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or re-evaluate your menace because the marketplace continues its decrease highs or sideways momentum. Remember: the toughest combat lies inside of your self. A business magazine is a precious device …
with which you’ll be able to cling your self to account for the mistakes you are making, and it is going far towards removing the inconsistencies on your buying and selling taste. As Brett Steenbarger, the creator of “The Psychology of Trading: Tools and Techniques for Minding the Markets” put it: “The journal is a business plan. The right plan, executed faithfully, can be the difference between success and failure in any endeavor.” Disclosure: The creator holds no cryptocurrency on the time of writing. Like what you learn? Give us one like or percentage it for your palsoriginal post… You have reacted on "3 Things Every Crypto Trading Journal Needs" Italy’s Senate Moves to Set Legal Foundation for B... ‘0% Success’: Why Blockchain Apps Just Aren’t Taki... Gold Price May Offer Clues About Next Big Bitcoin ... Back Above $4K: Bitcoin’s Price Hits a Two-Week Hi... VanEck: Bitcoin (BTC) Investors’ #1 2019 Investmen... Morgan Creek Digital Joins $3.1 Million Round for ... I’m As Certain As Ever – Bitcoin’s Revolution Is O... ‘Decentralized Airbnb’ Starts Charging Fees as ICO... Bitcoin Cash Keeps Shining as Wider Crypto Market ... jQuery('.yuzo_related_post .yuzo_wraps').equalizer({ columns : '> div' }); VanEck: Bitcoin (BTC) Investors’ #1 2019 Investment Is Gold Per earlier reviews from Ethereum World News, mere days in the past, funding guru Jan Van Eck, the present leader government of Bitcoin (BTC) exchange-traded fund hopeful VanEck, took to CNBC to show that his company’s collaborative ETF software used to be to be withdrawn. In the interview, the Wall Streeter, whose father used to be the founding father of VanEck, defined that the federal government shutdown (which just lately ended) disallowed its representatives from actively conversing with the U.S. Securities and Exchange Commission (SEC). And as such, making an allowance for that the SEC nonetheless expressed considerations in regards to the crypto marketplace’s, such because the loss of liquidity, manipulation, and custody considerations, VanEck, CBOE, and SolidX sought it proper to drag their software. However, what flew beneath many traders’ radar used to be that Van Eck drew consideration to the truth that traders’ call for for Bitcoin has probably begun to wane. Speaking at the outlet’s “ETF Edge” section, the VanEck leader government remarked that whilst BTC pulled a “little bit of demand away from gold” in 2017, the tides became in 2018 and heading into 2019. Citing a survey issued via his company, which polled 4,000 cryptocurrency traders, Van Eck famous that Bitcoin traders’ #1 funding for 2019 is chilly, arduous gold, no longer stocks and even different
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It is one of the great mysteries of the digital age. The hunt for Satoshi Nakamoto, the elusive creator of Bitcoin, has captivated even those who think the
of online Ponzi scheme. A legend has emerged from a jumble of facts: Someone using the name Satoshi Nakamoto released the software for Bitcoin in early 2009 and communicated with the nascent currency’s users via email — but never by phone or in person. Then, in 2011, just as the technology began to attract wider attention, the emails stopped. Suddenly, Satoshi was gone, but the stories grew larger. Over the last year, as I worked on a book about the history of Bitcoin, it was hard to avoid being drawn in by the almost mystical riddle of Satoshi Nakamoto’s identity. Just as I began my research, Newsweek made a splash with a cover article in March 2014 claiming that Satoshi was an unemployed engineer in his 60s who lived in suburban Los Angeles. Within a day of publication, however, most people knowledgeable about Bitcoin had concluded that the magazine had the wrong man. Many in the Bitcoin community told me that, in deference to the Bitcoin creator’s clear desire for privacy, they didn’t want to see the wizard unmasked. But even among those who said this, few could resist debating the clues the founder left behind. As I had these conversations with the programmers and entrepreneurs who are most deeply involved in Bitcoin, I encountered a quiet but widely held belief that much of the most convincing evidence pointed to a reclusive American man of Hungarian descent named Nick Szabo. Mr. Szabo is nearly as much of a mystery as Satoshi. But in the course of my reporting I kept turning up new hints that drew me further into the chase, and I even stumbled into a rare encounter with Mr. Szabo at a private gathering of top Bitcoin programmers and entrepreneurs. At that event, Mr. Szabo denied that he was Satoshi, as he has consistently in electronic communications, including in an email on Wednesday. But he acknowledged that his history left little question that he was among a small group of people who, over decades, working sometimes cooperatively and sometimes in competition, laid the foundation for Bitcoin and created many parts that later went into the
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HomepageAbout membershipSign inGet startedHomepage Member previewFrancesco CoreaBlockedUnblockFollowFollowingComplexity scientist, data strategist, tech investor and AI advisor. All opinions are my …
own.Dec 1, 2017The convergence of AI and Blockchain: what’s the deal?Why a decentralized intelligence may affect our futureImage Credit: Zapp2Photo/ShutterstockIt is undeniable that AI and blockchain are two of the major technologies that are catalyzing the pace of innovation and introducing radical shifts in every industry. Each technology has its own degree of technical complexity as well as business implications but the joint use of the two may be able to redesign the entire technological (and human) paradigm from scratch.This article wants to give a flavor of the potentialities realized at the intersection of AI and Blockchain and discuss standard definitions, challenges, and benefits of this alliance, as well as about some interesting player in this space.I. Setting the stageImage Credit: 4zevar/ShutterstockI have been talking and writing about AI since a while now, so I will not waste any time defining what it is and what is not (if you want to know more about it, you can check my explanation or a brief history of AI).However, I never touched upon blockchain and cryptocurrencies so far, so I will dedicate this first block to describe what it is and how it works.A blockchain is a secure distributed immutable database shared by all parties in a distributed network where transaction data can be recorded (either on-chain for basic information or off-chain in case of extra attachments) and easily audited.A blockchain is a secure distributed immutable database shared by all parties in a distributed networkPut simply (with Bank of England’s words), the blockchain is “a technology that allows people who don’t know each other to trust a shared record of events”.The data are stored in rigid structures called blocks, which are connected to each other in a chain through a hash (each block also includes a timestamp and a link to the previous block via its hash). The blocks have a header, which includes metadata, and a content, which includes the real transaction data. Since every block is connected to the previous one, as the number of participants and blocks grow, it is extremely hard to modify any information without having the network consensus.The network can validate the transaction through different mechanisms, but mainly through either a “proof-of-work” or a “proof-of-stake”. A proof-of-work (Nakamoto, 2008) asks the participants (called “miners”) to solve complex mathematical problems in order to add a block, which in turn require a ton of energy and hardware capacity to be decoded. A proof-of-stake (Vasin, 2014) instead tries to solve this energy efficiency issue attributing (roughly) more mining power to participants who own more coins (there are many variations of it and some skepticism around its famous “nothing at stake” problem — see Buterin’s blog post to know more on this).Additional mechanisms are the Byzantine-fault-tolerant algorithm (Castro and Liskov, 2002), the Quorum slicing (Mazieres, 2016), as well as variations of the Proof-of-stake (Mingxiao et al., 2017), but we will not get into those now.The final characteristic that needs to be explained is the category of blockchain