What is this Facebook currency; libra

Within just the last couple of weeks, so much has been said and written about Facebook’s Libra, it’s making a lot of people very dizzy.

But, as often happens in the crypto world, much of it is misleading or simply not true.

For example, some call Libra a “cryptocurrency.”

Yes, it uses the technology of cryptocurrencies. But from the outset, we’ve pointed out that, regardless of the specific technology, the fundamental defining principle of cryptocurrencies is decentralization.

Libra defies that principle. It is centralized, sponsored, issued and controlled by Facebook and a consortium of powerful tech and fintech companies, including Uber, eBay, Mastercard, Visa, Spotify and Vodafone.

Image

Others view it as some type of investment vehicle, like an Exchange-Traded Fund (ETF).

Yes, Libra will be backed by financial assets, including fiat currencies and government bonds denominated in those currencies. However, unlike an ETF or mutual fund, Libra does not represent a share in those securities. It won’t rise in value when those securities appreciate. Nor will it pay dividends on any of the profits generated.

Quite to the contrary, its value will be fixed. The consortium of companies will keep all the profits. And other than its utility as a store of value or exchange medium, Libra holders will get zilch.

Given the current level of transparency of Facebook’s plans, these misunderstandings are quite strange.

What’s even stranger is that the debate between the two camps – those who claim it’s a cryptocurrency and those who think it’s akin to an ETF – rages on.

I say both are wrong.

I repeat: Libra is not a cryptocurrency. Nor is it an investment. Rather …

Libra is a new, revolutionary form of fiat currency.

It’s revolutionary for one main reason:

For the first time in history, we are witnessing the emergence of a currency that’s backed and sponsored not by a sovereign government, but by large multibillion-dollar corporations.

This is what makes Libra truly revolutionary. Not its technology. But rather the privatization of money.

With traditional fiat money, a single entity issues the currency. It backs the currency with its full faith and credit — all the assets and productive power under its domain. Plus, it maintains reserves with a variety of assets, especially other fiat currencies and bonds denominated in these currencies.

Sound familiar? It should. Because that’s exactly what Libra is going to do.

What’s new and special about Libra is that, unlike dollars, pounds, euros or yen, the entity is a group of some of the world’s largest companies.

It’s a form of money that has never existed in the modern era.

Private money.

Corporate-sponsored money.

The fact that it uses the same technology as cryptocurrencies — Distributed Ledger Technology (DLT) – is merely the means to an end.

And that end is simply to prevent any one of the companies in the consortium from gaining complete control over the asset. Instead, the idea is for decisions regarding this new form of money to be made by committee.

Each member of the consortium gets a vote. And the Distributed Ledger Technology is used as the mechanism to enforce the decision-making rules.

Like a Private-sector Central Bank?

In many ways, yes!

The model does borrow heavily from the way central banks work.

Think of the consortium as a kind of Federal Reserve.

And think of each company as contributing one board member or representative to the Federal Open Market Committee (FOMC), which decides monetary policy.

Where does Libra stand in terms of distribution of ownership?

It will probably be less centralized than government currencies, but it doesn’t even come close to the decentralization of cryptocurrencies like Bitcoin.

So …

What does Libra have to do with
the growth of cryptocurrencies?

A lot, actually.

First, it’s the relative success of Bitcoin that has inspired many companies and communities — big and small — to attempt to create their own money.

Before Bitcoin, only fringe communities would even think of doing so. But in this new era of cryptocurrencies, it seems a new currency idea is born every week.

Second, Facebook and its consortium will lend great credibility to Distributed Ledger Technology.

It will help teleport cryptocurrencies from the fringes to the mainstream.

And even if Libra never touches those cryptocurrencies directly, it’s bound to generate a far broader interest in anything crypto.

Investors will become more comfortable with assets that they can’t touch or feel, deposit in a bank, or add to their IRA and 401(k).

And, we can envision future platforms that provide easy mechanisms for directly converting Libra into Bitcoin, Ethereum and other cryptocurrencies.

Plus, there’s another, little-talked-about factor that may have contributed to this evolution of money:

A Fusion of Bitcoin and Alipay?

Alipay, created in China, started as a simple payment application. But then it grew to become the largest commercial bank in the entire country (by number of users).

Before the Chinese government cracked down on it, Alipay was so large that it was serving half of the small- and medium-sized enterprises (SMEs) in China.

