A Quote by Mike Cernovich
The blockchain is a distributed network that solves all the problems that we have of finance, but more broadly, it's like a philosophy. It's a way of life.
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It doesn't always make sense to have a token on the blockchain that is both useful and represents ownership - it has to be something where there's a network effect. That's why I cite Facebook as an example of what could be disrupted more so than, say, Amazon - which is bit more centralized and is not exactly a network of users in the same way.
The ledger, the distributed database - it's called a Blockchain - is held in the cloud by all the parties involved. It can't be broken by any of them. It's cryptographically too strong. You would have to compromise the entire network to take over Bitcoin.
Blockchain is moving beyond cryptocurrency, and it's worth paying attention - especially since successful prototypes show that blockchain, also known as distributed ledger technology, will be transformative.
The blockchain concept was pioneered within the context of crypto-currency Bitcoin, but engineers have imagined many other ways for distributed ledger technology to streamline the world. Stock exchanges and big banks, for example, are looking at blockchain-type systems as trading settlement platforms.
Technology causes problems as well as solves problems. Nobody has figured out a way to ensure that, as of tomorrow, technology won't create problems. Technology simply means increased power, which is why we have the global problems we face today.
Blockchain technology, or distributed ledger technology, is just a way of using the modern sciences of encryption to enable entities to share a common infrastructure for database retention.
Philosophy - reduced, as we have seen, to philosophical discourse - develops from this point on in a different atmosphere and environment from that of ancient philosophy. In modern university philosophy, philosophy is obviously no longer a way of life, or a form of life - unless it be the form of life of a professor of philosophy.
The way in which a group of people solves problems.
You can gauge the limitations of a person's life by the size of the problems that get him or her down. You can measure the impact a person's life has by the size of the problems he or she solves.
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
Life solves its problems with well-adapted designs, life-friendly chemistry and smart material and energy use.
People bought bitcoin because they thought it would be worth more tomorrow. And a lot of people got lucky. But we're not seeing real people use bitcoin. And we don't know what problem it solves. Now, blockchain, I think, is a genius advancement in technology.
I call the blockchain 'the Internet of value' and 'the Internet of trust.' Because everything becomes trustless. It's a big distributed ledger. Think of it like an Excel file that's being maintained and updated and managed by millions of computers around the world.
Philosophy is not a body of knowledge to impart to someone, that's why reading philosophy books isn't always the best way of learning philosophy. Philosophy is really more the process of rational engagement, rational reflection with a diversity of views and ideas and opinions and trying to sort of reason your way through to a more reflective position. I think if you look at it that way, philosophizing is to some extent some small way a part of almost everyone's lives although they don't recognize it as such and a lot of people are embarrassed about it.
The Internet had a core innovation that made it valuable: The ability to disseminate data over a distributed network in a way that was significantly cheaper than the prior methods.
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.
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