Ask HN: A good primer on cryptocurrencies? - uptownfunk
======
fzaninotto
I wrote a three-part study on the Blockchain phenomenon a year ago, based on
real experience with Ethereum. It's intended for web developers. It ends with
an unusual conclusion.

\- [https://marmelab.com/blog/2016/04/28/blockchain-for-web-
deve...](https://marmelab.com/blog/2016/04/28/blockchain-for-web-developers-
the-theory.html)

\- [https://marmelab.com/blog/2016/05/20/blockchain-for-web-
deve...](https://marmelab.com/blog/2016/05/20/blockchain-for-web-developers-
in-practice.html)

\- [https://marmelab.com/blog/2016/06/14/blockchain-for-web-
deve...](https://marmelab.com/blog/2016/06/14/blockchain-for-web-developers-
the-truth.html)

~~~
haburka
Just read that whole series. I appreciate the time and effort you into writing
that up. I feel like most of your complaints were valid and boiled down to,
"Etherium is too new" and "as a honest person, I get no benefit to using it".

Block chain is set up to be no trust so unless you're working with people who
you can't trust, you shouldn't use it. The other main reason is that you want
to avoid banks and government, which is certainly a smell that you may be a
criminal. These benefits aren't for people who are honest.

~~~
thedarkproject
> The other main reason is that you want to avoid banks and government, which
> is certainly a smell that you may be a criminal. These benefits aren't for
> people who are honest.

It is saddening that this argument is used even on HN. That's equivalent to
the old "You don't need privacy if you got nothing to hide". Examples as in
Cyprus [1] prove that you should always be careful when trusting banks or any
centralized system. Your line of argument is very common among representatives
of banks, governments or people who are simply uneducated on the subject. Or a
combination thereof.

[http://www.businessinsider.com/r-amid-fears-of-greek-
control...](http://www.businessinsider.com/r-amid-fears-of-greek-controls-
cyprus-shows-restrictions-are-bearable-2015-6)

~~~
haburka
It's not at all like "you don't need privacy if you've got nothing to hide."

It's more like "don't install that library, we can just write a 10 line
function." Someone who doesn't want to avoid the law is not going to get any
of the benefits of using a cryptocurrency. It's a solution where the main use
case is enabling people to make currency transactions outside the jurisdiction
of banks.

I think there are some good use cases for it, like if a currency is unreliable
due to corrupt government or inflation. However, the people who get the most
use out of it is certainly ransom ware coders, people who distribute illicit
goods like drugs and child pornography and finally libertarians that want to
make themselves sound clever at a party.

~~~
sunshiney
Do you own a business? Or..have you? Are you familiar with the advantages for
legal and ethical businesses from blockchain?

~~~
haburka
No I am not familiar with any advantages from using cryptocurrency as a
business. I only know that you can avoid PayPal fees by using Bitcoin, but
this also means that the customer has no protection of you don't deliver the
product.

------
olalonde
The paper that started it all is still a good read:
[https://bitcoin.org/bitcoin.pdf](https://bitcoin.org/bitcoin.pdf)

~~~
Cshelton
Not just still a read, I'd say it is one of the most important reads for
somebody just getting into blockchain/crypto world.

~~~
ecesena
After Diffie, Hellman, New directions in cryptography

[https://www-ee.stanford.edu/~hellman/publications/24.pdf](https://www-
ee.stanford.edu/~hellman/publications/24.pdf)

------
bowaggoner
I recently was researching bitcoin, blockchain, etc, and I found it
surprisingly difficult to find good but relatively short resources! I
synthesized what I found into some slides that you might find helpful[1].

Apologies if this seems like self-promoting my own slides -- and I should say
I am not at all an expert here -- but I created them mainly because I had
trouble finding a "primer", so maybe they can help others in a similar
position.

[1] [http://bowaggoner.com/talks/2017/bitcoin-
etc.pdf](http://bowaggoner.com/talks/2017/bitcoin-etc.pdf)

~~~
sandGorgon
hey - that's pretty cool. thanks for doing this. could you remake your slides
for the web ?

