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Take a look at this chart:

CryptoCurrency Market Capitalizations

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As Neo said, Whoa.

To help me get my head fully around all that’s going on behind that surge, or mania, or whatever it is, I’ve composed a lexicon-in-process that I’m publishing here so I can find it again. Here goes:::

Bitcoin. “A cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.” (Wikipedia.)

Cryptocurrency. “A digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.” (Wikipedia.)

“A cryptocurrency system is a network that utilizes cryptography to secure transactions in a verifiable database that cannot be changed without being noticed.” (Tim Swanson, in Consensus-as-a-service: a brief report on the emergence of permissioned, distributed ledger systems.)

Distributed ledger. Also called a shared ledger, it is “a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.” (Wikipedia, citing a report by the UK Government Chief Scientific Adviser: Distributed Ledger Technology: beyond block chain.) A distributed ledger requires a peer-to-peer network and consensus algorithms to ensure replication across nodes. The ledger is sometimes also called a distributed database. Tim Swanson adds that a distributed ledger system is “a network that fits into a new platform category. It typically utilizes cryptocurrency-inspired technology and perhaps even part of the Bitcoin or Ethereum network itself, to verify or store votes (e.g., hashes). While some of the platforms use tokens, they are intended more as receipts and not necessarily as commodities or currencies in and of themselves.”

Blockchain.”A peer-to-peer distributed ledger forged by consensus, combined with a system for ‘smart contracts’ and other assistive technologies. Together these can be used to build a new generation of transactional applications that establishes trust, accountability and transparency at their core, while streamlining business processes and legal constraints.” (Hyperledger.)

“To use conventional banking as an analogy, the blockchain is like a full history of banking transactions. Bitcoin transactions are entered chronologically in a blockchain just the way bank transactions are. Blocks, meanwhile, are like individual bank statements. Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system. The full copy of the blockchain has records of every Bitcoin transaction ever executed. It can thus provide insight about facts like how much value belonged a particular address at any point in the past. The ever-growing size of the blockchain is considered by some to be a problem due to issues like storage and synchronization. On an average, every 10 minutes, a new block is appended to the block chain through mining.” (Investopedia.)

“Think of it as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly reduce the cost and complexity of getting things done in the real world.” (Hyperledger.)

Permissionless system. “A permissionless system [or ledger] is one in which identity of participants is either pseudonymous or even anonymous. Bitcoin was originally designed with permissionless parameters although as of this writing many of the on-ramps and off-ramps for Bitcoin are increasingly permission-based. (Tim Swanson.)

Permissioned system. “A permissioned system -[or ledger] is one in which identity for users is whitelisted (or blacklisted) through some type of KYB or KYC procedure; it is the common method of managing identity in traditional finance.” (Tim Swanson)

Mining. “The process by which transactions are verified and added to the public ledger, known as the blockchain. (It is) also the means through which new bitcoin are released. Anyone with access to the Internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.” (Investopedia.)

Ethereum. “An open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed. Gas, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network. Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale during July–August 2014. The system went live on 30 July 2015, with 11.9 million coins “premined” for the crowdsale… In 2016 Ethereum was forked into two blockchains, as a result of the collapse of The DAO project. The two chains have different numbers of users, and the minority fork was renamed to Ethereum Classic.” (Wikipedia.)

Decentralized Autonomous Organization. This is “an organization that is run through rules encoded as computer programs called smart contracts. A DAO’s financial transaction record and program rules are maintained on a blockchain… The precise legal status of this type of business organization is unclear. The best-known example was The DAO, a DAO for venture capital funding, which was launched with $150 million in crowdfunding in June 2016 and was immediately hacked and drained of US$50 million in cryptocurrency… This approach eliminates the need to involve a bilaterally accepted trusted third party in a financial transaction, thus simplifying the sequence. The costs of a blockchain enabled transaction and of making available the associated data may be substantially lessened by the elimination of both the trusted third party and of the need for repetitious recording of contract exchanges in different records: for example, the blockchain data could in principle, if regulatory structures permitted, replace public documents such as deeds and titles. In theory, a blockchain approach allows multiple cloud computing users to enter a loosely coupled peer-to-peer smart contract collaboration.(Wikipedia)

Initial Coin Offering. “A means of crowdfunding the release of a new cryptocurrency. Generally, tokens for the new cryptocurrency are sold to raise money for technical development before the cryptocurrency is released. Unlike an initial public offering (IPO), acquisition of the tokens does not grant ownership in the company developing the new cryptocurrency. And unlike an IPO, there is little or no government regulation of an ICO.” (Chris Skinner.)

“In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin…During the ICO campaign, enthusiasts and supporters of the firm’s initiative buy some of the distributed cryptocoins with fiat or virtual currency. These coins are referred to as tokens and are similar to shares of a company sold to investors in an Initial Public Offering (IPO) transaction.” (Investopedia.)

