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Bitcoin & Blockchain

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)

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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)

Already a member? Log in here

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 DDD (Detrimental Dollar Dominance) Syndrome

Contrary to what most people think, the dollar dominance in the long term is not good for the US as a nation and the American people as a whole. First of all, the dollar dominance does not benefit the US evenly. It mostly benefits the financial sector, at the expense of industries, especially manufacturing. Secondly, the dollar dominance relies on the US ‘consuming‘ (i.e. depleting) its national strength without sufficient reproduction. On top of that,… Read More »The DDD (Detrimental Dollar Dominance) Syndrome

Technological unification & power decentralization

The idea of a unified blockchain causes anxiety or even antagonism. There is much misunderstanding in this matter, often confusing matters of different nature, such as the philosophical, political, economic and technological. The misunderstanding about technological unification and power centralization runs deep and wide in the crypto world, and is one of the most important...

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

Should bitcoin tokens unite onto Ordinals?

After all these years, someone finally figured out how to do satoshi-based tokens on BTC: the ordinals, each based on a single satoshi and defined by an inclusion of a chunk of data (say a small image). A miner ‘mines’ ordinals (tokens) using a special add-on mining software designed according to a token protocol that defines the ordinals as distinctive tokens. The process of including a chunk of data is called ‘inscription’, likened to inscribing… Read More »Should bitcoin tokens unite onto Ordinals?

IPv6 adoption and its killer app

In this video, Dr. Craig S. Wright and Prof. Latif Ladid talk about Integrating IPv6 and blockchain at the TCP/IP layer. Being the president of the global IPv6 Forum, chairman of the IEEE COMSOC IoT subcommittee, and chairman of IEEE COMSOC 5G subcommittee, Prof. Ladid knows about this from the inside out. In this brief...

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

Safe banking and fractional reserve banking

Caitlin Long has criticized the leveraged banking system. I think her criticism is spot on.  But as to the ‘safe bank’ solution Caitlin advocates, it is debatable.  At the same time, ‘over-capitalization’ is probably an oversimplistic criticism of safe bank model. Yes you can call the safe bank ‘overcapitalized’, but who is to decide? The options today range from the 100% capitalization of the safe bank model to the 3-10% capitalization of the existing banks. That’s… Read More »Safe banking and fractional reserve banking