Tag Archives: digital

November 30, 2021 · 5:39 am

Why Ethereum Might Have More Value Than Bitcoin (In The Long Run)

Ethereum 2.0 Deposit Contract Surpasses $25 Billion Worth of ETH | Finance Magnates

Nobody can predict the future. As someone who often talks about the future and future technology, I like to belabor that. It’s an important disclaimer because if the future were that easy to predict, then there would be no need for lotteries, fantsy sports, or the stock market.

It’s like my old political science professor once told me in college. Nobody knows anything. He said that in the context of a lesson about politics, but I think it also applies to many other fields. Technology, economics, and finance are definitely among them.

I’m certainly no expert in any of those fields. I like writing and telling sexy stories about technology. I’m not the least bit qualified to make informed predictions about it or any related subjects. I’m not dumb, but my expertise is limited to comics, sexy short stories, and football stats.

Having gotten that out of the way, I’d like to give a brief layman’s opinion about cryptocurrencies. I know that’s a chaotic subject, at the moment. The recent rise of multiple cryptocurrencies has made headlines, albeit for absurd reasons at times. However, I think it’s safe to say that this is not another passing internet fad in the mold of planking.

This technology has real value.

This technology is changing the world.

This technology will likely continue to evolve and improve with time.

I say this as someone who has followed the news surrounding cryptocurrencies for years. I also say that as someone who recently purchased his first stash of Bitcoins. As of this moment, I only have a few hundred bucks in my Bitcoin wallet. I’ve also seen the value fluctuate significantly. I’ve even had a chance to spend them, which was surprisingly smooth.

After this experience, I wouldn’t call myself a full-fledged Bitcoin enthusiast. I’m not planning to invest all my money into Bitcoins anytime soon. However, I genuinely believe this technology has great value. I also believe it’ll become an integral part of our future, with respect to finance and the economy.

At the same time, I can’t help but note its limits. I’ve even highlighted a few of them before. Bitcoin has many benefits, but I think its value is somewhat skewed because it just happens to be the biggest in terms of market cap, as well as the most well-known cryptocurrency.

When most people think cryptocurrencies, the first thing they think of is Bitcoin. That gives it a huge benefit over other cryptocurrencies, of which there are many. That benefit is likely to fuel its value for years to come.

However, having used it and followed the growth of cryptocurrencies more closely in recent years, I do not believe it’s the most valuable cryptocurrency on the market. I also don’t think that Bitcoin, in its current form, will succeed beyond a certain point.

Many people compare Bitcoin to digital gold and I think that’s a fairly apt comparison. Bitcoin, like real gold, is mostly a store of value. That’s what it was designed to be and, for the most part, it fulfills that purpose well. A bar of gold and a stash of Bitcoins will function in primarily the same way.

In terms of value and utility, though, that’s where I think Bitcoin falls short. Even gold has more uses beyond being a store of value. I think if cryptocurrencies are to achieve more than just functioning as digital money, they need to do more.

For that reason, I believe Ethereum, the second-most popular cryptocurrency in terms of market value, may have more value in the long run. It’s not a meme currency like Dogecoin. The technology behind Ethereum actually makes use of the features that have made Bitcoin so valuable.

For those not familiar with Ethereum, it’s a cryptocurrency that’s similar to Bitcoin in many ways. It also uses blockchain technology to create a digital store of value. It has been operating since 2015 and has grown considerably in recent years. What sets it apart, though, is its ability to be programmed.

Whereas Bitcoin is mostly raw math and data, Ethereum is more like an operating system or a programming language. With it, users can create smart contracts, which are essentially digital contracts that are self-enforcing. That means no middleman or lawyers are needed to enforce a signed agreement.

For anyone who has ever had to deal with lawyers or contracts, it’s hard to overstate the value of such a feature. Since many contracts already involve money, Ethereum essentially tightens that connection. In the same way Bitcoin allows people to be their own bank, Ethereum allows them to be their own legal team.

In a world that has only become more connected and digitized, especially after a global pandemic, there’s considerable utility in that. I would argue that utility will make Ethereum more useful than Bitcoin in the long run.

That’s not to say it’ll eventually usurp Bitcoin or all other cryptocurrencies. I think Bitcoin will always benefit from the first, as well as the most well-known. I just think that benefit will only take it so far. Gold is useful, but it’s not nearly as useful as electricity, oil, or even steel. Those assets have tangible, measurable utility. Ethereum offers that on top of being a store of value.

Now, at the moment, smart contracts and other programs run on Ethereum aren’t exactly mainstream. That’s to be expected. This technology is still relatively new. People aren’t quite sure what to do with it yet.

