The term “In the nick of time Stock” was created to refer to the efficiency companies could possibly gain by not binding their funds in stock that relaxed on warehouse shelves up until the product was needed. The issue of keeping inventory is that it ties up money you could or else require for productive uses. Resting on racks hanging around to be purchased or utilized in assembly is not. New effectiveness designs began in the 1950s Japan to wage new procedures as well as regulations that aimed for ideal timing for all business operations. The term “In the nick of time” was eventually promoted to be applicable in any way factors of business process.
Having your supply days approach zero was the best but, thought to be difficult, goal. Then the Web came along. It ended up being feasible to have adverse inventory rates. This suggests that you could possibly take an order for a customer as well as have it’sed a good idea completely for just before you even have the parts or item itself. Dell computer systems had the ability to undercut competitors utilizing this brand-new efficiency. Amazon.com could possibly sell books without ever having to stock them. Although, the book could be oversold for their predetermined printing run as well as come to be out of stock– but these were inefficiencies from the source, not their very own. A paradigm modification took place as a result of the brand-new online company models. They decreased variant in price as well as stability, which enhanced product and top quality. A brand-new breed of retailers were birthed interfering with the old standbys.
Bitcoin can now be dealt at Circle.com equally as efficiently. When Circle.com has actually verified one’s financial institution for normal bank transfers, cash money funds relocate through the typical banking techniques to get to Circle. Then point, one could deal bitcoin in seconds. They make it as simple as doing cash down payments as well as drawbacks, without costs. This now implies you can have your bitcoin ‘in the nick of time’ to make your online investments making use of bitcoin– also after you have actually made your purchase online and you are in ‘take a look at’. Merchants have had the advantage of no volatility– there is lastly no volatility risk to the client too. The merchant had been safe in this regard by selling the bitcoin immediately upon its arrival to use the stability of the US buck. As merchants aren’t typically in the bitcoin speculation business, they have to follow their business plan and that means fiat money. When you buy it ‘just in time’ the client has no requirement either handle the danger. Previously to Circle.com, folks would certainly have to acquire bitcoin making use of an ATM or other exchange and then really hope that the comparable US buck worth would be equal as they invested it However as bitcoiners– we know to keep stashing greater than we spend. * wink *.
But now it’s altered. One can put the order on Newegg.com (or various other on-line retailers) and also not actually have the bitcoin yet. Once you’ve clicked the “compensate with bitcoin” you are given 15 mins to finish your acquisition. At this point you can select over to Circle.com and instruct a repayment to be sent. Even better, don’t invest your bitcoin savings, and merely transfer money from another financial account over to Circle as they accept your account with bitcoin instantly. Then one can merely onward that money from the Circle pocketbook to the Newegg.com to complete the purchase. Easy-Peasy. Just in time!
This was done just recently with combined reviews. If there is budget software on the PC, the Newegg check out will certainly discover that and will wish to transfer the bitcoin from that source first. If it takes more than simply a number of minutes the worth of bitcoin to dollar proportion could alter rather, as it finished with me, so that after I acquired my product with the set agreed quantity of bitcoin I then needed to make a second settlement of 88 cents to cover the expense of the difference in price for the last couple of mins. Newegg’s implementation of bitcoin payments could possibly enhance. It is still a bit cumbersome. A fifteen min hold-up as well as rate spread could work out in your favor or not, but a fifteen minute window of price ‘depend on’ would be nice to not have to make multiple repayment efforts for the product you merely consented to acquire. Will the other be true if the price of bitcoin shoots up in the 15 minute home window giving you the immediate price cut? Because window of ‘count on’ often you gain, often you shed, yet it will likely level so it might be better to simply “stop briefly” the outdoors bitcoin trading globe for a couple of minutes for that people transaction while the payment is completed.
While we are discussing Newegg, their multiple warning screens about spending for things with bitcoin didn’t specifically provide me cozy and fuzzies. I have actually had best of luck with Newegg– so if it’s wrong, I trust that they will make it straight as they’ve done in the past. I suggest that Newegg and also various other on-line retailers could build good-will if they open a brand-new “Bitcoin Customer care Desk” that flexes over in reverse to see to it the customer’s encounter goes 100 % excellent. Till third party arbitrage business versions establish, they will certainly be doing the arbitrage in support of the “would be” credit card firm. A few of the 3 % they simply saved have to be put to work building out a department that deals with a repayment confusion end of the spectrum. If they don’t obtain it straight, it will set bitcoin back up until third party firms come to handle it. Bank card really utilize that 3 % of every investment to take care of these business functions so it is a service someone is paying for. (Passed along to owners when all things thought about).
I’ve not had to depend on a charge card settlement to force Newegg to act. Yet I assumed numerous warning displays concerning using bitcoin were likely the outcome of an army of Newegg lawyers not understanding ways to take care of unexpected danger making use of the speculative money. I’m okay with that said: brand-new innovation tends to freak legal representatives for the very first couple of years. This has the tendency to vanish as well as relax when there are a few instance regulation precedents they can utilize to navigate the uncharted waters. We all tend to be a little over careful as we shape brand-new pathways. Things are consistently a little tough in the beginning, that’s why we intend to get the bugs exercised now– and we are all component of that procedure and history -my fellow money and also settlement system pioneers.
I really did not have to offer my charge card information; this time. I’ve bought often times from Newegg in the past so my charge card details is still on file on some database somewhere I’m sure. At least a model of it before the Residence Depot attack, the K-Mart strike, the Target attack, as well as my regional burger joint hack strike. Newegg has my credit card record from a year earlier, meanings it is now 4 credit card numbers ago thanks to the revolving door of replacement charge card I’ve obtained in the mail after each bank card hack strike. It reminds me of the days in the 80’s where you could possibly sign up with a record club to obtain ten FREE albums for the rate of three. The catch was that you were sent a random complete cost record each month if you failed to remember to return a regular monthly notice informing them to hold off for that month. That was such a sweet as well as upright fraud of yesteryear, and I still have a couple of shiny as well as extra “Hall as well as Cereal” documents to bear in mind it. As for anybody understands– I did NOT really intentionally buy the “Air Supply” album if any person asks. Permit’s merely state I’m thankful there wasn’t a block chain then to confirm it.
