The Economist Asks: Will Bitcoin’s Blockchain Change The World?

The Economist Asks: Will Bitcoin's Blockchain Change The World?

Legendary news publication “The Economist” has seen fit to not only acknowledge the innovations of Blockchain’s technology but produce a feature story on it for the current October 31 weekly edition. The cover story’s title is called, “The trust machine – How the technology behind bitcoin could change the world.” Here we go over some excerpts and the basic tenor of the piece.

The Economist is one of the Western world’s oldest and most trusted publications

As you may already be aware, Bitcoin does not have a sterling reputation within the mainstream media, if that fact has alluded you to this point, The Economist makes sure you get that realization stated up front as fact within the story’s first sentence, which succinctly reads “Bitcoin has a bad reputation.” The online edition fails to reveal a name of an author for this story.

This first sentence sets up the article with a short summary of why the generally negative reputation has been established, so far. By the middle of the second paragraph, it does not refute any issues with the public image Bitcoin. They seem to have little interest in disputing its validity, but they rush to the defense of the technological flavor-of-the-month, Bitcoin’s revolutionary Blockchain technology, whose impressive skip set is attracting venture capitalists and banking magnates like moths to a flame.

An original point of view was the use of Napster as the progenitor, the guiding light, for all future peer-to-peer networks, be it Napster, Spotify or Bitcoin. The article covers the broad strokes of what a blockchain is and how it may help businesses become more efficient in a multitude of business fields, from banking to real estate registry in Honduras. A swing at Bitcoin, while catapulting “The Blockchain” is pretty much a prerequisite in such an editorial piece.

“Bitcoin itself may never be more than a curiosity. However, blockchains have a host of other uses because they meet the need for a trustworthy record, something vital for transactions of every sort. Dozens of startups now hope to capitalize on the blockchain technology, either by doing clever things with the bitcoin blockchain or by creating new blockchains of their own.”

It has some other facets of the interaction between the mainstream and the blockchain that I won’t spoil. The representation of how a major pillar of the mainstream media with 1,400,000 weekly readers covers a revolutionary technology like Bitcoin and its blockchain is worth a read. The piece is generally quite positive, if fairly predictable, but the idea of promoting the blockchain over Bitcoin reminds me of something my favorite Bitcoin guru Andreas Antonopoulos said. He said the following at a recent Wired Money Bitcoin education seminar in July that is quite salient, to put this in perspective.

Antonopoulos:

“The Blockchain, in itself, is boring technology. It’s a slow ledger. Don’t make the mistake of ignoring the disruptive potential of Bitcoin, and so you can get some watered-down, CompuServe-like, smooth jazz, soft version of it that feels nice and comfortable at the executive Board Room. There are two places you can be. You can be Blockbuster or your can be Netflix. That’s why Bitcoin is the important thing, not The Blockchain.”

Reading The Economist piece is a good idea, as is watching the video of Andreas’ dissertation at Wired Money. Take in the arguments from both sides of the aisle, and make a decision on where your digital future is headed. Will you be much more educated listening to Andreas for twenty minutes over reading the referenced article for 7 minutes through the link above? Absolutely, but inquiring minds might want to know what the mainstream’s latest spin looks like in print, however short-sighted it may be.

The Economist Asks: Will Bitcoin’s Blockchain Change The World?.

Gun Sales Set Record for Sixth Month in a Row – Washington Free Beacon

AP

The Federal Bureau of Investigation processed a record number of background checks in the month of October, indicating that gun sales were at an all time high for the sixth month in a row.

The FBI’s National Instant Background Check System processed 1,976,759 firearms related checks in October. That is a 373,290 increase in checks over last year and a new record for the month. It also makes October the sixth consecutive month to see a record number of checks.

Since every purchase of a new gun in the United States requires a background check the metric is considered a reliable proxy for how many overall gun sales there have been, even though the number does not represent a one to one calculation for gun sales. The federal government and most states do not require background checks on gun sales made between private parties. Additionally, some states request FBI background checks on their citizens who apply for gun carry permits.

So far in 2015 the FBI has performed 17,584,346 firearms related checks. Currently, 2015 is on pace to beat 2013’s record 21,09,273 checks.

Gun rights activists have pointed to Democrats’ calls for new gun control measures as one reason why gun sales have increased. Democratic frontrunner Hillary Clinton has said that the Supreme Court is wrong on the Second Amendment, that Australian style mandatory gun buybacks should be considered in the United States, and that she would implement new gun control through executive action.

“Barrack Obama and Hillary Clinton are the best gun salespeople on the planet. The more they scream for new gun control laws the more guns walk off the shelves at gun stores,” said Alan Gottlieb, the head of the Second Amendment Foundation. “To quote the lyrics of Peter, Paul and Mary, ‘When will they ever learn, when will they ever learn.’”

 

Gun Sales Set Record for Sixth Month in a Row – Washington Free Beacon.