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Archive for the ‘economics’ category: Page 3

Jul 9, 2019

How can Bitcoin be divided into small units?

Posted by in categories: bitcoin, cryptocurrencies, economics

As with other recent articles, this one was originally published as an answer to a member of Quora, a Q&A site in which I am a cryptocurrency columnist. And just like the previous one in this Lifeboat series (also posted today), this is a Q&A exchange with a newbie—a bitcoin beginner.

The question is simply: “How can Bitcoin be divided into units smaller than one?” While the answer may seem obvious to someone versed in math, statistics or economics, I see this question a lot—or something very similar.

I can explain by asking a nearly identical question; one that the enquirer can probably answer easily. The goal is to provide the tools to answer the question—and in a manner that helps the reader recall and make use of the answer in the future. This is how I approached an answer…


Puzzle me this: Can you divide 100 into smaller pieces? Of course you can! You just divvy it up. After all, it’s just a number.

Continue reading “How can Bitcoin be divided into small units?” »

Jul 8, 2019

Why is it impossible to create more Bitcoin?

Posted by in categories: bitcoin, cryptocurrencies, economics

This article was originally an answer to a member of Quora, a Q&A site in which I am a cryptocurrency columnist. The reader is a “Bitcoin beginner”. If you understand the nature and purpose of a blockchain, the political leanings of Satoshi or the economics of a capped cryptocurrency, then this reviews things that you already know. But sometimes, a recap can be fun. It helps ensure that we are all on the same page…

In a previous post, we have already addressed a fundamental question:

It has nothing to do with how many individuals can own bitcoin or its useful applications. It simply means that—if widely adopted as a payment instrument or as cash itself—the number of total units is capped at 21 million. But each unit can subdivided into very tiny pieces, and we can even give the tiny pieces a new name (like femto-btc or Satoshis). It is only the originally named unit (the BTC) that is capped.

But, this article addresses a more primitive question. (Actually, it is a naïve question, but this adjective has a negative connotation, which is not intended). I interpret the question to be: What prevents me from creating, earning or being awarded an amount that brings the total circulation above 21 million BTC?

Continue reading “Why is it impossible to create more Bitcoin?” »

Jul 8, 2019

Update: Building (and placing!) a Bitcoin ATM

Posted by in categories: bitcoin, cryptocurrencies, economics

A new section: Bitcoin ATM business model
has been added. Jump to “2019 Update

The good news is that building a Bitcoin ATM is easy and less expensive than you might expect. But, offering or operating them engulfs the assembler in a regulatory minefield! It might just be worth sticking to selling bitcoin on PayPal (visit this website for more information on that). You might also wish to rethink your business model —especially user-demand. That’s the topic of our 2019 update at the bottom of this article.

A photo of various Bitcoin ATMs appears at the bottom of this article. My employer, Cryptocurrency Standards Association, shared start-up space at a New York incubator with the maker of a small, wall mounted ATM, like the models shown at top left.

What is Inside a Cryptocurrency ATM?

Continue reading “Update: Building (and placing!) a Bitcoin ATM” »

Jul 8, 2019

China’s tech sector faces ‘hangover after the party’, with trade war and economic slowdown hitting employment

Posted by in categories: economics, employment

Once a booming industry that offered dream jobs to China’s young talents, China’s tech sector is now waking up to the sobering reality. Experts say it is time to focus on profitability, rather than the wild expansion of previous years, as China’s economic growth slows and the trade war with the United States hits sentiment and investment.

Jul 7, 2019

Deep Aging Clocks: The Emergence of AI-Based Biomarkers of Aging and Longevity

Posted by in categories: biotech/medical, economics, life extension, robotics/AI

First published in 2016, predictors of chronological and biological age developed using deep learning (DL) are rapidly gaining popularity in the aging research community.

These deep aging clocks can be used in a broad range of applications in the pharmaceutical industry, spanning target identification, drug discovery, data economics, and synthetic patient data generation. We provide here a brief overview of recent advances in this important subset, or perhaps superset, of aging clocks that have been developed using artificial intelligence (AI).

