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Random Reminiscences of Men and Events, by John D. Rockefeller is part of the HackerNoon Books Series. You can jump to any chapter in this book here . Chapter III : THE STANDARD OIL COMPANY Chapter III. THE STANDARD OIL COMPANY It would be surprising if in an organization which included a great number of men there should not be an occasional employee here and there who acted, in connection with the business or perhaps in conducting his own affairs, in a way which might be criticized. Even in a comparatively small organization it is well-nigh impossible to restrain this occasional man who is over-zealous for his own or his company's advancement. To judge the character of all the members of a great organization or the organization itself by the actions of a few individuals would be manifestly unfair. It has been said that I forced the men who became my partners in the oil business to join with me. I would not have been so short-sighted. If it were true that I followed such tactics, I ask, would it have been possible to make of such men life-long companions? Would they accept, and remain for many years in positions of the greatest trust, and finally, could any one have formed of such men, if they had been so browbeaten, a group which has for all these years worked in loyal harmony, with fair dealing among themselves as well as with others, building up efficiency and acting in entire unity? This powerful organization has not only lasted but its efficiency has increased. For fourteen years I have been out of business, and in eight or ten years went only once to the company's office. In the summer of 1907 I visited again the room at the top of the Standard Oil Company's building, where the officers of the company and the heads of departments have had their luncheon served for many years. I was surprised to find so many men who had come to the front since my last visit years ago. Afterward I had an opportunity to talk with old associates and many new ones, and it was a source of great gratification to me to find that the same spirit of coöperation and harmony existed unchanged. This practice of lunching together, a hundred or more at long tables in most intimate and friendly association, is another indication of what I contend, slight as it may seem to be at first thought. Would these people seek each other's companionship day after day if they had been forced into this relation? People in such a position do not go on for long in a pleasant and congenial intimacy. For years the Standard Oil Company has developed step by step, and I am convinced that it has done well its work of supplying to the people the products from petroleum at prices which have decreased as the efficiency of the business has been built up. It gradually extended its services first to the large centres, and then to towns, and now to the smallest places, going to the homes of its customers, delivering the oil to suit the convenience of the actual users. This same system is being followed out in various parts of the world. The company has, for example, three thousand tank wagons supplying American oil to towns and even small hamlets in Europe. Its own depots and employees deliver it in a somewhat similar way in Japan, China, India, and the chief countries of the world. Do you think this trade has been developed by anything but hard work? This plan of selling our products direct to the consumer and the exceptionally rapid growth of the business bred a certain antagonism which I suppose could not have been avoided, but this same idea of dealing with the consumer directly has been followed by others and in many lines of trade, without creating, so far as I recall, any serious opposition. This is a very interesting and important point, and I have often wondered if the criticism which centred upon us did not come from the fact that we were among the first, if not the first, to work out the problems of direct selling to the user on a broad scale. This was done in a fair spirit and with due consideration for every one's rights. We did not ruthlessly go after the trade of our competitors and attempt to ruin it by cutting prices or instituting a spy system. We had set ourselves the task of building up as rapidly and as broadly as possible the volume of consumption. Let me try to explain just what happened. To get the advantage of the facilities we had in manufacture, we sought the utmost market in all lands—we needed volume. To do this we had to create selling methods far in advance of what then existed; we had to dispose of two, or three, or four gallons of oil where one had been sold before, and we could not rely upon the usual trade channels then existing to accomplish this. It was never our purpose to interfere with a dealer who adequately cultivated his field of operations, but when we saw a new opportunity or a new place for extending the sale by further and effective facilities, we made it our business to provide them. In this way we opened many new lines in which others have shared. In this development we had to employ many comparatively new men. The ideal way to supply material for higher positions is, of course, to recruit the men from among the youngest in the company's service, but our expansion was too rapid to permit this in all cases. That some of these employees were over-zealous in going after sales it would not be surprising to learn, but they were acting in violation of the expressed and known wishes of the company. But even these instances, I am convinced, occurred so seldom, by comparison with the number of transactions we carried on, that they were really the exceptions that proved the rule. Every week in the year for many, many years, this concern has brought into this country more than a million dollars gold, all from the products produced by American labour. I am proud of the record, and believe most Americans will be when they understand some things better. These achievements, the development of this great foreign trade, the owning of ships to carry the oil in bulk by the most economical methods, the sending out of men to fight for the world's markets, have cost huge sums of money, and the vast capital employed could not be raised nor controlled except by such an organization as the Standard is to-day. To give a true picture of the early conditions, one must realize that the oil industry was considered a most hazardous undertaking, not altogether