blockchain

33 results back to index


pages: 271 words: 52,814

Blockchain: Blueprint for a New Economy by Melanie Swan

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, Airbnb, altcoin, Amazon Web Services, asset allocation, banking crisis, bioinformatics, bitcoin, blockchain, capital controls, cellular automata, central bank independence, clean water, cloud computing, collaborative editing, Conway's Game of Life, crowdsourcing, cryptocurrency, disintermediation, Edward Snowden, en.wikipedia.org, ethereum blockchain, fault tolerance, fiat currency, financial innovation, Firefox, friendly AI, Hernando de Soto, Internet Archive, Internet of things, Khan Academy, Kickstarter, litecoin, Lyft, M-Pesa, microbiome, Network effects, new economy, peer-to-peer lending, personalized medicine, post scarcity, prediction markets, ride hailing / ride sharing, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, SETI@home, sharing economy, Skype, smart cities, smart contracts, smart grid, software as a service, technological singularity, Turing complete, unbanked and underbanked, underbanked, web application, WikiLeaks

and popular culture, Bitcoin Culture: Bitfilm Festival pricing, Relation to Fiat Currency terminology, Currency, Token, Tokenizing Web metaphor, Blockchain 2.0: Contracts Bitcoin Association of Berkeley, Campuscoin Bitcoin terminology, Technology Stack: Blockchain, Protocol, Currency BitDrop, Coin Drops as a Strategy for Public Adoption Bitfilm Festival, Bitcoin Culture: Bitfilm Festival bitFlyer, Dapps Bithandle, Digital Identity Verification BitID, Digital Identity Verification-Digital Identity Verification Bitmessage, Dapps BitMixer, eWallet Services and Personal Cryptosecurity Bitnotar, Virtual Notary, Bitnotar, and Chronobit BitPay, Merchant Acceptance of Bitcoin, Financial Services Bitreserve, Relation to Fiat Currency BitShare, Relation to Fiat Currency, Blockchain 2.0 Protocol Projects BitTorrent, The Double-Spend and Byzantine Generals’ Computing Problems, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation block chain cryptography, The Double-Spend and Byzantine Generals’ Computing Problems block explorers, The Double-Spend and Byzantine Generals’ Computing Problems Block.io, Blockchain Development Platforms and APIs Blockchain 1.0, Technology Stack: Blockchain, Protocol, Currency-Regulatory Status (see also currency) practical use, Summary: Blockchain 1.0 in Practical Use-Regulatory Status technology stack, Technology Stack: Blockchain, Protocol, Currency-Technology Stack: Blockchain, Protocol, Currency Blockchain 2.0, Blockchain 2.0: Contracts-The Blockchain as a Path to Artificial Intelligence (see also contracts) applications beyond currency, Blockchain 2.0: Contracts-Blockchain 2.0: Contracts origins and applications overview, Blockchain 2.0: Contracts-Blockchain 2.0: Contracts protocol projects, Blockchain 2.0 Protocol Projects Blockchain 3.0, Blockchain Technology Is a New and Highly Effective Model for Organizing Activity-Societal Maturity Impact of Blockchain Governance (see also justice applications) academic publishing, Blockchain Academic Publishing: Journalcoin-Blockchain Academic Publishing: Journalcoin (see also publishing, academic) for censorship-resistant governance, Distributed Censorship-Resistant Organizational Models consumer genomics applications, Blockchain Genomics-Genomecoin, GenomicResearchcoin (see also genomics, consumer) decentralized DNS system, Namecoin: Decentralized Domain Name System-Decentralized DNS Functionality Beyond Free Speech: Digital Identity digital art, Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection)-Personal Thinking Blockchains (see also digital art) digital identity verification, Digital Identity Verification-Digital Divide of Bitcoin freedom and empowerment potential of, Distributed Censorship-Resistant Organizational Models-Distributed Censorship-Resistant Organizational Models health-related applications, Blockchain Health (see also health) and Internet administration, Distributed Censorship-Resistant Organizational Models learning applications, Blockchain Learning: Bitcoin MOOCs and Smart Contract Literacy-Learning Contract Exchanges (see also learning and literacy) science applications, Blockchain Science: Gridcoin, Foldingcoin-Charity Donations and the Blockchain—Sean’s Outpost as transnational governance structure, Distributed Censorship-Resistant Organizational Models-Distributed Censorship-Resistant Organizational Models blockchain application progression, Dapps, DAOs, DACs, and DASs: Increasingly Autonomous Smart Contracts blockchain archival system, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation blockchain attestation services, Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection)-Personal Thinking Blockchains (see also digital art) automated digital asset protection, Digital Asset Proof as an Automated Feature benefits, Proof of Existence Bitnotar, Virtual Notary, Bitnotar, and Chronobit Chronobit, Virtual Notary, Bitnotar, and Chronobit contract services, Virtual Notary, Bitnotar, and Chronobit hashing and timestamping, Hashing Plus Timestamping-Limitations, Batched Notary Chains as a Class of Blockchain Infrastructure limitations, Limitations notary chains, Batched Notary Chains as a Class of Blockchain Infrastructure personal thinking chains, Personal Thinking Blockchains-Personal Thinking Blockchains Proof of Existence, Proof of Existence-Limitations Virtual Notary, Virtual Notary, Bitnotar, and Chronobit blockchain development platforms, Blockchain Development Platforms and APIs blockchain ecosystem, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation-Blockchain Ecosystem: Decentralized Storage, Communication, and Computation blockchain government, Blockchain Government-Societal Maturity Impact of Blockchain Governance (see also governance) blockchain interoperability, Technical Challenges blockchain neutrality, Blockchain Neutrality blockchain technology, Blockchain Technology Is a New and Highly Effective Model for Organizing Activity-Blockchain Layer Could Facilitate Big Data’s Predictive Task Automation administrative potential of, Blockchain Technology Could Be Used in the Administration of All Quanta and artificial intelligence, The Blockchain as a Path to Artificial Intelligence, Blockchain AI: Consensus as the Mechanism to Foster “Friendly” AI-Smart Contract Advocates on Behalf of Digital Intelligence application to fundamental economic principles, Fundamental Economic Principles: Discovery, Value Attribution, and Exchange-Fundamental Economic Principles: Discovery, Value Attribution, and Exchange applications for, Preface-Blockchain 1.0, 2.0, and 3.0, M2M/IoT Bitcoin Payment Network to Enable the Machine Economy-Mainstream Adoption: Trust, Usability, Ease of Use appropriate uses, The Blockchain Is Not for Every Situation-The Blockchain Is Not for Every Situation as complementary technology, Conclusion capabilities of, The Blockchain Is an Information Technology concept and overview, What Is the Blockchain?

Blockchain 3.0: Justice Applications Beyond Currency, Economics, and Markets Blockchain Technology Is a New and Highly Effective Model for Organizing Activity Extensibility of Blockchain Technology Concepts Fundamental Economic Principles: Discovery, Value Attribution, and Exchange Blockchain Technology Could Be Used in the Administration of All Quanta Blockchain Layer Could Facilitate Big Data’s Predictive Task Automation Distributed Censorship-Resistant Organizational Models Namecoin: Decentralized Domain Name System Challenges and Other Decentralized DNS Services Freedom of Speech/Anti-Censorship Applications: Alexandria and Ostel Decentralized DNS Functionality Beyond Free Speech: Digital Identity Digital Identity Verification Blockchain Neutrality Digital Divide of Bitcoin Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection) Hashing Plus Timestamping Proof of Existence Virtual Notary, Bitnotar, and Chronobit Monegraph: Online Graphics Protection Digital Asset Proof as an Automated Feature Batched Notary Chains as a Class of Blockchain Infrastructure Personal Thinking Blockchains Blockchain Government Decentralized Governance Services PrecedentCoin: Blockchain Dispute Resolution Liquid Democracy and Random-Sample Elections Random-Sample Elections Futarchy: Two-Step Democracy with Voting + Prediction Markets Societal Maturity Impact of Blockchain Governance 4. Blockchain 3.0: Efficiency and Coordination Applications Beyond Currency, Economics, and Markets Blockchain Science: Gridcoin, Foldingcoin Community Supercomputing Global Public Health: Bitcoin for Contagious Disease Relief Charity Donations and the Blockchain—Sean’s Outpost Blockchain Genomics Blockchain Genomics 2.0: Industrialized All-Human-Scale Sequencing Solution Blockchain Technology as a Universal Order-of-Magnitude Progress Model Genomecoin, GenomicResearchcoin Blockchain Health Healthcoin EMRs on the Blockchain: Personal Health Record Storage Blockchain Health Research Commons Blockchain Health Notary Doctor Vendor RFP Services and Assurance Contracts Virus Bank, Seed Vault Backup Blockchain Learning: Bitcoin MOOCs and Smart Contract Literacy Learncoin Learning Contract Exchanges Blockchain Academic Publishing: Journalcoin The Blockchain Is Not for Every Situation Centralization-Decentralization Tension and Equilibrium 5.

and popular culture, Bitcoin Culture: Bitfilm Festival pricing, Relation to Fiat Currency terminology, Currency, Token, Tokenizing Web metaphor, Blockchain 2.0: Contracts Bitcoin Association of Berkeley, Campuscoin Bitcoin terminology, Technology Stack: Blockchain, Protocol, Currency BitDrop, Coin Drops as a Strategy for Public Adoption Bitfilm Festival, Bitcoin Culture: Bitfilm Festival bitFlyer, Dapps Bithandle, Digital Identity Verification BitID, Digital Identity Verification-Digital Identity Verification Bitmessage, Dapps BitMixer, eWallet Services and Personal Cryptosecurity Bitnotar, Virtual Notary, Bitnotar, and Chronobit BitPay, Merchant Acceptance of Bitcoin, Financial Services Bitreserve, Relation to Fiat Currency BitShare, Relation to Fiat Currency, Blockchain 2.0 Protocol Projects BitTorrent, The Double-Spend and Byzantine Generals’ Computing Problems, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation block chain cryptography, The Double-Spend and Byzantine Generals’ Computing Problems block explorers, The Double-Spend and Byzantine Generals’ Computing Problems Block.io, Blockchain Development Platforms and APIs Blockchain 1.0, Technology Stack: Blockchain, Protocol, Currency-Regulatory Status (see also currency) practical use, Summary: Blockchain 1.0 in Practical Use-Regulatory Status technology stack, Technology Stack: Blockchain, Protocol, Currency-Technology Stack: Blockchain, Protocol, Currency Blockchain 2.0, Blockchain 2.0: Contracts-The Blockchain as a Path to Artificial Intelligence (see also contracts) applications beyond currency, Blockchain 2.0: Contracts-Blockchain 2.0: Contracts origins and applications overview, Blockchain 2.0: Contracts-Blockchain 2.0: Contracts protocol projects, Blockchain 2.0 Protocol Projects Blockchain 3.0, Blockchain Technology Is a New and Highly Effective Model for Organizing Activity-Societal Maturity Impact of Blockchain Governance (see also justice applications) academic publishing, Blockchain Academic Publishing: Journalcoin-Blockchain Academic Publishing: Journalcoin (see also publishing, academic) for censorship-resistant governance, Distributed Censorship-Resistant Organizational Models consumer genomics applications, Blockchain Genomics-Genomecoin, GenomicResearchcoin (see also genomics, consumer) decentralized DNS system, Namecoin: Decentralized Domain Name System-Decentralized DNS Functionality Beyond Free Speech: Digital Identity digital art, Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection)-Personal Thinking Blockchains (see also digital art) digital identity verification, Digital Identity Verification-Digital Divide of Bitcoin freedom and empowerment potential of, Distributed Censorship-Resistant Organizational Models-Distributed Censorship-Resistant Organizational Models health-related applications, Blockchain Health (see also health) and Internet administration, Distributed Censorship-Resistant Organizational Models learning applications, Blockchain Learning: Bitcoin MOOCs and Smart Contract Literacy-Learning Contract Exchanges (see also learning and literacy) science applications, Blockchain Science: Gridcoin, Foldingcoin-Charity Donations and the Blockchain—Sean’s Outpost as transnational governance structure, Distributed Censorship-Resistant Organizational Models-Distributed Censorship-Resistant Organizational Models blockchain application progression, Dapps, DAOs, DACs, and DASs: Increasingly Autonomous Smart Contracts blockchain archival system, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation blockchain attestation services, Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection)-Personal Thinking Blockchains (see also digital art) automated digital asset protection, Digital Asset Proof as an Automated Feature benefits, Proof of Existence Bitnotar, Virtual Notary, Bitnotar, and Chronobit Chronobit, Virtual Notary, Bitnotar, and Chronobit contract services, Virtual Notary, Bitnotar, and Chronobit hashing and timestamping, Hashing Plus Timestamping-Limitations, Batched Notary Chains as a Class of Blockchain Infrastructure limitations, Limitations notary chains, Batched Notary Chains as a Class of Blockchain Infrastructure personal thinking chains, Personal Thinking Blockchains-Personal Thinking Blockchains Proof of Existence, Proof of Existence-Limitations Virtual Notary, Virtual Notary, Bitnotar, and Chronobit blockchain development platforms, Blockchain Development Platforms and APIs blockchain ecosystem, Blockchain Ecosystem: Decentralized Storage, Communication, and Computation-Blockchain Ecosystem: Decentralized Storage, Communication, and Computation blockchain government, Blockchain Government-Societal Maturity Impact of Blockchain Governance (see also governance) blockchain interoperability, Technical Challenges blockchain neutrality, Blockchain Neutrality blockchain technology, Blockchain Technology Is a New and Highly Effective Model for Organizing Activity-Blockchain Layer Could Facilitate Big Data’s Predictive Task Automation administrative potential of, Blockchain Technology Could Be Used in the Administration of All Quanta and artificial intelligence, The Blockchain as a Path to Artificial Intelligence, Blockchain AI: Consensus as the Mechanism to Foster “Friendly” AI-Smart Contract Advocates on Behalf of Digital Intelligence application to fundamental economic principles, Fundamental Economic Principles: Discovery, Value Attribution, and Exchange-Fundamental Economic Principles: Discovery, Value Attribution, and Exchange applications for, Preface-Blockchain 1.0, 2.0, and 3.0, M2M/IoT Bitcoin Payment Network to Enable the Machine Economy-Mainstream Adoption: Trust, Usability, Ease of Use appropriate uses, The Blockchain Is Not for Every Situation-The Blockchain Is Not for Every Situation as complementary technology, Conclusion capabilities of, The Blockchain Is an Information Technology concept and overview, What Is the Blockchain?


pages: 161 words: 44,488

The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology by William Mougayar

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Airbnb, airport security, Albert Einstein, altcoin, Amazon Web Services, bitcoin, Black Swan, blockchain, business process, centralized clearinghouse, Clayton Christensen, cloud computing, cryptocurrency, disintermediation, distributed ledger, Edward Snowden, en.wikipedia.org, ethereum blockchain, fault tolerance, fiat currency, global value chain, Innovator's Dilemma, Internet of things, Kevin Kelly, Kickstarter, market clearing, Network effects, new economy, peer-to-peer lending, prediction markets, pull request, ride hailing / ride sharing, Satoshi Nakamoto, sharing economy, smart contracts, social web, software as a service, too big to fail, Turing complete, web application

That is how public blockchains grow. Bitcoin was that first public blockchain, and it inspired many others. Ethereum was another major public blockchain that has grown rapidly to establish itself as the second largest and significant public, multi-purpose blockchain. One of the primary differences between a public and private blockchain is that public blockchains typically have a generic purpose and are generally cheaper to use, whereas private blockchains have a more specific usage, and they are more expensive to set up because the cost is born by fewer owners. We can also expect special purpose public blockchains to emerge, for example, the Zcash one that promises to deliver total privacy. With the proliferation of public, private, semi-private, special purpose, and other types of blockchains, a world of millions of blockchains will be achievable.