Then again, the same could’ve been said back in the mid-2000s when smartphones came out. It took a while for developers and entrepreneurs to create the kinds of applications that would go onto make billions. It wasn’t just one app or one use. The phones were just a platform. The value came once people started building things atop that foundation.

With Bitcoin, there’s not much of a foundation. Its only app is as a store of value. That’s akin to a flip-phone, which can only make phone calls and store numbers. Granted, even flip phones still have utility, but they’ll never be able to do what a basic smartphone can do.

I don’t pretend to know what sort of applications or programs Ethereum could help create. It’ll probably take more than one for it to truly show its value. I also don’t pretend to know when those sorts of applications or programs will come along. The potential is there. It’s up to people far smarter and more ambitious than most of us to realize it.

I could still be dead wrong about this. Given the malleable nature of cryptocurrencies, it may be the case that Bitcoin eventually gains the same function as Ethereum. For all I know, an entirely new cryptocurrency could emerge that’s better and more valuable than any created to date. That’s entirely possible. Like I said, nobody knows anything about what the future will hold. We just know we’re creating some incredibly valuable tools with cryptocurrencies. We just haven’t figured out how to maximize their value. One day, we will and we’ll all be richer because of it.

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March 26, 2021 · 5:50 am

What Keeps Bitcoin From Being A (Bigger) Part Of Our Future

I consider myself an enthusiast of technology. On many occasions, I’ve wildly speculated about emerging technology and expressed unapologetic excitement about certain trends. In general, I have the utmost respect and support for those who share this passion. I don’t always agree with their outlook or speculation, but I get where they’re coming from.

Then, there are Bitcoin enthusiasts. I’ll just come out and say I have mixed feelings about them.

Don’t get me wrong. I don’t want to diminish what a remarkable technology Bitcoin is. It is a complicated and, at times, confusing technology. Even the Wikipedia page only does so much to explain what it is, where it came from, and why it matters. That’s not surprising. There was plenty of confusion about the internet too when it first emerged.

While I don’t consider myself an enthusiast, Bitcoin has sparked my curiosity. I do sometimes look into major news stories and developments surrounding the technology. The fact that it has lasted over a decade and made some people legitimate millionaires is proof enough that Bitcoin has real, tangible value. Those who keep saying that Bitcoin is just a fad or will crash are becoming increasingly scarce.

I’m convinced that Bitcoin, and other cryptocurrencies like it, are here to stay. They’ve proven that they have value in an increasingly digital landscape. As the internet becomes more prevalent and accessible, their role will only grow. That being said, I’m not yet convinced Bitcoin’s role will go beyond a certain point.

Those who say Bitcoin is the future of money are likely talking in hyperbole.

Those who say Bitcoin and the blockchain are the most revolutionary technologies since email are also likely exaggerating.

I don’t doubt for a second that these people believe in what they’re saying. I just haven’t seen enough to warrant that kind of enthusiasm. The issue isn’t as much about the merits of the technology as it is about how it’s being used. I’m not just referring to its role in the illegal drug trade, either.

At the moment, Bitcoin is fairly accessible. If you have a smartphone and an internet connection, you can download a simple wallet for free. If you do a quick search for a Bitcoin ATM, you can purchase Bitcoins with the same ease you would when purchasing a gift card. It’s what you do after that where the issues arise.

What exactly can you buy with Bitcoin that you can’t buy more easily through other means? That’s not me being facetious. This is where I tend to diverge with Bitcoin enthusiasts. I understand that some major ecommerce sites accept Bitcoin, namely Overstock. I’m also aware that more and more retailers are accepting Bitcoin.

However, the only ones taking advantage of that option are those who go out of their way to use Bitcoin. For most people, especially those who aren’t as tech savvy, there just aren’t enough benefits to warrant the extra effort. On top of that, Bitcoin does have some lingering flaws that are hard to work around. Then again, you can say the same thing about traditional money.

None of that even begins to highlight the growing issues associated with mining Bitcoins.

Now, that could change. It’s not a certainty, but it is a possibility. Like any new tech, the issue isn’t always about whether or not it works. Bitcoin clearly works and it’s been working for nearly a decade. It’s whether or not there’s a “killer app” to entice ordinary people to go through the effort of learning about, acquiring, and using Bitcoin.

The problem is that, thanks to incidents like the Silk Road, the primary use of Bitcoin and cryptocurrencies like it have been for the purchase of drugs or other illicit services. Regardless of how you feel about the politics surrounding illegal drugs and services, that’s the reputation Bitcoin has. It’s just a way for criminals and their cohorts to operate.

That’s not a killer app. It’s also not sustainable.