unlike the speculative mining undertakings we hear so much of to-day. I well remember my old and distinguished friend, Rev. Thomas W. Armitage, for some forty years pastor of a great New York church, warning me that it was worse than folly to extend our plants and our operations. He was sure we were running unwarranted risks, that our oil supply would probably fail, the demand would decline, and he, with many others, sometimes I thought almost everybody, prophesied ruin. None of us ever dreamed of the magnitude of what proved to be the later expansion. We did our day's work as we met it, looking forward to what we could see in the distance and keeping well up to our opportunities, but laying our foundations firmly. As I have said, capital was most difficult to secure, and it was not easy to interest conservative men in this adventurous business. Men of property were afraid of it, though in rare cases capitalists were induced to unite with us to a limited extent. If they bought our stock at all, they took a little of it now and then as an experiment, and we were painfully conscious that they often declined to buy new stock with many beautiful expressions of appreciation. The enterprise being so new and novel, on account of the fearfulness of certain holders in reference to its success, we frequently had to take stock to keep it from going begging, but we had such confidence in the fundamental value of the concern that we were willing to assume this risk. There are always a few men in an undertaking of this kind who would risk all on their judgment of the final result, and if the enterprise had failed, these would have been classed as visionary adventurers, and perhaps with good reason. The 60,000 men who are at work constantly in the service of the company are kept busy year in and year out. The past year has been a time of great contraction, but the Standard has gone on with its plans unchecked, and the new works and buildings have not been delayed on account of lack of capital or fear of bad times. It pays its workmen well, it cares for them when sick, and pensions them when old. It has never had any important strikes, and if there is any better function of business management than giving profitable work to employees year after year, in good times and bad, I don't know what it is. Another thing to be remembered about this so-called "octopus" is that there has been no "water" introduced into its capital (perhaps we felt that oil and water would not have mixed); nor in all these years has any one had to wait for money which the Standard owed. It has suffered from great fires and losses, but it has taken care of its affairs in such a way that it has not found it necessary to appeal to the general public to place blocks of bonds or stock; it has used no underwriting syndicates or stock-selling schemes in any form, and it has always managed to finance new oil field operations when called upon. It is a common thing to hear people say that this company has crushed out its competitors. Only the uninformed could make such an assertion. It has and always has had, and always will have, hundreds of active competitors; it has lived only because it has managed its affairs well and economically and with great vigour. To speak of competition for a minute: Consider not only the able people who compete in refining oil, but all the competition in the various trades which make and sell by-products—a great variety of different businesses. And perhaps of even more importance is the competition in foreign lands. The Standard is always fighting to sell the American product against the oil produced from the great fields of Russia, which struggles for the trade of Europe, and the Burma oil, which largely affects the market in India. In all these various countries we are met with tariffs which are raised against us, local prejudices, and strange customs. In many countries we had to teach the people—the Chinese, for example—to burn oil by making lamps for them; we packed the oil to be carried by camels or on the backs of runners in the most remote portions of the world; we adapted the trade to the needs of strange folk. Every time we succeeded in a foreign land, it meant dollars brought to this country, and every time we failed, it was a loss to our nation and its workmen. One of our greatest helpers has been the State Department in Washington. Our ambassadors and ministers and consuls have aided to push our way into new markets to the utmost corners of the world. I think I can speak thus frankly and enthusi astically because the working out of many of these great plans has developed largely since I retired from the business fourteen years ago. The Standard has not now, and never did have a royal road to supremacy, nor is its success due to any one man, but to the multitude of able men who are working together. If the present managers of the company were to relax efforts, allow the quality of their product to degenerate, or treat their customers badly, how long would their business last? About as long as any other neglected business. To read some of the accounts of the affairs of the company, one would think that it had such a hold on the oil trade that the directors did little but come together and declare dividends. It is a pleasure for me to take this opportunity to pay tribute to the work these men are doing, not only for the company they serve, but for the foreign trade of our country; for more than half of all the product that the company makes is sold outside of the United States. If, in place of these directors, the business were taken over and run by anyone but experts, I would sell my interest for any price I could get. To succeed in a business requires the best and most earnest men to manage it, and the best men rise to the top. Of its origin and early plans I will speak later. About HackerNoon Book Series: We bring you the most important technical, scientific, and insightful public domain books.
 This book is part of the public domain. John D. Rockefeller. (2005). Random Reminiscences of Men and Events. Urbana, Illinois: Project Gutenberg. Retrieved September 2022 from https://www.gutenberg.org/files/65377/65377-h/65377-h.htm This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever.  You may copy it, give it away or re-use it under the terms of the Project Gutenberg License included with this eBook or online at www.gutenberg.org, located at https://www.gutenberg.org/policy/license.html.

