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Technology & Business

Left-brain thinking is destroying civilization

Dr. Iain McGilchrist’s UnHerd interview is worth watching. Such a profound thinker, whether you agree with him or not. Dr. McGilchrist is a neuroscientist and philosopher. His book The Master and his Emissary (2009) sets out the idea that the Western society has become dominated by narrow left-brain thinking, which is destroying the civilization. The ‘left hemisphere delusion’ described by Dr. McGilchrist is such a profound insight that everyone should at least give some serious thought… Read More »Left-brain thinking is destroying civilization

ChatGPT is both incredibly unintelligent and superbly capable at the same time

ChatGPT is still incredibly unintelligent. But it is also superbly capable at the same time. Let me explain with a very simple example. I asked ChatGPT if it could translate from Chinese to English. It replied sure can. So I submitted a long text in Chinese. It pumped out amazingly accurate translation. But then it stopped in the middle, with no further explanation. Zem: “Why did you give up in the middle? Was it because… Read More »ChatGPT is both incredibly unintelligent and superbly capable at the same time

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

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

Even BTC has become a security, but the original Bitcoin BSV remains a commodity

The crypto landscape has a defining characteristic: Most cryptos are unregistered securities, which are illegal the way they are promoted. They shouldn’t have existed, at least not in the current state. But they do. But how does such a world sustain itself? By hypocrisy. Here is a feature of the crypto hypocrisy: Facing the SEC, everyone wants to claim to be a commodity; facing the market, however, everyone wants to be a stock squared (better… Read More »Even BTC has become a security, but the original Bitcoin BSV remains a commodity

Bitcoin and the quantum threat

Is Bitcoin quantum proof? With the anticipated (or more often imagined) rise of quantum computing, this is an often asked question. First of all, due to the yet-to-be-solved (perhaps even unsolvable) unscalable error correction problem and the peculiar algorithm of quantum computing, it is still unclear whether quantum computing will ever achieve scalable general computation....

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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A brief history of Bitcoin

Introduction Bitcoin was invented at the turn of the new century and made public on October 31, 2008 by Dr. Craig S. Wright (a.k.a., Satoshi Nakamoto), an Australian polymath. Wright was born in Brisbane, Australia to a family of both intellectual and public service (military) traditions. His maternal grandfather, Ronald Lynam, was a mysterious World...

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 cancerous crypto

The entire crypto space has gone astray and wasted over a decade of time and many billions of dollars to build on wrong blockchains and ineffective infrastructures, business models and the subsequent ecosystems. Many causes have contributed to the failure, but the unregulated crypto exchanges can easily rank among the top three reasons. Due to...

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

Financial services and supply-chain management

Let us think about the following two numbers: – The total size of the present global financial services industry is about $20 trillion. – The total size of the present global supply chain management industry is about $20 billion. The former is 1000 times that of the latter. This is a picture of the entire...

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