There is zero evidence that crypto is creating any technical innovation connected to the larger economy, and a strong preponderance of evidence it is a net drain on society by circumventing the rule of law, facilitating tax evasion, environmental devastation, enabling widespread extortion through ransomware and incentivizing an increasingly frothy ecosystem of scams to defraud the public. Nothing of value would be lost by a blanket cryptocurrency ban.
Sunday, July 25th, 2021
Tuesday, February 19th, 2019
Honestly, cryptocurrencies are useless. They’re only used by speculators looking for quick riches, people who don’t like government-backed currencies, and criminals who want a black-market way to exchange money.
Bruce Schneier on the blockchain:
What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they’re often single points of failure.
Tuesday, July 11th, 2017
You can help support the indie web community with their fairly modest costs: about $200 each month for hosting, domain names, and the like. Also:
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Sunday, April 10th, 2011
In his talk at the Lift conference last year Kevin Slavin talks about the emergent patterns in trading algorithms, the bots that buy and sell with one another occasionally resulting in events beyond our comprehension. It’s a great, slightly dark talk and I highly recommend you watch the video.
This is the same territory that Daniel Suarez explored in his book Daemon. The book is (science) fiction but as Suarez explains in his Long Now seminar, the reality is that much of our day to day lives is already governed by algorithms. In fact, the more important the question—e.g. “Will my mortgage be approved?”—the more likely that the decision will not be made by a human being.
Kevin Slavin mentions that financial algorithms are operating at such a high rate that the speed of light can make a difference to a company’s fortunes, hence the increase in real-estate prices close to network hubs. Now a new paper entitled Relativistic Statistical Arbitrage by Alexander Wissner-Gross and Cameron Freer has gone one further in mapping out “optimal intermediate locations between trading centers,” based on the Earth’s geometry and the speed of light.
A marginally intelligent voicemail virus masquerading as an IRS auditor has caused havoc throughout America, garnishing an estimated eighty billion dollars in confiscatory tax withholdings into a numbered Swiss bank account. A different virus is busy hijacking people’s bank accounts, sending ten percent of their assets to the previous victim, then mailing itself to everyone in the current mark’s address book: a self-propelled pyramid scheme in action. Oddly, nobody is complaining much.
High in orbit around Amalthea, complex financial instruments breed and conjugate. Developed for the express purpose of facilitating trade with the alien intelligences believed to have been detected eight years earlier by SETI, they function equally well as fiscal gatekeepers for space colonies.
The damnfool human species has finally succeeded in making itself obsolete. The proximate cause of its displacement from the pinnacle of creation (or the pinnacle of teleological self-congratulation, depending on your stance on evolutionary biology) is an attack of self-aware corporations. The phrase “smart money” has taken on a whole new meaning, for the collision between international business law and neurocomputing technology has given rise to a whole new family of species—fast-moving corporate carnivores in the Net.
Wednesday, April 6th, 2011
Freaky stuff. If you’ve seen Kevin Slavin or James Bridle talking about the increase in property prices on Wall Street as the buildings get closer to the network hub …that’s nothing—these are the new centres of world power; places where the speed of light interferes least with the speed of transactions.
Friday, January 6th, 2006
An article delving into the crazy, crazy world of the US Patent Office.