On February 14th, Justin Trudeau, the Prime Minister of Canada, invoked the Emergencies Act in order to stop the flow of funding to the truckers who were protesting vaccine mandates in Canada. This order allows and encourages banks to freeze the accounts of anyone suspected of involvement with the protest. The Canadian use of the Emergencies Act in this way has been widely criticized for its draconian and expansive overreach of governmental authority. However, that hasn’t stopped the Canadian government from moving forward with the plan, and they have said that they have already begun freezing accounts. Even before this, though, a Canadian judge had halted access to funds donated to the truckers through the GiveSendGo website. Additionally, GoFundMe, of Read More ›
In this fourth and final episode based on his talk at COSM 2019, Peter Thiel — who founded PayPal in part to help break up currency monopolies — offers some thoughts on cryptocurrencies’ future. In the earlier episodes of his discussion at COSM 1919 with philosopher of technology George Gilder, top venture capitalist Peter Thiel offered Three Contrarian Ideas: 1.Big Tech, as it operates today, is communist. 2. Big Tech is also slowing down. And 3. Learning today has almost nothing to do with the so-called educational system. Now, about the future of cryptos: This portion begins at 27:21 min. A partial transcript and notes, Show Notes, and Additional Resources follow. George Gilder: Peter, you started PayPal, in part to Read More ›
Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 3, Fickser demonstrates the do-it-yourself minting of NFTs. 3 The Do-It-Yourself Minting of NFTs The process of creating NFTs, along with buying and selling them, is simple and straightforward. All that’s required is setting up a crypto wallet that handles Ethereum cryptocurrency (ETH), loading it with some of that currency, visiting Read More ›
Non-Fungible Tokens (NFTs), for those who haven’t been paying attention, are digital collectibles that have been gaining popularity. Essentially, they allow someone to “mark” their “ownership” of a piece of cyberspace. Since their original inception in 2012, NFTs have invariably been tied to blockchain technology. However, a recent review of the technology by Bernard Fickser has shown that there is nothing inherently tying NFTs to blockchain. In fact, blockchains may be holding NFTs back considerably. (For those needing a refresher, a short guide to how the blockchain works can be found here.) In his article, Fickser notes several interesting discrepancies between NFTs and cryptocurrencies. First of all, there is a lot of technology built into cryptocurrencies to keep them anonymous, while the entire point of Read More ›
Introduction: At Expensivity, Bernard Fickser explains that a non-fungible token (NFT) is a unique token in cryptography that represents, say, real estate or art rather than money. Because the tokens have unique identities (non-fungible), they can be bought or sold while reducing the risk of fraud. So how do they work?: The series is called How Non-Fungible Tokens Work: NFTs Explained, Debunked, and Legitimized (July 30, 2021). In Part 1, he looks at the problems with making NFTs work. 1 Non-Fungible Tokens: Rat Poison Raised to an Infinite Power? “Poised to radically reconfigure the crypto-asset market, non-fungible tokens, or NFTs, are revolutionizing our conception of money and value, creating not just entirely new markets but even new economies that are Read More ›
For a while, there was a popular belief among finance professors that the stock market is “efficient” in the sense that stock prices are always correct — the prices that an all-knowing God would set. Thus, investors can buy any stock, even a randomly selected stock, and be confident that they are paying a fair price. This belief was based on seemingly overwhelming evidence that changes in stock prices are difficult to predict. Efficient market enthusiasts argued that if stock prices are always correct, taking into account all currently available information, then any changes in stock prices must be due to new information which, by definition, is impossible to predict. Therefore, the evidence that changes in stock prices are hard to Read More ›
When we think about environment problems, we naturally imagine huge smokestacks turning the sky dark and coating the trees with soot. But glitzy high tech stuff like cloud computing and cryptocurrency use a lot of energy too. Cloud computing, where we use computing resources via the internet without installing and maintaining them, is a huge energy hog we never see: The music video for “Despacito” set an Internet record in April 2018 when it became the first video to hit five billion views on YouTube. In the process, “Despacito” reached a less celebrated milestone: it burned as much energy as 40,000 U.S. homes use in a year. Naomi Xu Elegant, “The Internet Cloud Has a Dirty Secret” at Fortune (September Read More ›
Most people are aware of the rising price of Bitcoin. Despite the fact that most people are unaware of how to transact in it, and few merchants take it as a form of currency, Bitcoin is becoming an increasingly popular investment. As interest in Bitcoin grows, a few people are starting to take notice of the startling energy costs associated with Bitcoin transactions. As Mind Matters has been pointing out for years, the energy costs associated with having a “trustless” system such as Bitcoin is immense, with Bitcoin transactions generally costing 400,000 times as much energy as a single transaction on the Visa network. According to the BBC, the Bitcoin network – which, again, very few people are regularly transacting in – now consumes more energy than the Read More ›
George Gilder and Robert J. Marks discuss blockchain, Bitcoin, quantum and carbon computing, and George Gilder’s new book Gaming AI: Why AI Can’t Think but Can Transform Jobs (which you can get for free here). Show Notes 00:26 | Introducing George Gilder 01:00 | Blockchain 07:57 | Facial recognition 10:30 | Bitcoin 15:04 | Quantum computing 18:16 | Carbon computing Read More ›
A panel discussion at COSM explored the future of crypto currencies like Bitcoin and blockchain technologies in general. What might they mean for global money, global security, and internet architecture? The panel, moderated by Wired contributing editor Spencer Reiss, comprised futurist George Gilder, Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, Ed Moy, former Director of the U.S. Mint, and William Dembski, mathematician, entrepreneur, and philosopher: Can Crypto and Blockchain Reverse the Tech Decline (and Enable an Internet Renaissance)? Here are some snatches from the dialogue (aired September 11, 2020): George Gilder (on what’s wrong with the internet): It’s a broken paradigm. How do you tell a broken paradigm? The more money you spend on it, the worse it gets. Read More ›
When I was growing up, trading cards were all the rage. They mostly centered on baseball but trading cards for every major sport emerged. The Topps Company has long had the lead in baseball cards, with Fleer and Upper Deck trailing far behind. Recently, Topps made a radical move into the digital sector by making some of its trading cards available via the WAX blockchain. WAX stands for Worldwide Asset eXchange. WAX is a blockchain (i.e., cryptocurrency) system that is geared around the buying, selling, and trading of virtual items. Previously, WAX was primarily used to trade goods within gaming platforms. For instance, the massively multiplayer economic strategy game Prospectors utilized WAX to allow users to trade items. However, in Read More ›
Will blockchain and other non-government currencies ever grow up to be a real financial system? What about the weird Canadian crypto uproar in which the only a dead man knows the code to release the missing millions? Read More ›
Jay Richards interviews Steve Forbes, Chairman and Editor-in-Chief of Forbes Media, regarding the future of cryptocurrency and blockchain technologies, and the implications of the technologies for global money, global security, and internet architecture. Read More ›
The October 23-25 conference is aimed at CEOs, CTOs, and CIOs, investors, researchers, technologists, and anyone for whom the $950 Early Adopter Rate (before July 23) would be a good investment in their future.
It’s tempting to assume that cryptocurrencies like Bitcoin will succeed because social media did. But digital doesn’t mean magic. Cryptocurrencies will work if the needs met are more significant to most people than the problems created are.