CONTENTS Foreword Acknowledgments A Personal Preface Notes Introduction 1: What is the Blockchain? Visiting Satoshi’s Paper The Web, All Over Again One or Several Blockchains? Introduction to Blockchain Applications The Blockchain’s Narrative is Strong A Meta Technology Software, Game Theory and Cryptography The Database vs. The Ledger Looking Back So We Can Look Forward Unpacking the Blockchain State Transitions and State Machines— What Are They? The Consensus Algorithms Key Ideas from Chapter One Notes 2: How Blockchain Trust Infiltrates A New Trust Layer Decentralization of Trust—What Does it Mean? How Airbnb Designed Trust for Strangers A Spectrum of Trust Services Based on Proofs The Blockchain Landscape Benefits and Indirect Benefits Explaining Some Basic Functions What Does a Trusted Blockchain Enable? Identity Ownerships & Representation Decentralized Data Security Anonymity & Untraceable Communication Blockchain as Cloud Getting to Millions of Blockchains Key Ideas from Chapter Two Notes 3: Obstacles, Challenges, & Mental Blocks Attacking the Blockchain with a Framework Approach Technical Challenges Market/Business Challenges Legal /Regulatory Barriers Behavioral/Educational Challenges Key Ideas from Chapter Three Notes 4: Blockchain in Financial Services Attacked by the Internet and Fintech Why Can't There be a Global Bank?

This chapter is probably the most important in the book, because it attempts to offer a foundational explanation of the blockchain. It is the first stage of this book’s promise to give you a holistic view of the blockchain’s potential. Understanding blockchains is tricky. You need to understand their message before you can appreciate their potential. In addition to their technological capabilities, blockchains carry with them philosophical, cultural, and ideological underpinnings that must also be understood. Unless you’re a software developer, blockchains are not a product that you just turn on, and use. Blockchains will enable other products that you will use, while you may not know there is a blockchain behind them, just as you do not know the complexities behind what you are currently accessing on the Web. Once you start to imagine the blockchains’ possibilities on your own, without continuously thinking about trying to understand them at the same time, you will be in a different stage of your maturity for exploiting them.


pages: 515 words: 126,820

Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World by Don Tapscott, Alex Tapscott

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Airbnb, altcoin, asset-backed security, autonomous vehicles, barriers to entry, bitcoin, blockchain, Bretton Woods, business process, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, cloud computing, cognitive dissonance, corporate governance, corporate social responsibility, Credit Default Swap, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Erik Brynjolfsson, ethereum blockchain, failed state, fiat currency, financial innovation, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, Galaxy Zoo, George Gilder, glass ceiling, Google bus, Hernando de Soto, income inequality, informal economy, interest rate swap, Internet of things, Jeff Bezos, jimmy wales, Kickstarter, knowledge worker, Kodak vs Instagram, Lean Startup, litecoin, Lyft, M-Pesa, Mark Zuckerberg, Marshall McLuhan, means of production, microcredit, mobile money, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer lending, performance metric, Peter Thiel, planetary scale, Ponzi scheme, prediction markets, price mechanism, Productivity paradox, quantitative easing, ransomware, Ray Kurzweil, renewable energy credits, rent-seeking, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, seigniorage, self-driving car, sharing economy, Silicon Valley, Skype, smart contracts, smart grid, social graph, social software, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, supply-chain management, TaskRabbit, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, The Wisdom of Crowds, transaction costs, Turing complete, Turing test, Uber and Lyft, unbanked and underbanked, underbanked, unorthodox policies, X Prize, Y2K, Zipcar

“The counterpart to that is all transactions on the [bitcoin] blockchain are completely public. That terrifies a number of people on Wall Street.” The solution? Confidential transactions on so-called permissioned blockchains, also known as private blockchains. Whereas the bitcoin blockchain is entirely open and permissionless—that is, anyone can access it and interact with it—permissioned blockchains require users to have certain credentials, giving them a license to operate on that particular blockchain. Hill has developed the technology whereby only a few stakeholders see the various components of a transaction and can ensure its integrity. At first blush, private and permissioned blockchains would appear to have a few clear advantages. For one, its members can easily change the rules of the blockchain if they so desire. Costs can be kept down as transactions need only validation from the members themselves, removing the need for anonymous miners who use lots of electricity.

They use digital technologies to tap into so-called underutilized, time-based resources like real estate (apartment bedrooms), vehicles (between-call taxis), and people (retirees and capable people who can’t get full-time jobs). Blockchain technology provides suppliers of these services a means to collaborate that delivers a greater share of the value to them. For Benkler, “Blockchain enables people to translate their willingness to work together into a set of reliable accounting—of rights, assets, deeds, contributions, uses—that displaces some of what a company like Uber does. So that if drivers want to set up their own Uber and replace Uber with a pure cooperative, blockchain enables that.” He emphasized the word enable. To him, “There’s a difference between enabling and moving the world in a new direction.” He said, “People still have to want to do it, to take the risk of doing it.”31 So get ready for blockchain Airbnb, blockchain Uber, blockchain Lyft, blockchain Task Rabbit, and blockchain everything wherever there is an opportunity for real sharing and for value creation to work together in a cooperative way and receive most of the value they create. 4.

Version_1 To Ana Lopes and Amy Welsman for enabling this book, and for understanding that “it’s all about the blockchain.” “A masterpiece. Gracefully dissects the potential of blockchain technology to take on today’s most pressing global challenges.” —Hernando De Soto, Economist and President, Institute for Liberty and Democracy, Peru “The blockchain is to trust as the Internet is to information. Like the original Internet, blockchain has potential to transform everything. Read this book and you will understand.” —Joichi Ito, Director, MIT Media Lab “In this extraordinary journey to the frontiers of finance, the Tapscotts shed new light on the blockchain phenomenon and make a compelling case for why we all need to better understand its power and potential.” —Dave McKay, President and CEO, Royal Bank of Canada “Deconstructs the promise and peril of the blockchain in a way that is at once accessible and erudite.


pages: 296 words: 86,610

The Bitcoin Guidebook: How to Obtain, Invest, and Spend the World's First Decentralized Cryptocurrency by Ian Demartino

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, AltaVista, altcoin, bitcoin, blockchain, buy low sell high, capital controls, cloud computing, corporate governance, crowdsourcing, cryptocurrency, distributed ledger, Edward Snowden, Elon Musk, ethereum blockchain, fiat currency, Firefox, forensic accounting, global village, GnuPG, Google Earth, Haight Ashbury, Jacob Appelbaum, Kevin Kelly, Kickstarter, litecoin, M-Pesa, Marshall McLuhan, Oculus Rift, peer-to-peer lending, Ponzi scheme, prediction markets, ransomware, Satoshi Nakamoto, self-driving car, Skype, smart contracts, Steven Levy, the medium is the message, underbanked, WikiLeaks, Zimmermann PGP

block: Transactions on the blockchain are grouped into blocks, confirmed by miners roughly every 10 minutes. They are currently limited to 1MB in size but that is likely to change in the near future. blockchain: The decentralized public ledger that makes Bitcoin work. Every transaction and account is kept track of here. Not to be confused with Blockchain.info the website or its parent company, Blockchain. Also used to refer to any upcoming technology that uses a public ledger to keep track of digital value; i.e., “They are developing their own blockchain technology.” block explorer: A website or piece of software that allows users to observe and follow Bitcoin transactions through the blockchain. Can also be used to describe similar systems for altcoins’ blockchains. CGMiner: The most popular Bitcoin-mining software.

Today they give tiny fractions of bitcoins that, like full bitcoins previously, are worth fractions of a cent. 51% attack: Proof-of-work is used in Bitcoin to validate the blockchain. It takes computational power to validate and confirm transactions. Changing one transaction will change the verifiable data in all subsequent transactions. Therefore, if there are two competing blockchains with different transaction histories, the one that is longer will be considered the “true” blockchain because it has the most computational power behind it. Since malicious actors usually work alone, it is unlikely that any one group could put more computational power behind its modified blockchain compared to the real blockchain. However, if someone did control a higher hashrate than the combined hashrate of all of the miners working on the true blockchain, that group would be able to outwork the valid chain and get its blockchain confirmed as valid. This is called a 51% attack.

The uses I’ve described so far, while not all strictly involving sending money back and forth, are still financial in nature. But the blockchain can do much more than that. It can store documents in a secure cryptographic manner. A user could encrypt a digital copy of their passport, store the hash of that file on the blockchain and then use that copy as a backup. Two users could record their marriage on the blockchain; in fact, this has already happened.9 Nearly every official document or contract that needs a notary could be stored on the blockchain and while it might not be recognized legally as such, it is far harder to forge a blockchain transaction than a notarized document. The utility could potentially go beyond the financial. Decentralized cloud storage is also a possibility using blockchain technology. Storj doesn’t run on the Bitcoin blockchain; it runs on the CounterParty system, a coin and set of financial services built on top of but separate from the Bitcoin blockchain.


pages: 457 words: 128,838

The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order by Paul Vigna, Michael J. Casey

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Airbnb, altcoin, bank run, banking crisis, bitcoin, blockchain, Bretton Woods, California gold rush, capital controls, carbon footprint, clean water, collaborative economy, collapse of Lehman Brothers, Columbine, Credit Default Swap, cryptocurrency, David Graeber, disintermediation, Edward Snowden, Elon Musk, ethereum blockchain, fiat currency, financial innovation, Firefox, Flash crash, Fractional reserve banking, hacker house, Hernando de Soto, high net worth, informal economy, Internet of things, inventory management, Julian Assange, Kickstarter, Kuwabatake Sanjuro: assassination market, litecoin, Long Term Capital Management, Lyft, M-Pesa, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, money: store of value / unit of account / medium of exchange, Network effects, new economy, new new economy, Nixon shock, offshore financial centre, payday loans, peer-to-peer lending, pets.com, Ponzi scheme, prediction markets, price stability, profit motive, RAND corporation, regulatory arbitrage, rent-seeking, reserve currency, Robert Shiller, Robert Shiller, Satoshi Nakamoto, seigniorage, shareholder value, sharing economy, short selling, Silicon Valley, Silicon Valley startup, Skype, smart contracts, special drawing rights, Spread Networks laid a new fibre optics cable between New York and Chicago, Steve Jobs, supply-chain management, Ted Nelson, The Great Moderation, the market place, the payments system, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, tulip mania, Turing complete, Tyler Cowen: Great Stagnation, Uber and Lyft, underbanked, WikiLeaks, Y Combinator, Y2K, Zimmermann PGP

Abed, Gabriel Abridello, Mike accelerators Accel Partners Adams, Douglas Afghan Citadel Afghanistan Africa A-Grade Investments Ahmadi, Parisa AIG Airbnb Akimbo Alamgir, Nadia Alcoholics Anonymous Aleph Alibaba Alipay Alisie, Mihai Allaire, Jeremy al-Qaeda altcoins dogecoin litecoin Realcoin Alyattes, King Alydian Amazon Amazon Cloud American Express AME Ventures Amidi, Saeed Andolfatto, David Andreessen, Marc Andreessen Horowitz Andresen, Gavin Android angel investors anonymity anonymous remailers AntMinter Antonopoulos, Andreas ANX Apache tribe APIs (application programming interfaces) Apple Argentina exchange houses in trust problem in Aristotle Armstrong, Brian ASIC (application specific integrated circuit) chips Assange, Julian assassination AstroPay AT&T Atlas ATS Australia Austrian school of economics automobile loan payments Avalon Average Is Over (Cowen) Babylonians Back, Adam Bacon, Francis Bagehot, Walter Banco Popular Banga, Ajay Bank of America Bank of England (BOE) bankruptcy banks, banking central fees of fractional reserve Glass-Steagall Act and ledger and Medici modern payment system centered around people excluded from system of shadow system of tellers in too-big-to-fail Baran, Paul Barbados Barbie, Johann Barclays Barrett, John barter Beckstrom, Rod Bel Bruno, Joe Bell, Jim Bernanke, Ben Betamax BitAngels BitCarbon bitcoin(s): addresses in artwork and songs about balance in blockchain ledger in boom in brand of carbon footprint of as commodity community around creation of; see also Nakamoto, Satoshi crime and cryptography mailing list and culture of as currency defined as deflationary currency dollar and double-spending of early adopters of encryption in evangelists of exchange rate of fraud and future of Genesis Block in imitators of, see altcoins issuance of meetups for mining, see bitcoin mining and miners merchants accepting as movement as payments protocol as property regulation of, see regulation release of reward program in security and software for symbols of as technology thefts of traceability of transaction confirmation in transaction fees and transaction malleability bug and transaction volumes of trust and value of volatility of wallets for wealth concentration and Wild West phase of work in Bitcoin 2.0 (Blockchain 2.0) bitcoin barons bitcoin.com Bitcoin Decentral Bitcoin Faucet Bitcoin Forum Bitcoin Foundation Bitcoinica Bitcoin Magazine Bitcoin Market bitcoin mining and miners ASICs in cloud at data centers Dr. Evil attack scenario and energy used by 51 percent attack threat and forks in the blockchain and pools rigs for satellites for selfish bitcoinrichlist.com Bitcoin Suisse Bitcointalk.org Bitex.la Bitfinex BitFury BitGo bit-gold BitInstant BitLanders BitLicense Bitmain BitPagos BitPay BitPesa Bitreserve bitsats BitShares Bits of Coin Bitstamp Bitt BitTorrent BlackNet Bliley, Thomas blockchain forks in Blockchain Blockchain 2.0 (Bitcoin 2.0) BlockCypher blockexplorer.com blocks Bloomberg Businessweek b-money Boost Boring, Perianne Braendgaard, Pelle Brafman, Ori Braintree brand Branson, Richard Brazil Bretton Woods system Breyer, Jim Brightcove Brikman, Yevgeniy Britain Britcoin British West Indies Britto, Arthur Brown & Williamson Bry, Charles BTC China BTC-e Bush, George H.

He’s also broke and sleepy and so gets that client to tap the same account information from which he paid the café to later buy a pillow from Overstock.com, effectively trying to pay with bitcoins he no longer had. After doing this, the blockchain’s chronological ledger would reveal that the money had already been spent. No, the record-keepers would declare as they checked James’s new transaction attempt against the permanent record, he has spent those bitcoins before. Every transaction that’s added to the ever-extending blockchain ledger is checked against the existing ledger before being given a stamp of legitimacy. Based on a consensus view among the miners as to which transactions are legitimate and which are not, the ledger provides irrefutable proof of who owns what and what has been spent and received. * * * For ease of explanation, we’re going to focus on how bitcoin’s blockchain, currency-creation, and transaction-confirmation systems work, though many blockchain variations exist across the cryptocurrency universe.