Jul 6, 2019

11 Million People Employed in Renewable Energy Worldwide in 2018

Posted by in categories: economics, employment, energy, sustainability

Eleven million people had renewable energy jobs in 2018, according to the latest analysis from IRENA. New data shows that the diversification of the renewable energy supply chain is changing the sector’s geographic footprint, and more countries are tapping into the socio-economic gains of the energy transition. https://bit.ly/2XFScWF

Jul 6, 2019

China’s Big AI Advantage: Humans

Posted by in categories: economics, education, government, robotics/AI, transportation

Seemingly “intelligent” devices like self-driving trucks aren’t actually all that intelligent. In order to avoid plowing into other cars or making illegal lane changes, they need a lot of help.

In China, that help is increasingly coming from rooms full of college students.

Continue reading “China’s Big AI Advantage: Humans” »

Jul 2, 2019

The Rejuvenation Market in Singapore

Posted by in categories: biotech/medical, economics, finance, government, life extension

With its growing aging population, Singapore has a looming crisis, but could also be primed to become a major player in the rejuvenation biotechnology industry.


Singapore has one of the fastest-aging populations in the world. Senior citizens 65 years old or older are expected to make up almost half of Singapore’s population by 2050. Unfortunately, this swelling population is spending more time living with sickness, even though they live longer. While average lifespans have been extended, healthspans have not. [1] Singaporeans have an impressive average life expectancy of 84.8 years, but an average Singaporean born in 2017 is predicted to spend the last ten and a half years in sickness, compared to how a Singaporean born in 1999 is likely to spend only nine twilight years in deteriorating health.

This is becoming a massive concern for the Singaporean government because of the financial strain that this is imposing on Singapore’s budget. Having the world’s second-lowest birth rate coupled with a rapidly aging population means that the ratio of working adults to senior citizens is quickly shrinking. In 2007, there were 6.9 working adults for every senior citizen. By 2030, there will be 2.3 working adults per senior citizen.

Continue reading “The Rejuvenation Market in Singapore” »

Jul 1, 2019

The Biggest Offshore Wind Project in the US Is Underway

Posted by in categories: economics, employment, energy

A new project announced last week will start helping close the gap, though. The New Jersey Board of Public Utilities (NJBPU) chose Ørsted of Denmark to build a 1.1 gigawatt wind farm off the coast of Atlantic City. Dubbed (somewhat un-originally) Ocean Wind, the farm will be the biggest of its kind in the US and is estimated to be done by 2024. For comparison, the only wind farm currently operating in the US, off the coast of Rhode Island, has a paltry 30-megawatt production capacity.

Ocean Wind’s 1.1 gigawatts of energy will be enough to power about 500,000 homes. The project is slated to create 15,000 new jobs and generate up to $1.2 billion in additional economic benefits.

As of May of this year, there were 15 proposals in the works for new offshore wind farms along the US east coast (and that doesn’t include projects in California, Hawaii, South Carolina, and New York).

Jun 28, 2019

the trouble comes when UBI is used as a way of merely making techno-capitalism more tolerable for…

Posted by in categories: business, economics, Elon Musk

So, if something is universal, doesn’t it mean that it will apply to everybody? If so, why are individual countries racing to experiment with UBI? (Sam Altman, chairman of Y Combinator and co-chairman of OpenAI, may be the exception to date but he is attempting that in a silo).

To truly address the root causes of exploitation and inequality, why isn’t the paradigm of ‘I win, you lose’ Nonsense surfaced? Is that because you are so preoccupied with surviving/getting ahead for yourself, you are not aware Business-as-usual is the water we swim in?

Most countries don’t even have a minimum wage but Silicon Valley technocrats like Bill Gate, Mark Zuckerberg, Elon Musk and others globally are universal basic income (UBI) advocates. To expedite the latest Business-as-usual gold rush, UBI could be an initial bait.

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