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Tethered Money - 1st Edition - ISBN: 9780128034774, 9780128034972

Tethered Money

1st Edition

Managing Digital Currency Transactions

Author: Gideon Samid
Paperback ISBN: 9780128034774
eBook ISBN: 9780128034972
Imprint: Academic Press
Published Date: 13th July 2015
Page Count: 176
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Tettered Money: Managing Digital Currency Transactions presents a comprehensive discussion of financial transactions using digital currencies, with the author, Gideon Samid, making the case for their expansion in tethered money. Exploring the technical, legal, and historical aspects of digital money, the author discusses how the emerging technology of money specified for a specific need or to perform a particular task will affect society.

The ability to dictate, Samid argues, how money is spent could increase control over our lives and resources, enabling us to practice a certain efficiency that would, in due time, become a pillar of civilization. Informative and thought-provoking, the book describes an evolving future that, in some quarters, has already arrived.

Key Features

  • Delivers an in-depth picture of security issues related to financial transactions
  • Explores recent regulatory developments regarding digital currencies
  • Considers existing cryptocurrencies and alternative payment schemes


Upper-division undergraduates, graduate students, and professionals working in disciplines associated with virtual currencies, including financial institutions, computer technology, regulatory and taxation agencies, and financial markets.

Table of Contents

  • Dedication
  • Purpose
  • Prologue
  • Roadmap
  • Quotations
  • Introduction: Tethered Money – a Game Changer
  • Chapter 1: Money: An Irreverent Analysis
    • Abstract
    • Money: The Numeric Residue of Society
    • Money: Mightier than the Sword
    • Money: The Great Invention
    • Money is Power
    • Money: Man-made Mystery
    • Money: Mirage
    • Money: Mirage Fraud
    • Self-anchored Money
    • Money on Behalf of the People (Central Banks)
    • Money: Changed by Cryptography
    • Money: Tethered
    • Money: An Innovation Turtle
    • “Catch me if you can”: The Ultimate Currency War
    • Conspiracy Theories
  • Chapter 2: Tethered Money: Use and Impact
    • Abstract
    • Earned versus Granted
    • Investment
    • Management
    • Surrogate Mint/subcontracted Tethering
    • Innovation
    • Government
    • Healthcare
    • Gambling
    • Charity
    • Death Wish
    • World Bank
    • Emergency Management
    • Insurance
    • Trust Trap
    • Tethered Trade
    • Tethering Trade
    • Retethering
    • Personal Payment and Privacy
    • Community Bootstrapping
    • Burn Pay
    • Pay-as-you-go
    • The New Electricity Market
    • Nanopayments
    • Access versus Use
    • Napster Revived
    • Loyalty Programs
    • Credit
    • The Banking Paradox
    • In the Hands of our Adversaries
    • International Scope
    • Financial Democracy (Voting with our Taxes)
  • Chapter 3: Digital Money: The Security Nightmare
    • Abstract
    • Cyber Insecurity: Always with us!
    • The General Purpose Computer and its Inherent Insecurity
    • Complexity: Where Security and Insecurity Meet
    • Complexity: How do we Manage it Today?
    • Remote Access and Identity Management
    • The Data/software Shared Storage
    • Complexity Used as a Shield
    • The Quantum Threat
    • The Security Advantage of Digital Currency
    • Deterrence
    • The Oracle
    • Entropic Coins
    • Entropic Coins: Informative Masking
    • The Sub-oracle
    • Transit Security
    • Intermint Security
    • Tightening the Defense Perimeter
    • Digital Currency: The Complexity Route
    • Durable Cryptography
  • Chapter 4: Anatomy of Digital Money Products
    • Abstract
    • Theory and Definition of Digital Coins
    • Bitcoin: The Vision
    • Bitcoin Struggle for Impact and Survival
    • Digitized Fiat Money and Other Commodities
    • Printed Digital Coins
    • Prepaid Transactions
    • Hybrid Coins
  • Accompanying Essays
  • Glossary
  • Further Readings
  • Index
  • About the Author


No. of pages:
© Academic Press 2015
13th July 2015
Academic Press
Paperback ISBN:
eBook ISBN:

