“Martin Ford — author of Rise of the Robots — thinks we face mass unemployment and economic collapse unless we make radical changes, such as offering humans a basic wage, a guaranteed income.”
We are on the cusp of a revolution in the way we work so move over and make room for the robots.
When my daughter was just starting primary school, she would look inside a book for the pictures before reading the text. She was old enough to read without pictures, but she wanted to get a quick synopsis before diving in. “Look, Dad! a bunny is carrying a giant clock into a rabbit hole.”
This is my first article without pictures. At least none of Bitcoin, because the copper coin metaphors are tired and inaccurate. At the user level, owning bitcoin is simply your stake in a widely distributed ledger. Ownership exists only as strings of secret code and public code. There is no physical coin.
Since the only pictures in this post show a white rabbit with a big clock, let me give you the quick synopsis: The answer is “No”. Bitcoin will not end government, nor its ability to tax, spend—or even enforce compliance.
But there is an irony: Most lawmakers and regulators have not yet figured this out. They perceive a great threat to their national interests. That’s why Andreas M. Antonopoulos runs around the world. He briefs prime ministers, cabinets and legislators with the noble purpose of demystifying and de-boogieing Bitcoin.
Continue reading “Will Bitcoin End the Reign of Government?” »
For most of us, figuring out the value of something that we want, comes from research. If you want a new set of wine glasses, you check the price online. Perhaps you consult a catalog. If the set of 8 stemware goblets that you like are a current model from a major company, there are probably many places to buy them. If there are multiple Ebay sellers and many recently completed sales, then you can establish the value with precision.
I’ve written a lot of Bitcoin articles on this Lifeboat Blog and elsewhere, so, let’s dig a bit deeper this time. Let’s talk about from where value really comes.
Supply and Demand
In the end, an item’s value is a direct result of supply and demand. It’s no different with a currency. And let’s be clear: Despite a raging debate, Bitcoin is a currency and not just a payment instrument. How can I be certain? Try this mental exercise—
Dr. Nils J. Nilsson spent almost a lifetime in the field of Artificial Intelligence (AI) before writing and publishing his book, The Quest for Artificial Intelligence (2009). I recently had the opportunity to speak with the former Stanford computer science professor, now retired at the age of 82, and reflect on the earlier accomplishments that have led to some of the current trends in AI, as well as the serious economic and security considerations that need to be made about AI as society moves ahead in the coming decades.
One key contribution of early AI developments included rules-based expert systems, such as MYCIN, which was developed in the mid-1970s by Ted Shortliffe and colleagues at Stanford University. The information built into the diagnostic system was gleaned from medical diagnosticians, and the system would then ask questions based on that information. A person could then type in answers about a patient’s tests, symptoms, etc., and the program would then attempt to diagnose diseases and prescribe therapy.
“Bringing us more up to the future was the occurrence of huge databases (in the 1990s) — sometimes called big data — and the ability of computers to mine that data and find information and make inferences,” remarks Nils. This made possible the new work on face recognition, speech recognition, and language translation. “AI really had what might be called a take off at this time.” Both of these technologies also feed into the launch of IBM’s Watson Healthcare, which combines advanced rules-based systems with big data capabilities and promises to give healthcare providers access to powerful tools in a cloud-based data sharing hub.
Work in neural networks, another catalyst, went through two phases, an earlier phase in the 1950s and 1960s and a latter phase in the 1980s and 1990s. “The second phase (of neural networks) allowed…people to make changes in the connected strength in those networks and multiple layers, and this allowed neural networks that can steer and drive automobiles.” More primitive networks led to the cutting-edge work being done by today’s scientists in the self-driven automobile industry via companies like Tesla and Google.
Continue reading “AI Dangerous for Economics? The Other Threat Flying Under Radars” »
It’s becoming clear that increased automation as well as the rise of artificial intelligence is threatening ever more jobs. Now economists are starting to seriously consider a universal basic income.
