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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

Decentralized systems and human creativity and corruptibility

An ideal decentralized system can be divided into three layers, namely: (1) a base ‘core-purpose layer’, (2) a middle ‘rule-enforcement layer’ and (3) a top ‘application-execution layer’. This general model is applicable to all systems including human organizations, joint cognitive systems, technological systems and natural systems. For example, in a joint cognitive system, the core...

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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Why data ownership must be decentralized – the path to decentralized human capitalism

I’m worried about mass corruption as well as central control. The former is a Huxleyan dystopia while the latter an Orwellian dystopia. See: The two dimensional Orwellian / Huxleyan vector space. Today, when the issue of centralized data is discussed, privacy is usually the focus of the concern. But the reason why centralized data is...

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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Gold/bitcoin, money/currency

The famous gold advocate Peter Schiff has always correctly claimed that BTC has no value. But he has started to see that gold can be tokenized on a capable blockchain.

Tokenization is a form of digitization but has unique advantages over the traditional digitization of gold, such . . .

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

Centralization of control and self-organization of entropy

When a system presents itself as a decentralized self-organization but is actually centrally controlled, can you tell? Think about all this in the context of artificial intelligence and that of cryptocurrencies. ‘Centralization of control’ and ‘self-organization of entropy’ are fundamentally different. Centralization of control, or usually just ‘centralization’, represents centralized control by a decision-making authority,...

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

Pluralism and unification

Pluralism is a form of diversity, which at the application layer is not only a good virtual, but also a necessity according to Ashby’s law of cybernetics, according to which a system must have a Requisite Variety (a sufficient number of states in variations) in order to survive a varying environment.

However, the study of cybernetics also reveals another fundamental principle: for a system to support a requisite variety, it must have unity at the base that defines its core purpose and coherence.

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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BTC + LN is worse than shared IPv4 addresses

BTC can handle no more than 7 transactions per second (TPS). Lightning Network (LN) promises to solve the problem. The theory is that normal transactions would only happen in LN, but can get settled on BTC chain occasionally. Other than the fact that Lightning Network does not work, just a little bit of math would...

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

The Economics of Bitcoin Mining

While the world seems to be fixing its eyes on the bitcoin price charts, I watch a simple and mundane number: The per block ‘transaction fee/subsidy’ ratio on Bitcoin blockchain. The fees/subsidy ratio is the most significant bitcoin chart to look at, because it is signaling the future. Why is this important? Because this is...

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

The usefulness and deceptiveness of AI

What about AI that concerns you the most?  I can tell you mine.  The deception of AI. Although AI will not actually become conscious, people will subjectively believe it has gained consciousness, and the humanity will succumb to a fake superior intelligence, and enter into AI-induced degeneration. The objective truth and the subjective human understanding can be very different.  And the subjective human understanding about AI will have consequences built upon the misunderstanding itself.  AGI AI will never objectively achieve super… Read More »The usefulness and deceptiveness of AI

Public opinion and reality

I read some portions of the PUBLIC OPINION (1921) written by Walter Lippmann. The 266-page book is about politics and public opinions, but it is highly pertinent to almost anything that involves public opinions, including crypto market prices, which are the result of voting of public opinions based on imaginary things, not the reality. However, there are some differences between the market and politics. Although human behavior and psychology are the same, the market and… Read More »Public opinion and reality