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Category: economics – Page 193

I was asked this at Quora.com, where I answer questions under the pen name, ‘Ellery’. But the query deserves a companion question, and so I approached the reply by answering two questions.

You might have asked “Why was Bitcoin designed to have a cap?” But, instead, you asked “Why is the cap set at 21 million bitcoins”. Let’s explore both questions starting with the choice of a circulation cap…

Why set the cap at 21 million BTC?

The choice of a cap number is arbitrary and in fact, it could be 1 or it could be 1 hundred trillion. It makes no difference at all and it has no effect on the economy—even if Bitcoin were to be adopted as a currency all over the world. If it were set to 1 BTC, we would simply discuss nano-BTC instead of 1 BTC for amounts of about $650.

In fact, we already do this today. For many purposes, people are concerned with very small payments. And to best discuss these payments, we have the Satoshi. There are 100,000 Satoshi to each bitcoin (BTC).

What is important, is that the total number of bitcoin (regardless of how many units there are) can be divided into very tiny fractions. That way, the total worldwide supply can be divided into smaller and smaller slivers as market adoption gains traction. Everyone needs to earn, save, spend or pay with a piece of the pie. All users need to know is what fraction of the pie do I control? and not how many ounces, pounds, Kg, or tons is the pie. That is just a number.

Incidentally, the same could be said of gold (it can be shaved very thin), but gold is not quite like computer bits. It has industrial and cosmetic value, and this intrinsic demand for gold (beyond it’s role as a pure monetary instrument) has an effect on supply and demand along with the influence of investment, circulation, savings and reserve.

Why is there a cap at all?

At the beginning of this answer, I suggested another question: Why is Bitcoin capped at all? After all, the monetary supply in every country grows. Even gold production is likely to continue for centuries to come. Why not Bitcoin?

Satoshi designed Bitcoin to eventually become a deflationary currency. I believe that he/she recognized inflation is an insipid tax that constitutes an involuntary redistribution of earned wealth. With a firm cap on the total number of units that exist, governments can still tax, spend and even enforce tax collection. They can go about business building bridges, waging war and providing assistance to the needy. But without a printing press in the hands of transient politicians, they can only spend money with the consent of their constituents and residents.

Of course, they could borrow money by issuing bonds. But with a capped currency, each creditor would earnestly believe in the will and ability of the country to repay its debts.

In effect, monetary policy is restricted to the business of the governed, but the money itself is not coined by a domestic treasury. It is the province of something that is far more certain than a human institution. It arises from pure math. It is open and transparent. In effect, everyone is an auditor. That’s because the bookkeeping is crowd sourced.

For prescient legislators and national treasurers, Bitcoin presents far more of an opportunity than a threat. It is good for both government, business and consumers, because it forces everyone to be open and honest. Ultimately, it builds trust in government, because no one can cook the books, water down wealth, or print their way out of debt.

What about recession. Isn’t it a result of deflation?

Deflation doesn’t lead to recession. Rather, it sometimes accompanies a recession. Recession is caused by an uncertain job market, war, a massive supply chain interruption or political upheaval. In one way or another, it boils down to a lack of confidence sparked by one of the economy’s core foundations: consumers, investors, business or creditors.

Bitcoin as currency removes a major impediment to confidence. By creating a system that cannot be rigged, it fosters trust in government along with an open and transparent treasury.

Philip Raymond co-chairs CRYPSA and was MC at The Bitcoin Event in New York. He writes for Quora, LinkedIN, Wild Duck and Lifeboat Foundation, where he sits on the New Money Systems Board.

I just last week saw the movie Neon Demon. The movie explores pathology of prettiness, and to what degree people demand to consume prettiness. This is a particularly futurist topic, as society might change a lot with regards to commidifying as well as synthesizing completely new forms of beauty. This arouses deep seated fears. We fear those who manipulate desire (love, lust, loneliness, among others) for their own benefit. But many in the field claim “it is just another job”. Is relationship now part of the “gig economy” or should our politicians interfere? Will a basic income increase these forms of prostitution or decrease them?

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Artificial intelligence (AI) technologies offer great promise for creating new and innovative products, growing the economy, and advancing national priorities in areas such as education, mental and physical health, addressing climate change, and more. Like any transformative technology, however, AI carries risks and presents complex policy challenges along a number of different fronts. The Office of Science and Technology Policy (OSTP) is interested in developing a view of AI across all sectors for the purpose of recommending directions for research and determining challenges and opportunities in this field. The views of the American people, including stakeholders such as consumers, academic and industry researchers, private companies, and charitable foundations, are important to inform an understanding of current and future needs for AI in diverse fields. The purpose of this RFI is to solicit feedback on overarching questions in AI, including AI research and the tools, technologies, and training that are needed to answer these questions.

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Like the USPS; could we see a day when DARPA and IARPA positioned to be revenue generators like big tech? Granted these 2 programs are tax payer funded; however, so is USPS. One option is to for a contracted service fee; could DARPA &/ or IARPA charge fees to tech companies and others for using their technologies?

Two of the most important technological advances that helped fueled much of the country’s record economic growth in the post-WW II era were ubiquitous computing devices and modern communications technologies.

