Friday 21st November

BITCOIN

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The Separation of Money and State

Removing money from monopolistic state control is the single greatest thing that could ever happen to the cause of human freedom. It won’t cause the state to fall, of course, but the nation state lives on its money monopoly above all else. That’s it main source of power. That’s why BTC matters – Jeffrey Tucker

 

Peer-to-Peer Electronic Cash

Bitcoin could/will stall in “maintenance mode” indefinitely and it would/will still dominate currency & payments. All other layers/features/applications will be built above or aside of Bitcoin the currency and payment system. The more Bitcoin focuses on “do one thing and do it well”, the better.

Bitcoin’s “one thing”? ** Peer-to-Peer Electronic Cash **

Peer-to-Peer Electronic Cash! How cool is that!? Bitcoin as-is excites me more than the ~potential~ of all the appcoin/2.0 ideas – Pierre Rochard

 

Coinbase Raising Giant New Investment at $400mill Valuation

Coinbase is expected to take in between $40 million and $60 million in the new investment. Venture capital firm DFJ is expected to be a new investor in this round, and most likely contribute the most funds.

Coinbase, founded by Brian Armstrong and Fred Ehrsam, has already raised more than $30 million, including a $25 million Series B round led by Andreessen Horowitz. Union Square Ventures, Ribbit Capital and SV Angel have also invested in the San Francisco-based company – Jason Del Rey & Liz Gannes

 

Pierre Rochard: This means Coinbase is worth 1/10th of bitcoin. I would argue Bitcoin is severely undervalued, not the opposite.

Mortuss Bestia: This isn’t smart money. Investment in a business that requires the success of BTC, just put it in BTC.

Pierre Rochard: I couldn’t agree more, though an element of venture philanthropy is necessary: The Correct Strategy of Bitcoin Entrepreneurship

 

Zeke: Mr. Rochard is right. Coinbase is doing valuable work, but why would I give up bitcoin (resilient, anti-fragile, zero counterparty risk bitcoin) for some stock and contractual investors’ rights in a company whose value is closely correlated with btc market cap (and may not even be generating a USD profit)? Same upside, much greater risk.

It’s so easy for a company to fail. It’s not so easy for btc to fail. For investors sitting on piles of USD, it would be better to purchase a btc hoard, and then use remaining USD to seed efforts to increase the value of btc. If I were Union Sq Ventures, I would ask my LPs for permission to commit as much money to buying btc itself, as is allocated to financing btc-related companies.

 

 

ALTCOINS

Gold

Gold has always been accepted without reference to any other guarantee. Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar,can match it. – Alan Greenspan

 

Counterparty / Ethereum

What a coup! CounterpartyXCP,

* Grabs the good stuff – Ethereum tech

* Ditches the bad stuff – Wonky economics, new chain. This is precisely what I’ve been telling people to do since Ethereum appeared. Ethereum has good tech, broken economics, and useless chain.

Core ethereumproject mistake: They let the fund raising dictate the tech. Ass backwards. Did not put product first. “Coin IPO” now locks ethereumproject into separate chain, even if not the best tech (it is not). Short term seed dictates long term design.

Jeff Garzik

 

 

MINING

51% Attack

Ghash down to 17%, Discus at 25%. Would take top 4 pools colluding to get to 51%”  Remember the hysterics over this? – Pierre Rochard

 

Complaints about bitcoin 51% often miss how low economic friction makes mkt entry easy. Low barrier = competitive.