And today, if you visualize Libra as a fusion of Bitcoin with Alipay, you wouldn’t be far off the mark.

It borrows concepts from both

(a) free, open crypto assets and

(b) centralized payment apps.

Alipay or WeChat may have been too afraid or too shortsighted to create a brand-new currency; they stuck with whatever their government allowed.

But now, Facebook and its consortium have taken it a step further.

And the end result is neither government-issued money, nor decentralized cryptocurrency, but rather a fusion of the two.

Some skeptics say Libra is a passing fad and won’t be successful.

I think they’re also wrong. But even if they’re right to some extent, they’re missing the big point:

This is the first time in history that multibillion-dollar companies have set out to create their own form of money. That alone will change the world of finance. And there’s next to nothing sovereign governments can or will do to stop them.

Bitcoin changed the world’s monetary system forever. The cat is out of the bag.

Whether it’s company-sponsored money or a pure cryptocurrency, the days in which governments monopolize the issuance and control of money are numbered.

Best,

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Tech story

I
In a tech galaxy that now seems far, far
away, everyone was terrified of Bill
Gates. He was the Apex Predator of
Tech. You wanted to make software?
Microsoft would crush you. You want-
ed to start an online service? Microsoft
would decimate you. You wanted to
make a browser to navigate the World
Wide Web. Chomp!
It was that last one that finally
stopped Gates and Microsoft. The gov-
ernment accused the company of being
a monopoly and of engaging in
anti-competitive practices against
Netscape and its Navigator browser. In
2001 the government won a landmark
case against the company that required
it to submit to more oversight and
make it easier for other companies to
offer competing software.
The Sherman Antitrust Act had pre-
vailed over the leading power in tech,
and what happened after was a resur-
gence of innovation that ushered in a
spate of new companies and ideas. You
can draw a pretty straight line fromm
that decision to the growth of Google
and Amazon and Apple, the explosion
of Facebook and the introduction of
start-ups like Uber, Airbnb, Pinterest
and Slack
Yay, capitalism and unfettered mar-
kets! Boo, a concentration of control!
In recent years tech has backtracked,
except this time we have several Apex
r Predators instead of just one. Google
l and Facebook are the most obvious.
f More and more people in the media and
in politics, as well as consumers, have
become fearful of these companies for
t the damage they can do and the unreg
ulated power they wield.
Something has to be done, but what?
Even as distrust of big tech companies
increases and governments move to
control them, their businesses have
never been more successful.
One option is privacy legislation.
Europe passed such a law in 2016
While there is no national privacy law
in the United States, California will
soon have a state-level law, and other
states are considering similar reforms.
The idea of restricting tech companies’
use of personal data becomes more
popular with every hack and every
instance of abuse. Still, the likelihood
of the United States passing a national
privacy law with teeth is small.
Then there are the fines, such as a
multibillion-dollar one that the Federal get-out
Trade Commission is considering to cheere
punish Facebook for privacy viola- Mear
tions. While the fine would be the larg. the wa
est the agency has ever levied, it would togethe
also be far too small to make a differ- tem. P
ence. When Facebook announced it of New
might have to hand over $5 billion as its Emmar
get-out-of-jail-free card, Wall Street
cheered and Facebook stock rose.
Meanwhile, there’s a lot of talk about
the ways that countries can work
together to improve the online ecosys
tem. Prime Minister Jacinda Ardern
of New Zealand met with President
Emmanuel Macron of France last
LA
week, for example, about creating
an intergovernmental effort to end
online extremism. While laudable
in theory, very little of this
hand-wringing is likely to result in any
rules with heft. In addition, the pros-
pect of governments making rules
around the restriction of speech is
rife with ethical dilemmas.
Finally there’s the biggest gun: Using
antitrust law to break up big tech com-
panies. Calls for antitrust action have
become increasingly loud, most nota-
bly in a recent essay in this paper by
the Facebook co-founder Chris Hughes.
His statement attracted a lot of atten- i
tion, especially after he called the
power held by Mark Zuckerberg, his
former college roommate, “un-Ameri-
can.” That had to hurt, even if the
blow is likely to be glancing, since anti-
trust cases are slow-moving and hard
to pull off
And yet the idea of using antitrust to
rein in these companies got a signifi-
cant boost recently with the Supreme
Court’s decision to allow a lawsuit
from consumers aimed at how Apple
runs its App Store to proceed in
a lower court.
Breaking with the more conserva-
tive wing of the court in a 5-4 decision,
Justice Brett Kavanaugh wrote in the
majority opinion that Apple’s policies
on app prices “disregard statutory
g text and precedent, create an unprinci-
d pled and economically senseless dis-
e tinction among monopolistic retailers
s and furnish monopolistic retailers
And yet the idea of using antitrust to
rein in these companies got a signifi t
cant boost recently with the Supreme
Court’s decision to allow a lawsuit
from consumers aimed at how Apple
runs its App Store to proceed in
a lower court.
Breaking with the more conserva-
tive wing of the court in a 5-4 decision,
Justice Brett Kavanaugh wrote in the
majority opinion that Apple’s policies
on app prices “disregard statutory
g text and precedent, create an unprinci-
d pled and economically senseless dis-
tinction among monopolistic retailers
s and furnish monopolistic retailers