So this will be my brand-new method. I’ll shop first at business that approve bitcoin– I’ll make my purchase, swap money for bitcoin at Circle.com in the nick of time to complete the transaction and away it goes. “In the nick of time Bitcoin” is bounding to transform points. My monthly credit card statements are bounding to end up being a whole lot shorter.
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New Hampshire – the first colony to sever ties from Great Britain – is once again leading the revolution. Along with its centuries-long “Live Free or Die” culture, New Hampshire is becoming a Mecca for digital currency enthusiasts. In just the last few years, Bitcoin experts and entrepreneurs have been eagerly coming to New Hampshire to spread their message. Many Bitcoin users are members of the Free State Project: a cooperative organization encouraging liberty-lovers to migrate to New Hampshire. Members of the Free State Project range from Democrat and Republican Party members to crypto-anarchists, and many in between. As Bitcoin represents an incredible technological advance in the direction of liberty, it should come as no surprise that early Bitcoin movers are invested ideologically as well as financially.
Here are some examples indicating Bitcoin’s growing popularity in the Granite State:
Manchester, New Hampshire, is home to the longest-running weekly Bitcoin meetup in the world (soon to hit 121 weeks). Most meetups number 15 to 25 attendees, with a diverse crowd of families, young professionals, teachers, couriers, programmers, inventors, businessmen and more. They gather to eat and drink, hang out, and especially discuss Bitcoin news, altcoin projects, price speculation, new applications for Bitcoin, and more.
New Hampshire Bitcoin businesses are growing rapidly. The owners and founders of Lamassu, maker of the popular Bitcoin machine, live and work in Manchester. Restaurants, law offices, barber shops, painters, a martial arts studio and many more businesses accept Bitcoin in New Hampshire. According to Coinmap and Wikipedia statistics, there exists one Bitcoin-accepting merchant for every 44,000 of its residents. This is 4.3 times more dense than neighboring Massachusetts, 4.8 times more dense than the state of New York, 2.5 times more dense than Texas, 2.9 times more dense than California, and 2.6 times more dense than Florida.
The Free State Project, which has been accepting Bitcoin since 2011, holds two annual events: Liberty Forum, which is held in the winter, and the Porcupine Freedom Festival (Porcfest), which is held in the summer. Both Liberty Forumand Porcfest are Bitcoin-heavy, featuring large displays of Bitcoin companies such as Blockchain.info, and inviting speakers such as Patrick Byrne, CEO of Overstock.com, and Erik Voorhees and the Coinapult team. Bruce Fenton, Roger Ver, and Erik Voorhees are all signers of the Free State Project, having pledged to move to New Hampshire once a critical mass of fellow libertarians have signed on as well.
In addition to instances of purely societal growth, New Hampshire politics itself is becoming changed by Bitcoin. Mark Warden, a realtor and New Hampshire state representative, is among the first of the elected officials to solicit and receive Bitcoin donations for political campaigns. After the election, his team subsequently educated the Secretary of State’s office on Bitcoin, including handling it and accounting for it in campaign finance matters. Upcoming candidates in the 2014 election cycle are joining the Bitcoin train, including State House candidates Shem Kellogg and Andre Rosa, among others.
In the gubernatorial race, it’s Andrew Hemingway that is ahead of the curve. In an interview on Follow the Coin, Hemingway explains his position:
…New Hampshire is a state where we have the opportunity to create the exact opposite situation [regarding] things happening in New York. To do that, we need a governor who understands cryptocurrency, who understands the entire technology framework that’s involved around the blockchain, and the potentials there. And to make sure we keep government out of the way, and to stop government from crushing innovation, which it is prone to do. So I am running on a pro-innovation platform and a pro-technology platform; …we’re very forward looking. I think New Hampshire is a state that has a great potential for the crypto market. I’m running for governor to try to push that.
Hemingway has also expressed ideas regarding utilizing blockchain technology within the State apparatus. Paying public contracts or collecting micro-transactional fees could become vastly easier and more transparent with Bitcoin or with a similar decentralized digital currency. An anonymous New Hampshire driver earned a few minutes of fame on reddit for being the first person to pay a parking ticket in Bitcoin through the use of Brawker.
As Bitcoin use becomes contested or prohibited in other areas of the world, various States will respond accordingly. Some States – culturally or economically tied to a superpower – will fall in line behind a major decision regarding legality. Others will break from the norm, hoping to attract real innovative value from what the rest of the world has shunned. Certain countries of Europe such as Switzerland have acted this way with regards to privacy and digital freedom; places like Hong Kong or Singapore are seen as oases of economic freedom.
Despite whatever obstacles states place upon Bitcoin use, it will continue to grow. It becomes stronger as more people become familiar with Bitcoin and begin preferring it. While Bitcoin demonstrates that geographical proximity is not required for money to emerge, having a concentrated mass of Bitcoin users accomplishes two related goals: 1) Establish local trade patterns with others using Bitcoin, thus experiencing firsthand living a fiat-free world, and; 2) Acculturate the surrounding members of mass society, such as enshrining Bitcoin protection into law and accelerating merchant adoption. Eventually, as Bitcoin becomes more popular in New Hampshire, it will begin to make inroads in people’s economic lives. They will see Bitcoin down the street and in the newspaper, they will see goods quoted in terms of it, they will hear friends or family talk about it. Over time, this becomes the “new language” for commerce. As Bitcoin begins to shake up the world, it is important for there to be locations and groups of people familiar and accepting of Bitcoin rather than those that choose to fight it. New Hampshire is beginning to look like that place.