THE STANDARD OIL COMPANY

Trading. It brings with it some of the highest highs when you ride a rocket to the moon and the lowest lows when you watch your portfolio bleed. Crypto What I’d like to provide to you today, are some things I wish I had known when I first got started, to hopefully shed some light about the trading world and maybe, just maybe, save you from some of the things I learned the hard way. What kind of trader are you? What the hell am I doing? This is a question of self-reflection. You need to honestly look within yourself and determine what kind of trader you want to be. A lot of people fantasize about the Hollywood day-traders and the huge scores they make. Honestly, Day-trading is extremely stressful, and you can find yourself losing your money fast if you do not have time to babysit the market and especially if you do not know what you are doing. There are three different types of traders: · (you make a daily trade or more), Day Trader · (you make a trade every 2–7 days, sometimes longer if that is what the trend requires). Swing Trader · (buys the dips, holds long term). Investor All three types are valid ways to make money but require different strategies. You may find yourself as a blend of these. Personally, I fall into the Swing Trader and Investor category. Sometimes the best trade is one not made. Over trading is one of the most common mistakes of new traders. Let the trade come to you and know what you are getting yourself into. If you cannot answer you made that trade, It is ok to not make a trade daily. why you are literally gambling. Market Psychology is extremely powerful. (TA) is a powerful tool that can help you make educated decisions, but know right away, it is not a crystal ball. Technical Analysis Aw Yeah. $DOGE is heading to the moon. I’d like to point out that FUD (Fear, Uncertainty, Doubt) and FOMO (Fear Of Missing Out) are powerful and even the most textbook chart can be broken causing a . Always practice risk management and utilize . extremely Black Swan event stop losses Understand too what an echo chamber is. If you drop yourself into a coin’s official Telegram channel or are speaking to the guy named “(insert coin here) Whale” they have a personal stake in wanting that coin to go up. I was burned when I first started trading by this when I would hear vast numbers of people in a group for a coin saying “This coin is going to $1 USD!” When you see enough people yelling it, it reinforces it in your mind and you start to believe it. FOMO starts to kick in. With that, It isn’t that hard. Which leads into: learn how to calculate a coin’s price. How to calculate a coin’s price. So DigitByte ($DGB), is the coin I mentioned before that I was burned on. I was told it would be “$1 USD by the end of the year!” I did not know how coin’s prices were calculated, or how worked and blindly threw my money in at the top of its . I paid dearly for this. market caps market cycle Look at the price in the above screenshot. This is calculated by the over all market cap ($563,193,234) divided by the circulating supply (9,739,480,205 DGB). This comes out to the price we see above. You can find all of the coin market caps . here This means, for $DGB to be $1 USD, you would need a $9,739,480,205 USD market cap for that to happen. Is that realistic for your coin of choice? Ensure you fully understand the potential of the coin you are involved with and set realistic expectations. Beware of Twitter, your best friend and worst enemy. I mean come on, it’s the internet. Twitter can be a wonderful source of information as well as a terrible one. Keep in mind, 99.9% of people who are posting charts on twitter have already placed their positions, made their buys, and are now attempting to influence the market into the direction they desire. That guy who showed you (insert coin here) is going to moonshot? They’ve already bought in and if they’re in a group, informed them too. What indicators did that person use to come to that conclusion? Don’t know what that particular indicator is? Ask. Then look it up. Research it. Type that topic in followed with “Investopedia”. That’s what I do still even today. I won’t attempt to teach you TA because there are many people who have already prepared those lessons better than I could. See free crypto lessons to get started on the right path. Question everything. Google CryptoCred’s here (DYOR) That guy who just told you the market is going to the moon; do you even know who they are? How long have they been trading? Most twitter traders are a cartoon avatar. You have no clue who they are. Can you look your friends in the face and say, “I bought this coin because a Doge in a Navy Uniform said so.”? Do your own research. The number of followers someone has does not equal level of credibility or experience. Good looking, but not a licensed adviser. It’s ok to ask questions! Most twitter personalities would be happy to point you in the right direction or explain their charts if you’re asking “how” and not “Target Sir?” I ignore target questions completely because for starters, and at the end of the day, I don’t want to see the torches and pitchforks when I am wrong. Guess what. I do not have a 100% success rate and have been rekt plenty of times. Anyone who claims they haven’t been rekt are liars, and anyone who thinks they are immune to being rekt are fools. I am not a licensed financial adviser “TaRgEt SiR?” General Tips. . There will always be another rocket if you missed it. . On the other side, that coin you bought is now bleeding, is the team legitimate and does the coin have a real use? It will likely come back in time if you’re holding it. There are exceptions, but overall, holding through storms isn’t a bad option (this is not applicable during a bear market). I also started making more when I found great positions on coins, bought and held until they had their day. $DOGE was an example of this when I bought it at 15–17 sats and held it for about 3 months before selling it 100+ sats. Chasing pumps will bleed you dry. Slow down Breathe If you have a good position on a coin, you will worry much less. Average day of trading in crypto. . Is your goal to get more BTC or to invest in a specific coin? Keep that in mind when building your portfolio. If your goal is to gain more BTC, be careful of becoming too loyal to a coin. Having altcoins is NOT the same as having BTC Always keep an eye on BTC. It will destroy your alt parties very quickly if you’re not watching. Bitcoin is King. . Get your long-term, non-trading coins off the exchange. How are you going to feel if that exchange ? Invest in a hard-wallet suddenly shuts down and all those coins are lost and not SMS, but a device based authenticator (like Google Authenticator). . This is your best defense at stopping your account from getting compromised. Use different passwords for different exchanges. Yes, it may be a pain, but would you rather lose your coins? USE TWO-FACTOR AUTHENTICATION SMS Authentication has been hacked before Go to the site and bookmark it. Use this instead of Googling for it. and paying for ads to push them to the top of Google results. Use bookmarks for exchange sites. Phishing sites have been found spoofing exchanges Never trade alone. When trading alone, you do not have the luxury of bouncing questions, charts, and lessons learned off each other. Some people have negative cogitations about paid groups while others praise them to the moon. If you are going to join a paid group, I recommend you do with a group that is education based and not a signals group. You to learn how to properly read these markets and protect your own interests. What are you going to do if that group shuts down? At the end of the day, you’re going to pay one way or the other. You can pay a group to learn, pay the markets in mistakes and through personal experience, or a little of both. Personally, when I got started, I signed up with a paid group to learn and don’t regret it for a moment. I wouldn’t be where I am today if I hadn’t done so. highly need Even if you do not decide to join a paid education group, join one of the many free groups out there, but again, beware of the echo chambers and pump groups. A paid group usually cuts the noise down and you’ll find more serious traders/investors. Find your pack. Conclusion Patience is key in crypto trading and there are a lot of moving parts. Do not be afraid to miss a trade as this environment is so rich with opportunities to make money. Keep in mind, it is easy to make money in this market but much harder to keep it. Any open trade is not yours. Do not let greed drive you and slowly sell out of your position as it moons. Again, You can follow me here: there will always be another rocket to catch! Twitter: @JoshMcGruff Instagram: @JoshMcGruff TradingView: https://www.tradingview.com/u/JoshMcGruff/ You can find me also in our free Crypto Trading Discord group — . Bitcoin Masons Buckle up! It’s a wild ride!

