2018/09/22: Satoshi built off the work of previous cryptographic researchers, including Wei Dai’s B-money, and Adam Back’s Hashcash. B-money and Hashcash were the first proof of work protocols in the world.
The bitcoin whitepaper outlines the proof of work system, discussing how one CPU would equal one vote. As long as the majority of CPUs were acting in the best interest of the network, then the network would stay secure. Those CPUs would be motivated to act in the best interests of the network because they receive a reward for doing so and because it costs money to provide proofs of work to the network. This basic, economic system of costs and rewards is what secures bitcoin.
Here’s how Satoshi explains it:
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.”
The network is also secured by a chain of linked signatures. Each block in the bitcoin blockchain contains a secure reference to the block before it and the block after it – a signature. In order to alter the bitcoin blockchain, a malicious actor would need an enormous amount of computing power to change all the blocks in the chain
The anarchist virtual currency may be a hoax. It could also be the global economy's last safe haven
Failed bank tracker Date, Description*, Image, Place*, Location( latitude, longitude), Source*, Source URL*, Total assets of balance sheet of bank at time of failure( EUR+ orig. currency)*, Source( link for total asset of balance sheet), Corporate entity, Acquirer( public or private), Type of r...
2014/06/01: The vision of a free-floating digital cryptocurrency economy, divorced from the politics of colossal banks and aggressive governments, is under threat. Take, for example, the purists at Dark Wallet, accusing the Bitcoin Foundation of selling out to the regulators and the likes of the Winklevoss Twins.
Bitcoin sometimes appears akin to an illegal immigrant, trying to decide whether to seek out a rebellious existence in the black-market economy, or whether to don the slick clothes of the Silicon Valley establishment. The latter position – involving publicly accepting regulation and tax whilst privately lobbying against it – is obviously more acceptable and familiar to authorities.
2012/09/10: It's been four years since the U.S. launched a massive bailout of the financial system and the auto industry. While much of the bailout money has been paid back, the government still owns large shares in companies such as AIG and GM, and has yet to recoup some $200 billion in bailouts. Here's a breakdown by industry.
More than 1 million jobs will be lost to AI by 2030, according to one estimate. But new jobs are also being created. Are banks and their employees ready?
Sweden's central bank governor has called for public control over its payment system. Others say a fully digital system is vulnerable to fraud and attack
This is the English version of an article originally published by La Repubblica on August 8, 2016.
A lot of people are watching the spectacle of Apple vs. the FBI and the Homeland Security Theatre and rubbing their eyes, wondering why Apple (in the person of CEO Tim Cook) is suddenly the knight in shining armour on the side of consumer privacy and civil rights. Apple, after all, is a goliath-sized corporate behemoth with the second largest market cap in US stock market history-what's in it for them?
Apple's refusal to help the government unlock the San Bernardino shooter's iPhone may have some surprising consequences. Remember, Apple is defying not only the Justice Department but also the wishes of the iPhone's owner. That's because the iPhone in question is actually owned by the San Bernardino County Department of Public Health, which issued it to Syed Farook to use at work. As a practical matter, Apple's technical and legal position elevates Farook's privacy over the interests of the iPhone's real owner. This may well be consistent with Apple's corporate marketing strategy, which seems to be making the iPhone so sexy that employees will simply demand that companies buy it for them. But the San Bernardino case is a wakeup call for companies who think that, because they are the customers, Apple owes them some allegiance. Nope. Instead, Apple's technical and legal war with the United States government is turning its corporate customers into collateral damage. As that lesson sinks in, enterprise purchases of iPhones may take a hit. Indeed, in the financial industry, the fallout could be worse. Given Apple's decision to privilege users' privacy above all else, it may well be unlawful for banks and brokerages to let...
The risky business of climate change poses challenges for investors around the globe.
The truth of the matter is, the very powerful Troika of creditors were not interested in coming to a sensible, honorable mutually beneficial agreement. -- Yanis Varoufakis The euro was flawed from the start, everyone knew this. Yes, Greece should leave the euro, but difficult to create a new currency from scratch. Not in the
Greece has agreed to a deal with its European creditors - a deal which sent the #ThisIsACoup
hashtag trending around the world.
The crushing Greek debt could be canceled the way it was made - by sleight of hand. But saving the Greek people and their economy is evidently not in the game plan of the Eurocrats. Greece's creditors have finally brought the country to its knees, forcing President Alexis Tsipras to agree to austerity and privatization
The conditions imposed on the country make it a kind of debtors' prison.
The larger political and economic costs of the crisis in Greece and Europe are only starting to come to light.
A must-read interview transcript of economics professor Michael Hudson: (we recommend reading this analysis by Ann Pettifor as a complement) "SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to the Michael Hudson Report on The Real News Network. I'm Sharmini Peries coming to you from Baltimore. The Euro is slipping against the dollar, and the European financial... Continue reading ...