based on the different network access permission, i.e., whether it is free for anyone to view it (permissionless vs permissioned) or to participate in the consensus formation (public vs private). In the former case, anyone can access and read or write data from the ledger, while in the latter one predetermined participants have the power to join the network (and of course only in the public permissionless case a reward structure for miners has been designed).It should be clear by now the intrinsic power of this technology, which is not simply a disruptive innovation but rather a foundational technology that aims to “change the scope of intermediation” (Catalini and Gans, 2017). Distributed ledger technologies will indeed reduce both the costs of verification and networking, influencing then the market structure and eventually allowing the creation of new marketplaces. Iansiti and Lakhani (2017) also drew a brilliant parallel between blockchain and TCP/IP in a recent work (which I highly recommend), showing how blockchain is slowly going through the four phases that identify previous foundational technologies such as the TCP/IP, i.e., single-use, localized use, substitution, and transformation. As they explained, the “novelty” of such a technology makes it harder for people to understand the solution domain, while its “complexity” requires a larger institutional change to foster an easy adoption.However, it is also true that the blockchain is shifting the traditional business models distributing value in an opposite way with respect to previous stacks: if it made more sense to invest in applications rather than protocol technologies fifteen years ago, in a blockchain world the value is concentrated in the shared protocol layer and only marginally at the application level (see the “Fat Protocol” theory by Joel Monegro).It’s a stack with “fat” protocols and “thin” applications (Joel Monegro).To conclude this introductory section, I will just mention on the fly the possibility for the blockchain to not simply allow for transactions but also the possibility to create (smart) contracts that are triggered by specific events and threshold and that are traceable and auditable without effort.Bonus Paragraph: Initial Coin Offerings (ICOs)A big hype is nowadays surrounding this new phenomenon of the Initial Coin Offerings (ICOs). Even if many people are pouring money into that because of its resemblance to the most common (and valuable) Initial Public Offerings (IPOs), an ICO is nothing more than a token sale, where a token is the smallest functional unit of a specific network (or application).ICOs experts (if any) will forgive my approximate definition, but an ICO is a hybrid concept that has elements of a shares allocation, a pre-sales/crowdfunding campaign, and a currency with a limited power and application’s domain.It is definitely an interesting innovation that introduces new unregulated ways to raise capitals, but it also poses several issues to an unprepared community. I am happy to receive feedback on this, but I would distill the key points of an ICO evaluation in what follows:a token has an additional utility with respect to the exchange of value and companies selling token with the only goal of raising capital are sending a bad signal to the market. Tokens are needed to create a users’ base and to incentivize stakeholders to participate in the ecosystem at the earliest stage. A good white paper is not enough;Be wary of token sales that are uncapped;Be wary of token sales that have no time limit;Be wary of token sales that do not clearly state the (present and future) number as well as the value of the token (it could sound absurd, but you may be surprised of how non-transparent an ICO can look like).II. How AI can change BlockchainImage Credit: Phonlamai Photo/ShutterstockAlthough extremely powerful, a blockchain has its own limitations as well. Some of them are technology-related while others come from the old-minded culture inherited from the financial services sector, but all of them can be affected by AI in a way or another:Energy consumption: mining is an incredibly hard task that requires a ton of energy (and then money) to be completed (O’Dwyer and David Malone, 2014). AI has already proven to be very efficient in optimizing energy consumption, so I believe similar results can be achieved for the blockchain as well. This would probably also result in lower investments in mining hardware;Scalability: the blockchain is growing at a steady pace of 1MB every 10 minutes and it already adds up to 85GB. Satoshi (2008) first mentioned “blockchain pruning” (i.e., deleting unnecessary data about fully spent transactions in order to not hold the entire blockchain on a single laptop) as a possible solution but AI can introduce new decentralized learning systems such as federated learning, for example, or new data sharding techniques to make the system more efficient;Security: even if the blockchain is almost impossible to hack, its further layers and applications are not so secure (e.g., the DAO, Mt Gox, Bitfinex, etc.). The incredible progress made by machine learning in the last two years makes AI a fantastic ally for the blockchain to guarantee a secure applications deployment, especially given the fixed structure of the system;Privacy: the privacy issue of owning personal data raises regulatory and strategic concerns for competitive advantages (Unicredit, 2016). Homomorphic encryption (performing operations directly on encrypted data), the
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It starts with nightmarish messages like this: Yesterday, we discovered that funds were improperly removed from the Tether treasury wallet through malicious action by an external attacker. Tether …
integrators must take immediate action, as discussed below, to prevent further ecosystem disruption. Disappeared: $31 million in tether tokens. This was reported Monday night by Tether, the company behind the cryptocurrency “tether,” with a market capitalization of $673 million, according to CoinMarketCap. The value of tether, which is “tethered” to the US dollar, continued to hover around $1. But bitcoin plunged 5% and then recovered. Tether is used is used as a medium to transfer cryptocurrencies to other exchanges in other countries without using the dollar and without using banks. The hack had taken place on November 19, Tether said. The tokens were sent to an “unauthorized bitcoin address.” The company said it’s trying to prevent the stolen tokens from being converted into dollars or enter “the broader ecosystem.” Sure, there are thefts of all currencies. But there’s a difference. When someone steals money from your bank account by hacking into the bank, the bank is responsible and makes you whole. When someone hacks into a cryptocurrency, no one covers it. These hacks of cryptocurrencies are just about as old as cryptocurrencies themselves. In June, 2011, a user named ALLINVAIN made off with 25,000 bitcoins, at the time valued at $775,000, today valued at $200 million. It went on from there. The biggest hack remains Mt. Gox, which at the time was handling 70% of the global bitcoin transactions. The exchange, located in Tokyo, revealed the hack in February 2014. Apparently 650,000 bitcoins ($473 million at the time) had disappeared over a period of several years. At today’s prices, the hack would have amounted to $5.2 billion. August 2017,
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Regular price: $19.95 The technology likely to have the greatest impact on the future of the world economy has arrived, and it's not self-driving cars, solar energy, or artificial intelligence. It's …