Things I wish I knew when I started Crypto Trading

My first ever HackerNoon post attempts to broadly make sense of my journey over the last year; the challenges and opportunities I faced of leaving Google, becoming a solo founder; and from idea and a $50k investment from my roommate, to completing Techstars and raising $3.3m in funding from Peter Thiel’s Valar Ventures. Our company is currently headquartered in London with a newly opened San Fran office. There are now 18 of us, living the dream and working hard. Caveat: I took great enjoyment from badly weaving Star Wars references into this article. ‘Never tell me the odds!’ I first met Jon Bradford, the Managing Director of Techstars London in a cafe in Clerkenwell in October 2014. I had an idea, and this was the man that was going to help me. Jon was upfront, saying he’d only taken that the meeting because I had been introduced by Google Ventures (a lesson in the power of serendipity that I have never forgotten). He went on, blankly pointing out that the odds of me getting into Techstars, as a solo founder, with no product, no team, no business plan, and looking, as I did, about 12 years old, were about the same as Northern Ireland winning the Euros in 2016. I loved his humour but quickly realised that any chance of using our Northern Irish connection was, more than likely, out the window. I knew it was going to be a tough sell after reading a Wall Street Journal article that quoted David Cohen, CEO of Techstars, and a number of the Y-Combinator guys saying that they did accept solo founders. In fact Paul Graham, puts being a ‘solo founder’ as the number one factor that will kill a startup. And there I was, alone except for a big idea and less than a year of computer science under my belt. not I was all about out of hope, and wanted to crawl back to my warm, cosy, Google team of designers, creatives and engineers. It was there that I was in my element, doing what I did best, solving problems, designing UI, and eating three free lunches a day. But despite the rocky start, the meeting lasted lasted 45 minutes, something I considered an achievement given what I’d heard about Jon. And just as the meeting ended, Jon threw me a bone. He said he loved it. I looked at him like he was from another planet. He said getting me onto the program would be a challenge, but pending a few other chats with his colleagues, he would endorse me, on one condition. That I leave the warmth of the Google mothership and the bubble I had been raised in for the last couple of years. Tatooine So there I was, out in the cold reality of the startup world without a wingman. I had nothing more than a place on the Techstars programme and a generous cheque from my housemate, Courtney Grant. (One of the conditions we wrote into the term sheet; I wasn’t allowed to introduce him as his banker friend anymore). It was then that the hardest part of my journey as a solo founder began. Aside from the fact that it was a huge personal challenge, financially and culturally, going through the accelerator programme put me completely out of my depth professionally and exposed me in a way I had not been for many years. Despite yearning for a bigger challenge during my entire tenure at Google, the months at Techstars that followed my departure were brutal, and I hated it. During the Techstars process, they have a fortnight they called ‘mentor madness’. It’s like speed dating for mentors — with people who are successful in some field related to tech startups (or not). Unlike others, I didn’t have a co-founder there to back me up, support me while these ‘experts’ tore my idea apart, but more importantly, to be there to put the idea back together, to foster and improve it. For the first two months I felt like i was throwing a tennis ball against a wall, with idea after idea smacking me right back in my face. I felt like Luke, abandoned on Tatooine with not a glimmer of hope in sight. I needed a co-founder, someone to be there to support me, encourage me to try new things and push boundaries. Without this partner in crime, I was never even going to ‘show up’ as Tak Lo, a director of Techstars put it. And so, I didn’t, literally. After two weeks of the mentors ripping my idea (not even a product) to shreds, I’d had enough and I ran away. I spent the next two weeks at home, researching and reading, more about how to survive an accelerator than how to run a company. Lesson number one: And I can’t stress this hard enough, never do a fucking startup without a co-founder. Ever. Never ever let it be about the equity. There’s a reason why these incubators don’t accept solo founders. Because it’s brutal and it’s way too easy to give up when there’s no one else to let down. Jedi Knights Luckily, I didn’t give up completely. Before long, I found myself back in the room and began to see the silver lining of being a lone ranger. Being on my own, I ended up naturally relying heavily on the network of mentors around me, much more than others. The mentors I had managed to persuade to help me, people like Matt Webb (Berg.com),Scott Dodson (Gamesys), Adam Ross (Goldcrest Capital), Guy Podjarny (Snyk.io) and Richard Fearn (Friday Club London) would become a lifeline for me in the first six months of the company. Likewise Mark Evans, of Balderton Capital, who around this time, I can make a good guess, was spending considerably more time with me than some of