How many of you heard of Counterparty (github)? Awesome, wonderful, that’s encouraging sign. How many of you have a Counterparty asset (counterwalletgithub)? Oh wow, I am in a good audience here. I thought it was more of a introductory course, but good. I want to try to teach how to use those assets and really start thinking what those assets mean. A lot of you are probably very depressed about the BTC price today but Counterparty is doing well and I think Counterparty is here to stay. I think there’s a lot to Counterparty and I think the best way to really introduce us to power of assets in Counterparty is to kind of think back in history. For an easy example, let’s back into the year 1793, there was a coffee house in the New England colonies.
In 1793, classes capitalism was in the air, monarchies were coming to an end and there was a real spirit of commerce and there was a real enthusiasm for new model by which [they] could all could engage in trade and gain wealth and run a society. This coffeehouse was the Tontine Coffee House. There was a lot of fighting in the Tontine Coffee House, there’s a lot of trades, there’s a lot of ousters, there was a lot of speculation. There’s really a lot of the things we see in Counterparty including gambling. It wasn’t an uncommon in this coffee house for people, when the lights went out, to get the cards out and play some games and enjoy themselves. So I think that Counterparty is very similar in theme to the state of the Tontine Coffee House was in 1793.
A Counterparty as most of you know is a place to manage cryptographic assets. It’s a wallet for managing those assets. It’s a distributing exchange, a clearinghouse for all of these assets. And I think it is worth noting what happened to the Tontine Coffee House, it became the New York Stock Exchange about 30 years later and this is the prototype for what was the final version of the Tontine coffeehouse. In fact Tontine Coffee House itself converted to the New York stock exchange as it was located on Water Street and Wall Street. So we would expect the same kind of outcome here with Counterparty. I think one of the things that really separates Counterparty from everything else in the space is its use of the Bitcoin Blockchain.
I think this is really important and I think that we should give it a significant amount of credibility for this reason. In fact I think we should put all the faith we have in Bitcoin in Counterparty for this reason. I think that though there’s a lot of excitement about the altcoins. I know there is a lot of cool stuff being done in these other platforms, BitShares, the NXT, etc. They all require the trust that is not present in their blockchains. They all require a lot of trust in order to run. They need mining trust, they need mining energy, they need all of these things that are really difficult to acquire. It is difficult because blockchains work. Because blockchains work, miners are incentivized to join the longest chain. Well, guess what? [Bitcoin] is the longest chain that’s going to remain the longest chain. It’s the first mover that has that advantage.
I think a lot of the stuff that Andreas says about assets, is absolutely spot on. I think we’re headed towards the world where there are tons of altcoins but it is time to start talking about them in terms of altcoins and altchains. I don’t think that there’s a lot of competition in the altchain space. I think there’s tons of competition in the coin space and I think that’s what Counterparty does.
And in a lot of ways too, this hearkens back to the early days of the Internet. There were competing protocols for HTTP. There were commercial protocols. There were things like Gopher and nobody who wanted to do website back then or wanted to do web platform really succeeded in creating an alternative to HTTP. And I think that’s what you’re advocating with some of these altchains. It’s like you’re creating a new chain, but let’s just use the one that works. You’re never going to beat the faith that you already have in that chain that is the longest.
So for those of you don’t know, Counterparty is principally built on Bitcoin. All transactions require Bitcoin in order to persist on the network. There is an additional currency, the XCP which is itself an asset. It’s a special asset that could be thought of as a stored value in escrow or Bitcoin in escrow, but is not the principal currency of Counterparty. The principal currency is Bitcoin.
In fact, for those you don’t even have a Counterparty wallet, you are a Counterparty user or you could be. Any person can work with any of your addresses and in a Counterparty capacity and store data about you and gives you access your addresses. You are already in on Counterparty. I think this’ll be a popular realm for apps as well. The addresses that you have on a Counterparty network are not separate addresses. They are just your Bitcoin addresses. You can import your blockchain wall all the address into Counterparty, you can generate a new address straight from Counterparty but they’re all Bitcoin addresses and one of the neat things about the Bitcoin in this capacity is it attests to the intrinsic value that a lot of us have been claiming exists in Bitcoin.
It’s there as is realized by Counterparty. I think too what is cool, is that in a lot of ways the Bitcoin has been compared to digital gold and a lot of ways it is digital gold and in a lot of ways too it will function as did physical gold and that this resource, this commodity will back other platforms. It will be the basis by which we create economic systems. They will be back at some level, a little different than physical gold, but in some level by Bitcoin or by this digital gold and again this is Counterparty itself leveraging that faith in this digital gold for your own assets.
I think that it’s important to you all recognize that lets you decide to check out Counterparty, maybe it will or maybe it won’t succeed but certainly all of your work will remain there. You could always migrate it to another platform in the future should one materialize. You don’t have to worry about if the chain forking. You don’t have to worry about a lot of problem of your investment not realizing itself do a problem in the protocol because it is based on Bitcoin. It’s not going anywhere and certainly I do think the Counterparty is in it for the long term, but it’s a very low risk engagement for any of you who are thinking about how to engage in the 2.0 space.
So here is a slide which is the asset creation slide for anybody who hasn’t created a digital asset. It is exactly this simple in Counterparty. There’s a Bitcoin address to not it there at the top. There’s a name for this asset. I use the name of presentation here but it could just as easily been gold or it could have been MSFT or anything like that. There’s a description, easy enough, there’s a quantity, that how many of me these assets are available. How many shares you’re issuing or how many pounds of lead might be holding in your basket or any of these things. There is an ability to make it divisible, so are their sub units, we can spend cents, fractions of a unit and there is a callability check box. To be callable is a really feature. It allows you to issue an asset and then buy it back at a by a later time for a negotiated price.
