cryptocurrency

Nor is there any void, for void is nothing, and nothing cannot be

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Blockchain technology is going to change everything: the shipping industry, the financial system, government … in fact, what won’t it change? But enthusiasm for it mainly stems from a lack of knowledge and understanding. The blockchain is a solution in search of a problem. […]

Once something is in the blockchain, it cannot be removed. For instance, hundreds of links to child pornography and revenge porn were placed in the bitcoin blockchain by malicious users. It’s impossible to remove those.

Also, in a blockchain you aren’t anonymous, but “pseudonymous”: your identity is linked to a number, and if someone can link your name to that number, you’re screwed. Everything you got up to on that blockchain is visible to everyone. 

The presumed hackers of Hillary Clinton’s email were caught, for instance, because their identity could be linked to bitcoin transactions. A number of researchers from Qatar University were able to ascertain the identities of tens of thousands of bitcoin users fairly easily through social networking sites. Other researchers showed how you can de-anonymise many more people through trackers on shopping websites.

The fact that no one is in charge and nothing can be modified also means that mistakes cannot be corrected. A bank can reverse a payment request. This is impossible for bitcoin and other cryptocurrencies. So anything that has been stolen will stay stolen. There is a continuous stream of hackers targeting bitcoin exchanges and users, and fraudsters launching investment vehicles that are in fact pyramid schemes. According to estimates, nearly 15% of all bitcoin has been stolen at some point. And it isn’t even 10 years old yet.

And then there’s the environmental problem. The environmental problem? Aren’t we talking about digital coins? Yes, which makes it even stranger. Solving all those complex puzzles requires a huge amount of energy. So much energy that the two biggest blockchains in the world – bitcoin and Ethereum – are now using up the same amount of electricity as the whole of Austria.

Carrying out a payment with Visa requires about 0.002 kilowatt-hours; the same payment with bitcoin uses up 906 kilowatt-hours, more than half a million times as much, and enough to power a two-person household for about three months. […]

And for what? This is actually the most important question: what problem does blockchain actually solve? OK, so with bitcoin, banks can’t just remove money from your account at their own discretion. But does this really happen? I have never heard of a bank simply taking money from someone’s account. If a bank did something like that, they would be hauled into court in no time and lose their license. Technically it’s possible; legally, it’s a death sentence. 

{ The Correspondent | Continue reading }

acrylic, fluorescent acrylic and Roll-a-Tex on canvas { Peter Halley, Iss, 2019 }

‘And the state of (gestures at everything) *this* is not helping lol.’ –britney gil

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Some luxury brands have started adding surveillance to their arsenal, turning to blockchains to undermine the emergence of secondary markets in a way that pays lip service to sustainability and labor ethics concerns. LVMH launched Aura in 2019, a blockchain-enabled platform for authenticating products from the Louis Vuitton, Christian Dior, Marc Jacobs, and Fenty brands, among others. Meanwhile, fashion label Stella McCartney began a transparency and data-monitoring partnership with Google for tracking garment provenance, discouraging fakes and promising to ensure the ethical integrity of supply chains. Elsewhere, a host of fashion blockchain startups, including Loomia, Vechain, and Faizod, have emerged, offering tracking technologies to assuage customer concerns over poor labor conditions and manufacturing-related pollution by providing transparency on precisely where products are made and by which subcontractors. […]

Companies such as Arianee, Dentsu and Evrythng also aim to track clothes on consumers’ bodies and in their closets. At the forefront of this trend is Eon, which with backing from Microsoft and buy-in from mainstream fashion brands such as H&M and Target, has begun rolling out the embedding of small, unobtrusive RFID tags — currently used for everything from tracking inventory to runners on a marathon course — in garments designed to transmit data without human intervention. […]

According to the future depicted by Eon and its partners, garments would become datafied brand assets administering access to surveillance-enabled services, benefits, and experiences. The people who put on these clothes would become “users” rather than wearers. In some respects, this would simply extend some of the functionality of niche wearables to garments in general. Think: swimsuits able to detect UV light and prevent overexposure to the sun, yoga pants that prompt the wearer to hold the right pose, socks that monitor for disease risks, and fitness trackers embedded into sports shirts. […]

According to one potential scenario outlined by Eon partners, a running shoe could send a stream of usage data to the manufacturer so that it could notify the consumer when the shoe “nears the end of its life.” In another, sensors would determine when a garment needs repairing and trigger an online auction among competing menders. Finally, according to another, sensors syncing with smart mirrors would offer style advice and personalized advertising.

{ Real Life | Continue reading }

related { Much of the fashion industry has buckled under the weight of the coronavirus — it appears to have sped up the inevitable }

Neighbors from Hell

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related { Spite fence | Fontainebleau Hotel Corp. v. Forty-Five Twenty-Five, Inc }

Detecting Ocean Glint on Exoplanets Using Multiphase Mapping

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Bitcoin Is Worth Less Than the Cost to Mine It

The production-weighted cash cost to create one Bitcoin averaged around $4,060 globally. […] With Bitcoin itself currently trading below $3,600, that doesn’t look like such a good deal. However, there’s a big spread around the average. […] Low-cost Chinese miners are able to pay much less — the estimate is around $2,400 per Bitcoin — by leveraging direct power purchasing agreements with electricity generators such as aluminum smelters looking to sell excess power generation.