Once the puzzle is solved, the bitcoin software client that’s running on the winning node’s machine “seals off” a new block of transactions with the block hash and assigns to it a block number that sequentially follows the last block number on the ever-extending blockchain. (At the exact moment that these words were being written, the blockchain was working on block number 318,685—that’s how many blocks had been completed since Nakamoto mined the Genesis Block, and if you converted that into time by multiplying that number by ten minutes, it would bring you more or less out at January 2009.) Because the previous block hash has been included in the new hash, the latest block is now mathematically linked to the blockchain, as if to form the latest in an ever growing line of trailer hitches. Because of that hypersensitive quality of hashes described above, where the slightest data change will completely alter its output, this structure means that, in theory, no one can mess with any of the data contained in the blockchain’s history. Doing so would turn the whole thing into gobbledygook.


pages: 387 words: 112,868

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money by Nathaniel Popper

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

4chan, Airbnb, Apple's 1984 Super Bowl advert, banking crisis, bitcoin, blockchain, Burning Man, capital controls, Colonization of Mars, crowdsourcing, cryptocurrency, David Graeber, Edward Snowden, Elon Musk, Extropian, fiat currency, Fractional reserve banking, Jeff Bezos, Julian Assange, Kickstarter, life extension, litecoin, lone genius, M-Pesa, Mark Zuckerberg, Occupy movement, peer-to-peer lending, Peter Thiel, Ponzi scheme, price stability, Satoshi Nakamoto, Silicon Valley, Simon Singh, Skype, slashdot, smart contracts, Startup school, stealth mode startup, the payments system, transaction costs, tulip mania, WikiLeaks

But when a customer logged into a Blockchain. info wallet, the log-in process decrypted the file so that the keys were temporarily on the customer’s computer and could be used to access coins that the customer had on the blockchain. The customer’s data—how much money he or she had and the transaction history—was viewable through Blockchain.info’s online template. But the company itself never saw the data. Because Blockchain. info did not hold money or a transaction history for its customers, it couldn’t be subpoenaed to give up customer records. Nor could the company steal its customers’ coins. The site had attracted lots of interest from people who opened 350,000 free Blockchain.info wallets by the middle of 2013. But the business model was not a recipe for big profits. Because blockchain.info didn’t hold customer funds it was hard to deduct fees for its services.

This JPMorgan group began secretly working with the other major banks in the country, all of which are part of an organization known as The Clearing House, on a bold experimental effort to create a new blockchain that would be jointly run by the computers of the largest banks and serve as the backbone for a new, instant payment system that might replace Visa, MasterCard, and wire transfers. Such a blockchain would not need to rely on the anonymous miners powering the Bitcoin blockchain. But it could ensure there would no longer be a single point of failure in the payment network. If Visa’s systems came under attack, all the stores using Visa were screwed. But if one bank maintaining a blockchain came under attack, all the other banks could keep the blockchain going. For many technology experts at banks, the most valuable potential use of the blockchain was not small payments but very large ones, which are responsible for the vast majority of the money moving between banks each day.

Given the sums involved, even the few days that the money is in transit carry significant costs and risks. As a result, various banks began looking at ways they could use the blockchain technology to make these sorts of large transfers quickly and securely. For many banks, the biggest stumbling block was the inherent unreliability of the Bitcoin blockchain, which is, of course, powered by thousands of unvetted computers around the world, all of which could stop supporting the blockchain at any moment. This increased the desire to find a way to create blockchains independent of Bitcoin. The Federal Reserve had its own internal teams looking at how to harness the blockchain technology and potentially even Bitcoin itself. Many in the existing Bitcoin community scoffed at the idea that the blockchain concept could be separated from the currency. As they viewed it, the currency, and the mining of the currency, was what gave users the incentive to join and power the blockchain.


pages: 375 words: 88,306

The Sharing Economy: The End of Employment and the Rise of Crowd-Based Capitalism by Arun Sundararajan

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, autonomous vehicles, barriers to entry, bitcoin, blockchain, Burning Man, call centre, collaborative consumption, collaborative economy, collective bargaining, corporate social responsibility, cryptocurrency, David Graeber, distributed ledger, employer provided health coverage, Erik Brynjolfsson, ethereum blockchain, Frank Levy and Richard Murnane: The New Division of Labor, future of work, George Akerlof, gig economy, housing crisis, Howard Rheingold, Internet of things, inventory management, invisible hand, job automation, job-hopping, Kickstarter, knowledge worker, Kula ring, Lyft, megacity, minimum wage unemployment, moral hazard, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer lending, profit motive, purchasing power parity, race to the bottom, recommendation engine, regulatory arbitrage, rent control, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, smart contracts, Snapchat, social software, supply-chain management, TaskRabbit, The Nature of the Firm, total factor productivity, transaction costs, transportation-network company, two-sided market, Uber and Lyft, Uber for X, universal basic income, Zipcar

., a centralized entity, or PayPal itself)—keeps track of who has how much, and updates a private digital “ledger” of some sort every time someone sends money to someone else.7 Bitcoin, in contrast, uses a public ledger, the blockchain. Every user of Bitcoin has a copy of this blockchain, and it contains every single bitcoin transaction since the currency was created. When you say, “I possess at least one currency unit from prior transaction Q, and I am giving Clay one unit,” Clay can verify that the message is from you by checking your signature, and he can then check his copy of the blockchain to be assured that you in fact have bitcoin to spend. But this approach leads to a problem. Suppose you only have one currency unit to spend. Now, let’s say you simultaneously send a signed message to both Clay and Emily giving them each one unit. If they both checked their current copy of the blockchain, they would find the prior transaction, it would seem like you have the money, and both of them would update their ledgers, leading to a problem down the line.

No complicated contracts are needed about delivery and quality. There’s no business need to reveal your physical world presence or location. There’s no risk associated with meeting someone unsavory. Not surprisingly, therefore, much of the initial focus of blockchain marketplace development has been on creating new systems for trading assets that are non-physical: digital and financial assets. In a 2015 conversation I had with Adam Ludwin, the CEO of the blockchain startup Chain I mentioned earlier in the chapter, he described the blockchain as a “new database technology, purpose-built for trading assets,” and sees immense potential in new blockchain based marketplaces for loyalty points, mobile minutes, gift cards, and of course, a range of financial assets. Ludwin described how many current systems for trading such assets could benefit significantly from a new decentralized marketplace.

In spring 2015, NASDAQ announced plans to leverage blockchain technology to support the development of a distributed ledger function for securities trading that will provide enhanced integrity, audit capabilities, governance, and transfer of ownership capabilities. The startup R3CEV has assembled a consortium of 25 of the world’s largest banks that are creating a framework for using blockchain technology in world financial markets.17 The startup Provenance provides a blockchain-based authentication service, where, for example, you can credibly establish the provenance of a high-value item by keeping track of and being able to access every trade associated with its ownership. At the 2015 Consumer Electronic Show, IBM and Samsung demonstrated a blockchain- and smart-contract-based system that allowed an autonomous washing machine to order detergent when it ran low, and make a smart-contract-based payment when it sensed that the detergent had been replaced.


pages: 364 words: 99,897

The Industries of the Future by Alec Ross

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, 3D printing, Airbnb, algorithmic trading, AltaVista, Anne Wojcicki, autonomous vehicles, banking crisis, barriers to entry, Bernie Madoff, bioinformatics, bitcoin, blockchain, Brian Krebs, British Empire, business intelligence, call centre, carbon footprint, cloud computing, collaborative consumption, connected car, corporate governance, Credit Default Swap, cryptocurrency, David Brooks, disintermediation, Dissolution of the Soviet Union, distributed ledger, Edward Glaeser, Edward Snowden, en.wikipedia.org, Erik Brynjolfsson, fiat currency, future of work, global supply chain, Google X / Alphabet X, industrial robot, Internet of things, invention of the printing press, Jaron Lanier, Jeff Bezos, job automation, knowledge economy, knowledge worker, litecoin, M-Pesa, Mark Zuckerberg, Mikhail Gorbachev, mobile money, money: store of value / unit of account / medium of exchange, new economy, offshore financial centre, open economy, peer-to-peer lending, personalized medicine, Peter Thiel, precision agriculture, pre–internet, RAND corporation, Ray Kurzweil, recommendation engine, ride hailing / ride sharing, Satoshi Nakamoto, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart cities, social graph, software as a service, special economic zone, supply-chain management, supply-chain management software, technoutopianism, underbanked, Vernor Vinge, Watson beat the top human players on Jeopardy!, women in the workforce, Y Combinator, young professional

And won’t the best hackers in the world be able to break this system wide open? Bitcoin’s answer to all these questions, and its method for establishing a genuine breakthrough in digital trust, is a cryptographic invention called the blockchain. At its core, the blockchain is the big ledger on which all transactions are logged. And every single transaction going back to the very first Bitcoin payment is recorded on the blockchain, though they’re logged anonymously or pseudo-anonymously. One of the blockchain’s key characteristics is that it is public, and instead of being stored at one central location, it is distributed to every Bitcoin user. By making everything public, the blockchain reduces the possibility of fraud drastically, because you can’t counterfeit the existence of property in public view. Fraud is further diminished by the fact that every bitcoin carries its history with it; to try to counterfeit a coin would require counterfeiting a false lineage going back all the way to the beginning of Bitcoin.

When Bitcoin was still obscure enough to go largely unnoticed, these dark websites had a brief heyday, but law enforcement agencies have thoroughly penetrated this world and, if anything, Bitcoin has made their work easier. Although the blockchain keeps personal identities secret behind cryptographic code, in order to access the blockchain, people must leave digital footprints that law enforcement agencies know how to follow. THE BLOCKCHAIN AND THE ESTABLISHMENT Bitcoin initially pitted Silicon Valley against the establishment in government, on Wall Street, and among leading economists. However, much of that same establishment now sees blockchain technology as a technological solution to many high-cost transactions. Economists from the left and right, investment bankers, and government officials questioned its value and often its legality.

This is probably the greatest threat to Bitcoin in the long term.” BLOCKCHAIN AS THE NEXT PROTOCOL The powers that be in Silicon Valley see Bitcoin heading mainstream. But if so, where will it eventually take hold? In my view, the best case for Bitcoin is not as a currency but as a protocol, relying on the new possibilities offered by the blockchain. In the same way HTML became the protocol markup language for the World Wide Web, the blockchain may have the technological ingenuity to become the protocol for trusted transactions. The Web was essentially made by HTML. The great innovation of Tim Berners-Lee, the Web’s creator, was that he made the Internet something visible, accessible, and easily navigable—and that allowed other innovations to be layered on top of the platform. The blockchain makes trusted transactions the basis—the protocol—on which much else can be built.


pages: 200 words: 47,378

The Internet of Money by Andreas M. Antonopoulos

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

AltaVista, altcoin, bitcoin, blockchain, clean water, cognitive dissonance, cryptocurrency, ethereum blockchain, global reserve currency, litecoin, London Interbank Offered Rate, Oculus Rift, packet switching, peer-to-peer lending, Ponzi scheme, ransomware, reserve currency, Satoshi Nakamoto, self-driving car, Skype, smart contracts, the medium is the message, trade route, underbanked, WikiLeaks

To most people, the fact that I’m showing them the bottom of the range of expression simply reinforces the idea that this is a cheap and vulgar medium. What they fail to grasp is that this medium is not just for the trivial; it spans the entire range of transactional expression from the trivial to the enormous. "The blockchain can encompass the entire range of transactional expression, from the 10-cent tweet to the $100 billion debt settlement." One day, a country will pay its oil bill on the blockchain. One day, you might buy a multinational company on the blockchain. One day, you might sell an aircraft carrier, hopefully for scrap metal, on the blockchain. The blockchain can encompass the entire range, from the 10-cent tweet to the $100 billion debt settlement. We just haven’t noticed yet. It can do so without any constraint imposed by the underlying medium. This isn’t just a matter of the fact that the transaction as a content type can be transported over Skype smileys.

I want to sit at my kitchen table every Sunday and balance my checkbook and make sure none of my checks bounced. I don’t like all of this electronic instantaneous global transfer. It scares me,” we can slow it down. This infrastructure inversion will allow us to comfortably run traditional banking applications on top of a distributed global ledger — an open blockchain like bitcoin, the open blockchain, probably bitcoin’s open blockchain and simultaneously open the door for other applications, for applications we’ve never seen before. These new applications will look different from traditional banking. As different as a Segway or skateboard looks to those committed to traditional horse-carriages. As different as moving to electricity in an era of gas lighting in traditional Victorian homes. As alien as comfort noise on high quality data voice communication over the internet that is capable of so much more.

Money as a Content Type Most people don’t realize what it means to convert money into a content type. We’ve taken the transaction, which is just 250 bytes, and we’ve separated it from the transport medium, so it doesn’t depend on any underlying security. We’ve made it stand alone so that it can be independently verified by any node that has a full copy of the blockchain. Independently verified as spendable, authentic, and properly signed by any system that has a full copy of the blockchain—in fact, even by systems that only have a partial copy of the blockchain. That transaction can be verified in seconds. All it has to do is reach one node in the network that can talk to miners. That’s it. Once it’s injected into the bitcoin network and once it propagates, you can be almost certain that the transaction will be included eventually and will become valid. If I look at any transaction, I can calculate if it has sufficient fees, and then I can make certain assumptions about how miners are going to treat that transaction because I know the rules by which they operate on a consensus network.


pages: 179 words: 43,441

The Fourth Industrial Revolution by Klaus Schwab

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, barriers to entry, Baxter: Rethink Robotics, bitcoin, blockchain, Buckminster Fuller, call centre, clean water, collaborative consumption, conceptual framework, continuous integration, crowdsourcing, disintermediation, distributed ledger, Edward Snowden, Elon Musk, epigenetics, Erik Brynjolfsson, future of work, global value chain, Google Glasses, income inequality, Internet Archive, Internet of things, invention of the steam engine, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, life extension, Lyft, megacity, meta analysis, meta-analysis, more computing power than Apollo, mutually assured destruction, Narrative Science, Network effects, Nicholas Carr, personalized medicine, precariat, precision agriculture, Productivity paradox, race to the bottom, randomized controlled trial, reshoring, RFID, rising living standards, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, smart cities, smart contracts, software as a service, Stephen Hawking, Steve Jobs, Steven Levy, Stuxnet, The Spirit Level, total factor productivity, transaction costs, Uber and Lyft, Watson beat the top human players on Jeopardy!, WikiLeaks, winner-take-all economy, women in the workforce, working-age population, Y Combinator, Zipcar

In “The Robot Reality: Service Jobs Are Next to Go”, Blaire Briody, 26 March 2013, The Fiscal Times, http://www.cnbc.com/id/100592545 Shift 16: Bitcoin and the Blockchain The tipping point: 10% of global gross domestic product (GDP) stored on blockchain technology By 2025: 58% of respondents expected this tipping point to have occurred Bitcoin and digital currencies are based on the idea of a distributed trust mechanism called the “blockchain”, a way of keeping track of trusted transactions in a distributed fashion. Currently, the total worth of bitcoin in the blockchain is around $20 billion, or about 0.025% of global GDP of around $80 trillion. Positive impacts – Increased financial inclusion in emerging markets, as financial services on the blockchain gain critical mass – Disintermediation of financial institutions, as new services and value exchanges are created directly on the blockchain – An explosion in tradable assets, as all kinds of value exchange can be hosted on the blockchain – Better property records in emerging markets, and the ability to make everything a tradable asset – Contacts and legal services increasingly tied to code linked to the blockchain, to be used as unbreakable escrow or programmatically designed smart contracts – Increased transparency, as the blockchain is essentially a global ledger storing all transactions The shift in action Smartcontracts.com provides programmable contracts that do payouts between two parties once certain criteria have been met, without involving a middleman.