In order for Bitcoin to play a bigger part in our future, it needs to have a good, meaningful use. It took cell phones decades to find that. Just being able to make phone calls, remember phone numbers, and occasionally host a game of solitaire wasn’t enough. Other apps like music, video chatting, and cameras had to get into the mix before the public and the market embraced them.

That’s what Bitcoin needs. I don’t claim to know what that entails. I think Bitcoin has to get to a point where using it is as simple as using a credit card or debit card. It also needs a particular use or product that will justify the physical and financial investment. That use also can’t be illegal. It’s no secret that the internet owes much of its early growth to the porn industry, but porn isn’t illegal.

Bitcoin, in my opinion, will need something bigger than porn. It might also need to wait until more parts of the world are connected to broadband internet. Maybe it involves voting, enforcing contracts, or the development of new peer-to-peer networks, such as Open Bazaar. I don’t know. I’m not smart enough to figure it out at the moment.

In the meantime, I’ll certainly keep an eye on Bitcoin. I don’t deny it has its uses in the current world. It’s just too limited right now. Whether it has a large or small role in the future that awaits us remains to be seen.

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October 27, 2020 · 5:48 am

Deep Fake Technology Can Now Make Tom Cruise Iron Man: Signs And Implications

Certain technology advances slowly and steadily. It’s why we’re still waiting for a cure for the common cold. Other technological breakthroughs advance at such a fast rate it’s hard to keep up with. Anyone who doesn’t regularly upgrade their cell phone understands that.

That brings me to the technology of deep fakes. I’ve talked about them before and the implications this technology has for the entertainment industry. Well, I’m here to report that this technology might be advancing faster than I thought.

Recently, a new deep fake video hit the web. It’s nothing overly nefarious. It’s actually a play on a real story from the mid-2000s. Before Robert Downey Jr. was cast as Tony Stark in the first “Iron Man” movie, Tom Cruise was in the running for that role.

He has since claimed he was never close to getting that role, but it’s still an interesting idea. For most Marvel fans, it’s hard to imagine anyone other than RDJ donning that now-iconic armor. However, there’s no denying that Tom Cruise being Iron Man would’ve changed a franchise, as well as cinematic history.

Well, thanks to deep fake technology, we don’t have to imagine anymore. We can now see for ourselves what it would look like if Tom Cruise had been cast as Iron Man in the Marvel Cinematic Universe. See for yourself.

Watching this, I have to say it was more than a little jarring. It’s not just that seeing someone other than RDJ as Iron Man is strange. I was genuinely impressed by how real it looked.

Yes, it did become a bit obvious at times that there was some digital trickery at work. I’ve seen enough Tom Cruise movies to know what he looks like. I could tell that the body just did not match the iconic face at times.

However, I’m still impressed at just how seamless it appeared, especially when he was in the Iron Man costume. It really did look like Cruise had embraced the role as much as RDJ had. Even though the voice had to come courtesy of a skilled voice actor, the graphics technology is definitely on pace to cross the uncanny valley sooner rather than later.

The implications here are profound. If the technology is already at this point, then it’s a given that Hollywood and propaganda pushers will start embracing it sooner. For Hollywood, who is reeling in wake of a historic pandemic, they may have more incentives to embrace it than most.

Beyond actors and actresses who get “cancelled” for their behavior, it may start as a cost cutting measure. If it costs too much to put Hugh Jackman or Tom Cruise on a movie set, why not just put a cheaper actor in their place and just deep fake the more iconic figure over it? If the technology is that good and nobody can tell the difference, it almost makes too much sense.

It may get to a point where nobody outside the studio knows whether the figure we see on screen was actually “there” to give that moment life. They may just be a digital scan mixed with digitally audio, which is also advancing.

This has even larger implications with propaganda. If the technology gets to a point where we can make any public figure say or do anything we want, no matter how deplorable, then how can we trust any media image? Would “cancel culture” even be feasible at that point? If people can just claim an embarrassing moment was a deep fake, how would we know?

It’s a distressing thought, but it’s something we’ll have to account for. We may end up having to contemplate it sooner than we thought. This technology can already show us a world in which Tom Cruise was cast as Iron Man. What other worlds will it reveal?

We’ll find out soon enough.

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October 26, 2020 · 5:44 am

Artificial Intelligence Is Learning Law: Is Government Next?

It’s inevitable. As technology advances, certain industries are going to become obsolete. That’s why the horse-and-buggy industry is incredibly limited. It’s also why companies don’t make typewriters or LaserDisk movies anymore. Once better tech becomes available, an industry either adapts or disappears. Just ask Blockbuster.

Sometimes, it’s obvious that an industry is becoming obsolete. Again, just ask Blockbuster. As soon as something better, easier, and more convenient comes along, it’s only a matter of time before it takes over. However, it’s when things aren’t quite as obvious where more dramatic changes occur.