y with a how-to guide for evasion of the
antitrust laws.”

s Apple has and will continue to argue
that it is not a monopoly in either hard-
ware and software- which is true. F
the case, though narrow, is still a fla
ing neon sign of change. It centers
rethinking the idea of what a monc
ly is with an eye to the power of
network effect. Even if a comp
doesn’t completely dominate its se
if its platform can exercise v
amounts to an iron-fisted control
consumers, perhaps it should be
sidered a monopoly after all.
Google and Facebook are goode
ples, because they hold sway i
kinds of ways that make it har
other companies to compete an
consumers to escape. Google’s sh
the search market allows it to don
mapping, recommendations,
video, documents and more
Facebook rules the social medi
through its main app alon
Instagram and WhatsApp.
None of this is good for con
except perhaps by the measure
venience, because the choi
have are limited and never 1
challenge the status quo. I
words, these companies ar
Predators, too. You don’t have
powerful as Bill Gates oncevw
just as harmful.
The question now is: Ho
get consumers on top of the f
for once?

Avenue news journalist unmannerly interview with Ministry of Health Upendra Yadav.

Hitler journalist.. Don’t have manners how to interviews… Oli government is doing good with Media.. If like this is done… Donald trump’s President of USA is not wrong.. Today people came to know.. Media is enemy’s of people..

Madeshi leader is being discriminated by this non manner, undiscipline journalist… I am also journalist. .. Student.. So, I know..
So, think about how madeshi local people is being discriminated by different time and different places, with different people..
This not accepted.. I ask for punishment for this bad.
Always Media is not correct.
This pure example.
Rise voice against such Media.

Hindi Bitcoin, talk

देख कैसे लोगों का उपयोग करें
Cryptocurrencies में मदद कर सकते हैं
बिंदु करने के लिए अपने लंबी अवधि के मूल्य

एकदम अलग तुलना
श: सुर्ख बल्ब और इंटरनेट.

बड़े विचारों के साथ आने के लिए कहा ।

आज प्रयोग किया जाता है और जो यह उपयोग कर रहा है.

जब आप बात करने के लिए तकनीक उद्योग के insidersabout जहां bitcoin की ओर बढ़ रहा है, दो

bitcoin के आलोचकों का कहना है कि डिजिटल टोकन
फिर से की तरह सुर्ख बल्ब के 17 वीं सदी के
हॉलैंड. वे उत्पन्न एक जंगली, सट्टा भीड़ है कि जल्दी से गायब हो गया,
पीछे छोड़ने के लिए कुछ भी नहीं है लेकिन सुंदर प्रवाह-चाहते करने के लिए हमें लगता है कि के बारे में cryptocurrencies
के रूप में यदि वे थे: इंटरनेट की एक व्यापक
प्रौद्योगिकी श्रेणी के लिए ले लिया है कि कुछ
समय तक पहुँचने के लिए अपनी क्षमता है, भले ही
उम्मीदों से आगे वास्तविकता में theearly साल. अगर यह सच है, पिछले साल के
दुर्घटना में bitcoin की कीमतों में की तरह था डॉट कॉम बस्ट; एक अस्थायी झटका से पहले

के बाद निम्नलिखित के लिए bitcoin कई
एस, मुझे लगता है कि न तो इन compar-
isons काफी काम करता है । bitcoin न तो एक
अपूरणीय फ्लॉप और न ही एक आर्थिक मीर-

