Posts tagged with ‘economics

So, 51% of all Bitcoin mining power is owned by one anonymous entity. So much for decentralization

Bitcoin among other crypto digital currencies not only bring the promise of cash-like anonymity in a digital world, but a decentralization of the entire concept of money. Well, that was the idea anyway. However it appears that idea is dead at least as far as Bitcoin is concerned— a study of Bitcoin out of Cornell University found that of all those people out there mining, a whopping 51% of all computational mining power came out of a single anonymous mining pool, often for sustained periods of time. That’s a whole lot of digital cheddar.

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A global crisis looms as America faces the possibility of a whiskey shortage

A whiskey shortage? Don’t be silly… whiskey is forever. Ah, but no. See, America has actually gotten pretty damn good at making the stuff, which is good for everyone. But this means that America is now exporting its fine brown liquor overseas, from both distilleries large and small. And it’s not really a supply problem, though that’s part of it— it’s more about the fact that whiskey takes a damn long time to distill, and supply is outstripping the actual available amount of finished whiskey. So that’s not good.

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A pretty large number of IT professionals wouldn’t mind getting paid in Bitcoins

At least that’s according to a poll of just under 850 tech professionals when asked if they would like to receive their paycheck in Bitcoins. Of those polled, 51% said yes, absolutely, 18% said maybe, 10% saying they didn’t think Bitcoin would last and the small tiny remainder not having a clue in the world what Bitcoin is. 

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Is America’s wealth distribution fucked up? Yes. How fucked up? You can’t even start to imagine.

The insanity of Bitcoin, explained in pretty video form

There’s lots and lots to read on how Bitcoin works, some of it highly entertaining. But all that shit requires reading. Who has time for that? Here’s a great visual explanation of how the all-digital currency works.

Music, culture and why you’re an idiot if you think you can quit your day job to be a rock star these days

It’s not like quitting your day job to be a rock star was ever a safe bet or a good idea for hardly anyone, but in the 21st century, it’s damn near impossible unless you’re already established or the impossibly and stupidly lucky few like Justin Bieber who sell their souls to make not music, but rhythmic Big Mac products. The problem is not that music sucks these days, it’s just the opposite… there’s some absolutely brilliant music and art out there, probably more than ever, and that’s the problem. There’s so much of it with no end in sight, and the costs of creating, producing and distributing music are so low, it’s created a gloated and bloated market where if you don’t give your art away for free, there’s thousands that will.

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The secret memo that unveils the truth about American banks’ involvement in purposely crashing the world economy

Even though the US seems to be recovering from its near financial implosion in 2008, many other countries around the world have suffered complete collapses of their banking systems, currency and financial institutions. Each country and each region has its own story, but at the heart of it all seems to be a US banking conspiracy hell bent on not just banking deregulation in the US, but across the globe.

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If McDonald’s doubled wages, your Big Mac would only cost $0.68 more

Right now across the country, McDonald’s employees are protesting low wages and McDonald’s shitty “just get a second job” attitude. But if McDonald’s raised its wages to $15/hr as many are demanding, how would that affect the price of food? As it turns out, your Big Mac would only cost $0.68 more and everything on the Dollar Menu would cost 17 cents more. I think we as a people can deal.

Read more here at Business Insider

TED talk of the day: China, a tale of two political systems

Eric X. Li explains how China evolved well past the old Russian communist system to create a vibrant one-party communist-like economic system that has been responsible for one of the fastest growing economies in world history, and how the world could learn from some of the things lessons China has learned and the rules it has created.

Saturday morning cartoons: The Collapse of the American Dream Explained with Animation

So what? Life isn’t all rainbow ponies and robots and shit. 

Prices of different vices around the world

Chose the wrong country for my vices.

On the verge of collapse, the city of Detroit is now run by an emergency financial manager

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The governor of Michigan and the mayor of Detroit both agree it’s a last ditch effort, but with the city in decay and tens of billions of dollars in debt, the city is now under the control of an unelected emergency financial manager, whose decisions override any by the elected mayor or city council. Yes, in order for Detroit to survive at all, it’s now being run by a lawyer-czar. But it could be Detroit’s last hope.

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