Indeed, most of the companies covered on TechCrunch certainly would not exist if not for the development and commercialization of microprocessors and the internet.

In my opinion, insufficient attention in the current ideological debate taking place in Silicon Valley and around the country has been given to the important role that government played throughout the lifecycle of these technologies. Understanding how these relatively mature technologies and industries were initially spawned and encouraged is critical to developing a strategy to empower the next generation of entrepreneurs in capital- or R&D-intensive industries with high growth potential.

Continue reading “Capitalizing on foundations of innovation” | >

Nice read.

Is quantum technology the future of the 21st century? On the occasion of the 66th Lindau Nobel Laureate Meeting, this is the key question to be explored today in a panel discussion with the Nobel Laureates Serge Haroche, Gerardus ’t Hooft, William Phillips and David Wineland. In the following interview, Council Member Professor Rainer Blatt, internationally renowned quantum physicist, recipient of numerous honours, and Scientific Co-Chairman of the 66th Lindau Meeting, talks about what we can expect from the “second quantum revolution”.

Blatt has no doubt: quantum technologies are driving forward a technological revolution, the future impact of which is still unclear. Nothing stands in the way of these technologies becoming the engine of innovations in science, economics and society in the 21st century. Early laboratory prototypes have shown just how vast the potential of quantum technologies is. Specific applications are expected in the fields of metrology, computing and simulations. However, substantial funding is required to advance from the development stage.

Professor Blatt, the first quantum revolution laid the physical foundations for trailblazing developments such as computer chips, lasers, magnetic resonance imaging and modern communications technology. In the Quantum Manifest published in mid-May, researchers now talk about the advent of a second quantum revolution. What exactly does this mean?

Continue reading “Quantum technologies to revolutionise 21st century — Nobel Laureates discuss at Lindau” | >

First installations go live as INTASAVE Energy pursues $30M impact investment.

Villagers in Lemolo B and Echareria in Nakuru County, Kenya, are waking up today to a new future as new solar nano-grids installed over the last two weeks allows them to switch on lights and operate new agri-processing machinery. The two communities are the first to receive a revolutionary new model for clean, affordable and reliable energy where a central solar hub provides both commercial energy for new village enterprises and household energy using cutting-edge up-cycled laptop batteries. The hub allows energy to be shared between households, businesses and the community bringing economic, social and environmental benefits.

The installation is the start of a major INTASAVE Energy solar nano-grid initiative (SONG) that ultimately aims to bring the benefits now beginning for villagers in Lemolo B and Echareria to over 450,000 people across the globe. INTASAVE Energy has launched a $30M impact investment programme to make this goal a reality.

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GOLDEN, Colorado — A major American launch provider has outlined a plan that the company says will help enable a space economy based on refueling spacecraft in Earth orbit.

Dubbed the “Cislunar 1,000 Vision,” the initiative foresees a self-sustaining economy that supports 1,000 people living and working in Earth-moon space roughly 30 years from now. The concept stems from an analysis and ongoing technical work by United Launch Alliance (ULA), a joint venture between Lockheed Martin and Boeing Co. that provides launches aboard Atlas and Delta rockets.

A central element of the plan involves the use of a souped-up Centaur rocket stage called ACES (Advanced Cryogenic Evolved Stage). This liquid oxygen/liquid hydrogen upper stage is designed to be reusable and can be refueled, perhaps by propellant made using water extracted from Earth’s moonor asteroids. [Moon Base Visions: How to Build a Lunar Colony (Photos)].

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Is quantum technology the future of the 21st century? On the occasion of the 66th Lindau Nobel Laureate Meeting, this is the key question to be explored today in a panel discussion with the Nobel Laureates Serge Haroche, Gerardus ‘t Hooft, William Phillips and David Wineland. In the following interview, Professor Rainer Blatt, internationally renowned quantum physicist, recipient of numerous honours, Council Member and Scientific Co-Chairman of the 66th Lindau Meeting, talks about what we can expect from the “second quantum revolution”.

Blatt has no doubt: are driving forward a technological revolution, the future impact of which is still unclear. Nothing stands in the way of these technologies becoming the engine of innovations in science, economics and society in the . Early laboratory prototypes have shown just how vast the potential of quantum technologies is. Specific applications are expected in the fields of metrology, computing and simulations. However, substantial funding is required to advance from the development stage.

Professor Blatt, the first quantum revolution laid the physical foundations for trailblazing developments such as computer chips, lasers, magnetic resonance imaging and modern communications technology. In the Quantum Manifest published in mid-May, researchers now talk about the advent of a second quantum revolution. What exactly does this mean?

This second quantum revolution, as it is sometimes called, takes advantage of the phenomenon of entanglement. It’s a natural phenomenon that basic researchers recognized as early as the 1930s. Until now, all the technologies you mentioned derive their utility from the wave property upon which quantum physics is based. In the quantum world, its associated phenomena are often discussed in the context of wave-particle duality. Though they are not recognized as such, quantum technologies are therefore already available, and without them, many of our instruments would not be possible. By contrast, the nature of entanglement, which has been known for 85 years, has only been experimentally investigated in the past four decades based on findings by John Bell in the 1960s. Today, entanglement forms the basis for many new potential applications such as quantum communications, quantum metrology and quantum computing.

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