The digital revolution is creating radically new approaches that revolutionize the way in which individuals and institutions engage and collaborate. For example, the blockchain, often described as a “distributed ledger”, is a secure protocol where a network of computers collectively verifies a transaction before it can be recorded and approved. The technology that underpins the blockchain creates trust by enabling people who do not know each other (and thus have no underlying basis for trust) to collaborate without having to go through a neutral central authority – i.e. a custodian or central ledger. In essence, the blockchain is a shared, programmable, cryptographically secure and therefore trusted ledger which no single user controls and which can be inspected by everyone. Bitcoin is so far the best known blockchain application but the technology will soon give rise to countless others. If, at the moment, blockchain technology records financial transactions made with digital currencies such as Bitcoin, it will in the future serve as a registrar for things as different as birth and death certificates, titles of ownership, marriage licenses, educational degrees, insurance claims, medical procedures and votes – essentially any kind of transaction that can be expressed in code.

(Uber) Shift 18: Governments and the Blockchain The tipping point: Tax collected for the first time by a government via a blockchain By 2025: 73% of respondents expected this tipping point to have occurred The blockchain creates both opportunities and challenges for countries. On the one hand, it is unregulated and not overseen by any central bank, meaning less control over monetary policy. On the other hand, it creates the ability for new taxing mechanisms to be built into the blockchain itself (e.g. a small transaction tax). Unknown impacts, or cut both ways – Central banks and monetary policy – Corruption – Real-time taxation – Role of government The shift in action In 2015, the first virtual nation, BitNation, was created using blockchain as the foundation identification technology for citizen’s identity cards.


pages: 366 words: 94,209

Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, trade route, transportation-network company, Turing test, Uber and Lyft, Uber for X, unpaid internship, Y Combinator, young professional, Zipcar

This has applications well beyond bitcoins.41 The blockchain can “notarize” and record anything we choose, not just the cash transactions between Bitcoin users. Entire companies can be organized on blockchains, which can authenticate everything from contracts to compensation. Decentralized autonomous corporations, or DACs, for example, are a fast-growing category of businesses that depend on a collectively computed blockchain to determine how shares are distributed. To count as a true DAC, a company must be an open-source endeavor whose operation occurs without the supervision of a single guiding body, such as a board or a CEO.* Instead, a project’s governing rules and mission must emerge from consensus. Project workers are compensated for their labor or capital investment with shares in the blockchain, which increase in number as the project develops.42 We can think of DACs as companies whose stock is issued little by little as the company grows from a mere business plan into a sustainable enterprise.

Only individuals who create value for the company are awarded new stock proportionate to their contributions.43 Fittingly, the majority of DACs currently sell blockchain-related services themselves. By committing to the blockchain for their own governance and share distribution, DACs lend credibility to the technologies they are selling. They stand in stark contrast to the bitcoin ETFs being peddled by the Winklevoss twins and others, in which profit is extracted through traditional Wall Street markups and expense ratios, and transactions remain opaque. By using the blockchain, DACs subject themselves to total transparency. Everyone can see everything. Even with all their advantages, there is a certain brittleness to most of these blockchain projects. Those who get in early tend to earn the most of whatever coin is being distributed. Moreover, the rules that get into a system in the beginning become pretty intractable.

I’ll explain it here briefly, but the main takeaway is that there’s no one in charge—which means the biases of Bitcoin are very different from those of a traditional interest-generating money system. This is a money system that works through protocols—digital handshakes between peers—instead of establishing security through central authorities. Bitcoin is based on a database known as the “blockchain.” The blockchain is a public ledger of every bitcoin transaction ever. It doesn’t sit on a server at a bank or in the basement of a credit-card company’s headquarters; it lives on the computers of everyone in the Bitcoin network. When bitcoins are transacted, an algorithm corresponding to that transaction is “published” to the blockchain. The algorithm is just a description of the transaction itself, as in “2 bitcoins came from A and went to B.” Instead of a list of users and their bitcoin balances, the ledger simply lists the transactions in chronological order.

The Economic Singularity: Artificial intelligence and the death of capitalism by Calum Chace

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lump of labour, Lyft, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, Thomas Malthus, transaction costs, Tyler Cowen: Great Stagnation, Uber for X, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional

If (and it is a big “if”) surviving the economic singularity and avoiding fracture means ending the system of private ownership, how can this be done without falling into the unwelcome embrace of an over-mighty state and centralised planning? The answer just might be the blockchain. Blockchain People have gone mad trying to understand how the blockchain works, never mind trying to explain it. Its most famous application is Bitcoin, the world’s first completely decentralized digital currency.[cccxlix] In just a few years, the Bitcoin “economy” has grown larger than the economies of some countries. The value of a Bitcoin has fluctuated wildly, hitting a peak of $1,216 in November 2013. The insights which made Bitcoin possible were published in 2008 under the pseudonym Satoshi Nakamoto, and the blockchain is at the heart of it. The blockchain is a public ledger which records transactions. The clever bit is that the ledger is completely trustworthy despite having no central authority, like a bank, to validate it.

[cccl] Digital currency is only one of the possible applications of blockchain technology. It can register and validate all sorts of transactions and relationships. For instance, it could be used to manage the sale, lease or hire of a car. When you take possession of a car, it could be tagged with a cryptographic signature, which would mean that you are the only person who could open and start the car.[cccli] The revolutionary benefit of the blockchain is that all kinds of agreements can be validated without setting up a centralised institution to do so. By removing the need for a central intermediary, the blockchain can reduce transaction costs, and it can enhance privacy: no government agents need have access to your data without your permission. Most importantly, for our present purposes, the blockchain may make possible the decentralised ownership and management of collective assets.

The new block is added to the chain, and incorporates the transactions made since the last block was added to the chain. Your transaction is published on the blockchain’s network as soon as it is agreed, but it is only confirmed, and hence reliable, when a miner has incorporated it into a block. Satoshi Nakamoto’s innovation solved a previously intractable challenge in computer science known as the Byzantine General’s Problem. Imagine a mediaeval city surrounded by a dozen armies, each led by a powerful general. If the armies mount a co-ordinated attack, their victory is assured, but they can only communicate by messengers on horseback who visit the generals one by one, and some of the generals are untrustworthy. The blockchain provides a way for each general to know that a message calling for an attack at a particular time is genuine, and has not been fabricated by a dishonest general before it reached him.


pages: 267 words: 82,580

The Dark Net by Jamie Bartlett

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, 4chan, bitcoin, blockchain, brain emulation, carbon footprint, crowdsourcing, cryptocurrency, deindustrialization, Edward Snowden, Filter Bubble, Francis Fukuyama: the end of history, global village, Google Chrome, Howard Rheingold, Internet of things, invention of writing, Johann Wolfgang von Goethe, Julian Assange, Kuwabatake Sanjuro: assassination market, life extension, litecoin, Mark Zuckerberg, Marshall McLuhan, moral hazard, Occupy movement, pre–internet, Ray Kurzweil, Satoshi Nakamoto, Skype, slashdot, technological singularity, technoutopianism, Ted Kaczynski, The Coming Technological Singularity, Turing test, Vernor Vinge, WikiLeaks, Zimmermann PGP

But Finney noticed Satoshi had included something he’d not really seen before, something called a blockchain. A quantity of Bitcoin is stored at a Bitcoin address, the key to which is a unique string of letters and numbers that can be kept on a website, desktop, mobile phone, or even a piece of paper. Every time someone sends a Bitcoin as payment, a record of the transaction is stored in something called the blockchain. Transactions are collected into blocks, with each block representing about 10 minutes’ worth of transactions. The blocks are ordered chronologically, and each includes a digital signature (a ‘hash’) of the previous block, which administers the ordering and guarantees that a new block can join the chain only if it starts from where the preceding one finishes. A copy of the blockchain record – a record every single transaction ever made – is maintained by everyone who has installed the Bitcoin software.

That end amounts to free forms of communication and transactions between individuals that cannot be censored or monitored. ‘Currencies are just the beginning,’ Amir tells me. ‘The real genius of blockchain is that it is going to help us create a decentralised net that no one can censor. This is much bigger than just Bitcoin. We’re going to transform the entire internet.’ ‘What do you mean?’ I ask. ‘Well, at the moment your Facebook data isn’t really controlled by you: it’s hosted on Mark Zuckerberg’s servers. Facebook administrators can do anything they like with it, because they own the servers, and so they own your data. It’s not really free, because it’s centralised. A social media platform built using blockchain would be different. Your posts would become part of the public blockchain record, and every user of the platform would have their own copy. Everything could be done anonymously, and censorship would be close to impossible.

He hated that bankers and governments held the key to the money supply and could manipulate it to their own ends. He even added an out-of-place line of text into the ‘genesis block’ (the very first bit of the blockchain – his transactions with Finney), which read: ‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.’ To keep governments and central banks out of it, Satoshi placed a cap on the total number of Bitcoins that could ever be produced: 21 million. Although Bitcoins can be bought and sold with real-world currencies, new Bitcoins are not minted by any central authority. Instead anyone who dedicates his computing power to verifying the transactions in the blockchain competes to earn a very small amount of new Bitcoins each time they do so (this is called ‘mining’). As more Bitcoins are created (approximately 13 million have been created so far), the remaining Bitcoins require more computing power to mine.fn3 The last Bitcoin is expected to be mined in around 2140.


pages: 50 words: 15,603

Orwell Versus the Terrorists: A Digital Short by Jamie Bartlett

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

augmented reality, barriers to entry, bitcoin, blockchain, crowdsourcing, cryptocurrency, Edward Snowden, ethereum blockchain, Kuwabatake Sanjuro: assassination market, Satoshi Nakamoto, technoutopianism, Zimmermann PGP

Back in 2009, in an obscure cryptography chat forum, a mysterious man called Satoshi Nakamoto invented the crypto-currency Bitcoin.fn3 It turns out the real genius of Bitcoin was not the currency at all, but the way that it works. Bitcoin creates an immutable, unchangeable public copy of every transaction ever made by its users, which is hosted and verified by every computer that downloads the software. This public copy is called the ‘blockchain’. Pretty soon, enthusiasts figured out that the blockchain system could be used for anything. Armed with 30,000 Bitcoins (around $12 million) of crowdfunded support, the Ethereum project is dedicated to creating a new, blockchain-operated internet. Ethereum’s developers hope the system will herald a revolution in the way we use the net – allowing us to do everything online directly with each other, not through the big companies that currently mediate our online interaction and whom we have little choice but to trust with our data.

According to a recent poll by Ipsos-Mori and the Royal Statistics Society (2014), only between 4 and 7 per cent of respondents say they have a high level of trust in institutions such as media, internet companies, telecommunications companies and insurance companies to use data appropriately. fn3 You’ve probably heard of this pseudonymous digital cash because it was, and still is, the currency of choice on the illegal online drugs markets. fn4 And increasingly, I predict, politics. Although no political parties – save the occasional fringe party – have given any thought to what crypto-currencies might mean. What does a modern centre-left party think of crypto-currency, or of blockchain decentralisation? They have no idea. Orwell I’ve interviewed many of the people in the frontline of the battle, the people behind the extraordinary innovation currently taking place. They see the question of online privacy as the digital front in a battle over individual liberty: a rejection of internet surveillance and censorship that they believe has come to dominate modern life online.


pages: 371 words: 108,317

The Inevitable: Understanding the 12 Technological Forces That Will Shape Our Future by Kevin Kelly

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, A Declaration of the Independence of Cyberspace, AI winter, Airbnb, Albert Einstein, Amazon Web Services, augmented reality, bank run, barriers to entry, Baxter: Rethink Robotics, bitcoin, blockchain, book scanning, Brewster Kahle, Burning Man, cloud computing, computer age, connected car, crowdsourcing, dark matter, dematerialisation, Downton Abbey, Edward Snowden, Elon Musk, Filter Bubble, Freestyle chess, game design, Google Glasses, hive mind, Howard Rheingold, index card, indoor plumbing, industrial robot, Internet Archive, Internet of things, invention of movable type, invisible hand, Jaron Lanier, Jeff Bezos, job automation, Kevin Kelly, Kickstarter, linked data, Lyft, M-Pesa, Marshall McLuhan, means of production, megacity, Minecraft, multi-sided market, natural language processing, Netflix Prize, Network effects, new economy, Nicholas Carr, peer-to-peer lending, personalized medicine, placebo effect, planetary scale, postindustrial economy, recommendation engine, RFID, ride hailing / ride sharing, Rodney Brooks, self-driving car, sharing economy, Silicon Valley, slashdot, Snapchat, social graph, social web, software is eating the world, speech recognition, Stephen Hawking, Steven Levy, Ted Nelson, the scientific method, transport as a service, two-sided market, Uber for X, Watson beat the top human players on Jeopardy!, Whole Earth Review

But instead of paying a traditional title company a lot of money to verify a complex transaction such as a house sale, an online peer-to-peer blockchain system can execute the exchange for much less cost, or maybe for free. Some blockchain enthusiasts propose creating tools that perform a complicated cascade of transactions that depend on verification (like an import/export deal) using only decentralized automated blockchain technology, thereby disrupting many industries that rely on brokers. Whether Bitcoin itself succeeds, its blockchain innovation, which can generate extremely high levels of trust among strangers, will further decentralize institutions and industries. An important aspect of the blockchain is that it is a public commons. No one really owns it because, well, everyone owns it. As a creation becomes digital, it tends to become shared; as it becomes shared, it also becomes ownerless. When everyone “owns” it, nobody owns it. That is often what we mean by public property or the commons.

Bitcoin may be most famous for its anonymity and the black markets it fueled. But forget the anonymity; it’s a distraction. The most important innovation in Bitcoin is its “blockchain,” the mathematical technology that powers it. The blockchain is a radical invention that can decentralize many other systems beyond money. When I send you one U.S. dollar via a credit card or PayPal account, a central bank has to verify that transaction; at the very least it must confirm I had a dollar to send you. When I send you one bitcoin, no central intermediary is involved. Our transaction is posted in a public ledger—called a blockchain—that is distributed to all other bitcoin owners in the world. This shared database contains a long “chain” of the transaction history of all existing bitcoins and who owns them.