called the blockchain. The first generation of the digital revolution brought us the Internet of information. The second generation - powered by blockchain technology - is bringing us the Internet of value: a new, distributed platform that can help us reshape the world of business and transform the old order of human affairs for the better. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive societys faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive societys faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. Understanding Ethereum now could equip you with the knowledge ahead of a major technological revolution in these early stages of development. After listening to this audiobook, you will understand how to easily set up an Ether wallet and then buy and trade Ether. This audiobook always contains information about mining Ether including cloud mining and more advanced Ethereum topics. Understanding Ethereum now could equip you with the knowledge ahead of a major technological revolution in these early stages of development. After listening to this audiobook, you will understand how to easily set up an Ether wallet and then buy and trade Ether. This audiobook always contains information about mining Ether including cloud mining and more advanced Ethereum topics. Blockchain technology has been called the greatest innovation since the Internet. Governments and companies are rushing to implement blockchain technology in a range of areas that could impact every person on the planet within a few years. Is blockchain technology one of the greatest technological revolutions in history, or is it just hype? Will blockchain technology cause governments and banking systems to change the way they process information, or will it be business as usual? In this book we'll look at the answers to these questions along with addressing the different sides of the arguments for and against blockchain technology. Blockchain is not just bitcoin; blockchain technology is much bigger than bitcoin, and it is predicted to change the world. With the rise of bitcoin and blockchain technology, investors can capitalize on the greatest investment opportunity since the Internet. Bitcoin was the first cryptoasset, but today there are over 800 and counting, including ether, ripple, litecoin, monero, and more. This clear, concise, and accessible guide from two industry insiders shows you how to navigate this brave new blockchain world - and how to invest in these emerging assets to secure your financial future. Cryptocurrency and its disruptive architecture, Blockchain, is now making the biggest revolution in the finance sector for the last 100 years. There is a lot of hype surrounding the concept of the blockchain, but what does this term actually mean? What is Blockchain technology? Why does it matter? These questions are not always answered with due diligence in the sea of headlines that deal with digital currencies using blockchains. The technology likely to have the greatest impact on the future of the world economy has arrived, and it's not self-driving cars, solar energy, or artificial intelligence. It's called the blockchain. The first generation of the digital revolution brought us the Internet of information. The second generation - powered by blockchain technology - is bringing us the Internet of value: a new, distributed platform that can help us reshape the world of business and transform the old order of human affairs for the better. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive societys faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. In The Truth Machine, Michael J. Casey and Paul Vigna demystify the blockchain and explain why it can restore personal control over our data, assets, and identities; grant billions of excluded people access to the global economy; and shift the balance of power to revive societys faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. Understanding Ethereum now could equip you with the knowledge ahead of a major technological revolution in these early stages of development. After listening to this audiobook, you will understand how to easily set up an Ether wallet and then buy and trade Ether. This audiobook always contains information about mining Ether including cloud mining and more advanced Ethereum topics. Understanding Ethereum now could equip you with the knowledge ahead of a major technological revolution in these early stages of development. After listening to this audiobook, you will understand how to easily set up an Ether wallet and then buy and trade Ether. This audiobook always contains information about mining Ether including cloud mining and more advanced Ethereum topics. Blockchain technology has been called the greatest innovation since the Internet. Governments and companies are rushing to implement blockchain technology in a range of areas that could impact every person on the planet within a few years. Is blockchain technology one of the greatest technological revolutions in history, or is it just hype? Will blockchain technology cause governments and banking systems to change the way they process information, or will it be business as usual? In this book we'll look at the answers to these questions along with addressing the different sides of the arguments for and against blockchain technology. Blockchain is not just bitcoin; blockchain technology is much bigger than bitcoin, and it is predicted to change the world. With the rise of bitcoin and blockchain technology, investors can capitalize on the greatest investment opportunity since the Internet. Bitcoin was the first cryptoasset, but today there are over 800 and counting, including ether, ripple, litecoin, monero, and more. This clear, concise, and accessible guide from two industry insiders shows you how to navigate this brave new blockchain world - and how to invest in these emerging assets to secure your financial future. Cryptocurrency and its disruptive architecture, Blockchain, is now making the biggest revolution in the finance sector for the last 100 years. There is a lot of hype surrounding the concept of the blockchain, but what does this term actually mean? What is Blockchain technology? Why does it matter? These questions are not always answered with due diligence in the sea of headlines that deal with digital currencies using blockchains. In this
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Bitcoin’s recent amazing price increase has helped raise awareness of other ‘alt coins’ and that has helped push up the value of Ethereum, litecoin and cryptocurrencies. Ethereum, the world’s …
second-largest blockchain by market size, is something we’ve been covering on Legit Reviews since June 2017. Ethereum (known as Ether or ETH) crossed the $750 mark for the very first time this week and that put it at up around 8,800% over the past year. These are unbelievable all-time highs and many feel that cryptocurrencies are here to stay and that this historic price surge still has some legs. At the time of writing, Ether (ETH) has pulled back slightly from the all-time high of $754.01 per ETH and was trading around $675. This is still puts ETH up over 100% in a month and over 8,000% for the year. If you want to get in on the cryptocurrency freight train you can either invest into it buy buying coins at any exchange or you can mine it with your PC. We’re a PC hardware site, so we’ve spent the past half year covering the mining of coins like Ethereum. So, you want to mine Ethereum and gain some extra income? The recent price increase in Ethreum has increased the profit one can make from mining Ether, so people are back at looking how to set up a computer to mine Ethereum. Ether mining is done on the GPU inside a computer and the CPU and system memory is barely used. This means you’ll want to build a mining PC that has the most cost effective CPU and a motherboard that supports as many GPUs as you can fit. More on this later. There are many ways to mine Ethereum, but we are going to give you a very quick overview of how to get mining in a matter of minutes. You need to create a wallet to store your Ether! Services like MyEtherWallet will allow you to create a wallet and a private key. Always make sure you are going to the right URL to avoid phising scams! Once you create a wallet you are responsible for the key and there is no way to recover it, so protect your key at all cost. Printing off the key and tossing it a safety deposit
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[Editor’s note, see http://www.iqdupont.com/ and H/T Žarko Almuli] It was April 10th, 2013 and the price of a single Bitcoin surged past 250 USD on the Mt. Gox exchange. A few months prior I had …