the slides are repeated (because of the transitions)

~~~
bowaggoner
Thanks - I took out a bunch of extraneous transition slides (except in one
place where I think it's helpful to see).

------
ktta
To _really_ understand cryptocurrencies, you must understand Bitcoin. Not just
its inner workings but where it came from and how it became what it is today.

The rest of the cryptocurrencies are only hoping to gain Bitcoin's popularity
(which Ethereum is getting close to) that it maintained for nearly a decade.

Back in the day the following links helped me understand bitcoin:

[http://www.michaelnielsen.org/ddi/how-the-bitcoin-
protocol-a...](http://www.michaelnielsen.org/ddi/how-the-bitcoin-protocol-
actually-works/)

[http://www.imponderablethings.com/2013/07/how-bitcoin-
works-...](http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-
hood.html)

Once you properly understand bitcoin you are ready to understand other
cryptocurrencies pretty easily. If some design choices don't make sense
(secp256k1), then remember that Bitcoin's creation was close to when _someone_
was caught doing _something_ [1]. This is the answer to why many
cryptocurrencies choose non-standard algorithms (aka. not NIST)

[1]:[https://en.wikipedia.org/wiki/Dual_EC_DRBG](https://en.wikipedia.org/wiki/Dual_EC_DRBG)

~~~
Rmilb
Don't forget that it is not just the technical details that give it value,
also the cryptoeconomic incentives that make it possible for a group of self
interested miners to provide a network users can trust.

------
Jimbabwe
This demo/primer on the blockchain itself is fantastic, if you're looking to
understand the underlying technology:
[https://anders.com/blockchain/](https://anders.com/blockchain/)

------
FullMtlAlcoholc
This may be a more comprehensive resource in you're looking for but Princeton
is offering a course on bitcoin via Coursera:

[https://www.coursera.org/learn/cryptocurrency](https://www.coursera.org/learn/cryptocurrency)

------
thedarkproject
I was looking for a good primer and I found the original Bitcoin paper itself
to be a pretty good starting point: [https://bitcoin.org/en/bitcoin-
paper](https://bitcoin.org/en/bitcoin-paper)

Furthermore, I suggest the Princeton cryptocurrency intro course on coursera
[1]. If you have CS background, you can skip the explanations of hashing etc
and concentrate on the mechanics and incentives in cryptocurrencies, which are
illustrated quite nicely.

[1]
[https://www.coursera.org/learn/cryptocurrency](https://www.coursera.org/learn/cryptocurrency)

~~~
davidgl
I'll second the Princeton course

------
jgalvez
I read this back to back and vouch for it:
[http://chimera.labs.oreilly.com/books/1234000001802](http://chimera.labs.oreilly.com/books/1234000001802)

Bitcoin-centric, but covers a lot of ground.

~~~
dcw303
I'm working through the 2nd edition at the moment and finding it very good.
I'd tried a lot of primers and summaries, but I needed something that goes
into deep technical detail to have it really click in my head.

------
Dnguyen
Khanh Academy has a very good course [https://www.khanacademy.org/economics-
finance-domain/core-fi...](https://www.khanacademy.org/economics-finance-
domain/core-finance/money-and-banking/bitcoin/v/bitcoin-what-is-it)

------
ivan_ah
I found this to be a good overview paper. _Research Perspectives and
Challenges for Bitcoin and Cryptocurrencies_
[http://www.jbonneau.com/doc/BMCNKF15-IEEESP-
bitcoin.pdf](http://www.jbonneau.com/doc/BMCNKF15-IEEESP-bitcoin.pdf)

------
jmeyers44
Nader Theory has a post "The Ultimate Layman's Guide to Bitcoin" that is
great: [http://www.nadertheory.com/#!/main/articles/post-08-the-
ulti...](http://www.nadertheory.com/#!/main/articles/post-08-the-ultimate-
laymans-guide-to-bitcoin)

Since you will no longer be a layman, you can then follow that up with his
post "The Intelligent Cryptocurrency Investor" :
[http://www.nadertheory.com/#!/main/articles/post-09-the-
inte...](http://www.nadertheory.com/#!/main/articles/post-09-the-intelligent-
cryptocurrency-investor)

Edit: include article titles

------
Temasik
If your looking for a cryptocurrency that doesn't use a blockchain but
Directed Acyclic Graph

[https://iota.org/IOTA_Whitepaper.pdf](https://iota.org/IOTA_Whitepaper.pdf)

~~~
ddalex
Ethereum ?

------
krosaen
I've found the Unchained Podcast helpful:

[http://www.stitcher.com/podcast/forbes-podcast-
network/uncha...](http://www.stitcher.com/podcast/forbes-podcast-
network/unchained-big-ideas-from-the-worlds-of-blockchain-and-fintech)

This episode in particular:

[http://www.stitcher.com/podcast/forbes-podcast-
network/uncha...](http://www.stitcher.com/podcast/forbes-podcast-
network/unchained-big-ideas-from-the-worlds-of-blockchain-and-
fintech/e/46007989)

------
satanic_pope
Cryptocurrencies with Tim Ferriss, Nick Szabo and Naval Ravikant [Podcast]

[https://medium.com/@giftedproducts/cryptocurrencies-with-
tim...](https://medium.com/@giftedproducts/cryptocurrencies-with-tim-ferriss-
nick-szabo-and-naval-ravikant-51a99d037e04)

~~~
copperx
I didn't know that Tim Ferriss dabbled in math/crypto.

~~~
FusilliGary
He doesn't. That dude is a farce, I have no idea how he has convinced so many
smart people to be on his show.

