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The question of ‘offering’ in the securities law

Ripple CEO Brad Garlinghouse (@bgarlinghouse) tweeted: Mr. Garlinghouse misconstrued the statement in the ruling. Although the judge in the XRP case clearly misapplied the law, the statement quoted from the summary judgment is actually a good statement, if not misconstrued. Note that the statement is true for any asset, not just XRP. In the securities law, the focus is on the ‘offering’ not the ‘asset in and of itself’. It is a particular manner of… Read More »The question of ‘offering’ in the securities law

The XRP judge got the securities law wrong

What the judge in the Ripple (XRP) case said in the summary judgment is essentially the following: (1) selling XRP tokens to institutional buyers constituted a sale of unregistered securities because the institutional buyers would have understood what Ripple was promising and doing, (2) but selling XRP tokens to the public (the so-called programmatic sales) did not constitute a sale of unregistered securities because the public was too stupid to understand what Ripple was promising… Read More »The XRP judge got the securities law wrong

Blockchain and HTTP/S

The Hypertext Transfer Protocol (HTTP) and its encrypted extension Hypertext Transfer Protocol Secure (HTTPS), collectively HTTP/S, is an application layer protocol in the Internet Protocol (IP) suite which is the base protocol layer of the Internet. More precisely, it is a linking layer placed between the top application layer and the base protocol layer. HTTP/S...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
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Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

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Time is not an illusion

Dr. Ethan Siegel’s article No, the laws of physics are not time-symmetric is an interesting piece. The article explains an important discovery made in 2012 by BaBar collaboration that observed time-reversal symmetry violation directly in ϒ(4s) particle decays into mesons. Time-reversal symmetry violation, or T-symmetry violation, is the physics term for ‘the arrow of time’, meaning that time is one-directional, always moving forward and never backward. The news of the T-symmetry violation discovery was overshadowed… Read More »Time is not an illusion

Political Robinhooding

The US and the British governments have been saying they will support Ukraine no matter the cost. This is admirable, but it also exposes the core of today’s politics, especially Western politics, whose politicians have been trained to make such commitments because: (1) it feels good (works like a boost of ideological dopamine), (2) it sounds good (has publicity value), (3) it is career-sustaining (has a resume-dressing value), (4) the best part is that the… Read More »Political Robinhooding

Why are bills of lading still on paper?

Bills of lading are traditionally paper-based documents used in international trade and shipping to establish proof of the contract of carriage, receipt of goods, and ownership of the goods being transported. While digitalization has transformed many aspects of the business world, bills of lading have remained predominantly paper-based. It is estimated that 25 billion paper...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

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Decentralized Human Capitalism (DHC) is the answer for this and future generations

‘Boomers can’t conceptualize’: A college student says older generations don’t know about inflation, never had to fight for jobs. Yes, the disparity is huge, and she is right that people don’t get it, especially the boomers. But the reason for that has nothing to do with inflation or difficulties in finding a job, which all...

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Complexity and purpose

Complexity as a phenomenon is real. The problem is that Complexity Theory (and its theorists) tend to have an ideological bend toward positivism, relativism, and existentialism and presume that the universe or its subsystems (including life and human organizations) do not have a moral purpose. Some acknowledge that there must be some built-in hidden purposeful order driving the complexity, but overall, they find satisfaction in the idea that self-organizing order can emerge from nothingness or… Read More »Complexity and purpose

The locked protocol

“The nature of Bitcoin is such that once version 0.1 was released, the core design was set in stone for the rest of its lifetime.” — Satoshi Nakamoto, June 17, 2010.

One of the distinctions that BSV blockchain makes in comparison to BTC is that BSV has a 'locked protocol' that represents the original Bitcoin.

What does ‘locked protocol’ mean? Does it mean that the Bitcoin blockchain allows no new software development? Of course not.

Read more... The full content of this chapter is available in the two-volume book:

Bit & Coin

Merging Digitality and Physicality

Volume I: Digital Humanity’s Truth Layer - The New Internet, its Authenticity Layer, and Applications
Introduction
Order on Amazon

Volume II: Bitcoin, Blockchain, and Beyond - Essays of Science, Economics, Law, Ethics, and Controversies
Introduction
(coming soon)

Already a member? Log in here

Crypto exchanges convert crypto assets into unregistered security offerings

The crypto exchanges convert a crypto asset into unregistered security offerings even if the asset is not such a security already. This is due to primarily the following reasons: (1) the completely centralized nature of these crypto exchanges; (2) the predominantly off-chain transaction environment created by the crypto exchanges. Most crypto assets are already securities due to the way they were created, issued, and mined. See even BTC has become a security. But even if… Read More »Crypto exchanges convert crypto assets into unregistered security offerings