Typically this negotiated price is flake, just some amount for the purposes of removing it from somebody but there’s some really creative applications that you can do with this. I think it’s important too that you understand that an asset is decouple from price, all assets are. They are meant to exist in the market in terms of the pricing one way or another. So there’s no declaration of price on the screen. There are options for fixing the price in the form of a vending machine. If you wanted to, you could issue your asset for a vending machine amount denoted in USD or either BTC but it could also be a Counterparty asset itself. It could be that I’m offering up sheep to for two units of wool or some such thing. That is an option that’s presented to you through vending machines. You can look into in your own time and we’ve been talking about that here in a bit.
Another nice component of assets that is also available to you, is to go to distributions. This is really popular with some of the mining pools. You’ll see that mining stake in a pool. There are numbers of pools who are doing this where they are issuing assets for your share in the pool and they’re issuing dividends to that asset which is a quick like one click process for you if you wanted to do it. It’s very straightforward. It’s a very traditional sort of use, a twentieth century use of assets and it is also important to note that asset registration costs you half an XCP to create. That’s worth knowing. That is a proof of work of sorts that prevents spam into some other things. It’s a very low cost. At the moment, it’s probably a couple of bucks and there’s about 4200 assets that are defined right now on the network.
Most of them are not being used. Most of them are in fact just squatted addresses, but the ones that are there are typically commodities and share applications, something very traditional and I think that that kind of harkens back in the Tontine Coffee House sense to, people that were coming from the old world using the new technology in a way that they knew from the old world but not using the technology in a way that the new world can use. So let’s look at more creative use of assets. Now unfortunately for as much as I love this example, they are not actually using Counterparty. I don’t know why they’re not using Counterparty other than it’s new. It’s a new business and they’re probably trying one thing at a time. I’m hoping to send this to them hereafter and the case for why it would work better on Counterparty system. We’ll see if they take me up on that.
99Gamers is a really cool website that offers a marketplace for used video games. Right now, you’re looking at The Legend of Zelda, which is for sale. The inventory isn’t held by 99Gamers. It’s an eBay-esque interface whereby listers can list their Legend of Zelda cartridges and post them for sale. There’s actually four games for sale but the image cut off with the first two. The first two listings, you’ll see that there is one Legend of Zelda for sale ads at 20 units and one at 24 units. Those units are gamercoins. Gamercoins are cool. Gamer coins are bought at the price of 1 USD per gamercoin. They have a vending machine set up on the 99Gamer site and you can buy them off of them there and you insert USD into the machine and you receive gamer coin in your account. In this example, it’s noted in that sort of quasi retro way which I like. So the marketing perspective has been managed well.
There’s no sub units in this presentation and I think it is very well coming from a branding standpoint right off the bat. Gamers know virtual currency and I think this is doing a good job of presenting it to them in that capacity. But then you ask, okay so no big deal, just marketing is all that you get from this. Well, no, there’s some really cool features you get on top of that.
So first and foremost, it lets the 99Gamers community engage in money creation which you can’t do in US dollars. Money creation of course is illegal in US currency and impractical and impossible as well, but it’s very easily done with gamercoin and in fact, that’s what they did. So even though they’re selling the gamercoins, there are more gamer coins that have been issued that were pay for it. Those additional ones that were issued were used by 99Gamers for the purposes of marketing their website.
They issue these created gamercoins to other bloggers to other YouTubers and send, “Hey, check out the service, see what you think.” And those people did that. They went ahead and check out the service and they liked it and they wrote about it and they got a community engaged and in that capacity, they were able to offload a lot of their marketing budget with this created money that cost them nothing. At some level, those represented shares in the company or some such thing that were given off, but that’s what they did. And so they offset their entire marketing budget ,I believe quite nearly, with their gamer coin creation. And then this also speaks to the value of community in a coin. Andreas talks about this as well. But when you create a community, you need a share stored value, a shared token by which they can confer value and stored energy and stored work between each other. So when you create these currencies, you’re also fostering involvement from other community members in a number of ways and we will get into that.
So this also brings up, well then why should 99Gamers use Counterparty, why can’t they just do it themselves? What is it that Counterparty brings them that they’re not getting from their existing silo? Well, the easy answer off the bat with that is that there is a lot of work that’s been done. They have a lot of effort in their shared libraries. You don’t have to worry a lot about persistence and a lot of security matters. So for programmers, easy integration and that’s a slum dunk right there. But the more specific reason economically is that you’ve created a market and I think for a lot of people this right here says enough but to spell it out more clearly,
You’re not smarter than your customers. You’re smarter than most of your customers but you’re not smarter than all of you customers and when you create a market, when you create faith in a currency, you’re allowing for people to specialize, to create value to manage their imports and exports in your created currency and you’re creating a larger community and you’re creating a greater faith and a greater contribution in your currency as well. So I think that that really is hurting 99Gamers. You can certainly imagine that 99Gamers users would want to perhaps bet on the outcome of a game play contest, maybe there’s been a twitch TV for which gamercoin would be awarded but they can’t do that because it’s in a silo.
Or even better, right now they’re only selling gamer coin for USD but what about Turkey? Maybe there is a lot of gamers in Turkey that want to buy and sell games that they can’t buy and sell games using USD, so you decentralized that when you put it into a marketplace, perhaps some enterprising individual in Turkey will take it upon themselves and create a currency creation service that will add a little [fee] on top of the 1 US dollar and he will keep that for himself. 99Gamers will be happy because they create a larger market and certainly that enterprising individual will be rewarded for his work and if community gets larger and everyone’s happier, so this is another great argument to be made for decentralizing your currency even in your own silo. And in a lot of ways the objections that I’ve seen to doing this type of thing are every similar to the objections I’ve heard like, “Why would we want to integrate Twitter or why would we want to integrate Discuss?”
