There were never any serious transactions however, with everyone involved enjoying the ironic humour of the situation. But, it turns out that rare Pepe collecting online is now a serious business. Pepe trading cards using the Counterparty platform to link them to bitcoin, in an attempt bitcoin developer left poke fun at another online trading game called Spells of Genesis.
Today, these cards can be exchanged for the equivalent of thousands of US dollars on Counterparty’s decentralised exchange. Anyone can issue their own rare Pepes, but these are then verified by the official Rare Pepe Foundation, and linked to a certain piece of the bitcoin chain via a practice known as coin colouring. Whomsoever owns that particular bitcoin key address owns the Pepe associated with it. This is in particular use in Venezuela. Developers of a game called Rare Pepe Party that would utilise some of these cards have claimed that they are needed to keep their company afloat.
Year-over-year we’ve been improving, so we’re banking big on bitcoin and now over Counterparty assets. However, bitcoin is not completely safe in the South American nation. Venezuela’s equivalent of secret police, SEBIN, have been targeting people using bitcoin and bringing them up on or extortion and bribes, especially bitcoin miners, according to the developer. I got wind of at least two mining operators getting knocks on their doors. Jack Hadfield is a student at the University of Warwick and a regular contributor to Breitbart Tech.
Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy account of the underlying cryptographic protocol, omitting many details. Even those articles which delve deeper often gloss over crucial points. My aim in this post is to explain the major ideas behind the Bitcoin protocol in a clear, easily comprehensible way. Understanding the protocol in this detailed way is hard work.
It is tempting instead to take Bitcoin as given, and to engage in speculation about how to get rich with Bitcoin, whether Bitcoin is a bubble, whether Bitcoin might one day mean the end of taxation, and so on. That’s fun, but severely limits your understanding. Understanding the details of the Bitcoin protocol opens up otherwise inaccessible vistas. I’ll describe Bitcoin scripting and concepts such as smart contracts in future posts.