“Companies around the world are bracing themselves for an avalanche of cyber security regulation, as governments scramble to introduce rules forcing corporate groups to build stronger defences against catastrophic hacks.”
At the end of 2015, the US national debt will be 18.6 trillion dollars. With such a big number, it’s tempting to put it in perspective by comparing it with things more easily envisioned. 
Alas, I can not think of anything that puts such an oppressive and unfair burden into perspective, except to this:
US debt represents a personal obligation of $60,000 for each American citizen. And it is rising quickly. Most of our GDP is used simply to pay down interest on that debt. Few pundits see a way out of this hole.
In my opinion, that hole was facilitated in August 1971, when the US modified the Bretton Woods Agreement and unilaterally terminated convertibility of the US dollar to gold. By forcibly swapping every dollar in every pocket and bank account with the promise of transient legislators, individual wealth was suddenly based on fiat instead of something tangible or intrinsic.
Continue reading “What if U.S. had raised interest rates?” »
This short post is not about Bitcoin. It’s about a new method of organizing and arbitrating communications that is at the heart of Bitcoin
We hear a lot about the blockchain. We also hear a lot of misconceptions about its purpose and benefits. Some have said that it represents a threat to banks or to governments. Nonsense! It is time to form a simple, non-political, and non-economic explanation…
What is a Blockchain?
The blockchain is a distributed approach to bookkeeping. It offers an empowering, efficient and trusted way for disparate parties to reach consensus. It is “empowering”, because conclusions built on a blockchain can be constructed in a way that is inherently fair, transparent, and resistant to manipulation.
When my daughter was just starting primary school, she would look inside a book for the pictures before reading the text. She was old enough to read without pictures, but she wanted to get a quick synopsis before diving in. “Look, Dad! a bunny is carrying a giant clock into a rabbit hole.”
This is my first article without pictures. At least none of Bitcoin, because the copper coin metaphors are tired and inaccurate. At the user level, owning bitcoin is simply your stake in a widely distributed ledger. Ownership exists only as strings of secret code and public code. There is no physical coin.
Since the only pictures in this post show a white rabbit with a big clock, let me give you the quick synopsis: The answer is “No”. Bitcoin will not end government, nor its ability to tax, spend—or even enforce compliance.
But there is an irony: Most lawmakers and regulators have not yet figured this out. They perceive a great threat to their national interests. That’s why Andreas M. Antonopoulos runs around the world. He briefs prime ministers, cabinets and legislators with the noble purpose of demystifying and de-boogieing Bitcoin.
Continue reading “Will Bitcoin End the Reign of Government?” »
Responding to this nugget from Engadget:
Tokyo’s district court has ruled that it’s not possible for people to own bitcoin, and therefore they cannot sue for compensation in the wake of Mt. Gox’s collapse.
The ruling comes days after the head of the world’s largest bitcoin exchange was arrested on charges of fraud. Judge Masumi Kurachi felt that bitcoins do not possess “tangible qualities” to constitute owned property. Mt. Gox held thousands of individual accounts, and so there’s plenty of angry customers looking for compensation.
Continue reading “Japanese Court: Bitcoin Cannot be Owned” »
One of the biggest existential challenges that transhumanists face is that most people don’t believe a word we’re saying, however entertaining they may find us. They think we’re fantasists when in fact we’re talking about a future just over the horizon. Suppose they’re wrong and we are right. What follows? Admittedly, we won’t know this until we inhabit that space ‘just over the horizon’. Nevertheless, it’s not too early to discuss how these naysayers will be regarded, perhaps as a guide to how they should be dealt with now.
So let’s be clear about who these naysayers are. They hold the following views:
1) They believe that they will live no more than 100 years and quite possibly much less.
2) They believe that this limited longevity is not only natural but also desirable, both for themselves and everyone else.
3) They believe that the bigger the change, the more likely the resulting harms will outweigh the benefits.
Now suppose they’re wrong on all three counts. How are we to think about such beings who think this way? Aren’t they the living dead? Indeed. These are people who live in the space of their largely self-imposed limitations, which function as a self-fulfilling prophecy. They are programmed for destruction – not genetically but intellectually. Someone of a more dramatic turn of mind would say that they are suicide bombers trying to manufacture a climate of terror in humanity’s existential horizons. They roam the Earth as death-waiting-to-happen. This much is clear: If you’re a transhumanist, ordinary people are zombies.
“The Biological Technologies Office (BTO), which opened in April 2014, aims to support extremely ambitious — some say fantastical — technologies ranging from powered exoskeletons for soldiers to brain implants that can control mental disorders. DARPA’s plan for tackling such projects is being carried out in the same frenetic style that has defined the agency’s research in other fields.” Read more
“Instead of treating Amsterdam as complete and starting again elsewhere, the IJburg plan has managed to find more space in a city that thought it had no more left.”
What is Bitcoin?
Sure—You know the history. As it spread from the geeky crypto community, Bitcoin sparked investor frenzy. Its “value” was driven by the confidence of early adopters that they hitched a ride on an early train, rather than commercial adoption. But, just like those zealous investors, you realize that it may ultimately reduce the costs of online commerce, if and when if it becomes widely accepted.
But what is Bitcoin, really? To what class of instruments does it belong?
• Ardent detractors see a sham: A pyramid scheme with no durable value; a house of cards waiting to tumble. This is the position of J.D, an IRS auditor who consults to The Cryptocurrency Standards Association. As devil’s advocate, he keeps us grounded.