About the Author

Gideon Samid

Gideon Samid

Prof. Gideon Samid, PhD, specializes in engineering, economics, cyber-security, and cryptography. Following on his PhD dissertation Gideon has been developing the Universal Theory of Innovation which codifies the generic aspects of Research & Development, and which accelerates the innovation process by focusing on the credibility of the estimate of cost-to-complete. Applying the same for cyber-security, and exploiting his granted patents for a new dimension in cryptography (equivocation v. intractability), Gideon realized early, (2008), the multi-dimensional impact of frictionless payment, crypto-secured currency, and tethered money. He has been building-up this vision ever since; bringing to bear a wealth of cyber-security experience, engineering design, and economic analysis of high-uncertainty projects. Gideon earned his BSc., MSc., and PhD at the Technion -- Israel Institute of Technology; learned his craft serving the State of Israel, working at the Pentagon, Exxon, NASA, SAC, Presearch etc.; running D&G Sciences -- Innovation Productivity Corporation, and recently serving as the Chief Technology Officer at BitMint, LLC; also teaching cyber-security, cryptography, and digital money at the University of Maryland, University College, and at Case Western Reserve University. Gideon authored over 50 peer-reviewed technical articles, and a handful of critically acclaimed books.

Affiliations and Expertise

University of Maryland, Adelphi, MD, USA


"Digital currency is a hot topic these days, and I can’t think of a keener mind than that of Gideon Samid to examine it. Gideon has that rare gift—the ability to explain complex subjects so that just about anyone can understand them."  --John Stewart, Digital Transactions Magazine

"As one who has a professional interest in virtual and crypto currencies and how such technologies will necessitate changes in the payment and compliance landscape, I find this book a worthwhile read, particularly to those who need to quickly understand tethered money."  --Kim-Kwang Raymond Choo, University of South Australia 

"So many things about new forms of money you might have never asked, and now you have a chance to learn."  --Jana Hromcová, Universitat Autònoma de Barcelona

"It is my opinion this book is a definitive analysis of the importance of understanding the ramifications of the probable acceptance, and transition to economies based on non-sovereign issued virtual currencies. Gideon Samid's insights as an authority on the attributes of a transparent tethered currency model are compelling relating to how this type of virtual currency model can potentially offer an added level of control to assure the appropriate utilization of funds as intended when transfered by individuals, governmental, or quasi-governmental organizations, especially significant for countries where currency transfers can be virtually impossible."  --Daniel Schwartz, AMIDEX35 Israel Mutual Fund

"An extraordinary set of new ideas making digital money more versatile as we have ever seen before. Prof. Samid's unique style puts future technology into a historical frame. Couldn't stop reading his technical explanations built on daily life examples ..."   --Helmut Scherzer, Giesecke & Devrient

"Most of the traditional money supply is bank money held on computers. This is also considered digital currency. However, central bank representatives have stated that the adoption of digital currencies pose a significant challenge to central banks' ability to influence the price of credit for the whole economy. Prof Gideon Samid is utterly convincing that the future lies with such currencies and that most criticism is not an impediment on their ultimate use. The above criticism is about resistance to innovation.  While the result of innovation can be excellent new products and services, one reason innovation is difficult to do is the undeniable fact that innovation introduces change. Gideon Samid’s new book is all about managing the DIGITAL CURRENCY CHANGE."  --Boaz Barack, Centralway Ventures AG

"A must if you want to have a very accurate picture of today’s issues and future prospects related to digital money with special stress on security and usage"  --Francisco José Callado Muñoz, Centro Universitario de la Defense (CUD) de Zaragoza

"Gideon Samid's Tethered Money describes digital currency technology available that is able to revolutionize how humankind exchanges currency in a safe online environment. As an attorney, I am thrilled that digital currency technology exists that can very literally, by its own operation, enforce the terms of a contract. As an individual, I welcome the day when governments use, and require entities to use, existing, less risky technology to ensure my online transactions are safe. Samid's work contains more than theories - he provides step-by-step instructions demonstrating how to move past the current, cryptographically unsafe third party payment processing systems and the waste and bulk involved in carrying coin and paper currency. I am looking forward to living in the world he describes." --Maryann M. Bullion, Esq.

"Gideon is one of the world's leading experts when it comes to digital currency and cryptography. His work is always intelligent and insightful."  --Steven M. Elefant, Soaring Ventures 

"Tethered Money highlights a very promising possibility unique to digital money: insuring it is used as intended -- not abused, not wasted. It deserves our full attention"  --Avivah Litan, Gartner

"Cryptocurrency, such as Bitcoin that initially came on line in 2008, is a candidate for a new type of money based on cryptography and internet. Gideon Samid exposes how cryptocurrency works as a system in concise and rigorous way in Tethered Money to tell risks and possibilities and to help us with predicting the future of this kind of money."  --Tetsuya  Saito, Nihon University College of Economics

"Gideon provides a set of expansive and thought-provoking criticisms of both our present financial institutions and more our novel cryptography-based apparatus. Useful reading for anyone considering the technological, legal and social future of money, banking and finance."  --Gavin Wood, Ethereum


Ratings and Reviews