Lifeboat Foundation

The BRICS Finance Committee is discussing a joint virtual currency for the five nation bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.

With Russia looking to cure its economy of a hydrocarbon addiction, a consortium of the country’s biggest banks is proposing that it explores a different kind of gas for the answer.

The lenders, including Sberbank PJSC and VTB Group, aren’t developing gas of the natural variety. It’s also the name of a virtual unit based on the blockchain of ethereum, the world’s biggest cryptocurrency after bitcoin. The banks are hoping that by adopting the technology they will make payments safer and faster, while thrusting Russia to the forefront of a trend that’s transforming the financial industry.

Yesterday was D-Day in the Bitcoin world: On Tuesday, Aug 1st 2017, Bitcoin Cash (BCH) forked off of Bitcoin (BTC). For anyone with control over their wallet and private keys, they now have an equal amount of BTC and BCH.

I have a Bitcoin wallet. Yet, I don’t have any new Bitcoin Cash—and I have no one to blame but myself. Will I ever get the BCH associated with my pre-fork coins? I think that it is likely, though certainly not assured. If not, it will still be my fault. After all, I had fair warning from the company that I trust as custodian of my assets.

A Cryptocurrency Mantra:
“Woe be the person who trusts decentralized cash to a custodian”

I trust Coinbase for good reason. I left my BTC in my Coinbase wallet and vault throughout the fork. Let me tell you how I view the risks of failing to remove my coins before August 1…

Continue reading “BCH: Did I throw away $$$$? Perhaps…” »

Exponential Fever. The business world is currently gripped by exponential fever. The concept came to prominence with Moore’s law — the doubling every 18–24 months of the amount of computer power available for $1,000. The phenomenon has since been replicated in many fields of science and technology. We now see the speed, functionality and performance of a range of technologies growing at an exponential rate – encompassing everything from data storage capacity and video download speed to the time taken to map a genome and the cost of producing a laboratory grown hamburger.

New Pretenders. A wave of new economy businesses has now brought exponential thinking to bear in transforming assumptions about how an industry works. For example, AirBnB handles roughly 90 times more bedroom listings per employee than the average hotel group, while Tangerine Bank can service seven times more customers than a typical competitor. In automotive, by adopting 3D printing, Local Motors can develop a new car model 1,000 times cheaper than traditional manufacturers, with each car coming ‘off the line’ 5 to 22 times faster. In response, businesses in literally every sector are pursuing exponential improvement in everything from new product development and order fulfillment through to professional productivity and the rate of revenue growth.

Stepping Up. For law firms, the transformation of other sectors and their accompanying legal frameworks creates a massive growth opportunity, coupled with the potential to bring similar approach to rethinking the way law firms operate. While some might be hesitant about applying these disruptive technologies internally, there is a clear opportunity to be captured from helping clients respond to these developments and from the creation of the industries of the future. To help bring to life the possibilities within legal, we highlight seven scenarios that illustrate how exponential change could transform law firms over the next 5 to 10 years.

Rise of the ‘Exponential Circle’. Our continuing programme of research on the future of law firms suggests that we will see exponential growth for those firms who can both master the legal implications of these technologies for their clients and become adept at their application within the firm. By 2025, we could indeed have witnessed the emergence of an Exponential Circle of law firms who have reached ‘escape velocity’ and left the rest behind.

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Ephemerisle, a free California festival described as “Burning Man on water,” is a favorite with the cryptocurrency community.

Billionaire investor Michael Novogratz explains that the cryptocurrency market will be worth $5 trillion by 2022.

“A report outlining how blockchain technology will usher in a new era of the internet has been published by the World Economic Forum at its 11th Annual Meeting of the New Champions, taking place on 27–29 June in Dalian, People’s Republic of China.”

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Lifeboat Foundation readers are aware that the world has become progressively more chaotic. Part of the danger comes from centralized points of failure. While large institutions can bear great stress, they also cause more harm when they fail. Because there are so few pillars, if one collapses, the whole system is destroyed.

For instance, prior to the federal reserve system, bank runs we extremely common. However, since the financial system consisted of small, competing institutions, failure was confined to deficient banks. So while failure was frequent, it was less impactful and systemic. In contrast, after the establishment of the federal reserve, banks became fewer and larger. Failures, while more infrequent, were large scale catastrophes when they occurred. They affected the whole economy and had longer impact.

This is even more important in political systems, which are the foundation of how a society operates. In order to have a more robust, antifragile social order, systems must be decentralized. Rather than a monopolistic, static political order, there must be a series of decentralized experiments. While failures are inevitable, it can be localized to these small experiments rather than the whole structure.

Continue reading “Startup Societies Summit: A Decentralized Governance Trade Show” »

The International Economic Forum, which just wrapped up in St. Petersburg, reportedly resulted in more than €30 bln of investments. The final and the most important result, however, is measured not in numbers, but in the mood and attitude of those who attended the Forum and who was keeping an eye on the events and meetings held in the North “capital” of Russia.

The cryptocurrency community is for sure left stunned by the recent meeting between Russian President Putin and the founder of Ethereum Vitalik Buterin.

As commented by Kremlin Press Secretary Dmitry Peskov, during the meeting, Putin and Buterin discussed the application of technologies in the country. Reportedly, the president supported the idea of establishing new business relationships following the road paved by Blockchain technology.

Continue reading “Suddenly Vladimir Putin Meets Vitalik Buterin, Endorses Ethereum” »