to know" and sometimes it's a bit heavy of a read. Still worth it, but could have been a lot tighter I think.
February 26, 2018
My new obsession.
April 8, 2018
Esencial para entender porque crypto esta en su estado actual.
June 24, 2021
The author brought additional perspectives around the evolvement of businesses and figures around bitcoin. This is a good read.
December 16, 2021
Good primer if you wna get to know the history of digital currency, talks a lot about the initial design of these currencies and how an ecosystem sort of formed around them as they evolved.
March 18, 2018
Through the use of character storylines I was able to learn about many questions regarding Bitcoin. Answers won't be revealed until some time in the future.
Is Bitcoin useful primarily as a speculative investment device or for ease of transactional use, especially for the unbanked?
Will governments regulate it out of existence as they seek to increase their ability to track illegal activity via financial fingerprints (or at least, not lose the ability they have developed)?
Will the upper limits of a block limit the ability of Bitcoin to be used as transactional currency?
Will the overall cap on bitcoin size prevent it from ever becoming a replacement currency?
Can blockchain technology succeed and thrive for alternative uses without cryptocurrencies succeeding?
Questions not addressed: how likely is the theft of bitcoin to render the third-party-less system a non-starter? and how likely will thefts increase? what are the ecological impacts of the energy demand for global bitcoin mining? missing: statistics on energy usage
Is Bitcoin useful primarily as a speculative investment device or for ease of transactional use, especially for the unbanked?
Will governments regulate it out of existence as they seek to increase their ability to track illegal activity via financial fingerprints (or at least, not lose the ability they have developed)?
Will the upper limits of a block limit the ability of Bitcoin to be used as transactional currency?
Will the overall cap on bitcoin size prevent it from ever becoming a replacement currency?
Can blockchain technology succeed and thrive for alternative uses without cryptocurrencies succeeding?
Questions not addressed: how likely is the theft of bitcoin to render the third-party-less system a non-starter? and how likely will thefts increase? what are the ecological impacts of the energy demand for global bitcoin mining? missing: statistics on energy usage
July 23, 2018
An engaging read - superbly written narrative on the history of Bitcoin.
October 7, 2018
In-depth book of Bitcoin history, everything you need to understand. But its written by the guy who is "friends" with guys who are in bitcoin so... it is one side swayed.
August 21, 2019
This is a better book to read than either Digital Gold or Bitcoin Billionaires if anyone is wondering - seem to have less bias and more depth.
January 17, 2021
Good history on Bitcoin and people who made Bitcoin possible
Displaying 1 - 24 of 24 reviews