Six times an hour this open distributed database of coins is updated with all the new transactions of bitcoins; a new transaction like ours must be mathematically confirmed by multiple other owners before it is accepted as legitimate. In this way a blockchain creates trust by relying on mutual peer-to-peer accounting. The system itself—which is running on tens of thousands of citizen computers—secures the coin. Proponents like to say that with bitcoin you trust math instead of governments. A number of startups and venture capitalists are dreaming up ways to use blockchain technology as a general purpose trust mechanism beyond money. For transactions that require a high degree of trust between strangers, such as real estate escrows and mortgage contracts, this validation was previously provided by a professional broker. But instead of paying a traditional title company a lot of money to verify a complex transaction such as a house sale, an online peer-to-peer blockchain system can execute the exchange for much less cost, or maybe for free.


pages: 421 words: 110,406

Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You by Sangeet Paul Choudary, Marshall W. van Alstyne, Geoffrey G. Parker

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, Amazon Web Services, Andrei Shleifer, Apple's 1984 Super Bowl advert, autonomous vehicles, barriers to entry, big data - Walmart - Pop Tarts, bitcoin, blockchain, business process, buy low sell high, chief data officer, clean water, cloud computing, connected car, corporate governance, crowdsourcing, data acquisition, data is the new oil, discounted cash flows, disintermediation, Edward Glaeser, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, financial innovation, Haber-Bosch Process, High speed trading, Internet of things, inventory management, invisible hand, Jean Tirole, Jeff Bezos, jimmy wales, Khan Academy, Kickstarter, Lean Startup, Lyft, market design, multi-sided market, Network effects, new economy, payday loans, peer-to-peer lending, Peter Thiel, pets.com, pre–internet, price mechanism, recommendation engine, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Satoshi Nakamoto, self-driving car, shareholder value, sharing economy, side project, Silicon Valley, Skype, smart contracts, smart grid, Snapchat, software is eating the world, Steve Jobs, TaskRabbit, The Chicago School, the payments system, Tim Cook: Apple, transaction costs, two-sided market, Uber and Lyft, Uber for X, winner-take-all economy, Zipcar

One of the most innovative forms of architectural control ever invented made its appearance in 2008, when an anonymous coding genius known as Satoshi Nakamoto published a paper on the Cryptography mailing list defining the Bitcoin digital currency and the so-called blockchain protocol governing it. Although Bitcoin is notable as the world’s first unforgeable digital currency that cannot be controlled by a government, bank, or individual, the blockchain is truly revolutionary. It makes possible fully decentralized, completely trustworthy interactions without any need for escrow payments or other guarantees. The blockchain is a distributed public ledger that enables storage of data in a container (the block) affixed to other containers (the chain).37 The data can be anything: dated proof of an invention, a title to a car, or digital coins. Anyone can verify that you placed data in the container because it has your public signature, but only your private key can open it to see or transfer the contents. Like your home address, a blockchain container is publicly, verifiably yours, but only people you authorize have a key that permits entry.38 The blockchain protocol makes decentralized governance possible.

Like your home address, a blockchain container is publicly, verifiably yours, but only people you authorize have a key that permits entry.38 The blockchain protocol makes decentralized governance possible. Normally, when you sign a contract, you must either trust the other party to honor the terms or rely on a central authority such as the state, or on an escrow service like eBay, to enforce the deal. Public blockchain ownership empowers us to write self-enforcing smart contracts that automatically reassign ownership once contract terms are triggered. Neither party can back out because the code, running in a decentralized public fashion, is not under anyone’s control. It simply executes. These smart, autonomous contracts can even pay people for the output of their work—in effect, machines hiring people, not the other way around. For example, imagine a smart contract between a wedding photographer and a couple planning their nuptials.

Martens, “Goldman Sachs Drops a Bombshell on Wall Street,” Wall Street on Parade, April 9, 2014, http://wallstreetonparade .com/2014/04/goldman-sachs-drops-a-bombshell-on-wall-street/. 36. Michael Lewis, “Michael Lewis Reflects on his Book Flash Boys, a Year after It Shook Wall Street to its Core,” Vanity Fair, April 2015, http://www.vanityfair.com/news/2015/03/michael-lewis-flash-boys-one-year-later. 37. William Mougayar, “Understanding the Blockchain,” Radar, January 16, 2015, http://radar.oreilly.com/2015/01/understanding-the-blockchain.html. 38. Ibid. 39. Tamara McCleary, “Got Influence? What’s Social Currency Got To Do With It?” Tamara McCleary blog, December 1, 2014, http://tamaramccleary.com/got-influence-social-currency/. 40. Grant and Stothers, “iStockphoto.Com,” 3. 41. Hind Benbya and Marshall Van Alstyne, “How to Find Answers within Your Company,” MIT Sloan Management Review 52, no. 2 (2011): 65–75. 42.


pages: 361 words: 97,787

The Curse of Cash by Kenneth S Rogoff

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

Andrei Shleifer, Asian financial crisis, bank run, Ben Bernanke: helicopter money, Berlin Wall, bitcoin, blockchain, Bretton Woods, capital controls, Carmen Reinhart, cashless society, central bank independence, cryptocurrency, debt deflation, distributed ledger, Edward Snowden, ethereum blockchain, eurozone crisis, Fall of the Berlin Wall, fiat currency, financial intermediation, financial repression, forward guidance, frictionless, full employment, George Akerlof, German hyperinflation, illegal immigration, inflation targeting, informal economy, interest rate swap, Isaac Newton, Johann Wolfgang von Goethe, Kenneth Rogoff, labor-force participation, large denomination, liquidity trap, money: store of value / unit of account / medium of exchange, moral hazard, moveable type in China, New Economic Geography, offshore financial centre, oil shock, open economy, payday loans, price stability, purchasing power parity, quantitative easing, RAND corporation, RFID, savings glut, secular stagnation, seigniorage, The Great Moderation, the payments system, transaction costs, unbanked and underbanked, unconventional monetary instruments, underbanked, unorthodox policies, Y2K, yield curve

See also Bitcoin; cryptocurrencies American Hustle (Russell), 71 Amromin, Gene, 238n22 Andolfatto, David, 213 Antràs, Pol, 236n12 Argentina, 44, 82 Ascaria, Guido, 248n5 Australia, 52, 132 Austria: cash, per capita holdings of, 33; cash used for different kinds of purchases, percentage of, 55–56; coinage debasement in, 20; currency held by consumers in, 51–52; deutsche mark currency demand, as a control for estimating, 45; stamp currency experiment in, 164–65 Automated Clearing House system, 103 Bagehot, Walter, 244n9 Bank Act of 1844 (Peel’s Act), 235n25 Bank of England: inflation target, choice of, 153; interest rate hike prior to 2008, impact of, 177–78; nominal policy interest rates, 2000–2015, 130; notes convertible to specie, early issue of, 26; quantitative easing by, 135–36 Bank of Japan: inflationary expectations, challenges faced in lifting, 124; inflation target, choice of, 153; January 2016 policy of, 250n5; museum of, understanding coinage debasement in, 20; negative interest rates, experience with, 1, 161; quantitative easing by, 135–36, 143; zero-bound problem of, lack of international coordination regarding, 206 Bartzsch, Nikolaus, 236n23 Baum, Frank (author of The Wonderful Wizard of Oz), 192 Belgium: cash used for different kinds of purchases, percentage of, 55; currency/GDP ratio, 1995, 46–47; restrictions on the use of cash, 64 Bennett, Paul, 237n4 Bernanke, Ben: financial stability, limits to concern regarding, 176; “global savings glut,” 122; “Helicoper Ben,” advice for Japan from, 155; inflation targeting adopted under, 232; macroprudential regulation, argument for, 177; Perry’s attack on, 191; small interest hikes, limited impact of, 177; “taper tantrum” set off by, 126, 141 Billi, Roberto, 229 biometric method for estimating foreign holdings of currency, 43–44 Bitcoin/bitcoins: “Bencoin” as governmental version of, 209–10, 213–14; blockchain technology pioneered by, 112; as a currency, possibility of, 211; as encrypted digital technology, 208; inflation and, 213; market price of, 212; as payment mechanism for criminal activities, 72; security of using, 67 Black, Fischer, 244n5 Blackburn, David, 253n6 Blanchard, Olivier Jean, 248n2, 252n7 blockchain technology, 112, 210, 213–14 border control, issue of, 75–76 Bordo, Michael D., 234n6 Brazil, 65, 183–84, 191, 205 Breaking Bad (TV series), 68, 240n27 Bretton Woods regime, 30 bribes, 70 Britain. See United Kingdom Bryan, William Jennings (US politician), 192 Buehn, Andreas, 239n12 Buiter, Willem, 167–74 Burns, Arthur, 189 Caballero, Ricardo J., 246n26 Canada: corruption in, 71; currency/GDP ratio, 1995, 46; currency/GDP ratio, 2015, 36–37, 41; currency held by consumers in, 52; discount rate cuts in response to recent crises, 132; foreign holdings of currency, 42; interest rates near the zero bound, 131; large-denomination notes, 37; large-denomination notes, phaseout of, 95; paper currency phaseout, costs and benefits of, 89; revenue as a percentage of GDP, 2006–2015, 83–84; tax evasion in, 65–66; United States and, estimating foreign holdings of US currency by comparing, 41–43 Canzoneri, Matthew, 245n14 capital controls, 27, 202 Capone, Al, 61 Cebula, Richard J., 238n6 cell phones/smartphones: emergencies and, 110–11; free or subsidized for low-income individuals, 3, 48, 93–94; government monitoring of, 101; laundry, survival in, 112; transactions on, 5, 98 central bank independence, 90–91, 106, 190–91, 194–95, 231 Chakravorti, Sujit, 238n22 Chavez, Cesar, 75 Chicago plan, 86, 214 China: birth of paper currency in, 21–25; Marco Polo in, 15; origin of coinage in, 21; paper money printing and rice price in the Yuan dynasty, 24; transition from coinage to paper currency, 97, 100 China, People’s Republic of: Chinese currency, imagining supplanting US $100 bills with, 16; corruption in, 71; counterfeiting in, 78; cryptocurrencies in, 210; demand for gold jewelry in, 215; global criminals, unsuitability of yuan for, 202; paper currency phaseout, difficulties of, 204; revenue as a percentage of GDP, 2006–2015, 83 Christiano, Lawrence J., 255n10 Chung, Hess, 245n16, 247n28 Churchill, Winston, 29 coinage: debasement of, 19–20; gold-to-silver value, Alexander’s declaration of, 18–19; origin of, 21; technology in, 19 Colacelli, Mariana, 253n6 Colombia, 17, 69, 202–4 Comaneci, Nadia (gymnast), 162 commodity currencies, 17, 20–21 Congo, Democratic Republic of, 183–84 consumer cash holdings, 49–50 consumption taxes, 156–57 Correia, Isabelle, 250n18 corruption of public officials, 70–73, 205 cost in GDP of buying back all US paper currency, 217 counterfeiting/counterfeiters, 19, 77–78 criminal activities, 2, 67, 217–18; corruption of public officials, 70–73, 205; counterfeiting, 19, 77–78; human trafficking, human smuggling, and exploitation of migrants, 73–74; illegal immigration, 74–76; large-denomination euro notes and, 200–201; money laundering, 68–69, 76–77; tax evasion (see tax evasion); terrorism, 76–77 Croesus (king of Lydia), 18 cryptocurrencies: Bitcoin (see Bitcoin); European Commission rules regarding, 77; government and the future of, 16, 101; governments and, 208–14; less-cash world, not required for, 98; privacy and, 214; regulated after paper currency phaseout, 100; security and, 113, 210 currency: digital (see Bitcoin; cryptocurrencies); dual currency system, 167–76; entering or leaving the country, requirement to report large amounts of, 41; history of (see history of currency); paper (see paper currency, advantages of; paper currency, phasing out); private, government supplanting of, 16, 208–10; in the underground economy, issue of turning in, 87–89 Danmarks Nationalbank, 162 Davies, Stephen, 167–68, 171 Deaton, Angus, 76 Denmark: benefits paid electronically in, 99; cashless society, movement to, 107, 109; currency/GDP ratio, 1995, 36–37; currency/GDP ratio, 2015, 36–37; interest rates near the zero bound, 131; low-income individuals, accommodations for, 3; negative interest rates, computer software unprepared for, 162; negative interest rates, financial stability and, 178; negative interest rates in, 5, 123; prepaid card not requiring a PIN, option of, 111; restrictions on the use of cash, 64; unauthorized immigrants in, 75 developing countries.

Biometric identification methods, including fingerprint, voice, and retina are possible, and have already become prominent in digital banking and government transfers in India, where over a billion people are now registered. Credit card companies already make use of neural networks to detect payment fraud. (A purchase coming from Russia for a designer handbag being shipped to the French Riviera might be regarded as suspect for a cardholder who lives in Boston.) Security is constantly evolving. Some Federal Reserve officials have talked about using a variant of the blockchain methodology pioneered by the cryptocurrency Bitcoin to create payment platforms that have built-in security due to its distributed public ledger verification process. We consider this technology in chapter 14. There are certainly going to be other special cases where cash is still needed. An interesting example is the recent experience of marijuana shops in Colorado after the state legalized the drug in 2014.

Regardless of whether the first generation of cryptocurrencies survives the next decade, the public ledger encryption technology they pioneer just might provide a road map to better security over a broad range of financial transactions. The basic idea, in a nutshell, is to create a system in which diverse private-sector individuals (or entities) are incentivized to maintain independent ledgers of transaction trees (or blockchains), and new transactions cannot clear the books without achieving a critical mass of third-party acceptance. A fair dose of encryption technology is also included, and in Bitcoin, for example, individuals are allowed to use aliases with passcode-protected accounts to make it difficult to determine their identities. A lot of truly fascinating science supports the different systems, and one can find many excellent treatments.2 Governments around the world have already begun regulating cryptocurrencies more aggressively.


pages: 481 words: 125,946

What to Think About Machines That Think: Today's Leading Thinkers on the Age of Machine Intelligence by John Brockman

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, agricultural Revolution, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, artificial general intelligence, augmented reality, autonomous vehicles, bitcoin, blockchain, clean water, cognitive dissonance, Colonization of Mars, complexity theory, computer age, computer vision, constrained optimization, corporate personhood, cosmological principle, cryptocurrency, cuban missile crisis, Danny Hillis, dark matter, discrete time, Elon Musk, Emanuel Derman, endowment effect, epigenetics, Ernest Rutherford, experimental economics, Flash crash, friendly AI, Google Glasses, hive mind, income inequality, information trail, Internet of things, invention of writing, iterative process, Jaron Lanier, job automation, John von Neumann, Kevin Kelly, knowledge worker, loose coupling, microbiome, Moneyball by Michael Lewis explains big data, natural language processing, Network effects, Norbert Wiener, pattern recognition, Peter Singer: altruism, phenotype, planetary scale, Ray Kurzweil, recommendation engine, Republic of Letters, RFID, Richard Thaler, Rory Sutherland, Search for Extraterrestrial Intelligence, self-driving car, sharing economy, Silicon Valley, Skype, smart contracts, speech recognition, statistical model, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, Stewart Brand, strong AI, Stuxnet, superintelligent machines, supervolcano, the scientific method, The Wisdom of Crowds, theory of mind, Thorstein Veblen, too big to fail, Turing machine, Turing test, Von Neumann architecture, Watson beat the top human players on Jeopardy!, Y2K

These examples show that machine culture, values, operation, and modes of existence are already different, and this emphasizes the need for ways to interact that facilitate and extend the existence of both parties. The potential future world of intelligence multiplicity means accommodating plurality and building trust. Blockchain technology—a decentralized, distributed, global, permanent, code-based ledger of interaction transactions and smart contracts—is one example of a trust-building system. The system can be used between human parties or interspecies parties, exactly because it’s not necessary to know, trust, or understand the other entity, just the code (the language of machines). Over time, trust can grow through reputation. Blockchain technology could be used to enforce friendly AI and mutually beneficial interspecies interaction. Someday, important transactions (like identity authentication and resource transfer) will be conducted on smart networks that require confirmation by independent consensus mechanisms, such that only bona fide transactions by reputable entities are executed.

