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News & Quotes

news, quick posts, messages.

Payment must change – credit card is a systemic ripoff

Of the transformations enabled by Bitcoin, payment especially micropayment is of the most basic one. It is evident even from the Bitcoin’s whitepaper’s title: Bitcoin: a Peer-To-Peer Electronic Cash System. Payment is not a mere app added on the web, but a foundational part of the New Internet. However, more than 14 years after the creation...

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

Bit & Coin

Merging Digitality and Physicality

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

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

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SEC helps true innovation by enforcing securities law

Is SEC harming crypto by enforcing the securities laws? Short answer: it may harm crypto but will advance blockchain. It deters criminal behavior and promotes true innovation. The SEC actions may have an impact on the cryptocurrency industry as it stands now, but in a longer term will clear up the air for better technologies and products to be developed and grow.  Case in point A US federal judge of a District Court in New… Read More »SEC helps true innovation by enforcing securities law

Understanding the objective necessity of global changes may help peace

These Twitter posts by Prof. Michael Pettis reveal one of the most enlightening thoughts I’ve seen recently that are related to globalization, not only to global economies but also international relations.   I don’t think many politicians today understand this.  Few economists even understand this.  The reason why I think Prof. Pettis’ theory is important is probably not what he had intended, but is nonetheless a natural extension: Once people realize that the existing imbalance of… Read More »Understanding the objective necessity of global changes may help peace

More proof that UTXO is superior to account-based systems

The biggest structural and elemental difference between Bitcoin and Ethereum is that the former uses Unspent Transaction Output (UTXO) while the latter uses an account-based model. UTXO is like cash, In that every bill or coin is independent from each other. As long as a dollar bill itself is authentic, the validity of a transfer...

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

Bit & Coin

Merging Digitality and Physicality

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

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

Already a member? Log in here

The unsecure Lightning Network as BTC’s layer 2 scaling protocol

“University of Illinois researchers have discovered a vulnerability in Bitcoin’s most popular second layer scaling protocol, the Lightning Network. Cosimo Sguanci and Anastasios Sidiropoulos published an academic paper describing a hypothetical attack based on a collusion of node operators. At the time of publication, they estimated that a coalition of 30 nodes could steal 750...

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

Bit & Coin

Merging Digitality and Physicality

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

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

Already a member? Log in here

The defamation case Wright v. McCormack is telling

The defamation case of Wright v. McCormack is telling in multiple ways, not only in the result itself, but also in how the BTC world and cryptoverse have reacted to it.

In Wright v. McCormack, Australian/UK scientist Dr. Craig S. Wright sued podcaster Peter McCormack for libel (defamation in writing). McCormack in a series of posts on social media called Wright a fraud for claiming himself to be Satoshi.  Wright sued McCormack in a UK court for libel.

The outcome in the lower court: Wright won a judgment against McCormack on all libel accounts. But the judge awarded Wright only a symbolic £1 for the damages.

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

Bit & Coin

Merging Digitality and Physicality

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

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

Already a member? Log in here

Who needs blockchain/web3?

A recent post by Dan Thomas on LinkedIn brought up the issue of the usefulness of blockchain, web3, NFTs, etc., and touched on the question of decentralization and blockchain trilemma.

Any sign of sobriety during this intoxicating crypto frenzy is a good thing.

I partially agree with the original post, especially the point that many of the incumbent businesses shouldn't be excited about DLT and Web3 because, as the author points out, a lot of things they want to do can be done more efficiently and more economically using conventional database technologies.

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

Bit & Coin

Merging Digitality and Physicality

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

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

Already a member? Log in here

Truth in culture

“The irony is that only western culture allows dissent against culture and the acceptance of other ideas… yet western culture has the most dissenters.” Dr. Craig S. Wright, Linkedin post From a cybernetics view, a culture is a complex system that relies on both a base Unity and an active Requisite Variety to absorb (to deal with) the environment. The Western culture’s base unity is Truth, while the Eastern culture’s base unity is Order. For… Read More »Truth in culture

What backs the dollar and cryptocurrencies?

This analysis posted on LinkedIn is representative of a prevailing misunderstanding about the monetary system.  It is a misunderstanding that the US dollar (or any fiat money) is backed by the central bank, and a further misunderstanding that cryptocurrencies are backed by anything of more substance than what backs the dollar. First, there is an important distinction between money and currency to be made (see Money & Currency). Money is backed by value, while currency is… Read More »What backs the dollar and cryptocurrencies?

The Genesis block & a ‘set-in-stone’ protocol

A great post and an instructive dialogue on LinkedIn. A thoughtful question by Michael Fletcher led to Dr. Craig S Wright answering with genuine Satoshi authority.

Genesis does not just mean the beginning. The purpose of calling this the Genesis block relates to the fact that there was nothing but chaos in the beginning. The creation of the Genesis block takes data without form and void as darkness upon the face of the deep. With this, light enters, and the system forms. That is why it is a Genesis block.

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

Bit & Coin

Merging Digitality and Physicality

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

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

Already a member? Log in here