What do you think?
Rate this book
21 Lessons: What I've Learned from Falling Down the Bitcoin Rabbit Hole
Falling down the Bitcoin rabbit hole is a strange experience. Like many others, I feel like I have learned more in the last couple of years studying Bitcoin than I have during two decades of formal education. The following lessons are a distillation of what I’ve learned. First published as an article series titled “What I’ve Learned From Bitcoin,” what follows can be seen as a third edition of the original series. Like Bitcoin, these lessons aren’t a static thing. I plan to work on them periodically, releasing updated versions and additional material in the future.Bitcoin is an inexhaustible teacher, which is why I do not claim that these lessons are all-encompassing or complete. They are a reflection of my personal journey down the rabbit hole. There are many more lessons to be learned, and every person will learn something different from entering the world of Bitcoin. I hope that you will find these lessons useful and that the process of learning them by reading won’t be as arduous and painful as learning them firsthand.
157 pages, Kindle Edition
Published January 6, 2020
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 30 of 44 reviews
January 27, 2020
I feel bad rating this book so low because I actually 100% agree with every word written in this book. I believe it is all factually correct, the writing style is very nice, and yet, the book feels a bit like a lazy effort, and most certainly like a giant circle-jerk.
The question is: Who is this book for? I think it is just for the author himself. It is a great effort to sort his own thoughts and reflect on how far he has walked down the Bitcoin rabbit hole. But is it going to be useful for anyone else?
If you already spent hundreds of hours reading about Bitcoin, then you will not learn anything from this book (I didn't learn a single thing). The author quotes all the usual loud-mouths of the Twitter Bitcoin community, all the famous quotes from Satoshi Nakamoto and the Bitcoin whitepaper. You've probably seen it all.
If you don't know about Bitcoin yet, I strongly doubt that you will understand what the hell the author is trying to tell you. Every single chapter barely scratches the surface of the topic. Do you hate books where the author just bundled up a series of blog posts and called it a book? This is worse, this is like the author just bundled up a series of Tweet storms and called it a day.
I do think that the author points out all the important keywords that one must understand to truly grasp Bitcoin, things like scarcity, immutability, sound money vs. fiat money, cryptography, the cypherpunk movement, the proof-of-work algorithm and the resulting Nakamoto consensus and so much more... but it is not written in a way where one thought builds upon the previous thoughts, so it seems like a random selection of topics and the uninitiated reader can only feel lost.
Gigi has been a great voice for Bitcoin on social media, so I hate to shit on his work, but from someone of his intellect and eloquence and deep understanding of Bitcoin, I would have hoped for a much much more in-depth book. Ultimately, you will get exactly what is promised on the cover: A collection of lessons that Gigi learned while falling down the Bitcoin rabbit hole. Some of his "lessons learned" are quite insightful. But you will have to do all the homework yourself. He only shows you all the branching pathways that lead further down the rabbit hole. You will have to walk them all yourself and do your own research.
The good thing is, that this book can be read in a single day and you can even read it for free on 21lessons.com. You might as well give it a try, but you should expect this to be just a starting point on your journey. You will have to read A LOT more to really understand the concepts outlined in this book.
Ultimately, 3 stars doesn't mean that I hate the book, I just don't think I would ever recommend it to anyone (neither beginners or experts) and I'm a bit disapointed because after following the author on Twitter for years, I would have expected a much more educational work.
3 stars means: It delivered on it's promise.
The question is: Who is this book for? I think it is just for the author himself. It is a great effort to sort his own thoughts and reflect on how far he has walked down the Bitcoin rabbit hole. But is it going to be useful for anyone else?
If you already spent hundreds of hours reading about Bitcoin, then you will not learn anything from this book (I didn't learn a single thing). The author quotes all the usual loud-mouths of the Twitter Bitcoin community, all the famous quotes from Satoshi Nakamoto and the Bitcoin whitepaper. You've probably seen it all.
If you don't know about Bitcoin yet, I strongly doubt that you will understand what the hell the author is trying to tell you. Every single chapter barely scratches the surface of the topic. Do you hate books where the author just bundled up a series of blog posts and called it a book? This is worse, this is like the author just bundled up a series of Tweet storms and called it a day.
