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It had been a long while since I’d watched any television, and things had only gotten weirder. Beauty pageants for infants; ruddy men in trucker caps fighting over abandoned storage lockers; public shamings of compulsive hoarders and pre-diabetics; affluent suburban women made up like transvestite hookers, competing with each other in feats of coarseness and cruelty; barely literate pregnant teens with tattoos, unfocused eyes, and futures like wrecked cars; apoplectic crypto-fascists spitting bile and paranoia; a carnival midway of weight loss devices, hair growth creams, erectile dysfunction potions, and pottery from which herbs grew like green hair. It was like the day room of a surrealist mental hospital, or any big city ER on a summer Saturday night.

It is a very important and lucrative skill one can have that allows them to be able to see into the future and act toward it in the present.

There were the venture capitalists, who’d gotten in early, watched the tokens they bought climb to ludicrous heights, and now believed they could predict the future. There were the founders of crypto start-ups, who’d raised so many millions of dollars that they seemed to believe their own far-fetched pitches about creating the future of finance. Then there were the programmers, who were so caught up with their clever ideas about new things to do inside the crypto world that they never paused to think about whether the technology did anything useful.

What do these decades-old international organizations see in an arcane digital technology built by the crypto-libertarians and Cypherpunks who gave us Bitcoin? It’s the prospect that this decentralized computing system could resolve the issue of social capital deficits that we discussed in the context of the Azraq refugee camp. By creating a common record of a community’s transactions and activities that no single person or intermediating institution has the power to change, the UN’s blockchain provides a foundation for people to trust that they can securely interact and exchange value with each other.

We have been through a torrid decade and more, where living standards have declined but we are constantly told this one of the longest running economic expansions in history. It's as if truly live in George Orwell's 1984 and the powers that be speak a form of doublespeak. When they say employment is at a record high they fail to say wages have been going down in real terms for decades.

This idea about crossing borders many times a day on the internet…Well, imagine there’s a blogger in Australia and they’ve written a nice article and actually they want to be paid a little bit of money when people read their thing. He’s not set up on Visa, you don’t want to type out all this stuff on a credit card. Surely, if you were to pay him 50p’s worth of bitcoin for this incredible article that he’s written, or a piece of data that he’s calculated that for some reason has value to you, it enables little transactions like that to happen on a vast scale. You can do it quickly and simply and get rid of all this noise in the middle. Ironically, I think cryptos are more likely to push the world towards paid content than the other way around – because they enable it in a way that wasn’t possible before.

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The fourth and final step, Brian predicted, would come in the form of blockchain apps that let people do things like borrow, lend, and invest without relying on a bank. Step four, he wrote, would mark the inauguration of Finance 2.0 and bring one billion people into the emerging crypto universe. If this was the future, then Coinbase’s master plan was to lay stepping-stones to Finance 2.0 while investing

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The US was now, in Sam’s mind, the holy grail. It had an incumbent crypto exchange, Coinbase. But Coinbase’s CEO had already written insulting tweets about the SEC. And Coinbase, compared to FTX, was a boring and bloated casino. It had fifteen times the number of employees FTX did, and only about a fifth of FTX’s volume. Charging retail investors fees between five and fifty times what FTX charged, it was still running big losses. Even so, it was a public company, with a market capitalization of more than $75 billion. If FTX was granted a license to offer crypto futures in the United States and was given full access to US investors, it might steal Coinbase’s customers, along with its market cap. Or so Sam thought—which is why he also thought that the license might double or even triple FTX’s value overnight.

Wash trading, as it was called, would have been illegal on a regulated US exchange, though the sight of it did not bother Sam all that much. He thought it was sort of funny just how brazenly many of the Asian exchanges did it. In the summer of 2019, FTX created and published a daily analysis of the activity on other exchanges. It estimated that 80 percent or more of the volume on the second- and third-tier exchanges, and 30 percent of the volume on the top few exchanges, was fake. Soon after FTX published its first analysis of crypto trading activity, one exchange called and said, We’re firing our wash trading team. Give us a week and the volumes will be real. The top exchanges expressed relief, and gratitude for the analysis, as, until then, lots of people assumed that far more than 30 percent of their volume was fake. Sam was less surprised that Binance was wash trading than by how badly they were doing it. “They were doing a B-minus job at market manipulation,” he said. One Binance bot would make a wide market in Bitcoin futures, and another Binance bot would enter and lift its high offer. If, to keep the numbers simple, the fair value of bitcoin was $100, the first Binance bot would insert a bid at $98 and an offer at $102. No normal trader would trade against either—why sell for $98 or buy for $102 on Binance what you could buy or sell on some other exchange for $100? But then, at regular and predictable intervals, the second Binance bot would enter the market and buy at $102. It looked as if a trade had occurred between two different parties, but it hadn’t. It was simply Binance buying from Binance.

Mussolini was eager to paint his administration as a technocratic ally of Fiat, Olivetti, and the other Italian business powers. He stated, “Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.

Thus the RSA paper marks the first appearance of a fictional “Bob” who wants to send a message to “Alice.” As trivial as this sounds, these names actually became a de facto standard in future papers outlining cryptologic advances, and the cast of characters in such previously depopulated mathematical papers would eventually be widened to include an eavesdropper dubbed Eve and a host of supporting actors including Carol, Trent, Wiry, and Dave.

