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News & Quotes

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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

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

The problem of higher education – a call for decentralized education

According to the US Bureau of Labor Statistics, in the last 40 years, the US CPI-based overall inflation was 285%, while the cost of higher education increased by 1246% (12.46 times higher, about 4.4 times higher after inflation adjustment). From a financial point of view, higher education is clearly a broken system. But there’s more to this, pointing to even worse problems. First, it is a wealth redistribution problem, as Steven Herzberg pointed out: “It’s… Read More »The problem of higher education – a call for decentralized education

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)

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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

Communalism vs. communism

Jared A. Brock wrote an interesting piece on ‘Capitalism vs. Communalism‘ based on his experience of a Bruderhof (brotherhood) community. I like the fact that he used the word ‘Communalism’ instead of ‘Communism’. The difference? God, faith, and love. Faith is the linchpin to put together a society like the Bruderhof (brotherhood) community, and the lack thereof is the reason why communism is always a disaster. Historically, this is not even accidental, because everyone who promoted… Read More »Communalism vs. communism

AI is not generative, but synthetic

Artificial Intelligence (AI) is both underestimated and overestimated at the same time. Underestimated for its potential usefulness (or potential damages, if used improperly), but overestimated for its real generative intelligence or creativity. With its efficiency, AI will force people to redefine their jobs. With its fake ‘creativity’, however, AI will force human beings to reflect upon true humanity seriously. If the man (male and female) regards himself as just a biological machine, then not only… Read More »AI is not generative, but synthetic

Blockchain is the New Global Data Network’s Authentication Layer

The Blockchain is a database that indexes transfers. The original method of transferring bitcoin was IP to IP. Nodes only reference the transfer. A user sends bitcoin directly to another user, and only then after the exchange has occurred would the transaction be referenced/indexed. Consequently, the argument that your tokens exist in cyberspace on the...

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 federal policies on banks issuing dollar-denominated tokens

Board of Governors of the Federal Reserve System (Board) has made a policy statement on banks issuing dollar-denominated tokens: The Board generally believes that issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices. The Board believes such tokens raise concerns related to operational, cybersecurity, and run risks, and may also present significant illicit finance risks, because—depending on their design—such tokens could… Read More »The federal policies on banks issuing dollar-denominated tokens