I do think that the author points out all the important keywords that one must understand to truly grasp Bitcoin, things like scarcity, immutability, sound money vs. fiat money, cryptography, the cypherpunk movement, the proof-of-work algorithm and the resulting Nakamoto consensus and so much more... but it is not written in a way where one thought builds upon the previous thoughts, so it seems like a random selection of topics and the uninitiated reader can only feel lost.
Gigi has been a great voice for Bitcoin on social media, so I hate to shit on his work, but from someone of his intellect and eloquence and deep understanding of Bitcoin, I would have hoped for a much much more in-depth book. Ultimately, you will get exactly what is promised on the cover: A collection of lessons that Gigi learned while falling down the Bitcoin rabbit hole. Some of his "lessons learned" are quite insightful. But you will have to do all the homework yourself. He only shows you all the branching pathways that lead further down the rabbit hole. You will have to walk them all yourself and do your own research.
The good thing is, that this book can be read in a single day and you can even read it for free on 21lessons.com. You might as well give it a try, but you should expect this to be just a starting point on your journey. You will have to read A LOT more to really understand the concepts outlined in this book.
Ultimately, 3 stars doesn't mean that I hate the book, I just don't think I would ever recommend it to anyone (neither beginners or experts) and I'm a bit disapointed because after following the author on Twitter for years, I would have expected a much more educational work.
3 stars means: It delivered on it's promise.
June 15, 2020
The Black Hole, that is bitcoin/Bitcoin.
What I like about this book was it’s comparison to the classic tale of “Alice in Wonderland”. It went deep into the bitcoin Black Hole with each of the 21 lessons, there was history, math, physics, & computer science. It was an education in all those subjects and then some. After reading this I’m still yearning for more information. This book is great for anyone new to the bitcoin space & also the OG’s. If I could give 10 stars, I would because I couldn’t put this book down.
What I like about this book was it’s comparison to the classic tale of “Alice in Wonderland”. It went deep into the bitcoin Black Hole with each of the 21 lessons, there was history, math, physics, & computer science. It was an education in all those subjects and then some. After reading this I’m still yearning for more information. This book is great for anyone new to the bitcoin space & also the OG’s. If I could give 10 stars, I would because I couldn’t put this book down.
June 2, 2021
One sitting
Damn good
Damn good
January 12, 2023
A really well put and easy to read book, the lack of jargon that others use when explaining bitcoin is rarely seen here, which gives an easier understanding of the subject.
What i really loved about the book was it’s continuous comparison of bitcoin to the current monetary system, showing flaws, inconsistencies and hypocrisy of the mainstream financial establishment.
A really good read overall.
What i really loved about the book was it’s continuous comparison of bitcoin to the current monetary system, showing flaws, inconsistencies and hypocrisy of the mainstream financial establishment.
A really good read overall.
June 1, 2021
I read a really good essay on the computer science behind blockchains from this book's author [1]. The essay said it was one chapter from a book called "21 Ways", and I though the essay was very educational. Unfortunately, 21 Ways is still being written. The author's previous ebook is called "21 Lessons" and is a much shorter, less thorough book that could have been a twitter thread instead. I didn't enjoy it very much. Anyone interested in what a blockchain is and how it solves distributed problems should still read [1], and I look forward to reading the more-thorough 21 Ways when it's released.
[1] https://dergigi.com/2021/01/14/bitcoi...
[1] https://dergigi.com/2021/01/14/bitcoi...
January 26, 2020
Fantastic book.
October 22, 2022
This was very very thin, even for a series of blog posts, which it should have stayed. The content to quotes ratio is approximately 1:1; the authority on money in the book is Godfrey Bloom, a known misogynist and climate change denier, without any credibility in the field, and Wikipedia. I could go on ..
June 6, 2020
Very fast read.
This book is for a beginner who is trying to start getting into Bitcoin. If you have been longer in the Bitcoin space it's hard to find new knowledge here.
The one aspect I'll take away and really like is the idea to view the hashing algorithm and the proof-of-work as a decentralized clock. If people figure out first about Bitcoin they often state, that the mining is a waste of energy. The author argues: Since Bitcoins protocol is a trustless environment you have to find a decentralized way to rely on a "true" time. You have to establish your own timeframe because otherwise you would have to rely on one entity to determine time for you. And the problem is, that this entity could always influence the time for their advantage. The process of defining your own tume requires by nature a lot of energy and is one of the most valuable aspects of the protocol.
