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88 Stories To Learn About Usa

After this long digression

94 Stories To Learn About Government

THE CURIOUS CASE OF BENJAMIN BUTTON

AN ANGRY KING

Crypto Is Persona Non Grata on the Hill. What to Do? Cryptocurrency (crypto) has become in the capital due to the FTX collapse.  Choice samples from among innumerable current vilifications: persona non grata David Z. Norris, CoinDesk’s chief insights columnist, . FTX’s Collapse Was a Crime, Not an Accident, 11/30/22 And Casey Michael at : CNN, 12/1/22, Crypto is out of control. FTX is just the latest example “... FTX’s stupendous collapse shines a light on just how symbiotic the entire crypto industry now is with the world of offshore finance – and how open the entire industry is to fraudsters and scammers, with offshore havens racing to offer crooks the kinds of allowances, and lack of regulation, they need to thrive.” All fair. But the critics are missing the forest for the trees, potentially to America’s great detriment.  Blockchain, the invaluable technology underlying crypto, is not crypto. We are now very much at risk of having the next Congress throw out the baby with the bathwater. If America is going to be relevant to the future of blockchain, our political leaders and policymakers must get crystal clear on the distinction between blockchain and crypto. Currently, they are confused. They do not grasp the essential nature of the blockchain. We are thus poised for a policy disaster that will set America back, maybe forever, on one of the world’s potentially most valuable emerging technologies. What layer one blockchains are currently domiciled in the US? For our , “Layer 1 refers to the base infrastructure of a blockchain.” non-geek readers Ethereum isn’t based here. Avalanche isn’t. Cosmos isn’t. Apart from RChain Cooperative, a Washington State Cooperative (of which the lead co-author was the principal founder), . no significant layer one blockchain has been brave enough to domicile itself in the US Why not? Legislative and regulatory risk. In the game played on the world’s stage, it isn’t SBF who is playing Slim Shady to crypto’s gangster rap. It’s the US Congress. Congress still does not grasp the Internet (TCP/IP, Web1) and the Worldwide Web (HTTP; Web2). It needs to understand that Web3, which will be built, if at all, on the blockchain, is all about fault tolerance. The Real Value of the Technology The decentralized nature of these layer-one networks is a side effect of their fault tolerance. That has profound implications for the US position in global network services. America is fumbling its leadership in the blockchain space – blockchain as a computing platform, not as a “cryptocurrency.” This could well cost its leadership, its dominance … and the attendant prosperity in this sector. And, without exaggeration, this is an issue of national security. What is important about Bitcoin is not its use as an alternate currency nor as a purported store of value. What is important about Bitcoin is its . resilience The nature of its (admittedly brutally inefficient) consensus mechanism means that if 10 nodes go down, 100 more, running anywhere in the world, can take their place. That means that it is resilient (fault tolerant) not only against governments and gangsters but against failures that will stem from imminent environmental disasters. This feature makes it a crucial step in a process leading to a fault-tolerant global computational infrastructure that we can use to coordinate as various existential disasters come at us. What is important about Ethereum is not its use as “programmable money.” What is important about Ethereum is its improvement of the genetic blueprint of Bitcoin. It took the software architecture used in every Internet-facing API — from Google to the Guardian — and showed how to combine it with Bitcoin’s consensus innovation to make a resilient and defensible – if not scalable – compute infrastructure. Every Internet-facing API has for more than a decade been protecting their APIs from denial of service attacks . by issuing tokens They just weren’t cryptographically significant tokens. Combining tokenized network security with a decentralized consensus creates the blueprint for a defensible, resilient — though not scalable — compute infrastructure. Were it to be made scalable, it constitutes a design pattern for a vastly more valuable Web offering, and a real global compute infrastructure we can use to coordinate. At the architectural level, it only takes a few modifications to get a better fit for the goal of a scalable and resilient coordination infrastructure. Networks like RChain improve Ethereum’s genetic blueprint using a much more energy-efficient consensus and a mathematically rigorous concurrent execution mechanism. Astonishingly, this same mechanism expands smart contract capability to provide a query language for on-chain data. In this way, not only do we get near limitless scaling, but we get a blockchain so that Web3 is not a step backward, but a step forward with an expansion of searchable Internet resources. searchable The leadership of this “Superweb” is what America is at risk of forfeiting to and Singapore. , Zug, Switzerland Blockchains > Crypto The critics are right that speculation-driven crypto belongs in a museum, relegated to a dust-collecting corner of the Internet. That way performance-oriented technological developments, like RChain, can get the oxygen they deserve, and the US can regain the technological, economic, national security, and even moral high ground. If Bill Gates and John Doerr are correct, we are facing threats requiring an unprecedented degree of social coordination on a global scale. And now, just at the moment we need an exponential lift in our capacity to coordinate a concurrency-enabled blockchain, comes along, giving us a blueprint for a resilient, defensible, scalable, searchable global computational infrastructure. It would be a national tragedy if, distracted by the hoarding impulses typically associated with thrift stores and unregulated speculation markets, we were to waste this opportunity. We know what will happen if Congress fumbles this opportunity. It’s looking increasingly likely it will. Can Congressional leadership see the need for legislation inhibiting the collusion opportunities inherent in the current generation of the crypto sector while unleashing the imprisoned lightning of a concurrency-enabled blockchain? Leaders who can grasp this will have the power both to build back better and make America great again. Greg Meredith and Ralph Benko were recently recognized by HackerNoon as “2022 contributor of the year” on the topic of scaling. Lucius Gregory (Greg) Meredith, the founder of RTech, is a mathematician, the discoverer of the rho-calculus, a co-inventor of OSLF (Operational Semantics in Logic Form), and the inventor of the ToGL approach to graph theory. Ralph Benko, an advisor to RTech and other enterprises, is co-author of several critically acclaimed books, including , and is a former White House official. Redefining the Future of the Economy:governance blocks and economic architecture Photo from Unsplash by Andy Feliciotti Lucius Gregory Meredith and Ralph Benko

