Lifeboat Foundation

Do you dream of pursuing your passion, but find yourself hindered by a daily work schedule? That might not be a problem in the future, at least not in the future envisioned by Google’s Larry Page, where humans are required to work less while having their needs met.

In a Fireside chat with Vinod Khosla, both Google founders Larry Page and Sergey Brin talked a lot about Google and the world surrounding it, with the entire chat (featured in the video below) lasting a bit over 40 minutes. Among the different topics was discussion about our working future.

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At the end of 2015, the US national debt will be 18.6 trillion dollars. With such a big number, it’s tempting to put it in perspective by comparing it with things more easily envisioned. Alas, I can not think of anything that puts such an oppressive and unfair burden into perspective, except to this:

US debt represents a personal obligation of $60,000 for each American citizen. And it is rising quickly. Most of our GDP is used simply to pay down interest on that debt. Few pundits see a way out of this hole.

In my opinion, that hole was facilitated in August 1971, when the US modified the Bretton Woods Agreement and unilaterally terminated convertibility of the US dollar to gold. By forcibly swapping every dollar in every pocket and bank account with the promise of transient legislators, individual wealth was suddenly based on fiat instead of something tangible or intrinsic.

Continue reading “What if U.S. had raised interest rates?” »

A new lobbying group focusing on the universal basic income has been launched in the United States.

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This short post is not about Bitcoin. It’s about a new method of organizing and arbitrating communications that is at the heart of Bitcoin

We hear a lot about the blockchain. We also hear a lot of misconceptions about its purpose and benefits. Some have said that it represents a threat to banks or to governments. Nonsense! It is time to form a simple, non-political, and non-economic explanation…

What is a Blockchain?

The blockchain is a distributed approach to bookkeeping. It offers an empowering, efficient and trusted way for disparate parties to reach consensus. It is “empowering”, because conclusions built on a blockchain can be constructed in a way that is inherently fair, transparent, and resistant to manipulation.

Continue reading “What is a Blockchain?” »

“Martin Ford — author of Rise of the Robots — thinks we face mass unemployment and economic collapse unless we make radical changes, such as offering humans a basic wage, a guaranteed income.”

We are on the cusp of a revolution in the way we work so move over and make room for the robots.

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When my daughter was just starting primary school, she would look inside a book for the pictures before reading the text. She was old enough to read without pictures, but she wanted to get a quick synopsis before diving in. “Look, Dad! a bunny is carrying a giant clock into a rabbit hole.”

This is my first article without pictures. At least none of Bitcoin, because the copper coin metaphors are tired and inaccurate. At the user level, owning bitcoin is simply your stake in a widely distributed ledger. Ownership exists only as strings of secret code and public code. There is no physical coin.

Since the only pictures in this post show a white rabbit with a big clock, let me give you the quick synopsis: The answer is “No”. Bitcoin will not end government, nor its ability to tax, spend—or even enforce compliance.

But there is an irony: Most lawmakers and regulators have not yet figured this out. They perceive a great threat to their national interests. That’s why Andreas M. Antonopoulos runs around the world. He briefs prime ministers, cabinets and legislators with the noble purpose of demystifying and de-boogieing Bitcoin.

Continue reading “Will Bitcoin End the Reign of Government?” »

For most of us, figuring out the value of something that we want, comes from research. If you want a new set of wine glasses, you check the price online. Perhaps you consult a catalog. If the set of 8 stemware goblets that you like are a current model from a major company, there are probably many places to buy them. If there are multiple Ebay sellers and many recently completed sales, then you can establish the value with precision.

I’ve written a lot of Bitcoin articles on this Lifeboat Blog and elsewhere, so, let’s dig a bit deeper this time. Let’s talk about from where value really comes.

Supply and Demand

In the end, an item’s value is a direct result of supply and demand. It’s no different with a currency. And let’s be clear: Despite a raging debate, Bitcoin is a currency and not just a payment instrument. How can I be certain? Try this mental exercise—

Continue reading “What gives Bitcoin Value?” »

Dr. Nils J. Nilsson spent almost a lifetime in the field of Artificial Intelligence (AI) before writing and publishing his book, The Quest for Artificial Intelligence (2009). I recently had the opportunity to speak with the former Stanford computer science professor, now retired at the age of 82, and reflect on the earlier accomplishments that have led to some of the current trends in AI, as well as the serious economic and security considerations that need to be made about AI as society moves ahead in the coming decades.

The Early AI that Powers Today’s Trends

One key contribution of early AI developments included rules-based expert systems, such as MYCIN, which was developed in the mid-1970s by Ted Shortliffe and colleagues at Stanford University. The information built into the diagnostic system was gleaned from medical diagnosticians, and the system would then ask questions based on that information. A person could then type in answers about a patient’s tests, symptoms, etc., and the program would then attempt to diagnose diseases and prescribe therapy.

“Bringing us more up to the future was the occurrence of huge databases (in the 1990s) — sometimes called big data — and the ability of computers to mine that data and find information and make inferences,” remarks Nils. This made possible the new work on face recognition, speech recognition, and language translation. “AI really had what might be called a take off at this time.” Both of these technologies also feed into the launch of IBM’s Watson Healthcare, which combines advanced rules-based systems with big data capabilities and promises to give healthcare providers access to powerful tools in a cloud-based data sharing hub.

Work in neural networks, another catalyst, went through two phases, an earlier phase in the 1950s and 1960s and a latter phase in the 1980s and 1990s. “The second phase (of neural networks) allowed…people to make changes in the connected strength in those networks and multiple layers, and this allowed neural networks that can steer and drive automobiles.” More primitive networks led to the cutting-edge work being done by today’s scientists in the self-driven automobile industry via companies like Tesla and Google.

Continue reading “AI Dangerous for Economics? The Other Threat Flying Under Radars” »

It’s becoming clear that increased automation as well as the rise of artificial intelligence is threatening ever more jobs. Now economists are starting to seriously consider a universal basic income.

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