"bitcoin" entries

Bitcoin and blockchain use cases won’t be sexy, but will be essential

Tim Swanson on the blockchain's potential and what the future of crypto-coins might bring.

bitcoin_Antana_Flickr

Researcher and author Tim Swanson originally built bitcoin mining equipment in China a couple of years ago, but as he explained in a recent interview, he’s moved beyond the trading aspects of bitcoin and now focuses on research and use cases. Swanson, who also works in business development at Melotic, a digital asset exchange, expressed some skepticism about the future of bitcoin as a currency and noted that the greatest potential in the technology lies in the blockchain:

“I’m fairly skeptical that what [bitcoin] can and will do is probably either overstated or overhyped. I think most of the actual use cases, especially with blockchains in general, will be very mundane and will be related to proof of existence, so things like notary services.

“If anyone’s looking for a particular use case, I’d probably talk about one called CAT, Consolidated Audit Trail. It’s related to the SEC requiring traders to put together a way to find out when trades take place. On any given day, there’s about 48 billion trades that take place under their purview, and putting together a system for this, they want to make it centralized. Maybe you can use blockchains in some kind of decentralized fashion for this, but the idea — it’s not a very sexy, headline-getting use case — but it’s something that’s particularly needed to ensure their transparency within the trading aspect of these different financial instruments globally.”

Swanson will host a free webcast — The Continued Existence of Bitcoin, Altcoins, Appcoins, and Commodity Coins — on Tuesday, December 2, to talk about the various coins being created and the legal and technical challenges facing the developer community. Read more…

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Four short links: 7 November 2014

Four short links: 7 November 2014

Twitter Emoji, Immersive Cinema, Bitcoin Regulation, and Internet Sovereignty

  1. Twitter Open Sources Their Emoji Library — Emoji are the sparklines of sentiment.
  2. Interactive 360-degree Films. From Google (Medium) — you move the camera through a movie shot in 360 degrees, and can choose what you’re looking at through the scene. I can’t wait to try this, it sounds brilliant.
  3. Bitcoin Crackdown — everyone who started exchanges and mutual funds thinking Bitcoin wouldn’t be regulated like a currency is getting an SEC headache.
  4. Connected Choices: How the Internet is Challenging Sovereign Decisions (PDF) — Ultimately, the Internet remains both a global commons and part of each nation’s sovereign infrastructure, and thus activities in cyberspace must continue to navigate two sets of demands: national interests and global interests. […] Political leaders are responsible for articulating a vision and establishing general principles and policies to achieve their goals and, accordingly, are constantly trying to advance their agendas using policy, law, market mechanisms, regulation, standards, and other initiatives. The evidence is clear; you just have to look for it.
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Four short links: 1 October 2014

Four short links: 1 October 2014

Robot Learning, Internet Confidentiality, Bootstrap Material Design, and Bitcoin Adoption

  1. Robotics Has Too Many Dreamers, Needs More Practical People (IEEE) — Grishin said that while looking for business opportunities, he saw too may entrepreneurs proposing cool new robots and concepts but with no business cases to support them. The robotics industry, he added, needs more startups to fail to allow entrepreneurs to learn from past mistakes and come up with more enduring plans. A reminder that first to found rarely correlates to biggest exit.
  2. Fixing the Internet for Confidentiality and Security (Mark Shuttleworth) — Every society, even today’s modern Western society, is prone to abusive governance. We should fear our own darknesses more than we fear others. I like the frame of “confidentiality” vs “privacy”.
  3. Bootstrap Material Design — a material design theme for Bootstrap. Material design (Google’s new design metaphor/language for interactive UIs) is important, to mobile and web what HIG was to MacOS, and it specifically tackles the noisy surprises that are app and web interfaces today.
  4. Simon Wardley on BitcoinWhy I think US will adopt bitcoin … it is currently backed by $284m in venture capital, you’re going to get it whether you like it or not.
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Four short links: 28 May 2014

Four short links: 28 May 2014

Targeted Breakage, Driverless Cars, BitCoin Bigness, and IoT Approaching

  1. Maciej Ceglowski on Our Internet — If you haven’t already read this because someone pushed it into your hands, read it now. If these vast databases are valuable enough, it doesn’t matter who they belong to. The government will always find a way to query them. Who pays for the servers is just an implementation detail.
  2. Design Changes Possible With Robot Cars (Brad Templeton) — While a nice windshield may be good for visibility for forward-facing passengers, there is no need to have a large unobstructed view for safety. The windshield can be reinforced with bars, for example, allowing it to be much stronger in the case of impacts, notably impacts with animals. Other than for passenger comfort, the windshield barely has to be there at all. On behalf of everyone who has ever driven in Australia at dusk … I for one welcome our new robot chauffeurs. (via The Atlantic)
  3. Bitcoin Set to Overtake Paypal Transaction Volumes“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” said SmartMetric CEO Chaya Hendrick. (via Hamish McEwan)
  4. 1 in 5 Americans Has Their Physical Environment on the Internet (Quartz) — One in five adult American internet users already has a device at home that connects the physical environment to the internet, according to a Forrester Research report (paywall) out last week.
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Bitcoin: what happens when the miners pack up their gear?

When the mining subsidies end, will the bitcoin network centralize into a bank?