Will the Real Slim Shady Please Stand Up?

With the downfall of FTX, cryptocurrency is getting another black eye. The valuations shrink and those who bought in the last few years are looking at huge losses. Sam Bankman-Fried is persona-non-grata now. The FTX implosion is a warning to all that the world now runs on Internet time AND that includes the money world. Remember it is not just cryptocurrency tokens that are digital money. Most money everywhere is digital. cryptocurrency Sending money via our smartphones is convenient, but is it in our best interest? Already some countries are nearly free of physical money with most transactions being done digitally. There is an extreme disconnect in some of these countries between the assets stored digitally as savings and checking accounts and the actual physical currency available. In New Zealand, there is only enough physical money to cover about 5% of the money in citizen accounts. If 6% of New Zealand citizens withdraw their money due to some panic, the system would be in crisis and perhaps even collapse. One could be forgiven for seeing today’s digital improvements as far superior. Ironically in the Information Age, information is more controlled than ever before. The digital revolution now allows for more control of the distribution of information rather than facilitating a wide distribution of useful knowledge. Digital money of all kinds has made things more opaque for average people. During the Great Recession, the run on the banks was significant. Wealth was fleeing American financial institutions very quickly in the summer of 2008. The flight of “digital cash” nearly crashed the financial system. The reasons to move back to Glass-Steagall and other regulations born from the Great Depression seem quite justified when one sees some of the numbers, but I digress. The Great Recession of 2008 was a Great Warning. It was a warning that things can move dangerously fast in digital finance, not just cryptocurrency. FTX should be the final proof anyone needs that cryptocurrencies are some kind of “safe haven” from things like the Great Recession or the Great Depression. Cryptocurrencies are an evolving tool in an ever more complicated financial world, but they are no silver bullet. A possible positive outcome from the crash of FTX could be a slowing of the movement to eliminate analog cash. There is no question that analog money can be a throttle on finance. Physical transactions must take longer than digital ones. In that light though, analog cash can be a stabilizing factor because things just take longer to move through the systems. Analog cash also forces transparency on the financial markets. Transparency is the great gift of analog cash. The elimination of cash has made things predictably more opaque. Digital cash ESPECIALLY digital cryptocurrencies hide terrible things behind the scenes and then collapses quickly. The collapse of FTX illustrates demonstrates the speed. In the late 20th century, when the savings and loan crisis roiled American financial systems, I learned of it because I saw a line outside of Tahoe Savings and Loan in Rancho Cordova, CA. There was a physical manifestation to the savings and loan crisis. Even before it really started showing itself in the financial markets, I saw lines begin to form at some local savings and loan institutions. A cryptocurrency exchange has no physicality. Insiders probably started queueing up early to get their money out of FTX, but no one saw it. Regular accounts on the exchange had no idea what was happening. No one was watching traffic to FTX. There were no lines out of the FTX offices.  It just went, Poof! Analog cash does act as a throttle on how quickly things can get really bad. We on the street get to know a bit more about what is truly going on in the financial markets when there is more physical cash. I fear a completely opaque system operated by greedy robber barons. Analog cash prevents COMPLETE opacity. Regular people should preserve that as much as possible. Let me be clear here. I have some cryptocurrencies. I definitely think there is a place for them in this world. Mostly, I decided to park some money in the crypto space to wait and see. Depending on how this epic battle between the super-rich libertarians and the all-powerful nation-states works out, things like Bitcoin, Ethereum, and Dogecoin may still have their place as cash alternatives. Cash is king, but cash is a friend of the regular people, too. Do not forget this. If a person split their pandemic stimulus check between cash put in a cookie jar and crypto, I hazard a guess the cookie jar would be worth more than any crypto holdings accumulated. Though, if they were smart they still have their crypto in a hardware wallet. Despite FTX, I continue to HODL cryptocurrencies, even if cash is still king to me. I am proud of the fact is just as valid today as when I wrote it well over a year ago. If you bought then, you were not on FTX when it imploded. the book I wrote on cryptocurrency that book If you found my advice on cryptocurrency durable and useful - please vote for me in the Noonies → https://www.noonies.tech/2022/web3/2022-hackernoon-contributor-of-the-year-cryptocurrency

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