Someday, important transactions (like identity authentication and resource transfer) will be conducted on smart networks that require confirmation by independent consensus mechanisms, such that only bona fide transactions by reputable entities are executed. While perhaps not a full answer to the problem of enforcing friendly AI, decentralized smart networks like blockchains are a system of checks and balances helping to provide a more robust solution to situations of future uncertainty. Trust-building models for interspecies digital intelligence interaction could include both game-theoretic checks-and-balances systems like blockchains and also, at the higher level, frameworks that put entities on the same plane of shared objectives. This is of higher order than smart contracts and treaties that attempt to enforce morality; a mind-set shift is required. The problem frame of machine and human intelligence should not be one that characterizes relations as friendly or unfriendly but, rather, one that treats all entities equally, putting them on the same ground and value system for the most important shared parameters, like growth.

Some fear that intelligent systems will become so powerful that they’re impossible to control. This is not true. These systems must obey the laws of physics and of mathematics. Seth Lloyd’s analysis of the computational power of the universe shows that even the entire universe, acting as a giant quantum computer, could not discover a 500-bit hard cryptographic key in the time since the Big Bang.1 The new technologies of postquantum cryptography, indistinguishability obfuscation, and blockchain smart contracts are promising components for creating an infrastructure secure against even the most powerful AIs. But recent hacks and cyberattacks show that our current computational infrastructure is woefully inadequate to the task. We need to develop a software infrastructure that’s mathematically provably correct and secure. There have been at least twenty-seven different species of hominids, of which we’re the only survivors.


pages: 330 words: 91,805

Peers Inc: How People and Platforms Are Inventing the Collaborative Economy and Reinventing Capitalism by Robin Chase

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Airbnb, Amazon Web Services, Andy Kessler, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business climate, call centre, car-free, cloud computing, collaborative consumption, collaborative economy, collective bargaining, congestion charging, crowdsourcing, cryptocurrency, decarbonisation, don't be evil, Elon Musk, en.wikipedia.org, ethereum blockchain, Ferguson, Missouri, Firefox, frictionless, Gini coefficient, hive mind, income inequality, index fund, informal economy, Internet of things, Jane Jacobs, Jeff Bezos, jimmy wales, job satisfaction, Kickstarter, Lean Startup, Lyft, means of production, megacity, Minecraft, minimum viable product, Network effects, new economy, Oculus Rift, openstreetmap, optical character recognition, pattern recognition, peer-to-peer lending, Richard Stallman, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, self-driving car, shareholder value, sharing economy, Silicon Valley, six sigma, Skype, smart cities, smart grid, Snapchat, sovereign wealth fund, Steve Crocker, Steve Jobs, Steven Levy, TaskRabbit, The Death and Life of Great American Cities, The Nature of the Firm, transaction costs, Turing test, Uber and Lyft, Zipcar

In the potentiality of block-chain visionaries, the most useful programs, contracts, and methods will be the ones that are most copied, eventually becoming standards. The Bitcoin.org website explains how this is accomplished with Bitcoin: Nobody owns the Bitcoin network.… [It] is controlled by all Bitcoin users around the world. While developers are improving the software, they can’t force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.22 While the block-chain protocol has necessarily evolved over the last six years, the evolution is driven by consensus, with the most suitable and widely adopted changes being the ones that win out over the alternatives.

The decentralized reward system makes payments based upon digitally measurable and verifiable outputs. We often pay for services this way: Cellphone use is paid by the minute or byte and Zipcar by the hour and mile using rates the company sets. Having a reward system that is adopted and applied by a decentralized group is more challenging and therefore more impressive. Can we allow for nuanced circumstances? How do we deal with arguments? Innovators are now repurposing the block-chain methodology for a much wider range of activities and providing rewards dynamically based on more localized circumstances. An Israeli startup, LaZooz, is using the block chain to build a ridesharing network. People sign up and download the app, which measures distances travelled, and provides the reward in Zooz tokens accordingly. You can think back to my attempt at building a critical mass with GoLoco, and BlaBlaCar’s success fueled in part by some luck (transit strikes and a volcanic eruption).

Therefore, all users and developers have a strong incentive to protect this consensus.22 While the block-chain protocol has necessarily evolved over the last six years, the evolution is driven by consensus, with the most suitable and widely adopted changes being the ones that win out over the alternatives. The block-chain process errs toward consensus and changes only for big improvements. This chapter has been about exploring ways to finance platforms without the involvement of government or the private sector. Let me hand the narrative over to the editor of The Coinsman, who describes his 2013 trip to China to visit a huge data center containing some of the computers “mining” Bitcoins: Getting the opportunity to visit this mining operation was very eye-opening for me. Walking around the warehouse floor, I was struck with a feeling of awe that THIS is what keeps bitcoin alive. That even if someone wanted to bring down bitcoin, they’d have to outdo these guys and the dozens of other operations like this around the world.


pages: 378 words: 94,468

Drugs 2.0: The Web Revolution That's Changing How the World Gets High by Mike Power

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

air freight, banking crisis, bitcoin, blockchain, Buckminster Fuller, Burning Man, cloud computing, credit crunch, crowdsourcing, death of newspapers, double helix, fiat currency, Firefox, Fractional reserve banking, frictionless, Haight Ashbury, Kevin Kelly, means of production, Menlo Park, Mother of all demos, Network effects, packet switching, pattern recognition, pre–internet, RAND corporation, Satoshi Nakamoto, Skype, Stephen Hawking, Steve Jobs, Stewart Brand, trade route, Whole Earth Catalog, Zimmermann PGP

Users, known as miners, donate processor time to maintain and update the block chain, which records all transactions between users, and in the process also ‘dig’ for new coins. Miners’ computers send evidence of those transactions to the network, racing each other to solve these irreversible crypotographic puzzles that contain several transactions. The first miner to crack these puzzles gets fifty new bitcoins as a reward, and those transactions are added to the blockchain. The puzzles are designed to become more complex over time as more miners come on board, which maintains production to one block every ten minutes, keeping the creation of new coins steady. The reward for successful mining also falls over time, from fifty to twenty-five coins per block, and drops sequentially by half every 210,000 blocks. In the year 2140, there will be no more bitcoins minted or mined – the software limits their production, meaning there will only ever be twenty-one million coins in existence, preventing inflation.

The system was then flooded with speculators, forcing MtGox to limit withdrawals to US$1,000 worth of bitcoins a day to stem the flow and prop up the dollar-value of the currency.6 Network analysts Fergal Reid and Martin Harrigan of University College Dublin wrote a 2012 paper baldly titled ‘Bitcoin is Not Anonymous’. In it they demonstrated what the high-tech coining community knew – that the blockchain recorded all transactions. Reid posted in a comment thread following the release of his paper, ‘You don’t get anonymity automatically from the system. A lot of people out there think you do.’7 But the determined user can retain anonymity easily enough in the US at least, by entering a bank and paying cash into an exchanger’s account, for bitcoins are now traded just as dollars and euros are.

‘Mixing’ services too, can tumble the coins in and out of thousands of other bitcoin transactions and accounts, making a dense web of mathematics even denser still. When most investigators can’t even understand the basics of encryption, the likelihood that they or a jury member will reach an understanding of bitcoin is minimal. And when most small-scale drug transactions are small, under £100, who’s watching? The answer, so far, is that no one has been busted using evidence from the bitcoin blockchain. Bitcoin addresses, where you receive and store coins, are randomly generated strings of letters and numbers, and there’s no ID check system – and you can create another in moments. If that’s not enough, the more paranoid users can use a service such as Bitcoinfog, which matches deposits and transactions randomly, paying out the total you paid in in a series of different amounts. Then there are instawallets, temporary, one-time-use holding accounts where coins can be stored for a few seconds over an anonymized net connection and spat out elsewhere.


pages: 144 words: 43,356

Surviving AI: The Promise and Peril of Artificial Intelligence by Calum Chace

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Ada Lovelace, AI winter, Airbnb, artificial general intelligence, augmented reality, barriers to entry, bitcoin, blockchain, brain emulation, Buckminster Fuller, cloud computing, computer age, computer vision, correlation does not imply causation, credit crunch, cryptocurrency, cuban missile crisis, dematerialisation, discovery of the americas, disintermediation, don't be evil, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, everywhere but in the productivity statistics, Flash crash, friendly AI, Google Glasses, industrial robot, Internet of things, invention of agriculture, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, life extension, low skilled workers, Mahatma Gandhi, means of production, mutually assured destruction, Nicholas Carr, pattern recognition, Peter Thiel, Ray Kurzweil, Rodney Brooks, Second Machine Age, self-driving car, Silicon Valley, Silicon Valley ideology, Skype, South Sea Bubble, speech recognition, Stanislav Petrov, Stephen Hawking, Steve Jobs, strong AI, technological singularity, theory of mind, Turing machine, Turing test, universal basic income, Vernor Vinge, wage slave, Wall-E

Business leaders often know what they need to do: set up small internal teams of their most talented people to brainstorm potential disruptions and then go ahead and do the disrupting first. These teams need high-level support and freedom from the usual metrics of return on investment, at least for a while. The theory is fairly easy but putting it into practice is hard: most will need external help, and many will fail. Of course the disrupters can also be disrupted. A service called La’Zooz (16) is planned, based on the blockchain technology you will have heard about in connection with Bitcoin, which may provide serious competition for Uber. 3.2 – Killer robots It is not only commerce where AI is threatening disruption. Human Rights Watch and other organisations are concerned that within a decade or two, fully autonomous weapons will be available to military forces with deep pockets. (17) They argue that lethal force should never be delegated to machines because they can never be morally responsible.

v=HW5Fvk8FNOQ (21) http://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf (22) http://www.dailymail.co.uk/sciencetech/article-2981946/Self-driving-cars-30-cities-2017-Pilot-projects-aims-mass-roll-driverless-vehicles-safe-they.html (23) http://www.alltrucking.com/faq/truck-drivers-in-the-usa/ (24) http://www.bls.gov/ooh/transportation-and-material-moving/bus-drivers.htm (25) http://www.bls.gov/ooh/transportation-and-material-moving/taxi-drivers-and-chauffeurs.htm (26) http://www.cristo-barrios.com/discografia/iamus-2/?lang=en (27) http://www.theatlantic.com/magazine/archive/2013/11/the-great-forgetting/309516/ (28) https://twitter.com/MFordFuture/status/606939607356219392/photo/1 (29) http://www.reddit.com/r/Futurology/comments/34u1a9/technostism_the_ideology_of_futurology/People also talk about a financial singularity arriving if and when cryptocurrencies like Bitcoin based on the blockchain technology disrupt traditional banking. Are we perhaps nearing peak singularity, or a singularity singularity? (30) https://www.cia.gov/library/publications/the-world-factbook/geos/xx.html (31) http://www.nature.com/news/flashing-fish-brains-filmed-in-action-1.12621 (32) http://www.theguardian.com/technology/2007/dec/20/research.it (33) http://www.newyorker.com/news/news-desk/is-deep-learning-a-revolution-in-artificial-intelligence (34) http://www.theguardian.com/science/2015/may/21/google-a-step-closer-to-developing-machines-with-human-like-intelligence (35) . https://intelligence.org/2014/05/13/christof-koch-stuart-russell-machine-superintelligence (36) http://uk.businessinsider.com/elon-musk-killer-robots-will-be-here-within-five-years-2014-11#ixzz3XHt6A8Lt (37) I am grateful to Russell Buckley for drawing my attention to this illustration


pages: 903 words: 235,753

The Stack: On Software and Sovereignty by Benjamin H. Bratton

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

1960s counterculture, 3D printing, 4chan, Ada Lovelace, additive manufacturing, airport security, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, algorithmic trading, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, Berlin Wall, bioinformatics, bitcoin, blockchain, Buckminster Fuller, Burning Man, call centre, carbon footprint, carbon-based life, Cass Sunstein, Celebration, Florida, charter city, clean water, cloud computing, connected car, corporate governance, crowdsourcing, cryptocurrency, dark matter, David Graeber, deglobalization, dematerialisation, disintermediation, distributed generation, don't be evil, Douglas Engelbart, Edward Snowden, Elon Musk, en.wikipedia.org, Eratosthenes, ethereum blockchain, facts on the ground, Flash crash, Frank Gehry, Frederick Winslow Taylor, future of work, Georg Cantor, gig economy, global supply chain, Google Earth, Google Glasses, Guggenheim Bilbao, High speed trading, Hyperloop, illegal immigration, industrial robot, information retrieval, intermodal, Internet of things, invisible hand, Jacob Appelbaum, Jaron Lanier, Jony Ive, Julian Assange, Khan Academy, linked data, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, McMansion, means of production, megacity, megastructure, Menlo Park, Minecraft, Monroe Doctrine, Network effects, new economy, offshore financial centre, oil shale / tar sands, packet switching, PageRank, pattern recognition, peak oil, performance metric, personalized medicine, Peter Thiel, phenotype, place-making, planetary scale, RAND corporation, recommendation engine, reserve currency, RFID, Sand Hill Road, self-driving car, semantic web, sharing economy, Silicon Valley, Silicon Valley ideology, Slavoj Žižek, smart cities, smart grid, smart meter, social graph, software studies, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Startup school, statistical arbitrage, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, Superbowl ad, supply-chain management, supply-chain management software, TaskRabbit, the built environment, The Chicago School, the scientific method, Torches of Freedom, transaction costs, Turing complete, Turing machine, Turing test, universal basic income, urban planning, Vernor Vinge, Washington Consensus, web application, WikiLeaks, working poor, Y Combinator

We can only anticipate what forms of high weirdness will ensue, as the paired computerization of matter-into-monies (i.e., carbon credits trading, where the value of money is itself measured in carbon) and monies-into-virtuality (i.e., the light pulses of high-speed trading) continues to evolve and accelerate.8 New addressing schemes to locate and coordinate instances of value are multiplying, both as generic currency (bitcoin blockchains) and as platforms for brokering things-with-value (various sharing economy schemes). At stake in all this is also the design of the economy of information itself, from the smallest-scale object or gesture to the largest topological frameworks, and interrelations across scales by drawing and managing an orthodox map in the form of an address table.9 What gets to count and to whom, and who profits from merely counting?

Besides IPv6, Bitcoin allows for 2256 possible private keys and 2160 possible private addresses. Perhaps its hash architecture can be made to not only to map virtual quanta of “value” but actual things as well at the scale required by a global economy, or a parallel economy. (Is the “coin” the “address” and the value in the mesh of addressees? If so then the cost of addressing of anything and everything may be prohibitive without the introduction of some new incentive for settling the blockchain consensus.) All that is solid doesn't melt so much as it becomes fuzzy and spastic. In this, Address layer technologies of universal addressability point not only to assemblages that exist but to the media with which to compose those to come.38 48.  Communication and Composition Design can only grope with the implications of an Address layer that meets matter at its own scales, and surely, unfortunately, it will do so initially through a demand that everything must appear and be disclosed to the cartographic militation of logistical necessity.