These are things that, yeah, you could have done yourself but it benefits from the network effect. So by joining the larger community and joining the registries that are greater than your own site, you added value that’s greater than the sum of your parts.
And I think too that communities are really big topic certainly like a whole 2.0 website sort of trend in general, but for all of us here that are running websites, your goal and your aspiration should we create something that is a group of people that have a combined interest. We see this a lot right now where personalities are forming online and certain segments. Maybe you’re into corvettes. Well, there’s a form for corvettes and there’s YouTube channels for corvettes and there’s all of this sort of incidental networks that are themselves within the internet. They don’t have a shared currency so we will start to see that change.
When we think about what Counterparty can do, it needs to exist in the sense of how do we enable any given community to work better? How do we create a small economy? What are the imports and what are the exports of this community? What is it that the problems that they for storing value amongst themselves. So when you’re thinking about your own projects when you’re watching this, I think that you got to think about well, what problems do I have that can be tokenized? What resources or scares that I have that can be put into units so that they could be expressed on a change. In gamer coins’ case, yeah, they take in US dollars and they export gamer coin but in a lot of ways too they facilitate comers by video games and such.
And these are things that they’ve tokenized at some level and will continue to tokenize on their site and they will just be an intermediary they will be a gatekeeper.
And for those of you who are thinking about using Counterparty, certainly you are enabled as a monetary control censor to exert a lot of power over your community in that role. So I think to a very common concept of tokenization here is with most websites which in many ways have an economy where content is the important and attention is the export and so with that, let’s look a little bit intoLet’s Talk Bitcoin. Let’s Talk Bitcoin probably most of you or all of you have heard of it, I’ve contributed content in the show. I like contributing content to the show. In a lot of ways that probably around I think Counterparty is working with this community. LTB started as a podcast, a smaller podcast then a larger one.
It then spread into a network where additional podcasts where added. More community involvement and more content was being generated. Articles were being written. Foreign posts were being added and then at some point, Adam Levine decided to introduce LTBcoin and when he did LTBcoin at first, I didn’t really get it. It was kind of hooky. It was kind of weird. I don’t think that Adam Levine entirely got LTBcoin but I earned some. I earned some for typing in the magic word on the site. I earned some from doing correspondents out in the field. And so I had this LTBcoin and I’m like, “Okay, well what does this do for me?” And then I realized at some point that well it does for me whatever I want it to do for me because it’s not my silo. And so I’m in a position now to perhaps offload some of the work that I don’t like to others and spend my own LTBcoin.
I hate editing. I love generating content. I’m recording this right now and I’ll be recording other events here. I don’t want to sit at home for six hours and pour over those documents but I’m sure somebody does. I bet you there’s a lot of people who weren’t here, who want to know the scoop first on the form so I’ll offer somebody an editor position. I’ll say, “Hey, why don’t you take 50% of my LTB coin and you take it.” And they’ll take me up on that and what we’ve done is we enable the specialization of labor. The economy is now more efficient. There’s more actors in the economy. There’s more faith in the economy and in the community of LTB and so I think that type of success story can happen with any of your sites for no cost to you by enabling these types of tokens.
In the case of LTBcoin, the export itself advertisements on the show so at some level, we can take these LTBcoin and sell them to others under distributed exchange for things like Bitcoin or maybe gamer coin or whatever else it is we want for our efforts. There are other examples of Bitcoin integration in LTB that I think are very significant. They are now implementing access tokens. For those of you who have been in the forms for long enough, you will be issued an early token, E-A-R-L-Y, early and with this token attached to your Bitcoin address, you will be able to access some premium features. There’s a very limited membership. The first X thousand users, I don’t remember how many it is, those people are at some level or another greater than other people in the community and you know we don’t exactly know where this is going to go. This is maybe a hokey feature, maybe it’s a great feature but these are the types of things that are being played and I think there will be some really smart uses of things like access tokens on website.
Maybe I’m investing a lot of time into LTBcoin to make it a great community and maybe I’ll sell my early token down the line when I decided ah I’m not into Bitcoin anymore or that probably won’t happen, but something like that. So yeah, we have a lot of exploring to do. There’s a lot of lessons to be learned because I think we have all of these tools that are here now.
My concern isn’t that they will be using properly whether they won’t be used so I like to get up here and tell all of you about the things you can do with it and encourage you to do that. I think that all of us are economists of one kind or another. I think most of us are really, really, really bad economists. I don’t see Jeffrey Tucker here so I’m guessing that’s true, maybe I’m wrong. But it’s important that we start experimenting and checking it out and seeing what works and writing about it and I think that there will be a lot of like grand slams that are just going to be hit up the park with somebody who really did it right and ended up controlling an entire communities, monetary supply.
And again I can’t emphasize enough that the efforts that you put into Counterparty are not wasted efforts. They’re not wasted efforts because you can always leverage the data. You don’t have to worry about the chains forking. If you decide you want to move it into another network later, it’s not a big deal. You don’t have to worry about that data going away. You could conceivably import that economy into the next one. So get started today!
And things that I’ve been thinking and these are rudimentary examples but stuff that you guys can start thinking about. You clearly have websites, many of you, and you probably think about selling advertisements or endorsements or things like that so tokenize it. Rather than sell ads for dollars or for Bitcoin, offer ad credits, either 5-minute mentions on your podcast or maybe thousand impressions on your site and tokenized it and then sell the tokens. That’s one easy thing you can do right off the bat. You can also engage in money creation once you’ve done that.