In terms of dramatic change, few things have the potential to generate more than artificial intelligence. I’ve highlighted that many times before, but a lot of that potential depends on advances that haven’t happened yet. They’re still likely to happen at some point, which may or may not be in my lifetime. They’re just not there yet.

That said, AI doesn’t have to become advanced on the level of Skynet or Hal 9000 to impact and/or disrupt major industries. The AI technology we have now is already having an impact. It may only be a narrow form of AI, which is AI that’s focused on performing a specific task, like playing chess. Its potential is still immense and some fields are feeling it more than others.

One industry that might feel it first is law. Now, at the risk of inspiring one too many lawyer jokes, I’m going to try and keep things general here. I’m also going to try and fit in some personal experience. I know some lawyers personally. I’ve been in law offices and I’ve seen how they work. You don’t have to be that much a visionary to understand how AI could change this industry entirely.

Recently, TechNews did a story on how artificial intelligence is learning basic legal operations and learning it quite well. Given the massive amounts of data and technicalities included in American law, a narrow AI is ideally suited to handle such tasks. However, I don’t think the piece fully grasps the implications.

TechNews: Lawyers Beware: Artificial Intelligence Is Learning Law – And Doing Frighteningly Well

AI or artificial intelligence is starting to find its footing in the legal field. The world is now on the brink of revolution in legal profession spearheaded with the extensive use of AI in the entire industry, specifically by the in-house lawyers.

Just like how email greatly changed the way people conduct their business on a daily basis, AI is also expected to become an ever-present force and an invaluable assistant to almost all lawyers.

But the million-dollar question now is, what does the future look like for AI as far as the legal industry is concerned? A much bigger question is, will AI soon replace real life lawyers?

These are not unreasonable questions. What will happen to the current legal industry if much of the legal grunt-work can be handled by an AI? What will happen to the industry when it’s no longer necessary to have a huge team of overpaid lawyers to conduct competent legal operations?

As someone who has been in his share of law offices, I can make a few educated guesses. I can easily imagine firms shrinking their office space, but expanding their operations. Most of the legal offices I’ve gone to dedicate 80 percent of their office space to storing documents and secure research material. Very little is left or necessary for the actual people doing the work.

The recent pandemic has only revealed that plenty of this work can be done form home or remotely. Some legal proceedings are even unfolding through Zoom calls, albeit with mixed results. It’s a step in that it undermines and disrupts the traditional model for handling the law. It also raises a much larger question that the TechNews article didn’t ask.

Once AI learns the law, then is learning government next?

It’s a natural progression. Governments make and administer laws. An AI that specializes in the law would also have to learn government, as well. A narrow AI might be able to process the general bureaucracy of a government, but what happens when those systems become more advanced?

I’m not just talking about a scenario where an AI becomes the government, which I’ve already speculated on. An AI that has perfect expertise in both law and government operations could have many less obvious effects. Inefficiencies that often go unnoticed in a bureaucracy are suddenly harder to overlook. Inconsistencies that rarely get fixed, due to that bureaucracy, can finally be remedied.

In theory, a sufficiently advanced AI, which need not be as intelligent as a human, could do more than just document legal and government proceedings. It could formulate new laws and policies on its own. Some may seem outrageous from a basic non-lawyer human perspective, but make perfect sense within a functioning legal system or government.

It may still seem like just another tool for lawyers to stay organized, but I think it could be more than that. If an AI makes both legal and government systems more efficient, then what will that mean for those in government? Would politicians be better able to implement their agenda if they have tools like AI at their disposal? Would that necessarily be a good thing?

This is where things get both tricky and political. No matter how confident you are in your political persuasions, the party you favor will not always be in power.

It may seem like politics is trending a certain way, but those trends change quickly. People who think their party is strong now can’t imagine a time when they’ll lose that strength. It happens regularly in any democracy.

Like it or not, your party will one day be out of power. When that happens, do you want the other party having a more efficient means of implementing their policies?

I’m sure everyone’s answer to that question will vary. What no one is certain of is how we’ll keep up with ever-improving AI systems, regardless of what industry they’re in. It’s one thing for a system to make it easier to stream movies or keep track of groceries. It’s quite another when it becomes intimately involved with our laws and our government.

The TechNews article expressed some concern, but only with respect to how it affects the current law industry. I believe AI, even if it’s focused only on law, will have a far larger impact. That’s not to say that AI will render law firms and governments obsolete.

If ever there was one domain in which foresight is critical, it’s this. Some industries can and should become obsolete. Others, like how we govern our society, need a more careful approach. We simply cannot afford our laws and our government to end up like Blockbuster.

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