It's a very refreshing aim towards explaining mining from that angle.
This book is for a beginner who is trying to start getting into Bitcoin. If you have been longer in the Bitcoin space it's hard to find new knowledge here.
The one aspect I'll take away and really like is the idea to view the hashing algorithm and the proof-of-work as a decentralized clock. If people figure out first about Bitcoin they often state, that the mining is a waste of energy. The author argues: Since Bitcoins protocol is a trustless environment you have to find a decentralized way to rely on a "true" time. You have to establish your own timeframe because otherwise you would have to rely on one entity to determine time for you. And the problem is, that this entity could always influence the time for their advantage. The process of defining your own tume requires by nature a lot of energy and is one of the most valuable aspects of the protocol.
It's a very refreshing aim towards explaining mining from that angle.
May 23, 2021
What is bitcoin? Is it needed? Is bitcoin safe? How can it improve the current economic system? All of this and a whole lot more is answered in this short book from Gigi. I’m newer to cryptocurrency, so I’ve been reading as much as possible to better understand the technology. Although this had repeat information for me personally, I think it’s a great book for beginners. Honestly, I wish I would have started with this book because I feel it would have saved me a lot of time with other books that take you into some irrelevant weeds. If you or someone you know is thinking about getting into bitcoin investing, this is the book for you.
July 25, 2022
This book is a generous gift from quite an original thinker. Not recommended for brand new beginners to Bitcoin; you'll want some foundation in order to really get value from this book. I'd recommend completing a brief and easy reading list of 1) Saifedean Ammous' The Bitcoin Standard, 2) Ben Mezrich's Bitcoin Billionaires, and 3) Nathaniel Popper's Digital Gold first.
Then, I recommend listening to at least a few long-form podcasts on Bitcoin (for example R.... [see the rest on my book review site.]
Then, I recommend listening to at least a few long-form podcasts on Bitcoin (for example R.... [see the rest on my book review site.]
May 12, 2023
Probably not too good of a read if you are completely new to Bitcoin. The books feels like a series of tweets (which it kinda is) and barely scratches the surface of its topics. If you are not familiar with (austrian) economics, technology and ideology behind Bitcoin or cypherpunks in general, I do not recommend this book.
On the other, I don't think this gives anything for a more well versed Bitcoiner either. This was the first Bitcoin related book I've read and don't feel like I got too much out of it. It had its moment and of course it's usually enjoyable to read something one agrees with but still - meh.
On the other, I don't think this gives anything for a more well versed Bitcoiner either. This was the first Bitcoin related book I've read and don't feel like I got too much out of it. It had its moment and of course it's usually enjoyable to read something one agrees with but still - meh.
February 23, 2024
no real audience
Okay, first, the generous, organised discourse on this thing called Bitcoin is a reaffirming read for crypto natives, which I enjoyed, However, there was nothing really thought provoking here. Nothing to help me on my journey. But for those not yet in the space, there’s still too much jargon and too much assumed knowledge to help them on their journey either. As such, despite the fact that I don’t regret reading this, I don’t think it really has an audience - good for all, great for none. A classic Three stars. A lot of pioneers in this space recommend this book, so maybe go with their 5-star reviews.
Okay, first, the generous, organised discourse on this thing called Bitcoin is a reaffirming read for crypto natives, which I enjoyed, However, there was nothing really thought provoking here. Nothing to help me on my journey. But for those not yet in the space, there’s still too much jargon and too much assumed knowledge to help them on their journey either. As such, despite the fact that I don’t regret reading this, I don’t think it really has an audience - good for all, great for none. A classic Three stars. A lot of pioneers in this space recommend this book, so maybe go with their 5-star reviews.
May 14, 2021
I was reviewing the market for introductory books on Bitcoin (to recommend to friends and students) and so I thought Gigi’s 21 Lessons would be the natural starting point. However, I was rather disappointed by the way this book is set up, especially the first 7 lessons on the philosophy of Bitcoin.
