Did Bitcoin Create more Jobs than the US Federal Government Did in 2014?

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Introduction: Ever since Bitcoin’s Genesis Block was mined back in 2009, Bitcoin has been growing exponentially to the extent that its value increased from less than one cent to $1124.76 in November, 2013. Claimed to be the best financial innovation throughout the last 500 years, bitcoin is continuously macadamizing the path for creation of unique business ideas, projects and startups that can conceive thousands of jobs and opportunities for bitcoin enthusiasts all over the world. Bitcoin – A Whole New World: Although Bitcoin had been around since 2009, it only gained considerable attention in late 2010 following the release of the WikiLeaks by Julian Assange who faced an organized financial blockade by the US Federal government as Paypal, Bank of America, Western Union, Mastercard and Visa refrained from transmitting donations to WikiLeaks. Accordingly, Assange started accepting donations via Bitcoin which boosted its price during the early months of 2011. Furthermore, the launch of Silk Road, an online market for illicit drugs that only accepted bitcoin for payments, early in 2011 was responsible for another bitcoin bullish rally during that period which pushed the price up to $31.91 as of the 8th of June, 2011. Not only computer geeks and hackers …

WILL LATEST BANS ON CASH AND CAPITAL CONTROLS GROW BITCOIN?

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The groomed, nurtured and thoroughly manufactured“War on terror” is just about ready to claim another casualty if you live in modern Westernized society. It used to be just a tool of oppression in the U.S., but now statists around the world are using “terrorism” as a catchphrase to rule with an iron hand. Now that every modern government in the industrialized world has a new “Boogie Man” to hide behind, no good crisis shall go to waste. And really the statists don’t even bother with creating the Hegelian Dialectic anymore. Now a nation-state can create a press release, say “Terrorism”, and create a new law that takes their citizens freedoms away. With one word to hide behind, they now legislate your rights right into history, so that they can sit next to the carrier pigeon and the phonograph. New Capital Controls beta-test coming to France A new economic beta-test coming to France this September has my shorts in a wad. Far be it for me to malign the fine French people. Besides, they have a fine track record of accepting Bitcoin, and corporations providing the option of paying employees in Bitcoin in Paris is somewhat common. Very progressive. This is …

BITCOIN IS 100 TIMES MORE POWERFUL THAN GOOGLE

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Allow me to introduce you to someone who has the potential to be very important in the future of Bitcoin. His name is Balaji Srinivasan, and he is the chairman and co-founder of 21 Inc. What is 21 Inc? 21 Inc. is the Bitcoin startup that secured the most venture capital of any Bitcoin company in history, at $116 million. What do they need $116 million in venture capital for? They are investing in “future proprietary products designed to drive mainstream adoption of Bitcoin.” With that in mind, the research of 21 Inc. has highlighted some interesting Bitcoin factoids. One Srinivasan released at the second annual Bitcoin Job Fair held last weekend in Sunnyvale, California regarding how big Bitcoin has become in the computing world. Google is big, but Bitcoin is bigger. How big is it? Honestly, I looked online to find out what a petahash rate and a gigahash rate was, and that is one long rabbit hole, so I’ll leave the technical ramble to techies like Mr. Srinivasan. He makes the comparison to Google based on the fair assumption that they are using 1e7 servers, for 1e7 H/s per Xeon, and ~10 Xeons/server = 1 PH/s. One petahash …

Facelift: How Decentralized Social Networks Could Make Crypto Cool

Facelift: How Decentralized Social Networks Could Make Crypto Cool

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Social networking has become ubiquitous throughout much of the world but introduce decentralization, and the traditional network becomes something unrecognizable. The prosaic notion of an ‘egalitarian’ social network, where each user both controls and feels their power within it, on the surface fits well with the notion of decentralized technologies – the blockchain, decentralized ledger and cryptocurrency. Although the latter has only existed in the mainstream for six years or so, in 2015 decentralized networks are already making this notion a reality. Social networks used throughout the world – notably Facebook – tend to use advertising as their major source of revenue. Advertising manipulates users and gathers information about their lifestyles, and is in turn tied to fiat currency, which allows the network to continue operating. The manipulation element is key: users sign up to the network, which then uses their habits to generate revenue, while keeping them on the network through targeted advertising and by giving them a freely customizable interface which lets them feel ‘in control’. This mechanism of manipulation is one aspect of Facebook’s operation, in particular, which has generated criticism. Other aspects are notably the selling of user data to third party companies – a security …

Alex Winter Talks Bitcoin, Drugs and His New Film ‘Deep Web’

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CoinDesk managing editor Emily Spaven interviews director Alex Winter ahead of the release of his new documentary film Deep Web. Libertarian ideals, crime and citizens’ rights in the digital age – there are many themes running through Alex Winter’s latest documentary film, Deep Web, but by far the greatest focus is the story of Ross Ulbricht and his involvement in the online drugs marketplace Silk Road. Winter, best known for his role as Bill Preston in the Bill and Ted franchise, has long since proved his worth on the other side of the lens, having sat in the director’s chair on five films since 1993. His latest offering begins with a rousing speech by British libertarian and cypherpunk Amir Taaki, warning of corrupt fascists masquerading as “white knights”. Taaki enthuses that now is the time for the technological classes to take back their sovereignty. The movie goes on to explore the mysterious underbelly of the Internet – the hidden layer called the Deep Web and its anonymity-rich area: the Dark Net. It’s here that illegal drug marketplaces exist and where Ulbricht’s story begins. The film focuses on the arrest of Ulbricht, the charges made against him for his involvement in …

Bitcoin in the Headlines: Child Porn and Price Disregard

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Whils last week’s reporting was heavily US-focused, the coverage this week was more far reaching, with outlets from India and Russia mentioning bitcoin – even if in a negative light. Indeed the biggest lightning rod of interest this week was perhaps bitcoin’s alleged propensity for enabling illicit activities, with the use of the payment method in online child pornography transactions capturing the lion’s share of the media’s headlines. Interestingly this focus, however, did deflect from other negative coverage. For example, bitcoin’s relative price drop – usually a hot topic among the mainstream press – went mostly unnoticed. Child porn for bitcoin Allegations that paedophiles are now buying sexually abusive imagery on the web first surfaced this week following the release of the Internet Watch Foundation’s annual report. Unsurprisingly, it did not take long for the media to seize the opportunity to report on the link between the disruptive digital currency and the horrendous activities carried out by some alleged bitcoin users. A Google news search with the terms “paedophiles and bitcoin” brought up more than 80 results, significantly less than previous stories highlighted in this series, but still this week’s most widely covered topic. In his Guardian piece “Paedophiles sell child abuse images …