So you can do things like awarding listeners in that token or maybe you could do giveaways or something like that where perhaps the community starts to buy them and you do like a raffle and somebody wins an interview on the show or something like that. It gains faith with users and it starts to encourage them to explore as well. Other things that you can do that I’ve seen that are really cool are things like invites and tickets. So if perhaps you’re issuing for tickets for conference like Coins in the Kingdom and you have a limited early access ticket, you can have 300 of them your sell. You can issue those on the blockchain and you can sell them via a vending machine on the blockchain. Other people can turn around and sell them themselves. That may create additional faith in your network. It may also show you that the market price is too low or things like that and then additionally if you wanted your supply to be publicly inspected and validated by the community, you can do so because it’s public data.
Voting is another really interesting application I’ve seen. I’ve seen a lot of these mining pools that start using Counterparty move towards voting as a Counterparty application. I don’t even know what those votes are because I monitor the blockchain and I see them declare and I see them going on but typically it will be something like okay; we’ll issue a hundred vote shares. We give those to our hundred miners and then there’s a decision to be made, the decision to go left or to go right. So they have those tokens and they can spend it on the address that is right or they can spend it on the address that is left and then we count the tally after the date and maybe we call back those assets but the vote was held. In that example, that would enable them to buy and sell votes. So that may not be the kind of democracy you want to run on your site but it might be and then too you’ll be able to see that that is going on.
You’ll be able to audit the transition. So maybe there’s some additional programmatic rules that you want to add on top of that, the nature of the transitions that can happen with those assets could construct whatever economy you want to define or whatever platform you want to define. Again we’re in the Tontine Coffee House. This maybe a great idea or a bad one.
Gamification is really cool. I’m seeing some stuff along those routes. So we all hateCandy Crush, I know but it works for a reason and so with things like Counterparty, maybe you want to have a forumcoin for your forum. And if they sign up another user, they get an additional forum coin. If they post more, they get more forum coins. If they tweet about your forum, they get awarded those forum coins and then maybe you have a raffle or something that could be redeemed for some other outlet for them or maybe they buy ads on the forum with that. That’s the kind of thing that you can do to engage people using Counterparty.
And yeah I think you really need to think about your community in general. So on that note, we’ve seen this before, there are torrent sites typically like private torrent sites where there’s only a thousand users accepted and then you have to like plead or buy an emission to that torrent site. Well, you could instead perhaps issue access tokens for TVtorrents.com or something where you have a thousand entry tokens and these are sold by a vending machine or they’ve giving out or whatever it is and you can kind of monitor then who is active user, who is not an active user. You can entice people, perhaps, to leave the network or stay in the network if that value through that torrenting site became popular, that the cost of access would go up and you can conceivably see people sell their use to somebody else and maybe there’s a better person that comes in, maybe there’s a worst person comes in but these types of things can happen because it’s outside of your silo now and these are decentralized tokens.
There’s a couple of people doing this in the mobile space, so Gems is one example. I don’t know if this project will work or not but it’s a really well designed website and the product itself might be pretty stellar. Gems are what you can earn by using this app. It is a kind of instant messaging/telegram sort of app. So iMessage that kind of thing and as you invite people and as you use it, you earn gems. Those gems can then be redeemed for unsolicited bulk messages, you know, spam to other customers. So maybe it will work really well, maybe it will reach the total spam cesspod, I don’t know but it’s a cool app that we’ve never really had before.
Similarly there’s a mobile app called Bitsies. Bitsies is kind of cool too. Bitsies allows you to post pictures either blurry pictures or one picture out of a gallery for which Bitsies must be spent in order to see the rest of the gallery and has a very Instagram-esque interface and when you post these messages to people, you can post a teaser, you can then receive Bitsies and then you can unlock the rest of the image gallery. I don’t know if it’s a porn kind of concept or if it’s not but it could be any of these things and so an app that’s kind of cool and they also use Counterparty assets for this.
Meat Space! we’re not limited to just the internet stuff. Obviously that’s where I live most of the time if you haven’t seen my goofy hat collection, but there’s plenty of apps in the real world as well. Because the mobile integration I think is pretty easy, we can expect all kinds of stuff here. So right now, there’s a major problem that we all have which is the stupid customer loyalty program tickets that we can redeem for free stuff or discounted pricing and all of these things.
Well, in the case of Counterparty, again we’re all Counterparty users. So if in this model where you’re using Bitcoin to buy your groceries, they can issue a Counterparty address to your blockchain wallet and they can read your asset list as well. So they can load you up with bonus programs or if there’s a buy 5 get 1 free program. They send that to your wallet in Bitcoin. You don’t have to opt into it. You’re already a Counterparty user so this isn’t in many ways akin to like almost cookies where I think in HTTP but you can see that you’ll have things attach to you either because you ask for it or because you didn’t, but these assets will follow your Bitcoin addresses. So imagine all kinds of applications for that. Certainly there’s some tracking systems you could do if you want to be a little nefarious although I don’t think that’s the primary use. You could do like I said things like loyalty programs.
So like these customers have been with us for a year or something like that and now he gets the discounted pricing or something. Maybe he spends $100 a month on gasoline. He’s earned $5 worth of gasoline and that will attach to your Bitcoin address and you’ll be more or less automatic if they use Counterparty on their end, at least in your interface, but we can see them for all kinds of stuff.
I know the BitNation people here are here are some pretty ambitious plans where you can think of things even like the government space where tokens could be use, things like liquor licenses or I guess well maybe medallions, I don’t know if we were still going to make that relevant, but things like that. Tickets to events of course, maybe you want to get into the front door so you either present the coin address, they scan it.
