David Gerard | |
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![]() Gerard in 2020 | |
Born | [1] [2] | February 19, 1967
Occupation | IT systems administrator [4] |
Known for |
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Notable work |
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Spouse | Rose Gerard |
Website | davidgerard |
David Gerard (born 1967) is an Australian IT systems administrator, [4] [5] finance author and Wikipedia administrator, best known as a cryptocurrency sceptic and commentator on cryptocurrencies, non-fungible tokens (NFTs), and related blockchain technologies. [6] He is the author of the cryptocurrency books Attack of the 50-foot Blockchain (2017), [7] and Libra Shrugged (2020). [8]
Gerard was labelled as "the most intellectually dishonest man in the crypto universe" by Mike Dudas, editor of The Block. [9] [10]
In 2017, Gerard released his first book, Attack of the 50-foot Blockchain, [11] which criticises cryptocurrency for, among other reasons, its energy cost and the high number of exchange hacks. [12] Gerard details technological issues with the infrastructure of blockchain applications, including smart contracts, which he describes as neither smart nor legal contracts. Parts of the book are dedicated to debunking claims made by cryptocurrency advocates; for example, he provides evidence that bitcoin has not dispensed with the malfeasance present in traditional banks and markets or helped people rise out of poverty. [13]
Sue Halpern described the book in The New York Review of Books as "a sober riposte to all the upbeat forecasts about cryptocurrency". [12] Martin Walker of the London School of Economics Business Review called the book "the first real, 'no holds barred', attack on the whole bitcoin/cryptocurrency/blockchain movement". [13] Regarding the cryptocurrency bubble, the BBC said, "Attack of the 50 Foot Blockchain is a very convincing takedown of the whole phenomenon." [14] In the American Book Review , Aaron Jaffe recommended it alongside David Golumbia's Politics of Bitcoin: Software as Right-Wing Extremism. [15] In 2021 US investor Mike Burry changed his Twitter image to a quote from Attack of the 50-foot Blockchain: "NFTs exist so that the crypto grifters can have a new kind of magic bean to sell for actual money, and pretend they're not selling magic beans." [16] [17]
In 2020, [8] Gerard released his second book, Libra Shrugged. [18] The book explores Facebook's aborted attempt to create Libra, a cryptocurrency, and discussed reactions to it from central banks. [19]
Gerard has been active as a Wikipedia volunteer since the encyclopedia's early days, [20] and is one of the administrators on the project. [21]
Gerard lives in Greater London with his wife and child. [22] [5]
Bitcoin is the first decentralized cryptocurrency. Based on a free-market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown entity. Use of bitcoin as a currency began in 2009, with the release of its open-source implementation. In 2021, El Salvador adopted it as legal tender. It is mostly seen as an investment and has been described by some scholars as an economic bubble. As bitcoin is pseudonymous, its use by criminals has attracted the attention of regulators, leading to its ban by several countries as of 2021.
A cryptocurrency, crypto-currency, or colloquially, crypto, is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States in terms of trading volume. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam. In May 2020, Coinbase announced it would shut its San Francisco, California, headquarters and change operations to remote-first, part of a wave of several major tech companies closing headquarters in San Francisco in the wake of the COVID-19 pandemic.
Vitaly Dmitrievich Buterin, better known as Vitalik Buterin, is a Canadian computer programmer and co-founder of Ethereum. Buterin became involved with cryptocurrency early in its inception, co-founding Bitcoin Magazine in 2011. In 2015, Buterin deployed the Ethereum blockchain with Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.
Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.
A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization managed in whole or in part by decentralized computer programs, with voting and finances handled through a decentralized ledger technology like a blockchain.. In particular, processes run by the decentralized programs must be central, enduring, and distinctive to the identity of the organization for the organization to be a DAO. In general terms, DAOs are member-owned communities without centralized leadership. The precise legal status of this type of business organization is unclear.
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are resistant to alteration because, once recorded, the data in any given block cannot be changed retroactively without altering all subsequent blocks and obtaining network consensus to accept these changes. This protects blockchains against nefarious activities such as creating assets "out of thin air", double-spending, counterfeiting, fraud, and theft.
Monero is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility. Observers cannot decipher addresses trading Monero, transaction amounts, address balances, or transaction histories.
Kraken is a United States–based cryptocurrency exchange, founded in 2011. It was one of the first bitcoin exchanges to be listed on Bloomberg Terminal and was valued at US$3 billion in January 2024. The company has been the subject of several regulatory investigations since 2018, and has agreed to cumulative fines of over $30 million. It was the first cryptocurrency company to obtain a bank charter.
Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.
A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.
A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles on a boom to bust cycle.
Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.
Video games can include elements that use blockchain technologies, including cryptocurrencies and non-fungible tokens (NFTs), often as a form of monetization. These elements typically allow players to trade in-game items for cryptocurrency, or represent in-game items with NFTs. A subset of these games are also known as play-to-earn games because they include systems that allow players to earn cryptocurrency through gameplay. Blockchain games have existed since 2017, gaining wider attention from the video game industry in 2021. Several AAA publishers have expressed intent to include this technology in the future. Players, developers, and game companies have criticized the use of blockchain technology in video games for being exploitative, environmentally unsustainable, and unnecessary.
OKX, formerly known as OKEx, is a Seychelles-based cryptocurrency exchange. It was founded by Star Xu in 2017, who is also the CEO as of 2023. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin. As of August 2024, OKX is Top 3 Spot Cryptocurrency exchange in the world according to Coinmarketcap with a Spot Exchange Score of 7.8.
A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. Initially pitched as a new class of investment asset, by September 2023, one report claimed that over 95% of NFT collections had zero monetary value.
Diem was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Facebook. The plan also included a private currency implemented as a cryptocurrency.
Solana is a blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL.
Line Goes Up – The Problem With NFTs is a 2022 documentary film written and directed by Canadian YouTuber and video essayist Dan Olson on non-fungible tokens (NFTs), cryptocurrencies, and Web3. The video was published to his YouTube channel Folding Ideas on January 21, 2022.
Molly Allen White is an American software engineer, Wikipedia editor, and crypto skeptic. A critic of the decentralized blockchain (Web3) and cryptocurrency industries, she runs the website Web3 Is Going Just Great and a newsletter, which both document wrongdoing in that technology space. White has appeared in Web3-related news, consulted on federal legislation for regulating the crypto industry, and successfully proposed that the Wikimedia Foundation cease to collect crypto donations. White additionally volunteers as a Wikipedia editor and is among the site's most active women. She has edited a range of articles on right-wing extremism.
Gerard, a London-based journalist from Perth ..