Lifeboat Foundation

By BRIAN COHEN

Thanksgiving day, while many of us were eating turkey, The United States Patent and Trademark Office (USPTO) published JPMorgan Chase’s (Chase) patent application 20130317984, “Method and system for processing internet payments using the electronic funds transfer network.” The application was filed with the USPTO on August 5th, 2013.

Without mentioning Bitcoin or cryptocurrencies at all for that matter, Chase appears to be building a competing centralized network to Bitcoin. The application defines the problems that legacy banking has with online transactions and then provides a detailed explanation how Chase will address these problems with this new technology. The application states that Chase’s technology is a “new paradigm.” Moreover that it permits the creation of “virtual cash” (also referred to as “web cash”) with a “real-time digital exchange of value.”

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Jonah Goldberg, National Review

After you heard President Barack Obama’s call for a hike in the minimum wage, you probably wondered the same thing I did: Was Obama sent from the future by Skynet to prepare humanity for its ultimate dominion by robots?

But just in case the question didn’t occur to you, let me explain. On Tuesday, the day before Obama called for an increase in the minimum wage, the restaurant chain Applebee’s announced that it will install iPad-like tablets at every table. Chili’s already made this move earlier this year.

With these consoles customers will be able to order their meals and pay their checks without dealing with a waiter or waitress. Both companies insist that they won’t be changing their staffing levels, but if you’ve read any science fiction, you know that’s what the masterminds of every robot takeover say: “We’re here to help. We’re not a threat.”

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The leader of the payments business looks to the future and says Bitcoin is a good idea — but not yet actually a currency. Tap-to-pay, meanwhile, is a dud.

Vicco, Ky., is about as small town as it gets, with a population that hovers around 330 people. That does not appear to have kept its residents, namely Police Chief Tony Vaughn, in the dark when it comes to Internet trends and emerging crypto-currencies.

The city commission on Monday approved a measure that would allow Vaughn to receive his salary entirely in Bitcoin, an alleged first in the US and yet another story bolstering the reputation of the unregulated virtual currency as a payment method that will one day, supporters hope, stabilize and become commonplace.

Vaughn’s pay, still set in US dollars, will receive standard federal and state deductions, the Hazard Herald reports, before being converted into Bitcoin based on current trading values at the time of pay and deposited into an account held by Vicco. The Bitcoins will then be transferred to Vaughn’s personal account. The city expects to be able to pay Vaughn this way as early as this month.

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By Rich McCormick on December 2, 2013

A single bitcoin is now worth over $1,000, but the process of mining for the digital currency — in which people devote computing power to facilitate global Bitcoin transactions and secure the currency’s network — is growing increasingly expensive. Serious miners have started to build dedicated facilities for the sole purpose of Bitcoin mining. Journalist Xiaogang Cao visited one such center in Hong Kong, the “secret mining facility” of ASICMINER, reportedly located in a Kwai Chung industrial building.

The mine is the size of a shipping container, and filled with 1-meter-high glass tanks in which banks of blades are immersed in roiling liquid. Each tank can hold 92 blades; the blades themselves are kept at a temperature of 37 degrees Celsius or below by “open bath immersion” technology. Open bath immersion cools computer components by submersing them in liquid with a particularly low boiling point. The heat the components generate mining for coins boils the liquid, causing it to turn gaseous, rise up to a condenser at the top of the tank, and fall once again, removing heat from the components in the process. The ASICMINER open bath immersion system was reportedly built by Hong Kong-based company Allied Control, and operates at a Power Usage Effectiveness of 1.02, which “would make it one of the most efficient designs in the world.”

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BTC China, the nation’s largest Bitcoin exchange, has had low-level discussions with regulators seeking recognition of the digital currency that would allow it to be used to buy goods and services in the country.

The company has sought to discuss Bitcoin regulations with officials from agencies including the People’s Bank of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission, BTC China Chief Executive Officer Bobby Lee said in a Nov. 29 interview in Shanghai. It’s not yet been able to arrange any high-level meetings, he said.

“They’ll ask us ‘how should you be regulated,’ and I’ll say ‘Hey, here’s what we’ve done proactively and here’s how we think you should regulate us,’” Lee said of the Shanghai-based company’s talks with regulators. Bitcoin is “not on the black list and it’s not on the white list. It’s in the gray area.”

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EXCERPT

To further underpin this statement, I will share Peter Drucker’s quote, “…The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic…” And also that of Dr. Stephen Covey, “…Again, yesterday holds tomorrow hostage .… Memory is past. It is finite. Vision is future. It is infinite. Vision is greater than history…” And that of Sir Francis Bacon, “… He that will not apply new remedies must expect new evils, for time is the greatest innovator …”

And that of London Business School Professor Gary Hamel, PhD., “…You cannot get to a new place with an old map…” And that of Alvin Toffler, “…The future always comes too fast and in the wrong order…”

View the entire presentation at http://lnkd.in/dP2PmCP

Supermanagement! by Mr. Andres Agostini (Excerpt)

“…What distinguishes our age from every other is not the world-flattening impact of communications, not the economic ascendance of China and India, not the degradation of our climate, and not the resurgence of ancient religious animosities. Rather, it is a frantically accelerating pace of change…”

Read the entire piece at http://lnkd.in/bYP2nDC

By Avi Roy, University of Buckingham and Anders Sandberg, University of Oxford

Men who are unemployed for more than two years show signs of faster ageing in their DNA, according to a study published today in the journal PLOS ONE.

Researchers at the University of Oulu, Finland and Imperial College, London arrived at this conclusion by studying blood samples collected from 5,620 men and women born in Northern Finland in 1966. The researchers measured the lengths of telomeres in their white blood cells, and compared them with the participants’ employment history for the prior three years, and found that extended unemployment (more than 500 days in three years) was associated with shorter telomere length.

Telomeres are repetitive DNA sequences at the ends of chromosomes, which protect the chromosomes from degrading. With every cell division, it appears that these telomeres get shorter. And the result of each shortening is that these cells degrade and age.

Continue reading “Do unemployed people age faster?” »