While I agree with everything he says, I think this book is a missed opportunity. Won’t win over a skeptic or give sufficient substance to new Bitcoiners.
While I agree with everything he says, I think this book is a missed opportunity. Won’t win over a skeptic or give sufficient substance to new Bitcoiners.
August 21, 2021
This series of short essays was interesting, but not particularly deep. He touched on several really profound ideas, but didn't fully unpack any of them. And his language is over the top, using religious metaphors and hyperbole that made me roll my eyes several times (e.g. "You can't change Bitcoin, but Bitcoin will change you.") It's an easy, engaging read with potential, but I've read much better books on subjects like this, such as The Internet of Money.
August 29, 2021
It's a good selection of writings and ideas about Bitcoin. Can be helpful for beginners and can teach something new to people already familiar with Bitcoin. It is indeed a huge rabbit-hole and even this book is just another entrance with hundreds of references and links to go deeper. [reading time: 1h48m]
September 24, 2021
If you've read some of 'The Bitcoin Standard' by Saifedean Ammous and the bitcoin whitepaper, you most likely will not come out of this knowing a great deal more.
On the other hand, this could serve as a decent, quick, introductory to some of the ideas surrounding Bitcoin to newcomers, that is, if you don't mind being thrown AIW quotes every chapter.
On the other hand, this could serve as a decent, quick, introductory to some of the ideas surrounding Bitcoin to newcomers, that is, if you don't mind being thrown AIW quotes every chapter.
May 30, 2022
There's a kind of rawness in this... it reads less like a book, and more like a journal from those early days of dial up internet bulletin board posts. It's awesome how something can be so bleeding edge as a subject but somehow still evoke nostalgia.
And you walk away knowing more about the world than you started with. And with hope.
And you walk away knowing more about the world than you started with. And with hope.
January 8, 2023
I read it, I liked and them I translated it into Esperanto.
Here the Link
https://www.lulu.com/shop/gigi-and-da...
For me Bitcoin is the equivalent of Esperanto, and the English language is the fiat system.
My mother tongue is Spanish.
Here the Link
https://www.lulu.com/shop/gigi-and-da...
For me Bitcoin is the equivalent of Esperanto, and the English language is the fiat system.
My mother tongue is Spanish.
April 25, 2021
Decent, though nothing particularly groundbreaking here. The first section felt fairly weak, counterbalanced a bit by the strong technical section at the end. This latter wasn't really enough content to warrant a book, though, and equally good coverage can be found in several other resources.
September 27, 2021
wow i never realized that Alice's Adventures in Wonderland / Through the Looking-Glass is filled with math.
May 31, 2022
Thoughtful and Eye Opening
The author consistently made good points on what Bitcoin is and what it can and will do to be a disrupter. People with Bitcoin will be able to maintain individual sovereignty. A good starting point to learning more about this new commodity.
The author consistently made good points on what Bitcoin is and what it can and will do to be a disrupter. People with Bitcoin will be able to maintain individual sovereignty. A good starting point to learning more about this new commodity.
Read
May 28, 2023Hard to review this book since it is a collection of the author's thoughts on Bitcoin. I think it's a better read for long-time bitcoiners, but newbies may find many of the concepts confusing without a base understanding of the concepts.
January 1, 2021
A quick and concise read that gives new and fresh ways to consider the how and why of bitcoin.
February 7, 2021
Too short. Go watch some Youtube videos instead.
April 17, 2021
Quick read - a good, whimsical supplement to other required blockchain and crypto education. ... provides nice repeatable sound bytes and references for further and ongoing study.
April 28, 2021
I didn't love the forward, but the main text was excellent--full of useful information and observations informed by the author's experiences and perspective.
May 8, 2021
Very primitive. Nothing special. Maybe the author learned something about bitcoin, but I did not.
May 30, 2021
Easy to read. Great introduction book into the hardest money ever created
Buy Bitcoin
Buy Bitcoin
June 2, 2021
I was hoping for a deeper dive into Bitcoin. The title was a bit misleading there. But nonetheless very worthwhile.
August 15, 2021
The idea that everything in bitcoin is TEXT and therefore must be protected by the First Amendment of the US Constitution was ground-breaking to me.
Displaying 1 - 30 of 44 reviews