purchased seven Bitcoins for just under $200, and now they were nearing $2000 in value (Figure 1). But, just as fast as the market went up, it came down. Ever the amateur gambler, I panicked and sold too early. But, I was lulled by my humming money machine, permuting cryptographic codes by the millions every second. I was not the only one interested in playing the Bitcoin market, and the increasing price of Bitcoin was due to a number of factors, including a sustained distributed denial-of-service attack on Mt. Gox, and other people like me gambling in the latest crypto-anarchist adventure. It was April 10th, 2013 and the price of a single Bitcoin surged past 250 USD on the Mt. Gox exchange. A few months prior I had purchased seven Bitcoins for just under $200, and now they were nearing $2000 in value (Figure 1). But, just as fast as the market went up, it came down. Ever the amateur gambler, I panicked and sold too early. But, I was lulled by my humming money machine, permuting cryptographic codes by the millions every second. I was not the only one interested in playing the Bitcoin market, and the increasing price of Bitcoin was due to a number of factors, including a sustained distributed denial-of-service attack on Mt. Gox, and other people like me gambling in the latest crypto-anarchist adventure. Like many other modern currencies, Bitcoin is fiat money. But, unlike traditional fiat money, Bitcoin is cryptographic and electronic. There is no “physical” substrate to Bitcoin; the “coins” exist only as cryptographic representations stored in digital wallets. In the simplest caricature of complex economics, fiat money has no intrinsic value and thus requires people to trust that it will retain value. Usually government backing provides this semblance of trust, but when this trust is eroded (e.g., a weak government), value often plummets. Technical flaws also cripple the trust that sustains fiat money, such as rampant fraud, counterfeiting, or hyperinflation. Trust in Bitcoin rests on a range of technical advantages supplied by cryptography. According to advocates, cryptography is secure (safe from technical or mathematical error).iii When applied to economic apparatuses, counterfeiting and double-spending is prevented through the use of public key cryptography, and hyperinflation is kept in check because the cryptographically-secure mining protocol ensures the measured production of money (with a maximum number of coins produced). Yet, as with general discussions of cryptography, complicated political issues often transform into a binary of state versus personal power. On the one hand, when cryptography is used for Privacy Enhancing Technologies it is seen as a block against government snooping. On the other hand, these same cryptographic technologies are often used against the people. This debate is particularly important for crypto/cyber-libertarians,iv who often believe that Bitcoin’s lack of government backing is a virtue (J.M.P., 2013). Described generally, cryptography is typically understood as a means to ensure “information security” or “information secrecy” (see e.g. Kohno et al., 2010). Here, security and secrecy are understood in terms of social relations (c.f. Bellman, 1979). Modelled in its simplest formulation, a secret is some information that I possess and you do not, while information security might be described more abstractly as control of information within a relationship. Or, the encyclopaedic definition: “the aim [of cryptography] is secrecy and confidentiality: the practice of keeping secrets, maintaining privacy, or concealing valuables” (Bauer, 2005). Though the conceptual analysis usually stops here, cryptography also functions more deeply, in ways rarely appreciated by those developing the technology. Understanding how cryptography functions at this deeper level is essential to understanding how Bitcoin functions. I argue that cryptography is central to Bitcoin and yet produces a set of non-secret powers for its social (and economic) effect. This paper suggests that cryptography can be reimagined and reconceptualised, putting forth an alternative to the dominant view that cryptography is secrecy. The long history of cryptography is abbreviated to show that cryptography previously functioned in many different ways, but has been systematically black-
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Blockchain: The Invisible Technology That's Changing the World By Rob Marvin Aug. 30, 2017, 12:08 a.m. Large swaths of your digital life will soon run atop a blockchain foundation just beneath the …
surfaceand you may not even realize it. Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. But in a world where anyone can edit a Wikipedia entry, blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online? Every year we run more of our livesmore core functions of our governments, economies, and societieson the internet. We do our banking online. We shop online. We log into apps and services that make up our digital selves and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happensevery digital transaction; exchange of value, goods and services; or private dataexactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network of distributed computers or "nodes." Think about a blockchain as a distributed database that maintains a shared list of records. These records are called blocks, and each encrypted block of code contains the history of every block that came before it with timestamped transaction data down to the second. In effect, you know, chaining those blocks together. Hence blockchain. A blockchain is made up of two primary components: a decentralized network facilitating and verifying transactions, and the immutable ledger that network maintains. Everyone in the network can see this shared transaction ledger, but there is no single point of failure from which records or digital assets can be hacked or corrupted. Because of that decentralized trust, there's also no one organization controlling that data, be it a big bank or a tech giant like Facebook or Google. No third-parties serving as the gatekeepers of the internet. The power of blockchain's distributed ledger technology has applications across every kind of digital record and transaction, and we're already beginning to see major industries leaning into the shift. First up are the big banks and tech giants. Big business will always drive innovation, and the rise of blockchain-based smart contracts (read on for a deeper explanation) turns blockchain into a middleman to execute all manner of complex business deals, legal agreements, and automated exchanges of data. Companies such as Microsoft and IBM are using their cloud infrastructure to build custom blockchains for customers and experiment with their own use cases, like building a worldwide food safety network of manufacturers and retailers. On the academic side, researchers are exploring blockchain applications for projects ranging from digital identity to medical and insurance records. At the same time, dozens of startups are using the technology for everything from global payments to music sharing, from tracking diamond sales to the legal marijuana industry. That's why blockchain's potential is so vast: When it comes to digital assets and transactions, you can put absolutely anything on a blockchain. A host of economic, legal, regulatory, and technological hurdles must be scaled before we see widespread adoption of blockchain technology, but first movers are making incredible strides. Within the next handful of years, large swaths of your digital life may begin to run atop a blockchain foundationand you may not even realize it. Beyond Bitcoin Blockchain is the data structure that allows Bitcoin (BTC) and other up-and-coming cryptocurrencies such as Ether (ETH) to thrive through a combination of decentralized encryption, anonymity, immutability, and global scale. It's the not-so-secret weapon behind the cryptocurrency's rise, and to explain how blockchain came to be, we have to begin briefly with the legacy of Bitcoin. On Oct. 31, 2008, Bitcoin founder and still-mysterious Satoshi Nakamoto (a pseudonym) published his famous white paper introducing the concept of a peer-to-peer (P2P) electronic cash system he called Bitcoin. The Bitcoin blockchain launched a few months later on Jan. 3, 2009. For Jeff Garzik, it started the way many a buzzy idea in the tech community has over the years: with a post on "news for nerds" and OG tech aggregator Slashdot.org. Garzik is the CEO and cofounder of enterprise blockchain startup Bloq, but has spent years as a Bitcoin core developer. He was also recently elected to the Board of Directors of The Linux Foundation (as the first member with a blockchain and cryptocurrency background). In July 2010, Garzik was working on Linux at enterprise software company Red Hat when what he calls "The Great Slashdotting" occurred. One viral post introduced programmers, investors, and tech nerd-dom at large to the concept of Bitcoin, and by extension, to blockchain. Garzik had always been fascinated with the goal of making seamless digital payments work on a global scale and across borders. When he realized how Bitcoin's underlying technology worked, he said it "knocked him on his bum." "I had already thought to myself about how