On the Aozaki project, see Nobutaka Aozaki, “Value_Added #240950,” 2012, http://www.nobutakaaozaki.com/value_added.html, and his “Artist Project/Value Added: # 240950 DM NOSLT WHL KRNL CR,” Cabinet, no. 47 (Fall 2012). 45.  Aozaki's project is also a nice demonstration (and inversion) of the “double spend problem” that could plague any digital or networked currency: without discrete physical tokens that guarantee each unit of value is in only one place at a time, how to ensure that the same “dollar” is not spent more than once at a time? Blockchains offer the solution of distributed clearing of all transactions so that bitcoin's realm of value-representation remains uncompromised. It does not, however, solve the “problem” that Aozaki introduces, which we could perhaps call the “double acquire problem.” 46.  Rachel Swaby, “Big Ideas: Spray Wi-Fi Hotspots on to Everything,” Wired UK, March 30, 2013, http://www.wired.co.uk/magazine/archive/2013/03/big-ideas/spray-wi-fi-hotspots-on-to-everything. 47. 


pages: 265 words: 69,310

What's Yours Is Mine: Against the Sharing Economy by Tom Slee

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

4chan, Airbnb, Amazon Mechanical Turk, asset-backed security, barriers to entry, Berlin Wall, big-box store, bitcoin, blockchain, citizen journalism, collaborative consumption, congestion charging, Credit Default Swap, crowdsourcing, data acquisition, David Brooks, don't be evil, gig economy, Hacker Ethic, income inequality, informal economy, invisible hand, Jacob Appelbaum, Jane Jacobs, Jeff Bezos, Khan Academy, Kibera, Kickstarter, license plate recognition, Lyft, Mark Zuckerberg, move fast and break things, natural language processing, Netflix Prize, Network effects, new economy, Occupy movement, openstreetmap, Paul Graham, peer-to-peer lending, Peter Thiel, pre–internet, principal–agent problem, profit motive, race to the bottom, Ray Kurzweil, recommendation engine, rent control, ride hailing / ride sharing, sharing economy, Silicon Valley, Snapchat, software is eating the world, South of Market, San Francisco, TaskRabbit, The Nature of the Firm, Thomas L Friedman, transportation-network company, Uber and Lyft, Uber for X, ultimatum game, urban planning, WikiLeaks, winner-take-all economy, Y Combinator, Zipcar

Neal Gorenflo of non-profit Shareable writes that the theme “brought the elephant in everybody’s room to the fore—the gaping contradiction between the utopian possibilities and the hyper-capitalist realities of the sharing economy.” 23 If the newly-skeptical OuiShare attendees are going to find a way to convert the Sharing Economy into something useful, something that actually delivers on the promise of community and human-scale exchange, it must leave aside its identification with technology. There are few signs that it will do so; Gorenflo reports that the “blockchain” technology underlying Bitcoin is the new thing: “Everybody was talking about the blockchain from keynotes to side conversations.” To look for a technical fix, a designed-in mechanism for solving social problems, will only end up going down the same path. Bitcoin itself has already cycled through the familiar trajectory of rebellious alternative, promising a currency independent of the state, through to a venture-capital-funded investment vehicle in which 0.1% of the participants own 50% of the coins.


pages: 602 words: 177,874

Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, bitcoin, blockchain, business process, call centre, centre right, Clayton Christensen, clean water, cloud computing, corporate social responsibility, crowdsourcing, David Brooks, demand response, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, game design, gig economy, global supply chain, illegal immigration, immigration reform, income inequality, indoor plumbing, Internet of things, invention of the steam engine, inventory management, Jeff Bezos, job automation, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, low skilled workers, Lyft, Mark Zuckerberg, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, pattern recognition, planetary scale, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, Steve Jobs, TaskRabbit, Thomas L Friedman, transaction costs, Transnistria, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra

Slowly but surely people are using PayPal to do away with cash. Like all big financial players, PayPal is experimenting with the emerging technology known as “blockchain” for validating and relaying global transactions through multiple computers. Blockchain, which is most famously used by the virtual currency Bitcoin, “is a way of enabling absolute trust between two parties making a financial transaction,” explained Schulman. “It uses Internet protocols to make the transaction go around any nation-state in a way that is visible to all the participants and goes beyond all middlemen and regulatory bodies—and therefore has the promise of lower costs.” At the speed that the digitization of money is happening, I am sure I will be writing about blockchain in the paperback edition of this book. When the Big Shift Hits Strangers On February 24, 2016, Facebook announced that as part of its “A World of Friends” initiative, it was tracking the number of relationships forged on its site by longtime foes.

., III balance of power Bandar Mahshahr, Iran bandwidth Bangladesh bankruptcy laws bank tellers Barbut, Monique baseball, class-mixing and BASIC Bass, Carl Batman, Turkey BBCNews.com Bee, Samantha Beinhocker, Eric Beirut: civil war in; 1982 Israeli-Palestinian war in Bell, Alexander Graham Bell Labs Bennis, Warren Benyus, Janine Berenberg, Morrie Berenberg, Tess Berkus, Nate Berlin, Isaiah Berlin Wall, fall of Bessen, James Betsiboka River “Better Outcomes Through Radical Inclusion” (Wells) Between Debt and the Devil (Turner) Beykpour, Kayvon Bible Bigbelly garbage cans big data; consumers and; financial services and; software innovation and; supernova and Big Shift Big World, Small Planet (Rockström) “Big Yellow Taxi” (song) Bingham, Marjorie bin Laden, Osama bin Yehia, Abdullah biodiversity: environmental niches and; resilience and biodiversity loss; climate change and biofuels biogeochemical flows biomass fuels biotechnology bioweapons birth control, opposition to Bitcoin black elephants Blase, Bill blockchain technology Bloomberg.com Blumenfeld, Isadore “Kid Cann” Bobby Z (Bobby Rivkin) Bodin, Wes Bohr, Mark Bojia, Ayele Z. Boko Haram Bombetoka Bay Bonde, Bob Bork, Les Boston Consulting Group Boston Globe Bourguiba, Habib Boys & Girls Clubs of America Brainerd, Mary “Brains & Machines” (blog) Braun, Gil Brazil breakers, super-empowered; degrading of; humiliation and; weak states and Brew “Brief History of Jews and African Americans in North Minneapolis, A” (Quednau) Brimeyer, Jim Brin, Sergey broadband Broadgate, Wendy Brock, David Brooks, David Brooks, Mel Brookview golf club Brown, John Seely Brynjolfsson, Erik Bucksbaum, Phil Buffett, Warren building information modeling buildings, energy efficient Burke, Edmund Burke, Tom Burnett, T Bone Burning Glass Technologies business: social responsibility and Business Bridge Business Insider Busteed, Brandon Bustle.com “Caddie Chatter” (Long and Seitz) Cairo calcium carbonate California, University of, at San Diego Cambodia campaign spending Campbell, James R.


pages: 677 words: 206,548

Future Crimes: Everything Is Connected, Everyone Is Vulnerable and What We Can Do About It by Marc Goodman

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, 3D printing, additive manufacturing, Affordable Care Act / Obamacare, Airbnb, airport security, Albert Einstein, algorithmic trading, artificial general intelligence, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, Bill Joy: nanobots, bitcoin, Black Swan, blockchain, borderless world, Brian Krebs, business process, butterfly effect, call centre, Chelsea Manning, cloud computing, cognitive dissonance, computer vision, connected car, corporate governance, crowdsourcing, cryptocurrency, data acquisition, data is the new oil, Dean Kamen, disintermediation, don't be evil, double helix, Downton Abbey, Edward Snowden, Elon Musk, Erik Brynjolfsson, Filter Bubble, Firefox, Flash crash, future of work, game design, Google Chrome, Google Earth, Google Glasses, Gordon Gekko, high net worth, High speed trading, hive mind, Howard Rheingold, hypertext link, illegal immigration, impulse control, industrial robot, Internet of things, Jaron Lanier, Jeff Bezos, job automation, John Harrison: Longitude, Jony Ive, Julian Assange, Kevin Kelly, Khan Academy, Kickstarter, knowledge worker, Kuwabatake Sanjuro: assassination market, Law of Accelerating Returns, Lean Startup, license plate recognition, litecoin, M-Pesa, Mark Zuckerberg, Marshall McLuhan, Menlo Park, mobile money, more computing power than Apollo, move fast and break things, Nate Silver, national security letter, natural language processing, obamacare, Occupy movement, Oculus Rift, offshore financial centre, optical character recognition, pattern recognition, personalized medicine, Peter H. Diamandis: Planetary Resources, Peter Thiel, pre–internet, RAND corporation, ransomware, Ray Kurzweil, refrigerator car, RFID, ride hailing / ride sharing, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, security theater, self-driving car, shareholder value, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, smart meter, Snapchat, social graph, software as a service, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, Steve Wozniak, strong AI, Stuxnet, supply-chain management, technological singularity, telepresence, telepresence robot, Tesla Model S, The Wisdom of Crowds, Tim Cook: Apple, trade route, uranium enrichment, Wall-E, Watson beat the top human players on Jeopardy!, Wave and Pay, We are Anonymous. We are Legion, web application, WikiLeaks, Y Combinator, zero day

The exchange rates against the dollar for Bitcoin fluctuate wildly and have ranged from fifty cents per coin around the time of its introduction to over $1,240 in November 2013. People can send Bitcoins to each other using computers or mobile apps, where coins are stored in “digital wallets.” Bitcoins can be directly exchanged between users anywhere in the world using unique alphanumeric identifiers, akin to e-mail addresses, and there are no transaction fees. Anytime a purchase takes place, it is recorded in a public ledger known as the “blockchain,” which ensures no duplicate transactions are permitted. Bitcoin is the world’s largest crypto currency, so-called because it uses “cryptography to regulate the creation and transfer of money, rather than relying on central authorities.” Bitcoin acceptance is growing rapidly, and it is possible to use Bitcoins to buy cupcakes in San Francisco, cocktails in Manhattan, and a Subway sandwich in Allentown.

Because Bitcoin can be spent online without the need for a bank account and no ID is required to buy and sell the crypto currency, it provides a convenient system for anonymous, or more precisely pseudonymous, transactions, where a user’s true name is hidden. Though Bitcoin, like all forms of money, can be used for both legal and illegal purposes, its encryption techniques and relative anonymity make it strongly attractive to criminals. Because funds are not stored in a central location, accounts cannot readily be seized or frozen by police, and tracing the transactions recorded in the blockchain is significantly more complex than serving a subpoena on a local bank operating within traditionally regulated financial networks. As a result, nearly all of the Dark Web’s illicit commerce is facilitated through alternative currency systems. People do not send paper checks or use credit cards in their own names to buy meth and child sexual abuse images. Rather, they turn to anonymous digital and virtual forms of money such as Bitcoin.

It is also thought to have played a central role in the previously noted $45 million crowdsourced ATM heist that took place over a ten-hour time frame in 2013. Though Liberty Reserve, like Silk Road, was ultimately taken down by the FBI and its founder arrested, many competitors have sprung up in its place, and these new marketplaces generally have decentralized peer-to-peer structures and favor next-generation iterations of crypto currencies. They promise not just pseudonymity as recorded publicly in the Bitcoin blockchain but completely untraceable anonymity. One such new currency, Darkcoin, can be viewed as the ultrasecret shadowy cousin of Bitcoin, created specifically to obfuscate users’ purchases by combining any single transaction with those of other users so that payments cannot be tied to any particular individual. The popularity of Darkcoin is increasing rapidly, and its value has skyrocketed from seventy-five cents a coin to almost $7 shortly after its introduction.


pages: 233 words: 66,446

Bitcoin: The Future of Money? by Dominic Frisby

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, altcoin, bank run, banking crisis, banks create money, barriers to entry, bitcoin, blockchain, capital controls, Chelsea Manning, cloud computing, computer age, cryptocurrency, disintermediation, ethereum blockchain, fiat currency, friendly fire, game design, Isaac Newton, Julian Assange, litecoin, M-Pesa, mobile money, money: store of value / unit of account / medium of exchange, Occupy movement, Peter Thiel, Ponzi scheme, prediction markets, price stability, quantitative easing, railway mania, Ronald Reagan, Satoshi Nakamoto, Silicon Valley, Skype, slashdot, smart contracts, Snapchat, Stephen Hawking, Steve Jobs, Ted Nelson, too big to fail, transaction costs, Turing complete, War on Poverty, web application, WikiLeaks

Appendix I: A Beginner’s Guide to Buying Bitcoins There are three ways to get hold of bitcoins. You can either buy them, earn them or mine them. I would suggest beginners ignore mining for the time being. Mining has become a specialized endeavour that takes a bit of experience and a lot of computer power. Earn them or buy them instead. The first thing you will need is a wallet. The simplest place to get one of these is blockchain.info. Click on ‘Wallet’ and you’ll have one as quickly as you can type in your email address and password. Once you have a wallet, you have an address – a place to receive your bitcoins. If you want to earn coins, simply mention that you accept bitcoins wherever you advertise your goods or services and add the option to pay with Bitcoin at your point of sale. So, if you have a website, have your web designer add a Bitcoin button and a payment function.


pages: 302 words: 73,581

Platform Scale: How an Emerging Business Model Helps Startups Build Large Empires With Minimum Investment by Sangeet Paul Choudary

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, Airbnb, Amazon Web Services, barriers to entry, bitcoin, blockchain, business process, Clayton Christensen, collaborative economy, crowdsourcing, cryptocurrency, data acquisition, frictionless, game design, hive mind, Internet of things, invisible hand, Kickstarter, Lean Startup, Lyft, M-Pesa, Mark Zuckerberg, means of production, multi-sided market, Network effects, new economy, Paul Graham, recommendation engine, ride hailing / ride sharing, shareholder value, sharing economy, Silicon Valley, Skype, Snapchat, social graph, social software, software as a service, software is eating the world, Spread Networks laid a new fibre optics cable between New York and Chicago, TaskRabbit, the payments system, too big to fail, transport as a service, two-sided market, Uber and Lyft, Uber for X, Wave and Pay

Wikipedia and Waze reimagine the organization of the traditional production function, away from supply chains and onto platforms. They provide an early glimpse into a future where value creation may not need a supply chain, instead being orchestrated via a network of connected users on a platform. h. Cryptocurrencies Platform theory helps to explain the workings of cryptocurrencies, like Bitcoin. Decentralized management – through mechanisms like the blockchain – has the potential to change governance structures for the next generation of platforms, much like social feedback tools power curation on many of the current generation of platforms. While we do not explore Bitcoin in detail in this book, the principles laid out apply equally well to understanding all emerging platforms that the book may not explicitly cover. PLATFORM SCALE IMPERATIVE At their core, platforms enable a plug-and-play business model.