~~~
romanticreptile
Probably by being a good interviewer.

------
aml183
This is good:
[https://www.arilewis.com/blog/2017/6/1/9si827ayimpdnbkzpahpk...](https://www.arilewis.com/blog/2017/6/1/9si827ayimpdnbkzpahpkgvpr0kxhm)

Disclosure: I wrote it.

------
meritt
Minimum Viable Blockchain: [https://www.igvita.com/2014/05/05/minimum-viable-
block-chain...](https://www.igvita.com/2014/05/05/minimum-viable-block-chain/)

------
azophy
Aside from many 'theoritical' reading suggested by others here, I found that
this tutorial is incredibly helpful:
[https://medium.com/@lhartikk/a-blockchain-in-200-lines-of-
co...](https://medium.com/@lhartikk/a-blockchain-in-200-lines-of-
code-963cc1cc0e54)

I myself have also made the PHP version of the code implemented there. You
could see it here: [https://github.com/azophy/naivechain-
php](https://github.com/azophy/naivechain-php)

Hope it helps

------
avery111
I recently read the white papers of both bitcoin and ethereum. I would
definitely read bitcoin's white paper first. I actually read the annotated
versions from Fermat's Library:

\- [http://fermatslibrary.com/s/bitcoin](http://fermatslibrary.com/s/bitcoin)

\- [http://fermatslibrary.com/s/ethereum-a-next-generation-
smart...](http://fermatslibrary.com/s/ethereum-a-next-generation-smart-
contract-and-decentralized-application-platform)

~~~
nightski
That site is obnoxious. I have habit of highlighting text as I read it. Every
time I click on the text to highlight a huge tab pops in and out on the left
side. Who thinks up this crap.

~~~
eps
People who don't have a habit of highlighting text when reading it?

------
delhanty
Four days ago I asked [1] for technical references on the differences between
the Bitcoin and Ethereum blockchain length function, and @DennisP replied with
4 links [2] - Satoshi's classic paper and 3 good links on Ethereum.

[1]
[https://news.ycombinator.com/item?id=14624714](https://news.ycombinator.com/item?id=14624714)

[2]
[https://news.ycombinator.com/item?id=14625430](https://news.ycombinator.com/item?id=14625430)

------
sudshekhar
Any good resources to understand the economics/finance impact of
cryptocurrency and the broader scale implications of blockchains? Usage in
different fields etc.

~~~
samscully
I've been reading "The Business Blockchain" [0], it's been good so far.

[0] [https://www.amazon.com/Business-Blockchain-Practice-
Applicat...](https://www.amazon.com/Business-Blockchain-Practice-Application-
Technology/dp/1119300312)

------
mlla
One good resource for understanding on how Bitcoin works on a lower level is
this article: [http://www.samlewis.me/2017/06/a-peek-under-bitcoins-
hood/](http://www.samlewis.me/2017/06/a-peek-under-bitcoins-hood/)

It goes through the details of creating a tiny Bitcoin client that can send
transactions so that they will get included in the blockchain.

------
aaronhoffman
Bob Murphy's free ebook
[http://understandingbitcoin.us/](http://understandingbitcoin.us/)

------
thisisit
I am no expert on this but it depends on what is your interest? Is it from a
use case perspective or a technical one?

Technical perspective, people tend to conflate crypto currency with blockchain
and vice-versa. Both are not the same. Crypto currencies are an implementation
of the blockchain concept with their own twist on how to leverage blockchain.

A good primer on blockchain is -
[https://anders.com/blockchain/](https://anders.com/blockchain/)

Then there is the bitcoin paper which not only introduces blockchain but also
explains bitcoin:
[http://fermatslibrary.com/s/bitcoin](http://fermatslibrary.com/s/bitcoin)

The white papers of various currencies also provide the technical perspective
and details on their implementation.

Use case perspective, you will have to rely on white papers by the specific
coins. They will delve into how they look at blockchain to solve their
problems. Beware these papers tend to be verbose and full of marketing fluff.
So unless, as Warren Buffett puts it[1], within your area of competence there
is nothing to be gained.

One thing I have realized over time is that many people writing stuff on
cryptocurrency tend to be very verbose. Case in point:
[https://www.igvita.com/2014/05/05/minimum-viable-block-
chain...](https://www.igvita.com/2014/05/05/minimum-viable-block-chain/)

This in my opinion, and I am known to be very wrong most of the time, is
because it takes the technical route to explain things than standard
expressions.

Basic stuff like - what is a block is elongated with many technical terms. The
simplest answer is "block is a public ledger and contains all transactions".
Ledger is a legit word and you can find tons of articles explaining what is a
ledger. But then you have tons of articles which skip this simple explanation
in favor of a elongated explanation using technical terms and putting their
own versions of what constitutes a transaction.

[1] [http://www.businessinsider.in/The-Circle-Of-Competence-
Theor...](http://www.businessinsider.in/The-Circle-Of-Competence-Theory-Will-
Help-You-Make-Vastly-Smarter-Decisions/articleshow/26921971.cms)

------
criddell
I first learned about Bitcoin when Steve Gibson did an episode of his podcast
_Security Now_ on the topic:

[https://www.grc.com/sn/sn-287.htm](https://www.grc.com/sn/sn-287.htm)

If you have an understanding of basic cryptography primitives, then I think
it's an excellent introduction, especially if you learn well via audio.

------
adim86
This is a funny post, but it will give you the very basics on cryptocurrencies
and set you up to understand the more complex parts as you read more technical
documents: [http://blog.adimofunne.com/crypto-in-the-
hood/](http://blog.adimofunne.com/crypto-in-the-hood/)

------
shiado
I definitely suggest reading mastering bitcoin. The second edition appears to
have recently been released.
[http://shop.oreilly.com/product/0636920049524.do](http://shop.oreilly.com/product/0636920049524.do)