his much larger investments. I would definitely not be in the position I am today if I hadn’t listened to those around me and taken their advice, mainly encouraging me to make a conscious effort to forget what I thought I knew and acknowledge that I was nowhere near as smart as I thought I was. Because, for all my complaining and initial resistance of the program, I would never be where I am without it. As a solo founder, you will need an ecosystem like this around you. Lesson number two: Build a network around you. Forget everything you know about the world of working, accept that your way is not the right way and embrace the people who can help in light of not having a co-founder. Fueling the battleship Keeping the lights on was a constant worry for me the whole time and has been until we started getting some serious traction and subsequent funding. The first fundraise was the hardest. I had left Google, with a $50k cheque in my pocket from my flatmate who invested in Kalo, with the only certainty in my life being that I knew the money wasn’t going to last me very long. Like many start-ups, I had rejection after rejection, going door to door at VC firms, trying to get intros to any angel investors I could find online but it wasn’t working. I quickly came to the conclusion that unless you are coming out of an environment in which you are already immersed in that world, with that network of capital at your disposal, finding funding as a solo founder is next to impossible without an accelerator program like Techstars. It was Techstars that introduced me to investors, both directly and indirectly, and ultimately led to our most well known round of funding, led by Peter Thiel’s Valar Ventures, which has since catapulted us into a Silicon Valley network of ex-Stanford, ex-Paypal / Palantir power players we could have only dreamed of having access to 12 months ago. One of things that was key to landing our second funding round (totalled $2.75m) was that I wasn’t selling myself anymore. I was selling a dream team of passionate hungry and experienced professionals, demonstrating that we not only knew what we wanted to achieve but had a firm grasp on how we were going to that. At seed stage of a startup, the investors have in the majority of cases, nothing to go on but your team and your idea. So if you’re on your own, you need talented people — any form of serious fundraising requires a founding team. Lesson number 3: You won’t get big funding alone. Use your network and build a team of people that angels and VC funds can believe in. Strength in numbers. Taking on the Empire The main thing above all else that still baffles me is how I persuaded two of the most dedicated, talented (and patient) people to join Kalo, and irrevocably change the future of the company. When Kalo was just me and one junior engineer, with no Peter Thiel involved, no $3.5m in funding and no headline stage opportunities at TechCrunch Disrupt we made two game-changing hires. Fergus Doyle, previously the Head of Platform engineering at OneFineStay and Akosa Melifonwu, an enterprise account executive from Salesforce decided to join me on my journey, but it took a very long time to get to that point. Hiring talent as a solo founder is tough. I had no idea if I could trust them or if they would share the same passion or vision as I did. I interviewed over 30 candidates in total for their positions (CTO and Head of Sales respectively) and without a co-founder it was one of the most difficult decisions I’ve ever had to make, as the buck literally stopped with me. As a young startup, with an inexperienced founder, investing in the wrong people at the beginning given we had a limited roadmap/funding to prove our concept, would ultimately determine whether Kalo sank or swam. Persuading candidates to even have a chat with me, let alone leave their secure jobs and join me on my mad, solo journey was a challenge in itself. During this period, I relied even further on my now slightly larger network, having investors that hadn’t even put cash in Kalo yet interview the final few candidates for me. These candidates took five months to find. Lesson number four: if going to be a solo founder, you better be bloody good with people and you better trust your instincts as you’re the one who can build your founding team. only Master and Apprentice Finally, back to the man that helped start it all, someone that despite the lambasting during Techstars, couldn’t have been a better person for me to be mentored by. Jon Bradford constantly gave me a hard time, questioned everything — from the way I spoke, how I dress, to how I answered questions, to almost every step I made along the way. It is my adoption of what he taught and preached at Techstars and his work ethic that still influences me and my team, everyday at Kalo. Jon is still on standby when I need him, giving me hiring advice, funding strategy help and is always someone I can vent to. Finding a mentor that is not only a great fit for you as a solo founder, but as a human is something I can’t ever really put into words how grateful I am for the people I had around me. The fact that with mine I landed Jon and a group of individuals that were not only compatible with me but willing to be patient, teach me, push me and spend late nights with me, is well, now how would I put it, as about as likely as Northern Ireland winning the Euros in 2016.