तो यह क्या है? हम कर रहे हैं अभी भी कुछ साल
किसी भी तरह से स्पष्टता के बारे में, जहां इस
प्रौद्योगिकी के क्षेत्र में फिट होगा दुनिया. अगर हम
कल्पना करना चाहते हैं, जहां यह हो जाना-
ing, हम ध्यान करने के लिए देखो के नीचे gyrat-
आईएनजी मूल्य को समझने के लिए कि यह कैसे किया जा रहा है

है, जो का उपयोग सीआर
सबसे बुनियादी स्तर पर, bitcoln में है-
troduced एक नया तरीका करने के लिए पकड़ और भेज
आसपास मूल्य ऑनलाइन. किसी को भी खोल सकते हैं
bilcoin बटुआ और प्राप्त पैसे से एक
दोस्त या एक अजनबी । सिस्टम काम करता है
बिना किसी केन्द्रीय प्राधिकरण के लिए धन्यवाद
एक कंप्यूटर के नेटवर्क नहीं है कि
rencies
आईएनजी इंटरनेट
ery दिन, से डेटा के अनुसार
सभी bitcoin लेनदेन दर्ज कर रहे हैं
कि दैनिक मात्रा की तुलना में कम है आधा
पेपैल. लेकिन टी बहुत अधिक गतिविधि
की तुलना में नेटवर्क संभाला से पहले
कीमत नुकीला 2017 में
के रूप में समर्थकों के सुर्ख बल्ब
संस्करण पर bitain आपको बता देगा, सबसे
लेन-देन आज कर रहे हैं सट्टा
लोगों को खरीदने और बेचने के bitcoin में
उम्मीद है कि यह इसके लायक हो जाएगा भविष्य में और अधिक. एक और अधिक उदार v
की तुलना bitcain सोने के लिए, एक दुर्लभ com
modity thet के ऊपर जाता है और नीचे में velue
प्रदान करता है और एक altermative के लिए राष्ट्रीय
मुद्राओं
nt होगा
सट्टा transictions जिम्मेदार
के लिए मोटे तौर पर 60 से 80 प्रतिशत के सभी ट्रांस-
कार्यों पर blockchain के अनुसार,
chainalysis, एक स्टार्ट-अप का विश्लेषण करती है कि
blockchain के लिए बड़ी कंपनियों और सरकार
eraments. उन लोगों के अधिकांश लेनदेन
कर रहे हैं, bitcoins के बीच चलती cryptocur
rency दुनिया भर के बाजारों
वहाँ अभी भी काफी एक बिट का रहस्य
के बारे में क्या खाते फर के अन्य 20 करने के लिए
40 प्रतिशत के लेन-देन, कोई एक
मजबूर कर सकते हैं bitccin उपयोगकर्ताओं को रजिस्टर करने के लिए अपने
identily, तो chainalysis और अन्य कंपनियों
में हैं, वे erk के बारे में कई लेनदेन
लेकिन वे की पहचान की है कुछ उपयोगी
जब bitccin था intrcduced में 2do9
यह था के रूप में वर्णित के लिए एक नया तरीका mak
ऑनलाइन भुगतान
क्रेडिट कार्ड companius आरोप है । chainaly
hout फीस tha
s है कि पिछले
compani
पिता के खाते में
हैंडलिंग bitcoin
के लिए 0.3
माहौल, या $2.4 अरब
ईएनटी के सभी bitcoin transac
thisisahealthy खुराक के apparentlyl
लड़की वाणिज्य, लेकिन यह नहीं था एक अच्छा हस्ताक्षर
bitcoin के लिए है कि यह सिकुड़ रहा था के लिए मो
पिछले साल की है जब कीमत के bitco
नीचे जा रहा था के अनुसार, लो chainal
कई, अगर नहीं सबसे bitcoin advocat
मैं ve का सामना करना पड़ा होगा यह स्वीकार करते हैं docsn नहीं
fer की impravement पर टीआरए
राष्ट्रीय इलेक्ट्रॉनिक भुगतान के तरीके
कई मायनों में, यह भी बदतर है. भुगतान डब्ल्यू
biteain की आवश्यकता है बनने के लिए आप एक speo
lator पर अपने अस्थिर मूल्य के लिए समय
पर पकड़ रहे हैं करने के लिए टोकन और इंतज़ार कर रही है
भुगतान डेटा leatis के लिए que
tion के जहां इस तकनीक का हो सकता है गा
गति से परे, पाला
सबसे अधिक है, सम्मोहक का उपयोग करें कि बी
आईसीएस के बारे में बात करने के लिए अपने मूल्य
pressive देशों में है कि
कर रहे हैं कि यहां तक कि घोड़ी से अस्थिर bitcoi
वेनेजुएला में, उदाहरण के लिए, bitoo
की पेशकश कर सकते हैं एक तरह से स्थानांतरित करने के लिए बचत के बाहर
के बोलिवर है, जो तेजी से खो valu
क्योंकि खुले प्रकृति वायुसेना bitcol
venezuelans कर सकते हैं इसे खरीदने के बिना जी
सरकार stapping उन्हें.
वहाँ रहे हैं कहानियों के vene
आईएनजी bitcoin बचाव करने के लिए अपनी बचत. ven
ezuelans tought से अधिक $230 आर
bitcoin पर पिछले साल सबसे पो
मंच बिक्री के लिए, स्थानीय bitcoins, एसी
आंकड़ों के मुताबिक
ahlbarg. उन खरीद erew.यहां तक कि
की कीमत bitcoin गिर रहा था
लेकिन पर के साथ केवल एक छोटे से मुट्ठी भर लोगों के venezuelas. और वहाँ रहे हैं कारण के लिए आश्चर्य है कि कैसे इन में से लेन-देन वास्तव में थे सिर्फ भ्रष्ट सरकार