Further, bitcoin mining mkt sometime unique in that software auto-switches between players in an instant. How many markets in the world can lose a 40% marketshare leader, and not care? – Jeff Garzik

 

 

 

COMPANIES / PROJECTS

Dunvegan Space Systems

Cost to access space has come down 2000x. Costs will continue to come down as reusable rockets become a proven technology – Jeff Garzik

 

 

PRIVACY / SECURITY

If “terrorists” really hate us for our freedom, shoudn’t it just be a mild dislike by now? – Trutherbot

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The Dark Net

In the end, Bitcoin + OTR is all the darknet needed. Talebian lessons throughout: for security, think via negativa? How A Russian Dark Web Drug Market Outlived The Silk Road (And Silk Road 2)

Michael Goldstein

 

Bitmessage

For receiving messages Bitmessage can be anonymous, but for sending it needs a trust-based layer like Tor to be anonymous. And on top of that, Bitmessage has had some horrendous security flaws in the past; e.g., for receiving messages it wasn’t anon – Peter Todd

 

Tor

81% of Tor users can be de-anonymised by analysing router information – Martin Anderson

The simple fact of the matter is that Tor was born of the needs of the United States Government’s intelligence community, and continued funding to keep the main Tor developers fed, clothed, and sheltered largely comes from the coffers of those interests.

Everything about Tor and its history should scream to the inquiring reader as loudly as it does to Yasha Levine that Tor is far an unencumbered gift offered to civilian users.

Perhaps for one of the Tor foundation’s recommended scenarios, that of dissidents in a regime hostile to the United States seeking to maintain contact across the wire, Tor might work as part of a multi-layered solution. Otherwise anyone considering stepping in to Tor ought to consider that all evidence points towards the Tor network having an “owner” even if not everyone who passes through there gets bitten – Bingo Boingo

 

 

PLACES

Argentina raids banks and financial houses

Tax officials have raided more than 70 financial organisations across Argentina, in what they say is an operation targeting money-laundering.

Agents targeted banks, currency exchange shops and other institutions in Buenos Aires and various provinces. Officials accused them of tax avoidance and of facilitating capital flight out of the country.

The country is facing a raft of economic problems including high inflation at around 40% and a row with US creditors – BBC News

 

Setting up a Company

Singapore and Hong Kong are Asia’s two economic powerhouses and occupy the top two spots on the Economic Freedom Index. They’re both fantastic places. But I’ve always been drawn more to Hong Kong, not only for the way the city feels, but as a place to base your business.

I personally believe a Labuan corporation in Malaysia gives a Singapore company a run for its money.

Value offshore jurisdictions like the Seychelles offer virtually no reporting, no tax, and very low fees (often under $1,000 per year out the door) – Andrew Henderson

 

 

THE SINGULARITY

* How impoverished are those who cannot feel a thrill as we explore – David Brin

 

* Fly for 10 years, travel for 6.4B KM and land on a 2.5 sq. mile comet traveling at 36,000 MPH. Damn impressive – Antonis Polemitis

* I now have to leave our Comet Landing party to go drive a rover on Mars. If that isn’t proof we live in the future, I don’t know what is – Mike Seibert, Driver for Mars Rover Opportunity

 

The Singularity is Here

This is such a cool set of facts. The birth of flight to landing on the surface of a moving comet in one lifetime – Rob Barrett

Flight: 111 yrs ago

Man in space: 53 yrs ago

On the moon: 45 yrs ago

Tech on Mars: 38 yrs ago

Comet landing 317,520,679 mi away: Today

SciencePorn

 

How Asteroid Mining Could Add Trillions to the World Economy

An asteroid less than a mile in diameter could hold more than $20 trillion in industrial and precious metals – John Aziz

 

Artificial Intelligence

In “Future Progress in Artificial Intelligence: A Poll Among Experts” by Bostrom and Vincent C. Müller, the authors come to this conclusion:

“These results should be taken with some grains of salt, but we think it is fair to say that the results reveal a view among experts that AI systems will probably (over 50%) reach overall human ability by 2040-50, and very likely (with 90% probability) by 2075.

“From reaching human ability, it will move on to superintelligence in 2 years (10%) to 30 years (75%) thereafter. The experts say the probability is 31% that this development turns out to be ‘bad’ or ‘extremely bad’ for humanity.” – Jason Papallo

 

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Follow me on Twitter @leebanfield1

Bitcoin: 1Jwh6nZiASJf4d3hNytjxqiimWBmEJvJ4S

Bitmessage: BM-2cXjeAykLT7gbjzNHZFnCxdawvyryyb4Nf

 

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