Han Solo — my journey from Google to founding Kalo

One might think that the very first lucky bitcoiner is quite happy these days, but the truth is that, sadly, he left us early. Harold Thomas Finney II, better known as Hal Finney, was a talented American programmer, a remarkable , and the first person to receive Bitcoin ever, from Satoshi Nakamoto himself. He was the first one to run a Bitcoin node and the first miner (besides Satoshi), while greatly helping to spot bugs and exploits in the early days of the cryptocurrency. cypherpunk He was born in California (US) in 1956 and got an engineering bachelor's degree from the California Institute of Technology (CalTech) in 1979. He didn’t always show interest in privacy and cryptography, instead starting his career in games development. He programmed several popular games for Mattel and Atari, Adventures of Tron, Armor Ambush, Astroblast, and Space Attack. including . This was the company that owned and sold the Pretty Good Privacy (PGP) software created by another cypherpunk programmer, Phil Zimmerman. The open version of PGP is now the most widely used email encryption standard. Finney would stay working with them until his forced retirement in 2011, due to his Amyotrophic Lateral Sclerosis (ALS) showing symptoms — the same rare disease the famous astrophysicist Stephen Hawking suffered from. He would later shift to privacy developments, being one of the first hires in the PGP Corporation, founded in 2002 considered Besides this career path, Finney was a dedicated cypherpunk and, along with Eric Hughes, helped to create and run the first anonymous remailer. This is a service that deletes the identifying information in emails. Then, in 2004, he would release another development very close to Bitcoin. Reusable Proof-of-Work (RPOW) In 1997, (another cypherpunk) created one of the first versions of a Proof-of-Work (PoW) system, called Hashcash. It was designed to avoid email spam by offering a small “work token” to every message. Finney was inspired by it to create its own PoW system, called Reusable Proof-of-Work ( ). Adam Back RPOW While both systems utilize Proof of Work tokens, RPOW introduced the notion of creating RSA-signed tokens in exchange for Hashcash tokens. This stands in contrast to Hashcash, where each token could only be used once before becoming invalid. These RPOW tokens could then be transferred between users and exchanged for new RPOWs at each transaction, effectively enabling reuse. In other words, RPOW could be used to create digital currencies, where it served as a method for mitigating spam, preventing denial-of-service attacks, and ensuring the authenticity of transactions. Some years before Bitcoin, RPOW presented itself as one of the first attempts to create a P2P electronic cash system. That’s likely why Finney was so interested in Bitcoin from the very beginning when Nakamoto shared his whitepaper in the cypherpunk mailing list. Bitcoin and Satoshi Nakamoto While other cypherpunks and cryptographers in the list were skeptical at first, Finney as “fascinated” with Bitcoin. So much so that he was among the first individuals to engage with Nakamoto, Finney's active involvement in the early days of Bitcoin's development underscores his contribution to its foundational phase. described himself providing feedback and assistance in debugging the Bitcoin software during its initial stages. He was the first one to run a Bitcoin node, the first miner, and the recipient of the very first Bitcoin transaction —10 BTC from Satoshi Nakamoto. Finney didn’t keep his mining for long though, leaving it “because it made my computer run hot, and the fan noise bothered me.” He expressed a bit of regret for it. However, he was able to recover his wallet when Bitcoin started to show a real market price in 2010. After that, he stayed involved in the cryptocurrency world as a programmer for as long as he could. In 2013, he was already paralyzed due to the sickness and used special software and hardware to communicate and code. In his final coding endeavors, Finney focused on enhancing the security features of Bitcoin wallets by leveraging the capabilities of modern processors designed to support "Trusted Computing." He died in 2014 due to the same disease, and his body is cryopreserved at the Alcor Life Extension Foundation. His wife, Fran, still runs his social media and organizes charity events in his memory. Environmental and Privacy Concerns Despite Finney’s support of Bitcoin, there were certain things that he wanted to change in the system. He commented on Twitter (X) about it during the initial phases of this cryptocurrency. The more energy taken to mine coins the more CO2 released to the atmosphere. He wanted Bitcoin anonymity, and potentially harmful CO2 emissions from Bitcoin mining. to increase also reduce He had the foresight to bring this up in 2009 when nobody thought that Bitcoin would grow enough for this to be a problem. And now it is, indeed. According to the Cambridge Bitcoin Electricity Consumption Index ( ), Bitcoin is taking around 167.7 TWh yearly. That’s more annual energy than countries like Poland, Malaysia, or Norway consume; and 84.9 MtCO2 in annual emissions. Still much less than big industries, but more than entire countries. CBECI produces around The Next Step Sadly, Hal Finney didn’t get to see other new advancements in the crypto industry, but more eco-friendly and also anonymous networks would come over the years. One of them is , which distinguishes itself as an eco-friendly and censorship-proof crypto ecosystem primarily due to its implementation of Directed Acyclic Graph (DAG) technology. Obyte Unlike blockchain-based cryptocurrencies like Bitcoin, which rely on energy-intensive Proof-of-Work (PoW) consensus mechanisms, This architectural choice drastically reduces energy consumption, making Obyte's network far more sustainable and environmentally friendly compared to PoW-based cryptocurrencies. Obyte operates on a DAG ledger structure that eliminates the need for mining. Furthermore, Obyte's ecosystem offers unique features that align with Hal Finney's vision for Bitcoin, particularly in terms of privacy and customization. Through its untraceable cryptocurrency, , users can conduct fully anonymous transactions, fulfilling Finney's interest in cryptographic payment schemes that prioritize privacy. Additionally, Obyte empowers users to , enabling a wide range of applications tailored to specific needs and preferences. Blackbytes create customized private tokens , positioning Obyte as a promising platform that embodies his vision for Bitcoin's evolution. This emphasis on privacy and flexibility mirrors Finney's desire to explore cryptographic solutions that enhance user autonomy and security within the digital economy Read more from series: Cypherpunks Write Code Tim May & Crypto-anarchism Wei Dai & B-money Nick Szabo & Smart Contracts Adam Back & Hashcash Eric Hughes & Remailer St Jude & Community Memory Featured Vector Image by Garry Killian / Freepik