tiona थे वास्तव में बस corrugt सरकार-
विश्व व्यापार संगठन था cther meas राजभाषा हो रही r
molay बाहर एल cnurtry
ला मुझे बताया है कि mest ardinury po0
मिसाल वे बात करने के लिए woula पसंद करते हैं करने के लिए है
कि व्यावहारिक और kgal का उपयोग करता है
struygled ते आगे बढ़ना अवैध या स्पष्ट रूप से
एन तरीके कि eitcoin है
डी useul co crim nals रहता है विकसित
आईएजी, से फिरौती के भुगतान पर
अरे बार्ड करने के लिए
quancky, बर, chainalysls में कामयाब रहा है
दवाओं पर तथाकथित अंधेरे शुद्ध. चेन
ysisnumbers shoa tihal दवा खरीद
गुलाब ऐसा न हो कि ycar, यहां तक कि जब कीमत राजभाषा
tve कुल अंधेरे शुद्ध लेनदेन में
018, arcund $620 मिलियन थे, और अधिक
boaght पर स्थानीय ritcons
अन्य की तुलना में अटकलें में से कोई भी,
bitcoin के वैध का उपयोग करता है
लिया hald पर की तरह कुछ भी
गति के अवैध
घातक drue traiic, lke सिंथेटिक
opiokts है कि करने के लिए चीन से इजाजत दे दी
raphy, में एक महत्वपूर्ण भूमिका निभाई है
जल्दी इंटरनेट, het nething lle क्या
हमने देखा है irom bitpoirn में अपनी मेल द्वारा
essible ते किसी को भी-कोई
तो differen से theinternet. इस समस्या
y basa प्राप्त नहीं ट्रा
: यह है कि तकनीक
tion के साथ आम लोगों को नहीं है, मुझे
hink, tbe खोलने cature के cryplocurren
झूठ दांव पर ethcre हूँ विज्ञापन eqs, वैकल्पिक
एक cryptocurrency rnetworks कर सकते हैं कि बो
एच plicatiors की तरह, वित्तीय
अल iregratiniers पहले से ही बनाया है
अल fthereum tckens. कई राजभाषा उन्हें कर सकते हैं
ओ हो आज प्रयोग किया जाता है । इन dapps स्थानांतरित कर सकते हैं
ई के आसपास पैसे और recard के स्वामित्व
लेकिन एक majorilty वायुसेना इन d
बिना compying एसई के साथ
ई आसानी से enaugh है करने के लिए किसी भी अपील किया-
शायद tthe सबसे बड़ी बात thal cryp
आईईएस है उनके लिए जा रहा है कि
1 गंभीर peop.ई अभी भी चाहते हैं ठीक करने के लिए खामियों.
के मूल्य डिजिटल टोकन -हालांकि
अस्थिर हो सकता है वे behas में बनाया
centives के लिए peaple कब परीक्षण पर उन्हें
1 नवीनतम, क्रिप्टो
टी facebook है, जो कहा जा करने के लिए
zt अपने uwn डिजिटल टोकन. तो कई हैं
अन्य बड़े पाठ संदेश-सेवा कंपनियों में.
मैं भविष्यवाणी नहीं कर सकते भविष्य के cybercu
recies किसी भी अधिक की तुलना में holdout
सपने देखने वालों और. लेकिन
गंभीर पैसे अभी भी finnding अपनी तरह से बाजार में, यह अभी भी बहुत जल्दी पूरी बात लिखने के लिए बंद है ।

