Bitcoin, blockchain… Over the past couple of years, everyone has heard these words, along with the phrase “should have invested in bitcoin in time.” However, very few people truly understand what this technology is and the principles behind these new digital currencies. I’ll admit, for a while, I also had only a vague idea of the details. But there are people out there who are willing to explain everything in plain language.
I first learned about Alexey Markov by chance when I stumbled upon a link to his book with the rather politically incorrect title “Hulinomics”. In this book, he explained economics in simple terms, peppered with some profanity, and why understanding its principles is essential for everyone. I rather liked the book (4 out of 5), as I mentioned in my review at the time.
Since then, I’ve kept an eye on what else Markov has published, though I wasn’t in a rush to read more. He wrote a book about “why some people have it all, while others have nothing,” essentially exploring why not everyone earns a lot of money (“Zhlobology”). He also authored a collection of clever advice on various topics (“Hoolifacts”) and, together with Alexey Antonov, a book about cryptocurrencies and blockchain technology titled Crypt-Your-Mathics. It was the latter that I decided to read.
I’ve already written about Markov in my previous review, so let me briefly introduce the second author of the book—Alexey Antonov. Since 2016, he has been interested in blockchain technology, actively involved in business in this field, and engaged in educational activities, giving lectures. In short, he jumped on the train early, so he knows both its advantages and drawbacks.
Together, Markov and Antonov wrote a book that, in style, closely resembles Markov’s eccentric manner, seen in his articles and his famous “Hoolinomics”. The authors set out to explain not only clearly but also as openly as possible about this new market, which is full of pitfalls. At least, that’s what they promise, albeit in their own distinctive manner:
There is another quite predictable unhealthy effect: those who have invested in crypto, willingly or not, start promoting it (like we’re doing with this book). That’s why few people honestly talk about the flaws of the technology. Except for us, of course. We bit the bullet and pointed out the potential problems. What to do next is up to you.
The blockchain technology is relatively young, but it has already caused quite a stir. The cryptocurrency Bitcoin, based on this technology, has broken all records in terms of value growth (while initially, a single Bitcoin was worth mere pennies, by 2021 its value on exchanges had soared to over $60,000 (!!!)). And although modern technologies evolve and progress at an incredible pace, this youthfulness still doesn’t provide enough material for extensive historical works. As a result, the book turned out to be relatively short. The authors divided it into five thematic sections: a brief overview of blockchain technology, projects based on it, infrastructure, the concept of ICOs, and advice along with a look into the future.
I must admit that the authors do an excellent job with their primary task (educational). In a rather concise and sarcastic manner, they explain the most important aspects: the foundation of the technology, why it represents a new chapter in economics, and why it’s not as flawless as it might seem.
At the same time, it’s essential to understand that this is just the beginning. Not all the “teething problems” have been resolved, and the technology holds the potential to bring many fascinating and useful changes to our lives in the future. But first, it will cause upheavals until the early experimenters play around enough and figure out how to properly use this new toy:
You can imagine the current practical application of blockchain technology as something akin to the first attempts of ancient humans to tame a wild horse. So, there’s a horse. It even looks like you could somehow climb on it and ride. But no one knows how to ride yet. Plus, it’s still kicking, has bitten everyone in the village on the rear, and pooped in the campfire. And on top of that, it’s fat and sad. But hey, it’s a horse! A horse, indeed!
In the examples of blockchain-based projects, this dynamic is clearly evident: many tried to take off using the technology, and just as many quickly crashed, burning through billions of dollars from gullible people hoping to get rich quickly.
When the authors discuss infrastructure, it becomes clear that even the foundational principles from which the technology emerges are far from flawless. Even if we set aside the insane energy consumption required to create new Bitcoins, we see that the pursuit of initial anonymity and resilience often forces compromises: either sacrificing large volumes of stored data or resorting to simplified intermediary solutions. In these cases, anonymity becomes less absolute, and combating fraud becomes much harder (after all, everything is anonymous—try proving later that it was your money).
Even the currencies themselves evolve over time, giving rise to new, more advanced versions that sometimes develop a healthy existence of their own (though many also die off). Many people recognize that it’s not just about offering better services to users but also about rethinking the core principles of the technology, addressing issues revealed through its application.
The two Alexeys conclude their work with an attempt to explain how to navigate this turbulent and poorly understood market, whom you should definitely not trust, and which strategies to follow. They also discuss the existing prospects and how these changes could disrupt the current order.
It’s worth noting that the authors constantly revise and refine their book. At the time of reading, the third edition was already available on Alexey Markov’s website, titled “Crypt-Your-Mathics 3.0”. However, for some reason, only “Crypt-Your-Mathics 2.0” was still available in stores. The differences between the versions are minor; the latest edition includes a few comments reflecting market changes. The first version was written in 2018, but developments happen so quickly that there is always something to update. For example, even after the updates in 2021, the Bitcoin market was shaken again when major investors “suddenly” realized the technology was not environmentally friendly. Elon Musk publicly pointed this out and stopped accepting Bitcoin for Tesla purchases. Yet the market immediately shifted toward more eco-friendly models (at least, that’s what the developers of Bitcoin’s main competitor, Ethereum, claimed).
That said, I’ll reiterate: the book achieves its educational goal. Even if you’ve never been interested in the topic, you’ll quickly and easily grasp the core principles.
However, from about halfway through, the authors seem to become overly focused on their presentation style, to the detriment of substance. The level of interest takes a sharp dive, and the jokes and politically incorrect jabs start to feel a bit tiresome. Fortunately, the book is short, so you don’t have time to get completely fed up with it. It feels more like an extended article that was stretched into a book.
For improving financial literacy, I can recommend it, but overall, it’s weaker than “Hoolinomics”, earning about a three out of five.
My rating: 3/5