Cypherpunks Write Code: Hal Finney, RPOW, and Bitcoin

সাইফারপাঙ্কস কোড লিখুন: হ্যাল ফিনি, RPOW এবং বিটকয়েন

Cypherpunks schreiben Code: Hal Finney, RPOW und Bitcoin

Código de escritura de Cypherpunks: Hal Finney, RPOW y Bitcoin

Cypherpunks écrit du code : Hal Finney, RPOW et Bitcoin

साइफरपंक्स कोड लिखें: हैल फिननी, आरपीओडब्ल्यू, और बिटकॉइन

サイファーパンクのコード作成: ハル・フィニー、RPOW、ビットコイン

Cypherpunks 작성 코드: Hal Finney, RPOW 및 Bitcoin

Código de gravação Cypherpunks: Hal Finney, RPOW e Bitcoin

Шифропанки пишут код: Хэл Финни, RPOW и Биткойн

Şifrepunklar Kod Yazıyor: Hal Finney, RPOW ve Bitcoin

Cypherpunks viết mã: Hal Finney, RPOW và Bitcoin

密码朋克编写代码：Hal Finney、RPOW 和比特币

Of the falling away of Judas of Kerioth; and of the Times and Seasons

WE FIND OURSELVES OWN FOLKS AT LAST

As warfare evolves from sticks and stones to nuclear armaments and beyond, digital tools like scamming and social media offer novel and significant impacts on the battlefield. New digital tactics, techniques, and procedures (TTPs) developed by Ukraine in response to Russia’s February 2022 incursion mark the beginning of social media warfare, characterized not just by cyber confrontations but how the digital translates into action on the battlefield. The use of digital platforms will only grow and further expose how these technologies can both aid and compromise military efforts in modern warfare. Russia’s experience with Ukrainian-leveraged digital assets serves as a cautionary tale for both individuals and militaries about the perils and possibilities inherent in our connected world. As (IW) gains prominence in modern military strategy, the role of digital tools like social media and cyber-enabled scamming cannot be overstated. Social media platforms serve as an ideal ecosystem for executing a wide range of IW activities, from disinformation campaigns aimed at sowing division among enemy lines to civil-military operations that gauge public sentiment and build community relations. In the digital world, the battlefront’s traditional geographic confinement disappears, and the environment is persistently dynamic. irregular warfare Digital tools are particularly potent for small-scale, non-state actors who might not have the resources for traditional warfare but can nevertheless exert a significant impact through well-coordinated online campaigns, such as Ukrainian activists who use scamming techniques to convince to firebomb their own military offices. In the age of IW, the power dynamics on the battlefield are no longer solely determined by physical might; the impact of influence and information will continue to grow and allow for certain aspects of warfare to be crowdsourced, with ordinary civilians taking on a more prominent role in the era of irregular warfare. Russians The challenges faced by Ukraine on the battlefield have provided invaluable lessons for military strategists regarding and the . “Once the war is over, we will definitely write a textbook,” Vice-Admiral Oleksiy Neizhpapa, the head of Ukraine’s navy, “And we’ll send it to all the NATO military academies.” Ukraine is already applying many recently learned lessons with new digitally-enabled TTPs. The West, including and beyond NATO, can learn much from Ukraine’s social media application of irregular warfare in their ongoing war with Russia. conventional warfare future of war proclaimed Romance and espionage: how online dating apps betrayed Russian soldiers Since Russia’s full-scale invasion of Ukraine, Russian soldiers have revealed information from their to AI-generated of Ukrainian women. Some soldiers inadvertently disclosed their tactical locations through images while seeking companionship. One woman ingeniously two Tinder accounts, setting a different location near the border for each account and, referencing the difference between locations of shared matches, “triangulate(d) the exact locations of her matches.” As a result, she reported over seventy such profiles and their locations to Ukrainian authorities. Tinder dating app profiles fake profiles employed devised a ruse using fake profiles of appealing women across multiple social media platforms, such as Telegram, to ensnare Russian soldiers stationed near Melitopol. According to the , the Russian soldiers were persuaded to share photos of themselves on duty. Upon receiving these images, the hackers pinpointed their origin to a secluded Russian military base near Melitopol in southern Ukraine. This intelligence was subsequently relayed to the Ukrainian military, leading to an assault on the base days later. Ukrainian hackers Financial Times On Russian Navy Day in July 2023, Ukrainian hackers targeted Russian sailors by sending them a video with good “wishes” via apps. According to the Ukrainian military’s Main Directorate of Intelligence (HUR), these videos depicted Ukrainian drones and missiles attacking Russian warships, including the . In addition to any potential psychological impact of the footage, the message contained malware that provided the hackers with access to the sailors’ phone data, subsequently transferring confidential information to Ukrainian servers. Most sailors unwittingly expressed gratitude before opening the deceptive video. messaging Moskva cruiser Activists use scamming techniques to target Russia's military infrastructure and offices. Russian officials attribute a series of at their recruitment centers to “phone scammers” who specifically target the elderly to attack Russian army recruitment offices. According to Russian intelligence services, scammers target vulnerable citizens “who found themselves in difficult