स्रोत

न्यूयॉर्क समय

पृष्ठ 7.2019/04/31

broughtyou । सत्यार्थी विवेक कुशवाहा

How does Bitcoin fit into today’s economy?

Looking at how people use
ryptocurrencies can help
point to its long-term value

vastly different comparisons
itable: the tulip bulb and the internet.

the big ideas come to fruition.

used today and who is using it.

When you talk to tech industry insidersabout where Bitcoin is heading, two

Bitcoin’s critics say the digital tokens
re like the tulip bulbs of 17th-century
Holland. They generated a wild, specu-lative rush that quickly disappeared,
leaving behind nothing but pretty flow-want us to think about cryptocurrencies
as if they were the internet: a broad
technology category that took some
time to reach its potential, even though
expectations got ahead of reality in theearly years. If that’s true, last year’s
crash in Bitcoin prices was like the dot-com bust; a temporary setback before

After following Bitcoin for several
s, I think neither of these compar-
isons quite works. Bitcoin is neither an
irredeemable flop nor an economic mir-

So what is it? We are still a few years
from any sort of clarity about where this
technology will fit in the world. If we
want to imagine where it might be go-
ing, we heed to look beneath the gyrat-
ing price to understand how it is being

WHO IS USING CR
At the most basic level, Bitcoln has in-
troduced a new way to hold and send
around value online. Anyone can open a
Bilcoin wallet and receive money from a
friend or a stranger. The system works
without any central authority, thanks to
a network of computers that is not
RENCIES
ing the internet
ery day, according to data from
all Bitcoin transactions are recorded
That daily volume is less than half the
PayPal. But t is much more activity
than the network handled before the
price spiked in 2017
As the proponents of the tulip bulb
version at Bitain will tell you, most
the transactions today are speculative
people buying and selling Bitcoin in the
hope that it will be worth more in the future. A more generouS v
compare Bitcain to gold, a scarce com
modity thet goes up and down in velue
and provides an altermative to national
currencies
nt would
Speculative transictions accounted
for roughly 60 to 80 percent of all trans-
actions on the blockchain, according to
Chainalysis, a start-up that analyzes the
blockchain for big companies and gov
eraments. Most of those transactions
are Bitcoins moving between cryptocur
rency exchanges around the world
There is still quite a bit of mystery
about what accounts fur the other 20 to
40 percent of the transactions, No one
can force Bitccin users to register their
identily, so Chainalysis and other firms
are in thed erk about many transactions
But they have identified some useful
When Bitccin was intrcduced in 2DO9
it was described as a new way to mak
payments online
credit card companius charge. Chainaly
hout the fees tha
s that last
compani
ents account
handling Bitcoin
for 0.3
tions, or $2.4 billion
ent of all Bitcoin transac
Thisisahealthy dose of apparentlyl
gal commerce, but it was not a good sig
for Bitcoin that it was shrinking for mo
of last year when the price of Bitco
was going down, according lo Chainal
Many if not most Bitcoin advocat
I ve encountered will admit it docsn’t
fer much of an impravement over tra
tional electronic methods of payment
several ways, it’s worse. Paying w
Biteain requires you to become a speo
lator on its volatile price for the time
are holding on to tokens and waiting
The payment data leatis to the que
tion of where this technology might ga
momentum, beyond specula
most compelling use that B
ics talk about is its value to
pressive countries that have
that are even mare volatile than Bitcoi
In Venezuela, for example, Bitoo
can offer a way to move savings out
the bolívar, which has rapidly lost valu
Because of the open nature af Bitcol
Venezuelans can buy it without the g
ernment stapping them.
There are stories of Vene
ing Bitcoin to rescue their savings. Ven
ezuelans tought over $230 r
Bitcoin last year on the most po
platform for sales, Local Bitcoins, ac
cording to the data
Ahlbarg. Those purchases erew.even
the price of Bitcoin was falling
But caught on with only a tiny sliver of Venezuelas. And there are reason to wonder how of these transaction were really just corrupt government