Long time ago I was wondering why not to use drones (• (named for that concrete application Extreme Access Flyers) to explore the space, to reach new planets, asteroids … it would be exciting … rovers are limited in action, so what if we make it airborne? Once in space, why not to send a drone or a swarm of them from the main spaceship to explore a new planet? They could interact, share capabilities, morph, etc.
While the economy looks more or less promising for civil and military, there is still a long path to walk …
“Teal Group’s 2015 market study estimates that UAV production will soar from current worldwide UAV production of $4 billion annually to $14 billion, totaling $93 billion in the next ten years. Military UAV research spending would add another $30 billion over the decade.”
Read more at http://www.suasnews.com/2015/08/37903/teal-group-predicts-wo…-forecast/
Utrecht announced that it would give no-strings-attached money to some of its residents. Now other Dutch cities are considering similar plans.
Is Bitcoin money? To its users the answer is probably yes, but to many people the answer is less clear. Alan Greenspan, for example, said in December 2013: “I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it’s a government or an individual.” Indeed, one of the things holding back the adoption of cybercurrencies such as Bitcoin is that they do not fit well with traditional ideas about money.
Answers to the question “what is money” have typically fallen into one of three camps. The first, known as metallism or bullionism, holds that money needs to be backed by precious metal. The second camp is chartalism (from the Latin charta for a record) which holds that coins and other money objects are just tokens, that the state agrees to accept as payment of things like taxes. Finally, there is the dominant, hands-off school of thought, which most mainstream economists would agree with, which says that money has no unique or special qualities, but instead is defined by its roles, e.g. a medium of exchange.
Bullionists and chartalists therefore emphasise a different aspect of money – the inherent value or the authorising stamp – while most economists treat it as an inert chip. But none of them seem to apply well to emerging cybercurrencies, which are not backed by precious metal or the state, and (at least at first) are not much use as a medium of exchange. So how do they become money? The answer to this question is that money has quantum properties which allow it to be booted up from the ether.
Quantum money
Continue reading “Bitcoin needs a quantum theory of money” »
Responding to this nugget from Engadget:
Tokyo’s district court has ruled that it’s not possible for people to own bitcoin, and therefore they cannot sue for compensation in the wake of Mt. Gox’s collapse.
The ruling comes days after the head of the world’s largest bitcoin exchange was arrested on charges of fraud. Judge Masumi Kurachi felt that bitcoins do not possess “tangible qualities” to constitute owned property. Mt. Gox held thousands of individual accounts, and so there’s plenty of angry customers looking for compensation.
Continue reading “Japanese Court: Bitcoin Cannot be Owned” »
Peter Thiel, Larry Page, Sergey Brin, Bill Maris, Mark Zuckerberg…investment in biotech by leading figures in the world of technology is reaching new heights, with the regenerative medicine market projected to reach $20 billion by 2025 and the overall anti-aging market $345.8 billion by 2018.
These forecasts combined with a recent biotech boom mean that the economic reasons for investing are becoming clear and rising demand is virtually inevitable as the proportion of older individuals continues to grow to unparalleled levels. Bill Gates may have labelled anti-aging efforts as ‘egocentric’, but the investment doesn’t appear to be due to economic reasons alone; there is also a strong humanitarian and aspirational aspect that links some of these individuals together — the desire to utilise technology to create a better society.
‘With all being from a scientific background, Page, Brin and Maris particularly are clear in their belief that science holds the key to radically improving both the human condition and the world we live in — the pinnacle of this being radically prolonging human lifespan. In a recent Bloomberg interview Maris points out we live in an era where science can make all the tools available for any audacious vision out there…To these tech billionaires, evolution is meant to be transcended, and the resources put into organ regeneration, drugs that control ageing, or reprogramming DNA reflects their conviction that people have the right to lead better lives.’
Long time ago I was wondering why not to use drones (