someone might create a decentralized version of PayPal. When Elon [Musk] and Peter Thiel and the other founders created PayPal, they had this vision of a global ledger that could easily and cheaply add entries between users like a database entry. That vision met reality with banking laws and cross-border friction, with legal hurdles and regulations not only in the U.S. but around the world. It made that kind of decentralized global currency impossible, or so we thought. "Bitcoin turned all of that on its head," Garzik went on. "From an engineering perspective, the proof of work was this very elegant way to elect a leader, the block creator, in this decentralized and potentially adversarial system. Bitcoin layered on top of that engineering a set of economic and game-theory incentives that paid you in the script of the system itself, creating this virtuous cycle where it's in your best economic interest to to follow the consensus rules and create the longest, strongest chain possible. I didn't realize until that post on that day how elegantly it could be done." It's important to understand why Bitcoin and blockchain are not the same thing. In Garzik's TEDx Talk (above), he described Bitcoin as "an organism." It has layers, like other software. On top of the public Bitcoin blockchain sits billions of dollars worth of cryptocurrency, but beneath that is a ledger just like any other blockchain. That decentralized ledger technology, and its myriad potential uses for securely transferring data and digital assets over the internet, is the subject of this feature. For a deeper dive into the nuances of cryptocurrencies like Bitcoin and Ethereum and the complex political dynamics at work in those communities, check out our explainer on why blockchains fork. Garzik said Bitcoin was just the first demo application of what blockchain can do. In this case, it built a monetary revolution on the back of an all-seeing ledger, one that's everywhere and nowhere at once, and gave the cryptocurrency its power. Blockchain for Beginners People often get bogged down in technological complexity when trying to understand blockchain, but the basic concept is a simple and universal one. We have facts and information we don't want accessed, copied, or tampered with, but on the internet, there's always a chance it could be hacked or modified. Blockchain gives us a constanta bedrock we know won't change once we put something on it and where a transaction will be verified only if it follows the rules. The Nakamoto white paper explains the basics of "mining" data into a block, then using a hash (a time-stamped link) to chain those blocks together across a decentralized network of "nodes" that verify each and every transaction. The other key innovation in the white paper is using what's known as the proof-of-work (PoW) model to create distributed "trustless" consensus and solve the double-spend problem (ensuring cryptocurrency isn't spent more than once). A "trustless system" doesn't mean it's a system you can't trust. Quite the opposite. Because the blockchain verifies each transaction through PoW, this means no trust is required between participants in a transaction. Where does the proof-of-work come from? The miners. A P2P network of Bitcoin "miners" generates PoW as they hash blocks together, verifying transactions that then go into the ledger. In the 2016 book Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World, authors Don and Alex Tapscott explain Nakamoto's Bitcoin model about as succinctly as one can: "Bitcoin or other digital currency isn't saved in a file somewhere; it's represented by transactions recorded in a blockchainkind of like a global spreadsheet or ledger, which leverages the resources of a large P2P network to verify and approve each Bitcoin transaction. Each blockchain, like the [Bitcoin blockchain] is distributed: it runs on computers provided by volunteers around the world. There is no central database to hack. The blockchain is public: anyone can view it at any time because it resides on the network and the blockchain is encrypted it uses public and private keys (rather like a two-key system to access a safety deposit
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Blockchain: The Invisible Technology That's Changing the World By Rob Marvin Aug. 30, 2017, 12:08 a.m. Large swaths of your digital life will soon run atop a blockchain foundation just beneath the …
surfaceand you may not even realize it. Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an in-your-face innovation you can see and touch as easily as a smartphone or a package from Amazon. But in a world where anyone can edit a Wikipedia entry, blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online? Every year we run more of our livesmore core functions of our governments, economies, and societieson the internet. We do our banking online. We shop online. We log into apps and services that make up our digital selves and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happensevery digital transaction; exchange of value, goods and services; or private dataexactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and scatters the pieces across a worldwide network of distributed computers or "nodes." Think about a blockchain as a distributed database that maintains a shared list of records. These records are called blocks, and each encrypted block of code contains the history of every block that came before it with timestamped transaction data down to the second. In effect, you know, chaining those blocks together. Hence blockchain. A blockchain is made up of two primary components: a decentralized network facilitating and verifying transactions, and the immutable ledger that network maintains. Everyone in the network can see this shared transaction ledger, but there is no single point of failure from which records or digital assets can be hacked or corrupted. Because of that decentralized trust, there's also no one organization controlling that data, be it a big bank or a tech giant like Facebook or Google. No third-parties serving as the gatekeepers of the internet. The power of blockchain's distributed ledger technology has applications across every kind of digital record and transaction, and we're already beginning to see major industries leaning into the shift. First up are the big banks and tech giants. Big business will always drive innovation, and the rise of blockchain-based smart contracts (read on for a deeper explanation) turns blockchain into a middleman to execute all manner of complex business deals, legal agreements, and automated exchanges of data. Companies such as Microsoft and IBM are using their cloud infrastructure to build custom blockchains for customers and experiment with their own use cases, like building a worldwide food safety network of manufacturers and retailers. On the academic side, researchers are exploring blockchain applications for projects ranging from digital identity to medical and insurance records. At the same time, dozens of startups are using the technology for everything from global payments to music sharing, from tracking diamond sales to the legal marijuana industry. That's why blockchain's potential is so vast: When it comes to digital assets and transactions, you can put absolutely anything on a blockchain. A host of economic, legal, regulatory, and technological hurdles must be scaled before we see widespread adoption of blockchain technology, but first movers are making incredible strides. Within the next handful of years, large swaths of your digital life may begin to run atop a blockchain foundationand you may not even realize it. Beyond Bitcoin Blockchain is the data structure that allows Bitcoin (BTC) and other up-and-coming cryptocurrencies such as Ether (ETH) to thrive through a combination of decentralized encryption, anonymity, immutability, and global scale. It's the not-so-secret weapon behind the cryptocurrency's rise, and to explain how blockchain came to be, we have to begin briefly with the legacy of Bitcoin. On Oct. 31, 2008, Bitcoin founder and still-mysterious Satoshi Nakamoto (a pseudonym) published his famous white paper introducing the concept of a peer-to-peer (P2P) electronic cash system he called Bitcoin. The Bitcoin blockchain launched a few months later on Jan. 3, 2009. For Jeff Garzik, it started the way many a buzzy idea in the tech community has over the years: with a post on "news for nerds" and OG tech aggregator Slashdot.org. Garzik is the CEO and cofounder of enterprise blockchain startup Bloq, but has