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Archive for the ‘bitcoin’ category: Page 67

Oct 22, 2015

Top EU court rules Bitcoin exchange tax-free in Europe

Posted by in category: bitcoin

The EU’s top court ruled Thursday that the exchange of Bitcoin and other virtual currencies should be treated just like traditional money in Europe and not incur any sales tax.

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Sep 25, 2015

The Future of Money

Posted by in categories: bitcoin, cryptocurrencies, disruptive technology, economics, mobile phones, wearables

Money is the primary mechanism for storing and exchanging value, especially in our daily purchases, and it’s heading rapidly into a faster, smarter and more mobile future. Nevertheless, the constant in the midst of change will remain levels of human trust in the proliferating forms of money. That’s because we have an ancient and abiding partnership with money and no relationship is ever sustainable without trust.

It’s a time of accelerated innovation in this field due to the rapid global expansion of digital banking, especially online and mobile financial services. However, while payments and transfer of money shift inexorably towards mobile devices as the consumer technology of choice, digital currencies expand in scope and number and online shopping begins to enter a golden age, cash is still the most successful and popular form of money ever. Its trust level, as public money backed up by a promise to pay from the government which minted and manufactured it, remains extremely high. This is evidenced by the way the Greeks turned to cash during their fiscal and monetary crisis which rocked the whole European Union, as well as by cash’s current 8.9% per annum average global growth rate. Cash is undoubtedly one of the most successful social technologies in history.

In short, the future of money will be mobile, faster in execution and settlement, and yet as heavily dependent on trust as ever. In my view, for that very reason, there’s unlikely to be a cashless world in this century. Nor is such a scenario desirable, unless you’re a fan of a Big Brother society largely dominated and dictated by multinationals more powerful than many national governments. A cashless world would subvert the economic freedom of citizens to choose the form of money and payment they want and, if that weren’t bad enough, it would lead inevitably to even further marginalisation of the world’s poor. Besides, cash is already universally trusted, instant in execution and mobile in nature (that is, just as portable as a smart phone).

That said, digital banking is here to stay and provides massive levels of convenience and efficiency. Financial institutions the world over are fiercely focused on developing omnichannel (“every channel”) strategies to provide seamless customer experiences across all their banking channels.

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Sep 24, 2015

Banks Embrace Bitcoin’s Heart but Not Its Soul — By Tim Simonite | MIT Technology Review

Posted by in category: bitcoin

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“Major financial institutions like some technical features of Bitcoin but are building their own versions that leave out the digital cash and built-in economics.”

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Sep 15, 2015

What is a Blockchain?

Posted by in categories: bitcoin, cryptocurrencies, economics, finance, government, internet, transparency

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.

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Sep 12, 2015

Will Bitcoin End the Reign of Government?

Posted by in categories: bitcoin, cryptocurrencies, economics, government

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.”

White Rabbt-01This 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.

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Sep 10, 2015

Blockchain & Artificial Intelligence

Posted by in categories: bitcoin, electronics, entertainment, existential risks, internet, lifeboat, robotics/AI, security

A piece I wrote recently about blockchain & AI, and how I see the Lifeboat Foundation as a crucial component in a bright future.


Blockchain technology could lead to an AI truly reminiscent of the human brain, with less of its frailties, and more of its strengths. Just as a brain is not inherently dictated by a single neuron, neither is the technology behind bitcoin. The advantage (and opportunity) in this sense, is the advent of an amalgamation of many nodes bridged together to form an overall, singular function. This very much resembles the human brain (just as billions of neurons and synapses work in unison). If we set our sights on the grander vision of things, humans could accomplish great things if we utilize this technology to create a truly life-like Artificial Intelligence. At the same time, we need to keep in mind the dangers of such an intelligence being built upon a faultless system that has no single point of failure.