They see that you have a ticket that’s on there or you just spend it right out the gate that will let you in. Airline miles could follow around, like sort of quintessential example of private money. I don’t know if that’s meat space money or not but it might be. Coupons, everybody remembers the days of cutting coupons. Well, those could be loaded up on your blockchain wallet and you could spend them at the store thereafter. That’s very doable. Limited time offers, maybe something is available for the next day or so. They issue an asset. It’s on your phone and they call it back. So yeah I think that it will be useful in meat space as well as Bitcoin becomes more ubiquitous.
So there’s more to Counterparty than just that but I want to limit it just so to the asset aspect. It’s a new project and it’s gotten very far and very little time and it’s done that not only because of very confident leadership but because the scope of the project is very much narrow because it leverages so much from Bitcoin. Rather than reinvent Bitcoin, it just says let’s add to Bitcoin which is unlike most or all of the other projects in that space.
There are many betting features that are offered. Bets on feeds, bets on events. There are contracts for differences. There are basic option contracts and everything is fully collateralized so you don’t have to worry about any Counterparty risk and there’s more features being added all the time so this is only a project that’s been around for not even a year yet and you’re already seeing it eclipse almost every single competitor here in this space. So I have a lot of faith in this project for that reason alone.
For anybody who’s thinking about getting into Counterparty, wants to see what’s being done, you can do what I do which is the world’s most boring and ridiculous job but to monitor the blockchain for transactions and see what it is that people are doing. I’m principally limited to the Counterparty blockchain but certainly can look elsewhere but yeah looking at the blockscan.com website for activity is a great way to pass time if you’re a super nerd like me so you’re all encourage to do that as well if you want to see what’s happening in the space because it changes quickly.
“An experiment in machine learning, Baby X is a program that imitates the biological processes of learning, including association, conditioning and reinforcement learning. By algorithmically simulating the chemical reactions of the human brain— think dopamine release or increased oxytocin levels— and connecting them with sensory digital input, when Baby X learns to imitate a facial expression, for instance, software developers write protocols for the variable time intervals between action and response. Effectively “teaching” the child through code, while engineering such a program is no cakewalk, the result is an adorably giggling digital baby with an uncanny ability to learn through interaction,”writes Becket Mufson, in the Creators Project.
This is precisely the sixth approach to developing AI that is least discussed by “experts” in the field… and that I have long believed to be essential, in several ways. Above all, by raising them as our children – even fostering them to homes in small robot bodies – we will gain many crucial advantages – that I lay out (somewhat) in Existence.
Meanwhile, Cornell’s Robo Brain is currently learning from the internet — downloading and processing about 1 billion images, 120,000 YouTube videos, and 100 million how-to documents and appliance manuals, all being translated and stored in a robot-friendly format, accessible to ‘helper’ robots who will function in our factories, homes, and offices. “If a robot encounters a situation it hasn’t seen before it can query Robo Brain in the cloud,” said one researcher. Follow its progress on the Robobrain website.
It’s coming. “You can call it a Virtual Personal Assistant, an Intelligent Agent, an Intelligent Interface or whatever you wish. We call it inevitable,” writes Dag Kitlaus in A Cambrian Explosion in AI is Coming in TechCrunch. An interesting assessment of the era of the digital assistant and the likely tsunami of new variations, building upon variations.
Meet Jibo, advertised as “the world’s first family robot.” Kinda creepy but attractive too…
Ever hear of “neuromorphic architecture?” Silicon chip design that uses transistors — (5 billion of them in the latest IBM chip) – to create analogues of the nonlinear response patterns of biological neurons. The latest version, from IBM, is called “True North” and it is simply spectacular. Its prodigious pattern recognition capabilities are only matched by its stunning (by four orders of magnitude(!)) power efficiency. This is where Moore’s Law, augmented by new neuronal and parallelism software, may truly start delivering.
Now… How to keep what we produce sane? And where on the chip – pray tell – do the Three Laws reside?
Ah, well… I have explored the implications (yin and yang) of the Asimovian laws in my sequel which tied up all the loose ends in Isaac’s universe – Foundation’s Triumph. Meanwhile, serious minds are grappling with the problem of “how to keep them loyal.” For example…
“Risks that are especially difficult to control have three characteristics: autonomy, self-replication and self-modification. Infectious diseases have these characteristics, and have killed more people than any other class of events, including war. Some computer malware has these characteristics, and can do a lot of damage…
“But microbes and malware cannot intelligently self-modify, so countermeasures can catch up. A superintelligent system [as outlined by Bostrom would be much harder to control if it were able to intelligently self-modify.” writes Bostrom.
Nick Bostrom makes a persuasive case that the future impact of AI is perhaps the most important issue the human race has ever faced. Instead of passively drifting, we need to steer a course. Still, his litany of “be careful what you wish for” parables is taken straight from the pages of a century of science fictional “what-if” scenarios. Geeky sci fi archivists need to be present, during the programming, to point out: “you may want to rephrase that… cause way back in 1947 Leigh Brackett showed that it could be misconstrued as…
Researcher Talma Hendler has found evidence for two types of empathy, each tied to a different network of brain regions. One type she calls mental empathy, which requires you to mentally step outside yourself and think about what another person is thinking or experiencing. Parts of the frontal, temporal, and parietal cortex that make up this network. The other type she calls embodied empathy; this is the more visceral in-the-moment empathy you might feel when you see someone get punched in the guts. Very cogent and thought provoking.
This interesting article in Wired explores how movies exploit both of these networks to make you identify with the characters. Only the manipulation is now going scientific!
And veering a bit… When did modern humans arrive in Europe, and by how much did they overlap with our fading cousins, the Neandertals? New studies suggest it all happened earlier than most had assumed, perhaps around …45,000 years ago.
Now throw in…. Children and adolescents with autism have a surplus of synapses in the brain, and this excess is due to a slowdown in a normal brain “pruning” process during development.