spent years as a Bitcoin core developer. He was also recently elected to the Board of Directors of The Linux Foundation (as the first member with a blockchain and cryptocurrency background). In July 2010, Garzik was working on Linux at enterprise software company Red Hat when what he calls "The Great Slashdotting" occurred. One viral post introduced programmers, investors, and tech nerd-dom at large to the concept of Bitcoin, and by extension, to blockchain. Garzik had always been fascinated with the goal of making seamless digital payments work on a global scale and across borders. When he realized how Bitcoin's underlying technology worked, he said it "knocked him on his bum." "I had already thought to myself about how someone might create a decentralized version of PayPal. When Elon [Musk] and Peter Thiel and the other founders created PayPal, they had this vision of a global ledger that could easily and cheaply add entries between users like a database entry. That vision met reality with banking laws and cross-border friction, with legal hurdles and regulations not only in the U.S. but around the world. It made that kind of decentralized global currency impossible, or so we thought. "Bitcoin turned all of that on its head," Garzik went on. "From an engineering perspective, the proof of work was this very elegant way to elect a leader, the block creator, in this decentralized and potentially adversarial system. Bitcoin layered on top of that engineering a set of economic and game-theory incentives that paid you in the script of the system itself, creating this virtuous cycle where it's in your best economic interest to to follow the consensus rules and create the longest, strongest chain possible. I didn't realize until that post on that day how elegantly it could be done." It's important to understand why Bitcoin and blockchain are not the same thing. In Garzik's TEDx Talk (above), he described Bitcoin as "an organism." It has layers, like other software. On top of the public Bitcoin blockchain sits billions of dollars worth of cryptocurrency, but beneath that is a ledger just like any other blockchain. That decentralized ledger technology, and its myriad potential uses for securely transferring data and digital assets over the internet, is the subject of this feature. For a deeper dive into the nuances of cryptocurrencies like Bitcoin and Ethereum and the complex political dynamics at work in those communities, check out our explainer on why blockchains fork. Garzik said Bitcoin was just the first demo application of what blockchain can do. In this case, it built a monetary revolution on the back of an all-seeing ledger, one that's everywhere and nowhere at once, and gave the cryptocurrency its power. Blockchain for Beginners People often get bogged down in technological complexity when trying to understand blockchain, but the basic concept is a simple and universal one. We have facts and information we don't want accessed, copied, or tampered with, but on the internet, there's always a chance it could be hacked or modified. Blockchain gives us a constanta bedrock we know won't change once we put something on it and where a transaction will be verified only if it follows the rules. The Nakamoto white paper explains the basics of "mining" data into a block, then using a hash (a time-stamped link) to chain those blocks together across a decentralized network of "nodes" that verify each and every transaction. The other key innovation in the white paper is using what's known as the proof-of-work (PoW) model to create distributed "trustless" consensus and solve the double-spend problem (ensuring cryptocurrency isn't spent more than once). A "trustless system" doesn't mean it's a system you can't trust. Quite the opposite. Because the blockchain verifies each transaction through PoW, this means no trust is required between participants in a transaction. Where does the proof-of-work come from? The miners. A P2P network of Bitcoin "miners" generates PoW as they hash blocks together, verifying transactions that then go into the ledger. In the 2016 book Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World, authors Don and Alex Tapscott explain Nakamoto's Bitcoin model about as succinctly as one can: "Bitcoin or other digital currency isn't saved in a file somewhere; it's represented by transactions recorded in a blockchainkind of like a global spreadsheet or ledger, which leverages the resources of a large P2P network to verify and approve each Bitcoin transaction. Each blockchain, like the [Bitcoin blockchain] is distributed: it runs on computers provided by volunteers around the world. There is no central database to hack. The blockchain is public: anyone can view it at any time because it resides on the network and the blockchain is encrypted it uses public and private keys (rather like a two-key system to access a safety deposit
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the American Scum did that to. Which is why their great grandchildren, still hate, and always rob, Americans.What goes around, Etc.Please provide a verifiable source for your claim.WWII Japanese …
were brutal in their take-over of local populations of the Pacific Islands. As a result, almost all native populations strongly supported defeat of the Japanese, and willingly & actively cooperated with the American or Australian forces.Thats pretty shameful to scam the locals.SergioYup, that would be shameful if it was true. Ive asked d & David Calder to provide verifiable sources for their accusations (I cant find any on GOOGLE or my reading of WWII history).An individual would also have tone scum to make such unsupported accusations.Do a search on John Frum. All the material flowing into the Pacific Islands, was from America. A whole religion sprouted, worshipping John Frum and his return with moar fabulous mountains of goods.David CalderPlease provide a verifiable source for your accusation.Ive read tens of history books about WWII in the Pacific and have never heard of your Monopoly money story. A 15 minute GOOGLE search does not turn up any stories of WWII US military personnel Monopoly money scams.Legitimate military script was often referred to as Monopoly money.Likewise, have never, ever heard tell of this before.Also, chocolate and cigarettes provided to GIs were more valuable as currency in the aftermath of the war.My 6th grade teacher in the 1950s told us the story that when the first of the construction battalions began work they were able to pass off actual Monopoly money to the natives on some of the more remote islands. He was a combat soldier but too many years have passed to remember if he was Army or Marine but Im sure he wasnt the one to have passed bogus money because he would have arrived after the Seabees or before them in an island assault when money of any type would have been worthless. He could have been passing of scuttlebutt but it resonated with 6th graders only a few years after the war.. My point was these bitcoins or any crypto will end up having the same value as worthless monopoly money..David CalderI have no doubt some guy scammed some other guy on some Pacific island at sometime.The problem with your 6th grade teachers anecdotal and unverifiable accusation (aka fake news, 1950s vintage) is it implies the practice was widespread (remember all the Pacific island natives that are supposed to still hate Americans in this story).Im calling BS on this one.I am bullish Bitcoin into 2019. I am not buying this crackdown from governments as we are concerned about Joe Public and his speculation habits.I am sure it is just the way I think but too much attention from governments to think this thing is going away. I also believe the beginnings and trial are different than the narrative and there MAY be larger purpose for the idea in mind. You really can buy time. One Bitcoin please.I predict, that when the smoke clears, we will all be Marxists, not Karl, Groucho. This situation calls for a man of the stature of Rufus T. Firefly. Only he would have the intelligence and gravitas to lead us out the morass. Only he would have the courage to revoke Ben Bernankes birth certificate..Most people I know who bought Cryptos are in their 20s. They are not aware of the dot.com pump and dump with lots of promises. I just had a bad feeling as a lot of these crypto exchanges allowed big leverageup to 300%. When prices are going up, leveraging looks like a smart idea. Now what do these exchanges do when the the tide turns and they have a lot of leveraged accounts? AnywayI know some twenty somethings who bought 10K of Cryptos the past year. If we have any type of recession in the next year or two they will have to sell their most liquid assets first which will be crytpos?I work out with a personal trainer in his 20s. He is big into Cryptos. Hes now reading books related to past financial crises as part of his education. When I told him that the lesson of the books is that the 4 most expensive words in the English language is this time its different he replied: this time its truly different.I rest my case.In a way he is right. The bubbles this time are beyond anything that came before and not just in one thing like tulips but in