The insatiable need for more processing power -- ideally, located as close as possible to the user but, at the very least, in nearby indus­trial server farms -- invariably leads to a third option: decentralized computing. With so many powerful and often inactive devices in the homes and hands of consumers, near other homes and hands, it feels inevitable that we'd develop systems to share in their mostly idle pro­cessing power. "Culturally, at least, the idea of collectively shared but privately owned infrastructure is already well understood. Anyone who installs solar panels at their home can sell excess power to their local grid (and, indirectly, to their neighbor). Elon Musk touts a future in which your Tesla earns you rent as a self-driving car when you're not using it yourself -- better than just being parked in your garage for 99% of its life. "As early as the 1990s programs emerged for distributed computing using everyday consumer hardware. One of the most famous exam­ples is the University of California, Berkeley's SETl@HOME, wherein consumers would volunteer use of their home computers to power the search for alien life. Sweeney has highlighted that one of the items on his 'to-do list' for the first-person shooter Unreal Tournament 1, which shipped in 1998, was 'to enable game servers to talk to each other so we can just have an unbounded number of players in a single game session.' Nearly 20 years later, however, Sweeney admitted that goal 'seems to still be on our wish list.' "Although the technology to split GPUs and share non-data cen­ter CPUs is nascent, some believe that blockchains provide both the technological mechanism for decentralized computing as well as its economic model. The idea is that owners of underutilized CPUs and GPUs would be 'paid' in some cryptocurrency for the use of their processing capabilities. There might even be a live auction for access to these resources, either those with 'jobs' bidding for access or those with capacity bidding on jobs. "Could such a marketplace provide some of the massive amounts of processing capacity that will be required by the Metaverse? Imagine, as you navigate immersive spaces, your account continuously bidding out the necessary computing tasks to mobile devices held but unused by people near you, perhaps people walking down the street next to you, to render or animate the experiences you encounter. Later, when you’re not using your own devices, you would be earning tokens as they return the favor. Proponents of this crypto-exchange concept see it as an inevitable feature of all future microchips. Every computer, no matter how small, would be designed to be auctioning off any spare cycles at all times. Billions of dynamically arrayed processors will power the deep compute cycles of event the largest industrial customers and provide the ultimate and infinite computing mesh that enables the Metaverse.

It’s possible you may look back in the future and say I bought Bitcoin, I thank myself I did

According to technologist David Rosenthal, speculation on cryptocurrencies is the engine that drives Web3—that it can’t work without it. “[A] permissionless blockchain requires a cryptocurrency to function, and this cryptocurrency requires speculation to function,” he said in a talk at Stanford in early 2022.4 Basically, he’s describing a pyramid scheme: Blockchains need to give people something in exchange for volunteering computing power, and cryptocurrencies fill that role—but the system works only if other people are willing to buy them believing that they’ll be worth more in the future. Stephen Diehl, a technologist and vocal critic of Web3, floridly dismissed blockchain as “a one-trick pony whose only application is creating censorship-resistant crypto investment schemes, an invention whose negative externalities and capacity for harm vastly outweigh any possible uses.

The second largest class of stablecoins are crypto-collateralized, meaning they are backed by an overcollateralized amount of another cryptocurrency. Their value can be hard or soft pegged to the underlying asset depending on the mechanism.

Crypto-collateralized stablecoins have the advantages of decentralization and secured collateral. The drawback is that their scalability is limited. To mint more of the stablecoin, a user must necessarily back the issuance by an overcollateralized debt position.

The mechanism by which the stablecoin maintains its peg varies by implementation. The three primary mechanisms are fiat-collateralized, crypto-collateralized, and non-collateralized stablecoins.

With a market capitalization of $5 billion as of writing, the most popular crypto-collateralized stablecoin is DAI, created by MakerDAO9 and and backed by ETH and other crypto assets. It is soft pegged with economic mechanisms that incentivize supply and demand to drive the price to $1.

As you think about which industries to work in, which skills to obtain, and which books to read, study the types of tech startups that were recently funded by venture capitalists at the Series A and Series B stages because these tend to be on the cutting edge of emerging trends. For example, Coinbase raised its Series A and Series B funding in 2013. If you invested in learning about cryptocurrencies in the years following Coinbase’s Series A, there would have been an abundance of life-changing crypto career opportunities for you, in part because at that time crypto knowledge was rare in a growing market. Study what venture capitalists are investing in to glimpse the trends or markets on the rise.

As frightened as I am by the prospect of this change, I am also thrilled by it. I love what we are, yet I cannot help but hope that we are capable of turning into something better. We humans can be selfish, foolish, shortsighted, even cruel. Just as I can imagine these weaknesses as vestiges of our (almost) discarded animal past, I can imagine our best traits—our kindness, our creativity, our capacity to love—as hints of our future. This is the basis for my hope. I know I am a relic. I am a presymbiotic kind of person, born during the time of our transition. Yet, I feel lucky to have been given a glimpse of our promise. I am overwhelmed when I think of it … by the sweet sad love of what we were, and by the frightening beauty of what we might become. True Nyms and Crypto Anarchy Timothy C.

Dr. Timothy Dembowski is a professional chiropractor who believes in the future of healthcare and cryptocurrency. He thinks the world is currently experiencing the biggest transfer of wealth, and this cryptocurrency trend is set to continue. He gains more knowledge about crypto by listening Digital Asset Investor, Digital Perspectives, and Altcoin Daily.

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