bitcoin could establish itself as a global alternative to fiat currencies during a historical period when these moneys are vulnerable to the depredations of the world’s governments, now indebted to the unsustainable level of $280 trillion.

“Thus at the heart of bitcoin is a process that combines the irreversible passage of time with the exponential advance of technology through Moore’s Law: the ever increasing number of cycles per second of computation.

technologists imagine that computer velocity conveys computer intelligence, that if you shuffle the electrons fast enough you can confer consciousness and creativity on dumb machines.

Make it a public utility, and it will move overseas.

Thus in refuting the determinist philosophy behind the mathematics of Newton and the imperial logic of Hilbert, he opened the way to a new mathematics, the mathematics of information.8 From this demarche emerged a new industry of computers and communications currently led by Google and informed by a new mathematics of creativity and surprise.

efficient digital advertising platform based on Vitalik Buterin’s Ethereum blockchain. Advertisers award BATs to publishers based on the attention of users measured by the pattern of their usage. Users too will be paid in BATs for accepting ads that they want to see or choose to tolerate in exchange for micropayments. They can donate these BATs

Coase’s Law: Companies expand until the costs of performing a transaction inside the firm exceed the costs of performing it outside.

Favored companies such as Google, Facebook, Netflix, Apple, and Amazon show a valuation of between eight and forty times their revenues. By contrast, companies such as AT&T, Verizon, T-Mobile, and the competitive local exchange carriers supplying the core of the network show valuations between twenty and eighty times lower—between 0.5 and 1.5 times

Loaded down with debt, young people eschew entrepreneurial activities and even marriage. As business starts stagnate in America, they drift toward socialist dependency.