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0 Beware! Ellir has stopped paying! Do not invest there! Hi all! Well its been a strange start to the business week in the HYIP industry, with the closure of perhaps one of the biggest programs of …
the year so far being met with so many new opportunities rushing in to fill the void. Im surprised to be saying this but Ive got no less than three new additions to the MNO Premium List to introduce today, mainly because as of mid November the HYIP industry often tends to be winding down for the year, without much going on of note between now and Christmas/New Year. Plenty to catch up on this week and next on MNO though, starting with a new medium term program called Ellir. Without getting too excited I think this one bears all the hallmarks of a highly organized and professionally run outfit. Of course the final decision to play or pass will ultimately lie with you the investor. Ill try my best to describe the main features for you here as clearly and simply as Im able, and you can think about it yourselves from there. I have a feeling though that Ellir might be a name working its way into a lot of portfolios in the coming weeks as I know a lot of you will be looking for something new. So lets see what Ellir is all about and if you think its worth taking a risk on. You have four investment plans to choose from in Ellir, all of which make daily interest payments. The most affordable of these is called The Minimal Plan which can be joined for a $10 opening deposit. The term runs for 7 calendar days, also making it the shortest running option. During that time Ellir offer you a daily payment of 16% back on your money. Sounds a bit high at first, however your principal is also included as part of the payments. That means by the time you receive your final payment Ellir will have returned 112% in total, or your own money back plus 12% net profit. The maximum spending limit is capped at $500 for this plan. For a bigger investment you can consider The Stable Plan, which is nonetheless still very affordable with a $25 opening deposit required to join. The term runs for 14 calendar days this time with Ellir offering members a daily payment of 9.3% interest on all deposits up to a maximum limit of $1,000. Lower than the previous option, but with more individual payments the final amount comes to a more generous total of 130%. With Ellir again counting your principal as part of the payments, that means you get your own money back plus 30% net profit for yourself. The next set of plans change direction somewhat in the sense that the Ellir admin offers your principal returned in a separate payment to the interest. So we continue with The Advanced Plan which opens with a $50 minimum investment. The term length runs for 15 calendar days with Ellir paying members 2.67% interest per day. This adds up to 40.05% in interest alone, which then becomes net profit when the admin returns your principal on expiry. The maximum spending limit is capped at $2,500 for this one. And finally for a $100 minimum investment Ellir have The Premium Plan. For a term running 30 calendar days investors here are being offered a daily interest rate of 3.34% on their money. That eventually adds up to 100.2% in total by the time you receive your final payment, at which point Ellir then add your initial principal on top of that. So its pretty much double your money in a month. Theres a maximum spending limit of $5,000 for this one. So if you like the look of the plans and think it might be worth a shot, then next on the agenda is what your payment options will be. This is up to a reasonable industry standard I would say, and I think enough to satisfy demand from most investors. There are currently four of the most popular e-currency options available in Ellir, with PerfectMoney, Payeer, and AdvCash for those who prefer the regular payment handlers, and BitCoin available for members who favour the more direct approach of using their own digital crypto-currencies. Interest accruals are all made together at the same time every morning to all accounts regardless of what plan you are in. As long as you have completed your first day in the program Ellir will then credit your account at 12:00 noon server time which you can then withdraw. Payout requests need to be submitted from inside your Ellir members account area, though once done something I think most readers will like is the fact that transactions should then be completed instantly. Just send the request and the money should be with you in under a minute. Just make sure that youve added your e-currency accounts under the account Settings tab, then Payment Systems inside of your Ellir account area. I know it sounds obvious but because Ellir is not using one of the generic scripts most of you might be familiar with in most other programs it can be an easy thing to forget. Also, prior to that, when making your initial deposit you need to hit the Replenishtab in your members area in order to fund your account. Once youve done this you then need to redirect that money into the plan of your choice in order to have an actual active deposit that earns you interest. To make a withdrawal then first you click the Deposits tab. Under the headline Actions you will then see the amount you are owed. Click on this figure to return that amount to your account balance. From your balance then you simply need to click the Withdrawal button from inside your members account area. This will show you a drop-down
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On my trip to Singapore two weeks ago I read through a new book The Age of Cryptocurrency, written by Michael Casey and Paul Vigna — two journalists with The Wall Street Journal. Let’s start with the …
good. I think Chapter 2 is probably the best chapter in the book and the information mid-chapter is some of the best historical look on the topic of previous electronic currency initiatives. I also think their writing style is quite good. Sentences and ideas flow without any sharp disconnects. They also have a number of endnotes in the back for in-depth reading on certain sub-topics. In this review I look at each chapter and provide some counterpoints to a number of the claims made. [Note: I manually typed the quotes from the book, all transcription errors are my own and should not reflect on the book itself.] The book starts by discussing a company now called bitLanders which pays content creators in bitcoin. The authors introduce us to Francesco Rulli who pays his bloggers in bitcoin and tries to forbid them from cashing out in fiat, so that they create a circular flow of income.1 One blogger they focus on is Parisa Ahmadi, a young Afghani woman who lacks access to the payment channels and platforms that we take for granted. It is a nice feel good story that hits all the high notes. Unfortunately the experience that individuals like Ahmadi, are not fully reflective of what takes place in practice (and this is not the fault of bitLanders). For instance, the authors state on p. 2 that: “Bitcoins are stored in digital bank accounts or “wallets” that can be set up at home by anyone with Internet access. There is no trip to the bank to set up an account, no need for documentation or proof that you’re a man.” This is untrue in practice. Nearly all venture capital (VC) funded hosted “wallets” and exchanges now require not only Know-Your-Customer (KYC) but in order for any type of fiat conversion, bank accounts. Thus there is a paradox: how can unbanked individuals connect a bank account they do not have to a platform that requires it? This question is never answered in the book yet it represents the single most difficult aspect to the on-boarding experience today. Starting on page 3, the authors use the term “digital currency” to refer to bitcoins, a practice done throughout the remainder of the book. This contrasts with the term “