tiona were realy just corrugt govern-
wto had cther meas ol getting the r
moLay out el the cnurtry
la have told me that mest ardinury po0
ple they spoke to woula prefer to have
that the practical and kgal uses have
struygled te outpace illegal or clearly
n ways that Eitcoin has
d useul co crim nals keeps grow
iag, from the ransom payments on
ere bard to
quancky, bur, Chainalysls has managed
drugs on the so-called dark net. Chain
ysisnumbers shoa tihal drug, purchases
rose lest ycar, even when the price ol
Tve total dark net transactions in
018, arcund $620 million, were more
boaght on Local Ritcons
Other than speculation, none of
Bitcoin’s legitimate uses have
taken hald at anything like the
pace of the illegal
deadly drue traiic, lke the synthetic
opiokts that have lowed from China to
raphy, played an important role in the
early internet, het nething lle what
we’ve seen Irom Bitpoirn in its eary
essible te anyone-no
so differen from theinternet. The prob
y basa’t gained tra
: That the tech
tion with ordinary people does not me
hink, tbe open cature of cryplocurren
lie bets on Ethcre am ad EQS, alternative
a- cryptocurrency rnetworks that can bo
h plicatiors, like financial
al Iregratiniers have already built
al Fthereum tckens. Many ol them can
o be used today. These Dapps can move
e money around and recard ownership of
But a majorilty af these D
without compying with se
e easily enaugh to have any appeal be-
Perhaps tthe biggest thing thal cryp
ies have going for them is that
1 serious peop.e still want to fix the flaws.
The value of digital tokens -however
volatile they may behas created in
centives for peaple io wors on them
1 The latest big crypto
t is Facebook, which is said to be
zt its uwn digital tokens. So are several
other big text messaging companies.
I can’t predict the future of cybercu
recies any more than the holdout
dreamers and the naysayers. But with
the serious money still finnding its way into the market, it is far too early to write the whole thing off.

Source

The new York time

Page 7.2019/04/31

BroughtYou by. Satyarthi vivek kushwaha

Less internet is only one answer.

In our age of digital connection and
constantly online life, you might say
that two political regimes are evolving
one Chinese and one
offer two kinds of relationships be-
tween the privacy of ordinary citizens
and the
authorities to track, to supervise, to
expose and to survell
which
r of central
The first regime is one in which your
every transaction can be fed into a
system of ratings and rankings, in
which what seem like merely personal
mistakes can cost you your livelihood
and reputation, even your ability to
hail a car or book a reservation. It’s
one in which notionally private compa-
rate with the government to
track dissidents and radicals and cen-
sor speech; one in which your fellow
citizens act as enforcers of the ideolog
ical consensus, making an example of
you far comments you intended only
for your friends; one in which even the
wealth and power of your overlords
can’t buy privacy
The second regime is the one they’re
building in the People’s Republic of
China.
This is a dark joke; it isn’t meant to
minimize the horrors of China’s march
into information-age totalitarianism.
Beginning with its successful taming of
the internet, Beijing has treated the
darkest episodes of “Black Mirror” as
a how-to guide for social control and
subjugationwith “social credit”
scores and official public shamings for
people whose daily conduct disap-
points, official Communist Party apps
that you’d better use if you know
what’s good for you, surveillance tech
nologies and facial recognition solft
ware as boots on the back of nonap
proved religions, and compulsory
internet as part of the brutal, tech-
enabled replay of the Cultural Revolu-
tion imposed in China’s Muslim west.
What’s happening in the West with
privacy and authority is happily differ-
ent. Unlike China’s system, our emerg
ing post-privacy order is not (for now)
totalitarian; its impositions are more