Just as any technology has upsides and corresponding downsides, this is no exception. The advantages of this technology are seemingly endless. In the relevant sense, it has the ability to create internet services without the same downfalls exploited in the TV show ‘Mr. Robot,’ where a hacker group named “fsociety” breached numerous data centers and effectively destroyed every piece of data the company held, causing worldwide ramifications across all of society. Because blockchain technology ensures no centralized data storage (by using all network users as nodes to spread information), it can essentially be rendered impossible to take down. Without a single targeted weak point, this means a service that, in the right hands, doesn’t go offline from heavy loads, which speeds up as more people use it, has inherent privacy/security safeguards, and unique features that couldn’t be achieved with conventional technology. In the wrong hands, however, this could be outright devastation. Going forward, we must tread lightly and not forget to keep tabs on this technology, as it could run rampant and destroy society as we know it.

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Sep 8, 2015

What gives Bitcoin Value?

Posted by in categories: bitcoin, cryptocurrencies, economics, Elon Musk, finance

For most of us, figuring out the value of something that we want, comes from research. If you want a new set of wine glasses, you check the price online. Perhaps you consult a catalog. If the set of 8 stemware goblets that you like are a current model from a major company, there are probably many places to buy them. If there are multiple Ebay sellers and many recently completed sales, then you can establish the value with precision.

I’ve written a lot of Bitcoin articles on this Lifeboat Blog and elsewhere, so, let’s dig a bit deeper this time. Let’s talk about from where value really comes.

Supply and Demand

In the end, an item’s value is a direct result of supply and demand. It’s no different with a currency. And let’s be clear: Despite a raging debate, Bitcoin is a currency and not just a payment instrument. How can I be certain? Try this mental exercise—

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Sep 3, 2015

Bitcoin Network Stress Test Could Occur Next Week

Posted by in category: bitcoin

The controversial group behind several bitcoin ‘stress tests’ has confirmed it will push ahead with its biggest experiment to date.

Speaking to CoinDesk, CoinWallet COO James Wilson said the test – which could reportedly cause a 30-day backlog of transactions – would be executed at 10am Thursday (GMT) next week.

The mysterious group, which sees its work as a drastic but necessary demonstration of Bitcoin XT’s need, has been criticised by some users for “bullying” a live network worth several billion dollars.

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Aug 24, 2015

Humans Need Not Apply

Posted by in categories: bitcoin, internet, robotics/AI, singularity

A brief introduction on the coming technological singularity. And a hint at how digital peer to peer cryptocurrencies like bitcoin which was the first. Will turn the ‘internet of things’ into the ‘economy of things’. Plus also I feel validates the case for a new debt free monetary system to provide a universal citizen’s dividend.

#technologicalSingularity #singularity #AI #cryptocurrency #bitcoin #citizensDividend #socialDividend #universalBasicIncome #basicIncome

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Aug 13, 2015

Bitcoin needs a quantum theory of money

Posted by in categories: bitcoin, cryptocurrencies, economics, theory

Is Bitcoin money? To its users the answer is probably yes, but to many people the answer is less clear. Alan Greenspan, for example, said in December 2013: “I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it’s a government or an individual.” Indeed, one of the things holding back the adoption of cybercurrencies such as Bitcoin is that they do not fit well with traditional ideas about money.

Answers to the question “what is money” have typically fallen into one of three camps. The first, known as metallism or bullionism, holds that money needs to be backed by precious metal. The second camp is chartalism (from the Latin charta for a record) which holds that coins and other money objects are just tokens, that the state agrees to accept as payment of things like taxes. Finally, there is the dominant, hands-off school of thought, which most mainstream economists would agree with, which says that money has no unique or special qualities, but instead is defined by its roles, e.g. a medium of exchange.

Bullionists and chartalists therefore emphasise a different aspect of money – the inherent value or the authorising stamp – while most economists treat it as an inert chip. But none of them seem to apply well to emerging cybercurrencies, which are not backed by precious metal or the state, and (at least at first) are not much use as a medium of exchange. So how do they become money? The answer to this question is that money has quantum properties which allow it to be booted up from the ether.

Quantum money

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