Scientists have for the first time grown a complex, fully functional organ from scratch in a living animal by transplanting cells that were originally created in a laboratory to form a replacement thymus, a vital organ of the immune system.
The network isn’t controlled by one central authority. Every device that mines bitcoins as well as processes transactions makes up a component of the network, and the machines interact. That suggests that, in theory, one central authority can not play with financial policy and also induce a meltdown– or merely make a decision to take folks’s bitcoins far from them, as the Central European Bank made a decision to do in Cyprus in early 2013. And also if some component of the network goes offline somehow, the money keeps on flowing.
It’s simple to set up
Traditional banks make you leap with hoops merely to open a savings account. Setting up merchant accounts for settlement is one more Kafkaesque activity, beleaguered by administration. You could set up a bitcoin address in secs, no doubt asked, and also no costs.
Well, sort of. Users could hold multiple bitcoin addresses, and also they aren’t linked to names, addresses, or other directly determining details. Nonetheless …
It’s completely transparent
… bitcoin establishments information of every single transaction that ever before occurred in the network in a huge version of a basic journal, called the block chain. The block chain talks. If you have a publicly used bitcoin address, any person could mention to how many bitcoins are stored at that address. They just do not know that it’s yours. There are procedures that people could take to make their tasks much more opaque on the bitcoin network, such as not making use of the very same bitcoin addresses constantly, and not moving lots of bitcoins to a solitary address.
5. Deal fees are tiny
Your banking may charge you a â�¤ 10 charge for international transfers. Bitcoin does not.
You could send money anywhere, as well as it will certainly arrive minutes later, after the bitcoin network processes the payment.
When your bitcoins are sent, there’s no getting them back unless the recipient sends them to you. They’re invested.
So, bitcoin has a great deal going all out, in theory. However how does it work, in method? Read more to learn just how bitcoins are mined, exactly what takes place when a bitcoin deal takes place, and how the network monitors every little thing.
In bitcoin, cash isn’t printed at all– it is found. Computers around the world “mine” for coins by taking on each other.
So, Exactly how Does Mining Take place?
Individuals are sending out bitcoins per other over the bitcoin network all the time, but unless somebody keeps a record of all these deals, no-one would certainly be able to monitor which had paid what. The bitcoin network take care of this by gathering every one of the deals made throughout a set period into a list, called a block. It’s the miners’ work to validate those purchases, as well as compose them into a general ledger.
Making a Hash of it
This basic ledger is a long list of blocks, known as the block chain. It can be utilized to check out any sort of deal made in between any type of bitcoin addresses, at any point on the network. Whenever a new block of deals is created, it is included in the block chain, producing an increasingly lengthy listing of all the deals that ever before occurred on the bitcoin network. A continuously upgraded copy of the block is provided everyone that takes part, so that they understand just what is going on.
Yet a general journal needs to be relied on, and also all of this is held digitally. How can we make sure that the block chain stays in one piece, as well as is never tampered with? This is where the miners can be found in.
When a block of transactions is created, miners put it through a procedure. They take the details in the block, as well as use an algebraic formula to it, turning it into something else. That something else is a far much shorter, apparently arbitrary series of letters and numbers referred to as a hash. This hash is saved along with the block, at the end of the block chain.
Hashes have some intriguing properties. It’s simple to create a hash from a collection of information like a bitcoin block, but it’s practically difficult to work out just what the information was simply by taking a look at the hash. And while it is extremely easy to produce a hash from a large amount of data, each hash is distinct. If you change simply one character in a bitcoin block, its hash will transform entirely.
Miners do not just make use of the purchases in a block to create a hash. A few other pieces of data are utilized too. One of these pieces of information is the hash of the last block kept in the block chain.
Because each block’s hash is created making use of the hash of the block before it, it comes to be a digital version of a wax seal. It validates that this block– and every block after it– is genuine, since if you damaged it, every person would recognize.
If you attempted to phony a transaction by changing a block that had already been stored in the block chain, this would alter that block’s hash. If somebody inspected the block’s credibility by running the hashing feature on it, they would certainly find that the hash was different from the one currently kept along with that block in the block chain. The block would certainly be fake!
Since each block’s hash is used to help generate the hash of the following block in the chain, tampering with a block would likewise transform the following block’s hash. So tampering with a block would make the subsequent block’s hash wrong, as well. That would proceed right down the chain, tossing every little thing out of whack.
Competing for Coins
So, that’s just how miners ‘seal’ a block. They all compete with each other to do this, utilizing software written specifically to mine blocks. Each time a person effectively produces a hash, they get an incentive of 25 bitcoins, the block chain is upgraded, and also everybody on the network becomes aware of it. That’s the incentive to keep mining, and also keep the transactions working.
The trouble is that it’s really simple to generate a hash from a collection of data. Computers are truly efficient this. The bitcoin network needs to make it more difficult, or else everyone would certainly be hashing hundreds of purchase blocks each 2nd, and all of the bitcoins would be mined in mins. The Bitcoin method purposely makes it harder, by introducing something called a ‘proof of job’.
The Bitcoin protocol won’t simply accept any sort of aged hash. It requests that a block’s hash needs to look a certain method; it has to have a specific number of nos at the beginning. There’s no chance of telling exactly what a hash is visiting resemble before you make it, and also when you include a brand-new piece of data in the mix, the hash will be absolutely various.
Miners aren’t supposed to horn in the deal data in a block, yet they must alter the data they’re using to develop a different hash. They do this utilizing another, arbitrary item of information called a nonce. This is used with the purchase data to produce a hash. If the hash doesn’t fit the needed style, the nonce is altered, as well as the whole factor is hashed once more. It could take lots of attempts to discover a nonce that works, as well as all the miners in the network are trying to do it at the same time. That’s how miners make their bitcoins.