Tokens. “In the blockchain world, a token is a tiny fraction of a cryptocurrency (bitcoin, ether, etc) that has a value usually less than 1/1000th of a cent, so the value is essentially nothing, but it can still go onto the blockchain…This sliver of currency can carry code that represents value in the real world — the ownership of a diamond, a plot of land, a dollar, a share of stock, another cryptocurrency, etc. Tokens represent ownership of the underlying asset and can be traded freely. One way to understand it is that you can trade physical gold, which is expensive and difficult to move around, or you can just trade tokens that represent gold. In most cases, it makes more sense to trade the token than the asset. Tokens can always be redeemed for their underlying asset, though that can often be a difficult and expensive process. Though technically they could be redeemed, many tokens are designed never to be redeemed but traded forever. On the other hand, a ticket is a token that is designed to be redeemed and may or may not be trade-able” (TokenFactory.)

“Tokens in the ethereum ecosystem can represent any fungible tradable good: coins, loyalty points, gold certificates, IOUs, in game items, etc. Since all tokens implement some basic features in a standard way, this also means that your token will be instantly compatible with the ethereum wallet and any other client or contract that uses the same standards. (Ethereum.org/token.)

“The most important takehome is that tokens are not equity, but are more similar to paid API keys. Nevertheless, they may represent a >1000X improvement in the time-to-liquidity and a >100X improvement in the size of the buyer base relative to traditional means for US technology financing — like a Kickstarter on steroids.” (Thoughts on Tokens, by Balaji S. Srinivasan.)

“A blockchain token is a digital token created on a blockchain as part of a decentralized software protocol. There are many different types of blockchain tokens, each with varying characteristics and uses. Some blockchain tokens, like Bitcoin, function as a digital currency. Others can represent a right to tangible assets like gold or real estate. Blockchain tokens can also be used in new protocols and networks to create distributed applications. These tokens are sometimes also referred to as App Coins or Protocol Tokens. These types of tokens represent the next phase of innovation in blockchain technology, and the potential for new types of business models that are decentralized – for example, cloud computing without Amazon, social networks without Facebook, or online marketplaces without eBay. However, there are a number of difficult legal questions surrounding blockchain tokens. For example, some tokens, depending on their features, may be subject to US federal or state securities laws. This would mean, among other things, that it is illegal to offer them for sale to US residents except by registration or exemption. Similar rules apply in many other countries. (A Securities Law Framework for Blockchain Tokens.)

In fact tokens go back. All the way.

In Before Writing Volume I: From Counting to Cuneiform, Denise Schmandt-Besserat writes, “Tokens can be traced to the Neolithic period starting about 8000 B.C. They evolved following the needs of the economy, at first keeping track of the products of farming…The substitution of signs for tokens was the first step toward writing.” (For a compression of her vast scholarship on the matter, read Tokens: their Significance for the Origin of Counting and Writing.

I sense that we are now at a threshold no less pregnant with possibilities than we were when ancestors in Mesopotamia rolled clay into shapes, made marks on them and invented t-commerce.

And here is a running list of sources I’ve visited, so far:

You’re welcome.

To improve it, that is.

thIn The American Dream, Quantified at Last, David Leonhardt in The New York Times makes a despairing case for a perfect Onion headline: American Dream Ends When Nation Wakes Up.

Like so much else the Times correctly tries to do, the piece issues a wake-up call. It is also typical of the Times’ tendency to look at every big social issue through the lenses of industrial age norms, giving us lots of stats and opinions from Serious Sources, and offering policy-based remedies (e.g. “help more middle- and low-income children acquire the skills that lead to good-paying jobs”).

It should help to remember that the ancestors who gave us surnames like Tanner, Smith, Farmer and Cooper didn’t have “jobs.” As a word, “jobs” acquired its current meaning after industry won the industrial revolution—and began to wane in usage after personal computing and the Internet showed up, giving us countless new ways to work on our own and with each other. You can see that in the rate at which the word “jobs” showed up in books:

jobsI’m not even sure “work” was all the Tanners and Smiths of the world did. Maybe it was what we now call “a living,” in an almost literal sense.

Whatever it was, it involved technologies: tools they shaped, and which also shaped them. (Source.) Yet for all the ways those ancestors were confined and defined by the kind of work they did, they were also very ingenious in coping with and plying those same technologies. Anyone who has spent much time on a farm, or in any kind of hardscrabble existence, knows how inventive people can be with the few means they have to operate in the world.

This is one reason why I have trouble with all the predictions of, for example, robot and AI take-overs of most or all work. For all the degrees to which humans are defined and limited by the tools that make them, humans are also highly ingenious. They find new ways to make new work for themselves and others. This is why I’d like to see more thought given to how ingenuity shows up and plays out. And not just more hand-wringing over awful futures that seem to be linear progressions out of industrial age (or dawn-of-digital age) framings and norms.