circumstances and are easy to influence.” By convincing them to take out a loan or share their bank details, they are subsequently convinced to attack a recruitment office in an attempt to recover their losses. For example, in Russian-occupied Crimea, scammers duped a schoolteacher into throwing a flammable object at a recruitment office. Similarly, in St. Petersburg, a 66-year-old woman was lured into taking out a loan with the false promise that her debt would be cleared if she attacked a with a Molotov cocktail. Digital scammers do not only target the elderly. Teenagers in Russia, who claim they are not aware of who their financier may be, were recruited via to ignite railway junction boxes in exchange for money. fire-bombings recruitment office social media The rising significance of open-source intelligence (OSINT) In August 2022, the Wagner group faced an attack in Popasna, Ukraine. A local pro-Russian journalist inadvertently the Wagner base’s location through images shared on Telegram. One such image, now removed, disclosed the base’s exact address. Armed with this information, Ukrainian forces demolished the site. A Ukrainian official hinted that the strike’s precision was possibly aided by the shared Telegram images. This incident epitomizes how social media-derived open-source intelligence (OSINT, information procured from public sources) is strategically leveraged in the ongoing Russo-Ukrainian war. revealed When location-based apps lead to physical attacks In March 2017, a Royal Navy member’s run inside His Majesty’s Naval Base, Clyde (HMNB Clyde), a high-security base housing the UK’s nuclear deterrent, was tracked via the , leading to concerns about revealing sensitive military locations. has shown that data from fitness apps might inadvertently reveal the locations of hidden military bases by mapping consistent exercise patterns and patrol paths within or around such bases. These apps, which often connect to devices such as Fitbits and Garmin watches, allow users to log their exercise routes. A feature designed for friendly competition might unintentionally expose the precise activities and identities of staff within high-security military zones. Strava app Research In July 2023, data from the app turned deadly. A Le Monde from July 11, 2023, suggests that Strava may have inadvertently played a role in the assassination of Captain Stanislav Rzhitsky. The Russian officer was ambushed and on July 10, 2023, in a park in Krasnodar, Russia. Rzhitsky formerly led a submarine that was implicated in a 2022 strike on the Ukrainian city of that resulted in 27 civilian deaths. report killed Vinnytsia Rzhitsky’s leadership role in this act made him a target for Ukrainian intelligence. disclosed that Rzhitsky was a regular Strava user, often sharing his routes. The consistency in his routes led to speculation that his killers might have used the app to predict his movements on the day of his assassination. Strava’s user agreement highlights that unless data-sharing settings are restricted, user activity can be accessed by anyone online, including details like distance, runtime, and maps of routes. Le Monde , a Ukrainian government app originally designed to facilitate access to public services, was repurposed for wartime efforts. It enables Ukrainians to both report the presence of Russian soldiers in their vicinity and manage tasks like uploading tax returns, renewing passports or providing students with bus fare discounts. Among its features is the “e-Enemy” function, which lets Ukrainian citizens about Russian troop movements, providing invaluable data to the Ukrainian military for strategizing their defense and countermeasures. Diia relay information The evolving face of modern warfare Carl von Clausewitz’s posits that, while the fundamental nature of war remains constant in the human experience, its execution or character is . He viewed war as a complex social activity, and in the 21st century, our interconnectedness expands our connectivity to war as individuals through the digital realm. The increasing democratization of warfare, facilitated by technology, is shifting the focus towards the role of ordinary civilians, like the women who set up virtual “ ” using dating apps to get Russian soldiers to reveal their location. As digital tools continue to enter the fray, regular citizens will assume an even more important role in today’s warfare. On War ever-changing honey traps This metamorphosis of warfare, propelled by the digital age, underscores the urgent need for a comprehensive reevaluation of how we in the West approach conflict in the 21st century and ensure we apply lessons from the Russo-Ukrainian war. The battlefield is no longer confined to physical terrain; it now includes the vast, interconnected realm of the internet, where each click or post could be as consequential as any traditional military maneuver. Therefore, it is vital for the Western alliances and NATO to adapt and develop new strategies that respond to this evolving threat landscape – the next compromised service member could be a NATO soldier who accidentally leaks vital information on social media to our adversaries. In an all-out war, it could be our own populations that are targeted by scammers to attack military offices. We must learn lessons early on from the digital irregular warfare we are seeing in the Russo-Ukrainian war and begin strategizing new approaches to protect ourselves. We must develop an understanding of how to leverage these tools more effectively in the future. Also published . here

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