{ Bloomberg | Continue reading }

art { Marcel Duchamp, 3 stoppages-étalon, 1913-14 | MoMA, NYC | Centre Pompidou, Paris }

The avocado is overcado

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Brooklyn-based blockchain software technology startup and Ethereum development studio ConsenSys has acquired asteroid mining company Planetary Resources, Inc. through an asset-purchase agreement. […]

ConsenSys is a production studio that creates enterprises in a wide range of business areas based on the Etherium platform for cryptocurrency and other blockchain applications. It has spawned 50 ventures, or “spokes,” including an online poker site, a legal services site and a “transmedia universe integrated with blockchain technology” called Cellarius. […]

Planetary Resources was founded in its present form in 2012, with initial backing from billionaires including Larry Page, Eric Schmidt, Ross Perot Jr. and Charles Simonyi. Its original mission was to identify and mine near-Earth asteroids for valuable resources, ranging from water that could be converted into rocket fuel to platinum-group metals that could conceivably be sent back to Earth.

Over the course of six years, the venture raised tens of millions of dollars and explored other potential revenue streams, including space telescope manufacturing, space selfies and an Earth-observation constellation called Ceres. […] But an anticipated funding round failed to come together, leading to a wave of staff cutbacks.

{ GeekWire | Continue reading }

related { Cryptocurrency Pump-and-Dump Schemes }

photo { Model of a Tyrannosaurus Rex, 1936 }

Suzie Frankfurt called and said her facelift was very painful

KODAKOne is a Flawed Concept that Will Never Deliver Promised Benefits. The KODAKCoin Team has Zero Credibility. Kodak KashMiner is a Scam. KODAKOne is a Sham. Below we provide the basis for why we think the equity is worthless.

Kodak Says Scammers Are Already Selling Fraudulent KodakCoins

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, according to Goldman Sachs Group Inc.’s global head of investment research

You remind me of somethinn… ima call you… ‘Somethinnn’

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{ Shares of Eastman Kodak surged 40 per cent to $4.40 on Tuesday after it announced that it had partnered with Wenn Digital to launch a blockchain-based image-rights management platform, KODAKOne, and KODAKCoin }

‘We learn from history that we do not learn from history.’ –Hegel

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total $XRP now worth $380 bn…. makes Ripple labs worth $225bn.. tenth largest company by market cap in the world… makes Chris Larsen worth $55bn tying Mark Zuckerburg as 5th richest man in the world…..

At one Point in the 1989 Japanese real estate bubble, the Imperial Palace in Japan was said to be worth more than the entire state of California, things that don’t make sense don’t last….

{ Michael Novogratz‏ | More: CNBC }

The public bitcoin transaction log shows that Satoshi Nakamoto’s known addresses contain roughly one million bitcoins. As of 17 December 2017, this is worth over 19 billion USD. This makes him the 44th richest person on earth.

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The woman, who calls herself Theodora, is a financial dominatrix, which means clients — many of whom never meet her in person — derive sexual pleasure from giving her gifts and money. Exchanges of money can range from several dollars in “tributes,” as they are called, to gifts of more than six figures. Some clients even become a “human ATM,” meaning they give her complete control over a bank account. […] Last year she made over $1 million in cryptocurrency alone.

{ MarketWatch | Continue reading | @TheOnlyTheodora }

The June snows was flocking in thuckflues on the hegelstomes

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There are 1,036 virtual currencies out there, from Bitcoin to — no joke — BigBoobsCoin. The price of almost every single one was down Friday morning.

{ Bloomberg | Continue reading }

You can be a millionaire… and never pay taxes!

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The flat white coffee drink was $4. A suggested tip was $3.

The cashier at Café Grumpy, a New York City coffeehouse, swiped the credit card, then whirled the screen of her iPad sales device around to face the customer. “Add a tip,” the screen commanded, listing three options: $1, $2 or $3.

In other words: 25 percent, 50 percent or 75 percent of the bill.

There was a “no tip” and a “customize tip” button, too, but neither seemed particularly inviting as the cashier looked on. Under that pressure, the middle choice — $2 — seemed easiest.

American consumers are feeling a bit of tip creep.

Leaving 15 percent for full service (the former standard tip at a sit-down restaurant), and less for quick transactions, is considered chintzy by some people. “We recommend 20 percent absolutely,” said Peter Post, managing director of the Emily Post Institute, which offers guidelines in etiquette.

The very concept of tipping is expanding beyond the service industry, with new platforms that enable Internet content creators to receive Bitcoin tips that reward their creativity rather than a simple thumbs up (or “Like”).

And in many situations, merchants as varied as cab companies and beauty salons rely on the ubiquitous touch screen or mobile app to push higher and higher gratuities.

New York City taxi riders paying with plastic are confronted with buttons for 20 percent, 25 percent or 30 percent tips. Anything less has to be manually entered (and calculated by the passenger). […]

In December, an Italian restaurant in Los Angeles, Alimento, took a different approach. It added a second gratuity line to diners’ checks — “tip” (for the server) and “kitchen” (for the traditionally untipped workers in the back). […]

In March, a Silicon Valley company opened ChangeTip, a platform that allows people to send small Bitcoin payments through social media, email, Skype or text to show their appreciation for content creators (or anyone) on the Internet.

The service has been growing about 30 percent a month and now has about 60,000 users who have collectively tipped over $250,000, said Nick Sullivan, founder and chief executive. The average payment, he said, was a little over $1.

{ NY Times | Continue reading }

photo { Nobuyoshi Araki, Untitled, 1994 }

‘Wealth — Any income that is at least $100 more a year than the income of one’s wife’s sister’s husband.’ —H. L. Mencken

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Miners earn newly minted bitcoins for adding new sections to the blockchain. But the amount awarded for adding a section is periodically halved so that the total number of bitcoins in circulation never exceeds 21 million (the reward last halved in 2012 and is set to do so again in 2016). Transaction fees paid to miners for helping verify transfers are supposed to make up for that loss of income. But fees are currently negligible, and the Princeton analysis predicts that under the existing rules these fees won’t become significant enough to make mining worth doing in the absence of freshly minted bitcoins.

{ Technology Review | Continue reading }