Note: the spear point above is one I found in a tilled field north of Chapel Hill, NC. It is now at the Alamance County Historical Museum.

 

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Oil from the Coal Oil Seep Field drifts across Platform Holly, off the shore of UC Santa Barbara.

Oil from the Coal Oil Seep Field drifts across Platform Holly, off the shore of UC Santa Barbara.

Oil in the water is one of the strange graces of life on Califonia’s South Coast.

What we see here is a long slick of oil in the Pacific, drifting across Platform Holly, which taps into the Elwood Oil Field, which is of a piece with the Coal Oil Point Seep Field, all a stone’s throw off Coal Oil Point, better known as UC Santa Barbara.

Wikipedia (at the momentsays this:

The Coal Oil Point seep field offshore from Santa Barbara, California isa petroleum seep area of about three square kilometres, adjacent to the Ellwood Oil Field, and releases about 40 tons of methane per day and about 19 tons of reactive organic gas (ethane, propane, butane and higher hydrocarbons), about twice the hydrocarbon air pollution released by all the cars and trucks in Santa Barbara County in 1990.[1]The liquid petroleum produces a slick that is many kilometres long and when degraded by evaporationand weathering, produces tar balls which wash up on the beaches for miles around.[2]

This seep also releases on the order of 100 to 150 barrels (16 to 24 m3) of liquid petroleum per day.[3] The field produces about 9 cubic meters of natural gas per barrel of petroleum.[2]

Leakage from the natural seeps near Platform Holly, the production platform for the South Ellwood Offshore oilfield, has decreased substantially, probably from the decrease in reservoir pressure due to the oil and gas produced at the platform.[2]

On the day I shot this (February 10), from a plane departing from Santa Barbara for Los Angeles, the quantity of oil in the water looked unusually high to me. But I suppose it varies from day to day.

Interesting fact:

  • Chumash canoes were made planks carved from redwood or pine logs washed ashore after storms, and sealed with asphalt tar from the seeps. There are no redwoods on the South Coast, by the way. The nearest are far up the coast at Big Sur, a couple hundred miles to the northwest. (It is likely that most of the redwood floating into the South Coast came from much farther north, where the Mendicino and Humboldt coastlines are heavily forested with redwood.)
  • National Geographic says that using the tar had the effect of shrinking the size of Chumash heads over many generations.
  • There are also few rocks hard enough to craft into a knife or an ax anywhere near Santa Barbara, or even in the Santa Ynez mountains behind it. All the local rocks are of relatively soft sedimentary kinds. Stones used for tools were mostly obtained by trade with tribes from other regions.

Here’s the whole album of oil seep shots.

On Quora an anonymous somebody asked, My IQ is 131. Can I get into MIT?

Yeah, it’s easy to call that a dumb question. But it’s the kind of question you get from somebody trapped in a caste system that cries out for a larger perspective, such as this one:

dumbcat

Anyway, here’s my answer:

You don’t have an IQ. Nobody does, because intelligence isn’t a quotient. It is the most personal of all human characteristics, and is as different in all of us as our faces and voices.

For the nothing it’s worth, my known IQ scores have an eighty point range. (Got most of ’em from my Mom, who taught in the same school system.) All they measured, if anything, was how tired or awake I was, and how much I enjoyed or hated being tested at some point in time. And none of them mattered, except to those attempting to classify me — and all of them failed.

Remember, that’s what IQ tests are for: classifying people.

You are not a score. Listen to Whitman. I’ll translate him here into bulleted form:

  • Encompass worlds but never try to encompass me.
  • I was never measured, and never will be measured.
  • I know this orbit of mine cannot be swept by a carpenter’s compass.
  • I know that I am august. I do not trouble my spirit to vindicate itself or be understood. I see that the elementary laws never apologize.
  • Long enough have you dreamed contemptible dreams. Now I wash the gum from your eyes. You must habit yourself to the dazzle of the light and of every moment of your life.
  • Long have you timidly waited, holding a plank by the shore. Now I will you to be a bold swimmer, To jump off in the midst of the sea, and rise again, and nod to me and shout, and laughingly dash your hair.
  • I am the teacher of athletes. He that by me spreads a wider breast than my own proves the width of my own. He most honors my style who learns under it to destroy the teacher.
  • The spotted hawk swoops by and accuses me. He complains of my gab and my loitering. I too am not a bit tamed. I too am untranslatable. I sound my barbaric yawp over the roofs of the world.

IQ is a measure: a carpenter’s compass. Its orbit does not sweep what is august in your true self, which needs no vindication. Nor does it respect the elementary laws of your sovereign soul. It is just a plank you hold by the shore. Drop it, dive, swim and shout. Then honor Whitman’s style and respect the spotted hawk. Be your untamed, untranslatable self, and sound your barbaric yawp to MIT’s admissions system. If they don’t respect it, they don’t deserve you.

Hope it does some good.

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