Radar has a backchannel, and sometimes we have interesting conversations on it. Mike Loukides and I recently had a long chat about bitcoin. Both of us were thinking out loud and learning as we went along, and on re-reading the thread I’m astonished by our advanced level of ignorance. I would like to publish it because it hints at just how hard it is to understand the bitcoin network. The founding papers that describe the system leave a lot of implementation to the imagination, and the level of mis(dis?)information around the web is staggering. It’s no small thing to get the basics right. But beyond the basics, the bitcoin network has that property of an inside-out onion, where the harder you look, the more (and bigger slices of) complexity you find.

Anyway, we’re not going to publish it. I don’t mind looking stupid, but I don’t want to look that stupid — also, the comments would be torture.

However, some of the things we were wondering about are worth wondering about publicly. Especially this: what happens when the mining subsidies end? Will transaction fees pick up the slack? I think ultimately the answer is yes, but maybe not in the way a lot of people expect. Read more…

Comments: 27
Four short links: 21 March 2014

Four short links: 21 March 2014

PHP++, Planning, BitCoin, and Concurrency

  1. Hack — PHP with types, generics, collections, lambdas. From Facebook.
  2. Solve Hard Things EarlyBuild great habits around communication and decision-making when everyone still knows each other well.
  3. Marginally Useful (Paul Ford) — The last two decades have suggested a post-scarcity economy, where infinite copies of attractive digital things have a price approaching $0. Maybe that was merely a passing moment that we will look back upon with wonder once limited coins enforce scarcity—once the owner of a piece of digital art can look upon it with satisfaction and know with total, cryptographic certainty that because he paid for it, it belongs to him and no one else.
  4. Go Pipelines and Cancellation — Go’s fascinating me, as an example of a language designed for concurrency and syntactic familiarity.
Comment: 1
Four short links: 13 March 2014

Four short links: 13 March 2014

Parallel Programming, Malignant Computation, Politicised GDS, and Data Stream Toolkit

  1. Is Parallel Programming Hard? And, If So, What Can You Do About It? — book by Paul E. McKenney, on single-machine multi-CPU parallel programming.
  2. Malignant ComputationThe bitcoin mining network would work just as well if it had far less computation devoted to it. Bitcoins would be mined at exactly the same rate if 1/2 or 1/4 of the computational resources were devoted. This means that bitcoin has incentivized a tremendous amount of computational busy work.
  3. GDS Becomes Political (Computer Weekly) — She [Opposition MP] said that digital should not be about imposing a way of working on the public sector – Labour is not fond of the “digital by default” mantra – but about supporting public service delivery. […] “When this government decided upon the digitalisation of this [online job search] service they apparently did not take into account those with poor literacy skills, mental health issues or learning difficulties – who, as most people would have predicted, make up a higher-than-average proportion of the unemployed.”
  4. streamtools (Github) — a graphical toolkit for dealing with streams of data. Streamtools makes it easy to explore, analyse, modify and learn from streams of data. (via OpenNews)
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Failure is a fundamental component of business evolution

The MtGox bitcoin exchange failure illustrates exactly how capitalism should work.

This post originally appeared on Andreas Antonopoulos’ personal biographical site; it is republished here with permission.

In the free market, failure is always an option. The United States has one of the world’s most vibrant entrepreneurial cultures, where millions of people start small businesses, create new products and invent new technology. Part of the startup culture is the idea of failing fast, failing cheap and failing toward success by learning the lessons taught by failure. Cultures that punish even minor failure in business with shame, exclusion and stigma are far less likely to foster entrepreneurs because they prevent experimentation by making it too risky.

Recently, the US has been infected by the “failure is not an option” mantra, a toxic hubristic fallacy, disguised as a truism, which promotes the idea that risk can be removed from life; that 100% security and 100% control are possible, even desirable. Those who attempt to remove the possibility of failure, to de-risk financial systems, end up creating the probability of spectacular failure. By removing the option to fail cheap and fail fast, they instead concentrate risk and ensure we will fail hard, fail expensively, and fail across the board.

Read more…

Comment: 1
Four short links: 7 March 2014

Four short links: 7 March 2014

Distributed Javascript, Inclusion, Geek's Shenzhen Tourguide, Bitcautionary Tales

  1. Coalescecommunication framework for distributed JavaScript. Looking for important unsolved problems in computer science? Reusable tools for distributed anything.
  2. Where Do All The Women Go?Inclusion of at least one woman among the conveners increased the proportion of female speakers by 72% compared with those convened by men alone.
  3. The Ultimate Electronics Hobbyists Guide to Shenzhen — by OSCON legend and Kiwi Foo alum, Jon Oxer.
  4. Bitcoin’s Uncomfortable Similarity to Some Shady Episodes in Financial History (Casey Research) — Bitcoin itself need serious work if it is to find a place in that movement long term. It lacks community governance, certification, accountability, regulatory tension, and insurance—all of which are necessary for a currency to be successful in the long run. (via Jim Stogdill)
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Four short links: 4 March 2014

Four short links: 4 March 2014

It's Complicated, Solid World, Bitcoin Redux, and CS Papers

  1. It’s Complicated — Danah Boyd’s new book on teens use of the online world is available for PDF download (but buy a copy anyway!).
  2. Building a Solid World — O’Reilly research paper about the “software-enhanced networked physical world”. Gonna be mighty interesting in a world where our stuff knows more and is better connected than its owners.
  3. What Did Not Happen at Mt Gox — interesting analysis of some of the popular theories. Overall, Bitcoin has been an ongoing massive online course on economics and distributed systems for the libertarian masses. It’s ironic that Mt. Gox turned into a chapter on fractional reserve banking.
  4. Papers We Love (Github) — a collection of papers from the computer science community to read and discuss.
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