~~~
meritt
The source for this book is freely available from the author at
[https://github.com/bitcoinbook/bitcoinbook](https://github.com/bitcoinbook/bitcoinbook)

------
djohnston
Read and reread the Bitcoin white paper. As you read it, ask yourself
questions like, "what if I do x, could I then double spend?" I've read it 3
times over the course of a year or two and it's always served as a good
conceptual foundation.

------
kumartanmay
Cryptocurrency explained in plain english:
[https://www.linkedin.com/pulse/blockchain-plain-english-
mike...](https://www.linkedin.com/pulse/blockchain-plain-english-mike-bullock)

------
corv
Andreas Antonopoulos' 'Mastering Bitcoin' book.

In my opinion the best technical resource on Bitcoin.

[https://www.bitcoinbook.info](https://www.bitcoinbook.info)

His book on Ethereum is still work-in-progress.

~~~
abglassman
Seconded, big time. Blockchain was a hand-wavy haze for me until I got my
hands on this book. As a programmer it's frustrating to read most high-level
summaries of cryptocurrency/blockchain because they are often geared to a
general audience and raise more technical questions than they answer - not so
in "Mastering Bitcoin." The author does an impressive job of creating
motivating scenarios before diving into concrete details. The chapters are
well-sequenced but they stand up well to a bit of jumping around as your
curiosity takes you in different directions. I thought this book was a real
pedagogical achievement.

I'm looking forward to his book on Ethereum. In the meantime, Chris Dannen's
"Introducing Ethereum and Solidity" is helping me to get a good grasp.

------
bootsz
+1 to the Coursera course by Princeton that others have mentioned. Just
finished it and really feel like I came away with a pretty thorough
understanding of the fundamentals. Got exactly what I was looking for.

------
kumartanmay
I find the pictorial explanation of www.blockgeeks.com very very much
interesting for a beginner. If anyone gets serious about it, the paper at
bitcoin.org that started it all is a must read.

------
s_dev
Alec Benzer -- How Bitcoin Works

[https://blog.alecb.me/how-bitcoin-
works-a82bb2cd32ec](https://blog.alecb.me/how-bitcoin-works-a82bb2cd32ec)

~~~
alecbenzer
Thanks for the shout-out. :)

------
elorm
There's a ton of resources here as well

[https://github.com/Xel/Blockchain-stuff](https://github.com/Xel/Blockchain-
stuff)

------
kerkeslager
I'd love to understand how zcash shielded-address-to-shielded-address
transactions work. Any good technical explanations of that algorithm?

~~~
silverdrake11
The Princeton Coursera class has an entire section on it

------
fiatjaf
First try to imagine a way to have decentralized money on the internet by
yourself.

------
wousser
While on a similar topic, what would be a good primer on blockchain?

~~~
beerealman91
I found this article being a good intro to some of the concepts of blockchain
and how it works: [http://www.banterly.net/2016/12/31/blockchain-beyond-the-
hyp...](http://www.banterly.net/2016/12/31/blockchain-beyond-the-hype-of-
bitcoin-and-ethereum/)