pages: 349 words: 114,038

Culture & Empire: Digital Revolution by Pieter Hintjens

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

4chan, airport security, anti-communist, anti-pattern, barriers to entry, Bill Duvall, bitcoin, blockchain, business climate, business intelligence, business process, Chelsea Manning, clean water, congestion charging, Corn Laws, correlation does not imply causation, cryptocurrency, Debian, Edward Snowden, failed state, financial independence, Firefox, full text search, German hyperinflation, global village, GnuPG, Google Chrome, greed is good, Hernando de Soto, hiring and firing, informal economy, invisible hand, James Watt: steam engine, Jeff Rulifson, Julian Assange, Kickstarter, M-Pesa, mutually assured destruction, Naomi Klein, national security letter, new economy, New Urbanism, Occupy movement, offshore financial centre, packet switching, patent troll, peak oil, pre–internet, private military company, race to the bottom, rent-seeking, reserve currency, RFC: Request For Comment, Richard Feynman, Richard Feynman, Richard Stallman, Satoshi Nakamoto, security theater, Skype, slashdot, software patent, spectrum auction, Steve Crocker, Steve Jobs, Steven Pinker, Stuxnet, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, trade route, transaction costs, union organizing, web application, WikiLeaks, Y2K, zero day, Zipf's Law

Cut down one Napster, and a dozen spring up in its place. Better, the Spider calculates, to buy time and find a way to control BitCoin, and make a profit from it. BitCoin is a surprisingly strong model in some ways, yet it still has several vulnerabilities. It will depend on exchanges for converting BitCoin to other currencies until it gains (if it ever does) a sufficient internal market. BitCoin transactions -- the blockchain -- are essentially public, and it's been shown that you can tie transactions back to individual identities. Lastly, and most importantly, the whole system depends on a distributed network of "miners," who recalculate transactions, and in the process generate new BitCoin. BitCoin depends on its miners to remain honest. If an attacker controls 51% or more of the miners, they can generate bogus transactions and crash the currency.


pages: 292 words: 85,151

Exponential Organizations: Why New Organizations Are Ten Times Better, Faster, and Cheaper Than Yours (And What to Do About It) by Salim Ismail, Yuri van Geest

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

23andMe, 3D printing, Airbnb, Amazon Mechanical Turk, Amazon Web Services, augmented reality, autonomous vehicles, Baxter: Rethink Robotics, bioinformatics, bitcoin, Black Swan, blockchain, Burning Man, business intelligence, business process, call centre, chief data officer, Clayton Christensen, clean water, cloud computing, cognitive bias, collaborative consumption, collaborative economy, corporate social responsibility, cross-subsidies, crowdsourcing, cryptocurrency, dark matter, Dean Kamen, dematerialisation, discounted cash flows, distributed ledger, Edward Snowden, Elon Musk, en.wikipedia.org, ethereum blockchain, Galaxy Zoo, game design, Google Glasses, Google Hangouts, Google X / Alphabet X, gravity well, hiring and firing, Hyperloop, industrial robot, Innovator's Dilemma, Internet of things, Iridium satellite, Isaac Newton, Jeff Bezos, Kevin Kelly, Kickstarter, knowledge worker, Kodak vs Instagram, Law of Accelerating Returns, Lean Startup, life extension, loose coupling, loss aversion, Lyft, Mark Zuckerberg, market design, means of production, minimum viable product, natural language processing, Netflix Prize, Network effects, new economy, Oculus Rift, offshore financial centre, p-value, PageRank, pattern recognition, Paul Graham, Peter H. Diamandis: Planetary Resources, Peter Thiel, prediction markets, profit motive, publish or perish, Ray Kurzweil, recommendation engine, RFID, ride hailing / ride sharing, risk tolerance, Ronald Coase, Second Machine Age, self-driving car, sharing economy, Silicon Valley, skunkworks, Skype, smart contracts, Snapchat, social software, software is eating the world, speech recognition, stealth mode startup, Stephen Hawking, Steve Jobs, subscription business, supply-chain management, TaskRabbit, telepresence, telepresence robot, Tony Hsieh, transaction costs, Tyler Cowen: Great Stagnation, urban planning, WikiLeaks, winner-take-all economy, X Prize, Y Combinator

Virtual/augmented reality Description: Avatar-quality VR available on desktop in 2-3 years. Oculus Rift, High Fidelity and Google Glass drive new applications. Implications: Remote viewing; centrally located experts serving more areas; new practice areas; remote medicine. Bitcoin and block chain Description: Trustless, ultra-low-cost secure transactions enabled by distributed ledgers that log everything. Implications: The blockchain becomes a trust engine; most third-party validation functions become automated (e.g., multi-signatory contracts, voting systems, audit practices). Micro-transactions and new payment systems become ubiquitous. Neuro-feedback Description: Use of feedback loops to bring the brain to a high level of precision. Implications: Capacity to test and deploy entirely new classes of applications (e.g., focus@will); group creativity apps; flow hacking; therapeutic aids, stress reduction and sleep improvement.


pages: 357 words: 95,986

Inventing the Future: Postcapitalism and a World Without Work by Nick Srnicek, Alex Williams

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

3D printing, additive manufacturing, air freight, algorithmic trading, anti-work, back-to-the-land, banking crisis, battle of ideas, blockchain, Bretton Woods, call centre, capital controls, carbon footprint, Cass Sunstein, centre right, collective bargaining, crowdsourcing, cryptocurrency, David Graeber, decarbonisation, deindustrialization, deskilling, Doha Development Round, Elon Musk, Erik Brynjolfsson, Ferguson, Missouri, financial independence, food miles, Francis Fukuyama: the end of history, full employment, future of work, gender pay gap, housing crisis, income inequality, industrial robot, informal economy, intermodal, Internet Archive, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, late capitalism, low skilled workers, manufacturing employment, market design, Martin Wolf, means of production, minimum wage unemployment, Mont Pelerin Society, neoliberal agenda, New Urbanism, Occupy movement, oil shale / tar sands, oil shock, patent troll, pattern recognition, post scarcity, postnationalism / post nation state, precariat, price stability, profit motive, quantitative easing, reshoring, Richard Florida, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, secular stagnation, self-driving car, Slavoj Žižek, social web, stakhanovite, Steve Jobs, surplus humans, the built environment, The Chicago School, Tyler Cowen: Great Stagnation, universal basic income, wages for housework, We are the 99%, women in the workforce, working poor, working-age population

It would mean building upon the post-nation-state territory of ‘the stack’ – that global infrastructure that enables our digital world today.26 A new type of production is already visible at the leading edges of contemporary technology. Additive manufacturing and the automation of work portend the possibility of production based on flexibility, decentralisation and post-scarcity for some goods. The rapid automation of logistics presents the utopian possibility of a globally interconnected system in which parts and goods can be shipped rapidly and efficiently without human labour. Cryptocurrencies and their block-chain technology could bring forth a new money of the commons, divorced from capitalist forms.27 The democratic guidance of the economy is also accelerated by emerging technologies. Famously, Oscar Wilde once said that the problem with socialism was that it took up too many evenings. Increasing economic democracy could require us to devote an overwhelming amount of time to discussions and decisions over the minutiae of everyday life.28 The use of computing technology is essential in avoiding this problem, both by simplifying the decisions to be made and by automating decisions collectively deemed to be irrelevant.


pages: 497 words: 144,283

Connectography: Mapping the Future of Global Civilization by Parag Khanna

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

1919 Motor Transport Corps convoy, 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, 3D printing, 9 dash line, additive manufacturing, Admiral Zheng, affirmative action, agricultural Revolution, Airbnb, Albert Einstein, amateurs talk tactics, professionals talk logistics, Amazon Mechanical Turk, Asian financial crisis, asset allocation, autonomous vehicles, banking crisis, Basel III, Berlin Wall, bitcoin, Black Swan, blockchain, borderless world, Boycotts of Israel, Branko Milanovic, BRICs, British Empire, business intelligence, call centre, capital controls, charter city, clean water, cloud computing, collateralized debt obligation, complexity theory, corporate governance, corporate social responsibility, credit crunch, crony capitalism, crowdsourcing, cryptocurrency, cuban missile crisis, data is the new oil, David Ricardo: comparative advantage, deglobalization, deindustrialization, dematerialisation, Deng Xiaoping, Detroit bankruptcy, diversification, Doha Development Round, edge city, Edward Snowden, Elon Musk, energy security, ethereum blockchain, European colonialism, eurozone crisis, failed state, Fall of the Berlin Wall, family office, Ferguson, Missouri, financial innovation, financial repression, forward guidance, global supply chain, global value chain, global village, Google Earth, Hernando de Soto, high net worth, Hyperloop, ice-free Arctic, if you build it, they will come, illegal immigration, income inequality, income per capita, industrial robot, informal economy, Infrastructure as a Service, interest rate swap, Internet of things, Isaac Newton, Jane Jacobs, Jaron Lanier, John von Neumann, Julian Assange, Just-in-time delivery, Kevin Kelly, Khyber Pass, Kibera, Kickstarter, labour market flexibility, labour mobility, LNG terminal, low cost carrier, manufacturing employment, mass affluent, megacity, Mercator projection, microcredit, mittelstand, Monroe Doctrine, mutually assured destruction, New Economic Geography, new economy, New Urbanism, offshore financial centre, oil rush, oil shale / tar sands, oil shock, openstreetmap, out of africa, Panamax, Peace of Westphalia, peak oil, Peter Thiel, Plutocrats, plutocrats, post-oil, post-Panamax, private military company, purchasing power parity, QWERTY keyboard, race to the bottom, Rana Plaza, rent-seeking, reserve currency, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scramble for Africa, Second Machine Age, sharing economy, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, six sigma, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, Stuxnet, supply-chain management, sustainable-tourism, TaskRabbit, telepresence, the built environment, Tim Cook: Apple, trade route, transaction costs, UNCLOS, uranium enrichment, urban planning, urban sprawl, WikiLeaks, young professional, zero day

With the Bali Trade Facilitation Agreement of 2013, the harmonization of customs administration (cutting red tape) could add $1 trillion to world GDP and create twenty million jobs. A study undertaken by the World Economic Forum and Bain estimates that further aligning supply chain standards would boost world GDP by an enormous 5 percent, while implementation of all current WTO accords would deliver only 1 percent growth. The Ethereum blockchain platform will allow for standardized and transparent contracts between trading parties beyond any single jurisdiction and, when combined with real-time data sharing on supply chain transactions, can substantially reduce the cost of insuring trade. Open trade and open borders further reorganize the world into functional circuits. Despite widely divergent geography and wealth, Canada, Argentina, South Africa, Indonesia, Australia, and other countries coalesced into the Cairns Group to push for free trade in agriculture: They are the “farm circuit” of global trade.


pages: 589 words: 147,053

The Age of Em: Work, Love and Life When Robots Rule the Earth by Robin Hanson

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

8-hour work day, artificial general intelligence, augmented reality, Berlin Wall, bitcoin, blockchain, brain emulation, business process, Clayton Christensen, cloud computing, correlation does not imply causation, demographic transition, Erik Brynjolfsson, ethereum blockchain, experimental subject, fault tolerance, financial intermediation, Flynn Effect, hindsight bias, job automation, job satisfaction, Just-in-time delivery, lone genius, Machinery of Freedom by David Friedman, market design, meta analysis, meta-analysis, Nash equilibrium, new economy, prediction markets, rent control, rent-seeking, reversible computing, risk tolerance, Silicon Valley, smart contracts, statistical model, stem cell, Thomas Malthus, trade route, Turing test, Vernor Vinge

For example, ems may adopt a metric standard for units, an English standard for language, a common law standard for law, and so on. Very secure and anonymous communications between willing parties can be arranged via “public key cryptography,” wherein each person publishes a public key for which they can prove only they know the matching private key. In addition, robust systems of secure anonymous decentralized transactions may be built on the recent innovation of block-chain based cryptographic systems, where a public record of all transactions between public key labeled accounts prevents double-spending of assets. Such systems could support digital currencies, token systems, safe wallets, registration, identity, decentralized file storage, multi-signature escrow, consensus via rewarding those who best guess a consensus, financial derivatives including insurance and bets, and more general decentralized autonomous organizations (Nakamoto 2008; Buterin 2014).


pages: 700 words: 201,953

The Social Life of Money by Nigel Dodd

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

accounting loophole / creative accounting, bank run, banking crisis, banks create money, Bernie Madoff, bitcoin, blockchain, borderless world, Bretton Woods, BRICs, capital controls, cashless society, central bank independence, collapse of Lehman Brothers, collateralized debt obligation, computer age, conceptual framework, credit crunch, cross-subsidies, David Graeber, debt deflation, dematerialisation, disintermediation, eurozone crisis, fiat currency, financial innovation, Financial Instability Hypothesis, financial repression, floating exchange rates, Fractional reserve banking, German hyperinflation, Goldman Sachs: Vampire Squid, Hyman Minsky, illegal immigration, informal economy, interest rate swap, Isaac Newton, John Maynard Keynes: Economic Possibilities for our Grandchildren, joint-stock company, Joseph Schumpeter, Kula ring, laissez-faire capitalism, land reform, late capitalism, liquidity trap, litecoin, London Interbank Offered Rate, M-Pesa, Marshall McLuhan, means of production, mental accounting, microcredit, mobile money, money: store of value / unit of account / medium of exchange, mortgage debt, new economy, Nixon shock, Occupy movement, offshore financial centre, paradox of thrift, payday loans, Peace of Westphalia, peer-to-peer lending, Ponzi scheme, post scarcity, postnationalism / post nation state, predatory finance, price mechanism, price stability, quantitative easing, quantitative trading / quantitative finance, remote working, rent-seeking, reserve currency, Richard Thaler, Robert Shiller, Robert Shiller, Satoshi Nakamoto, Scientific racism, seigniorage, Skype, Slavoj Žižek, South Sea Bubble, sovereign wealth fund, special drawing rights, The Wealth of Nations by Adam Smith, too big to fail, trade liberalization, transaction costs, Wave and Pay, WikiLeaks, Wolfgang Streeck, yield curve, zero-coupon bond

Stephenson mixed the genres of historical novel (one of the book’s central characters was based on Turing, whose work in cryptography was crucial to Allied efforts during the Second World War) and science fiction thriller. One of the key story lines tells of an attempt to establish a data haven in Southeast Asia, partly funded through a digital currency using powerful encryption and backed by gold (Stephenson 1999). 23 See http://p2pfoundation.net/bitcoin. 24 See http://blockchain.info/. This is a transaction database shared by all nodes participating in the system. 25 But unlike credit and debit card transactions, where the bank or card company manages the ledger, Bitcoin ledgers consist of block chains. 26 See https://www.casascius.com/. 27 For example, on April 15, 2013, an Asus laptop was available for 6.2271 BTC, which the website states was equivalent to US$629 (see https://www.bitcoinstore.com/). 28 See “Bitcoin takes an important step toward becoming part of every web browser on the planet,” http://qz.com/78014/bitcoin-is-now-part-of-the-web-sort-of/, accessed May 10, 2013. 29 Around 70 percent of items sold on Silk Road are drugs; other items include erotica, books, and fake IDs. 30 See http://www.bloomberg.com/news/2013–04–12/virtual-bitcoin-mining-is-a-real-world-environmental-disaster.html. 31 See http://krugman.blogs.nytimes.com/2013/04/12/adam-smith-hates-bitcoin/?