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-anniversary celebration, because it combined two things from which he recoils: parties and reminiscing.Yet hes also energetic and decisive, which makes him a valued counsellor. In 2006, Yahoo! …
offered to buy Facebook for a billion dollars, and Accel Partners, Facebooks lead investor, urged Mark Zuckerberg to accept. Andreessen said, Every single person involved in Facebook wanted Mark to take the Yahoo! offer. The psychological pressure they put on this twenty-two-year-old was intense. Mark and I really bonded in that period, because I told him, Dont sell, dont sell, dont sell! Zuckerberg told me, Marc has this really deep belief that when companies are executing well on their vision they can have a much bigger effect on the world than people think, not just as a business but as a steward of humanityif they have the time to execute. He didnt sell; Facebook is now worth two hundred and eighteen billion dollars.Andreessens range of reference extends from Ibn Khaldun to South Park, yet he approaches new topics as if starved, eating through mens fashion or whiskey-making or congressional politics until it has yielded every micronutrient. In a tweetstorm about the question of net neutrality, he observed that anyone who took a position should be versed in the history, technology, and economics of backbones, interconnection agreement, peering, CDNs, caching, colocation, current and future telco and cable business models including capex and opex models, rate caps, cost of capital, return on investment, as well as a dozen other equally abstruse matters. He coyly noted that no one, himself included, understood them allthen stated his position. Andreessens learning fuses the idiosyncrasy of the autodidact with the thoroughness of what programmers call depth-first search. I could never tolerate not knowing why, he said. You have to work your way back to figure out the politics, the motivations. I always stop when I get to evolutionary psychology, and why we have tribesoh, O.K., were primates cursed with emotions and the ability to do logical thinking. He keeps rediscovering that were australopithecines, and keeps hoping to transform us into Homo habilis: man the tool user, able man.To this end, he addresses any topic, such as Googles purchase of the thermostat maker Nest, by launching a dialectics1) Either Nest is the most amazing company ever, or 2) Larry Page acqui-hired Tony Fadell for $3.2 billion and got a thermostat business on the sidewhose synthesis is often that the thesis and the antithesis were simplistic (Or, maybe Google has a larger plan for automating the home) or irrelevant (Whatever, whatever, we dont own it, so who cares?). Often, he discourses at such lucid length that his cheeks redden and he must pause for breath. If you seize the interval to demonstrate a basic grasp of his argument, hell say Ex-zact-ly, with a pleased smile, and upload another tranche. What saves him from pompous know-it-all-dom, most of the time, is this eagerness to communicate.He turns to theory the way a drinker turns to the minibar. But Horowitz told me that every once in a while Andreessen will get all Wisconsin on you, sticking up for his people. When we looked at an Internet pawnshop, people here said, Its immoral, and Marc went bananas. He said, If youve got no fucking money, and you need to pawn your watch to pay for your kids to eatyou think thats morally fucking wrong because it offends your sensibilities, you rich motherfuckers? He knew that guy who was pawning his watch because hed missed the harvest, or whatever. Or we saw an Uber-for-private-jets thing, or some wine thing that came through, and he just got incensed: We didnt start the firm for rich people to buy hundred-dollar bottles of wine or to fly around on fucking private jets! He reminds me of Kanye, that level of emotional intensityhis childhood was so intensely bad he just wont go there.One afternoon, Alexis Ringwald, the C.E.O. of LearnUp, a job-training startup that has worked with Staples and Old Navy, stood in a16zs conference room, all poise and smile. I like to launch movements to tackle huge problems, she said, launching into her presentation.Start at the beginning, where you grew up, Ben Horowitz said. A16z had made a small seed investment in Ringwalds company, but most of the general partners, who were about to tell her whether she was ready for an A round, didnt know much about her. Horowitz also routinely forces a founder to abandon her script and regroup. Its a stress test intended to elicit biography, resilience, and the real story.How many times do I have to tell you to stay inside the bowl?Ringwald, who is thirty-one, blinked, then shifted smoothly to an engaging account of her early years, her work interviewing people on the unemployment line, and how shed eventually realized that the countrys biggest gulf is between those who have the basic skills to be employableshowing up on time, dressing neatlyand those who dont. So its a modern My Fair Lady sort of thing? Horowitz asked, ingenuously. Ringwald crisply noted that her process triples an applicants chance of getting a job, and that eighty-two per cent of LearnUps trainees outperform their fellow-workers. Horowitz and Andreessen nodded: she could handle the pressure. Afterward, Horowitz told me, My big conclusion was shes a legit Pied Piper, with charisma and will and fury.Pitch meetings are minefields. If a V.C. asks you, When you get to a hundred engineers, are you worried about the company culture or excited?, the correct answer is A hundred? I want a thousand! Reid Hoffman, a V.C. at Greylock Partners who co-founded LinkedIn, told me, I look to see if someone has a marine strategy, for taking the beach; an army strategy, for taking the country; and a police strategy, for governing the country afterward.A16z wants to learn if the founder has a secreta novel insight, drawn from personal experience, about how the world could be better arranged. If that new arrangement is 10x better, consumers might be won over. Balaji Srinivasan contributed the concept of the idea maze: you want the entrepreneur to have spent years thinking her idea intoand out ofevery conceivable dead end. Entrepreneurs want to raise money from us, Andreessen told me, so the natural thing when we say What if you did this? is to tell us what we want to hear. But we dont want to hear what we want to hear. Its a delight when they look at you with contemptYou idiotand then walk you through the idea maze and explain why your idea wont work. Such tests help a16z determine whether the founder is a mercenary who wants to sell the company within four years, which will cap a16zs return at 5x, or a missionary, determined to change the world. At the same time, Andreessen said, were not funding Mother Teresa. Were funding imperial, will-to-power people who want to crush their competition. Companies can only have a big impact on the world if they get big.Ringwald, back into her planned remarks, promised bigness: LearnUp will transform employment in America. We can unleash human potential and move the needle on the G.D.P. Andreessen said, Question: This is a known problem. Why do companies not just do this themselves, once they see that it works? Ringwald replied, Well keep on differentiating by moving fast and collecting more data on what companies need now.Then a general partner named Chris Dixon asked, Is it a marketplace or an enterprise company? Marketplace companies sell to consumers; enterprise companies sell to other businesses. Clearly perplexed by the distinction, Ringwald said that she was signing up workers as well as companies. Everyone became a shade more remote.Afterward, Andreessen told his colleagues, She didnt really answer Chriss question. If its marketplace, its defensible; if its enterprise, she can be undercut. If Ringwalds customers were the workers, who would keep using LearnUp as they moved from job to job, she could create a network effect. If her customers were actually the companies, they could start doing the training themselvesor another startup could. A16z views marketplace and enterprise companies very differently. The firm invests early with enterprise, but waits with consumer companies, because they tend to take offsuddenly, everyone wants to be on Instagramor fail fast. Its a risk-averse way to embrace risk. In 2013, a16z passed on the A round of Oculus VR (waiting to see if it could resolve the nausea issue that has plagued
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