decentralized and haphazard, more
circumscribed and civilized, less de-
igned and more evolved, more ran-
dom in the punishments inflicted and
the rules enforced.
This means that, for instance, there
is no central party apparatus
vidual “trust scores” for every con-
sumer (even if they’re still doing it), no
official commissars organizing digital
mobs (even if shaming for random
wrongthink is now a commonplace), no
political persecution involved in most
cases where public figures have thein
secrets and selfies exposed on the
internet. (Perhaps Jeff Bezos’s claims
of Saudi involvement will pan out, but
so far he mostly seems to have been
the victim of his own stupidity and his
mistress’s brother’s greed.) And it
means that the radicals surveilled by
corporate government cooperation are
mostly white nationalists and jihadists
not human rights advocates and Chris-
tian pastors, as in China.
But this list of real differences is still
also a list of partial similarities, of
ways in which the
architecture of our
certain features of
Our emerging
nese panopticon
even if the life lived
within our system
is still blessedly
freer than in theirs
getting there.
Indeed our sys
tem cannot help
recreating features of the Chinese
order, because the way that we live on
the internet leaves us naked before
power in a radical new way, In the
West that power is still decentralized
diffuse, divided and polarized, and
therefore likely to be limited and
checked. But to adapt Deng Xiaoping’s
famous call for “socialism with Chinese
characteristics,” the Western order in
the internet age might be usefully
described as a “liberalism with some
police-state characteristics.” Those
characteristics are shaped and limited
by our political heritage of rights and
individualism. But there is still plainly
an authoritarian edge, a gentle “pink
police state” aspect, to the new world
that online life creates.
And what’s striking is how easily we
have come to tolerate it. Yes, there are
moments when particular organs of
surveillance get pushback- the
N.S.A. during the brief “libertarian
moment” starring Rand Paul and

Edward Snowden, the social media
companies from liberals when it turned
out that the Trump digital team no less
than the Obama whiz kids could ex-
(As technology advances, will it
continue to blur the ines between pub-
lic and private? Sign up for Charlie
Warzel’s limited run newsletter to
explore what’s at stake and what you
But apart from the high-minded and
the paranoid, privacy per se is not a
major issue in our politics. Most people
want the convenience of the internet
far more than they want the private
spaces that older forms of communica-
tion protected. They shrug off the
stalker-ish’ways that corporations hurl
their ads at you throughout your day
They put surveillance devices in their
homes and pockets without a qualm.
They accept hackings and online
shamings the way a Californian shrugs
off earthquakes. They assume that the
extremists being surveilled and cen-
sored and sometimes arrested proba-
bly deserve it. And they welcome the
possible advantages of panoptical
living, hoping for less crime and less
police misconduct, better public health,
more exposure of corruption-plus, of
course, the chance to see their favorite
celebrities in the nude
So for those who object inherently to
our new nakedness, regard the earth
quakes as too high a price for Ama
zon’s low prices, or fear what an Au
gustus or a Robespierre might some-
day do with all this architecture, the
best hope for a partial restoration of
privacy has to involve more than just
requires a more general turn against
the virtual, in which fears of digital
nakedness are just one motivator 1
among many the political piece of a
cause that’s also psychological, intel
lectual, aesthetic and religious
This is the hard truth suggested by
our online experience so far: That a
movement to restore privacy must be
at some level, a movement against the
internet. Not a pure Luddism, but a
movement for limits, for internet-free
spaces, for zones of enforced pre-
virtual reality (childhood and educa-
tion above all), for social conventions
that discourage career-destroying
tweets and crotch shots by encourag
ing us to put away our iPhones.
Absent such a movement we may
not join China in dystopia. But the
dystopian elements in our own order will be here to stay.

Source:

From The New York Times

Date April 16 2019

From page 11 Opinion
Writer..by Ross Douthat

Great Achievement of Humanity On Black Hole.

On Wednesday scientist from all around the world jointly succussed to get first “Real image of Black hole” by combination of eight different big telescope from different parts of world, which is know as Horizon Telescope. Horizon event is that’s part of Black hole where you can go but you will not be able to return back, this point around the black hole if which picture only can be taken, in fact we can’t take pictures of Black hole because it’s mass is very high but very micro volume. The picture assembled from data gathered by eight radio 🔭 telescopes, which shows the hot, shadows lip if supermassive black hole, which is considered as monsters that, Even sucks light, nothing can be escape from it. After more than hundred years ago scientist gave proposal of Black hole, which came true. If, Einstein and Stephens Hacking were alive then it could be great gift for them and others scientist who are special. It’s image is like “Lord of fire ring”. One thing is that image which we have got is not today image but this is as old as distance between Earth and Black hole, that is Million years older, which just arrived to us.