Decentralization of The Internet: Longread (1/2)

By Jiun Ting Yong

Since the boom of Bitcoin and cryptocurrency, enthusiasts and adopters are very fascinated about the potential future of Bitcoin.  The WWW was invented by Sir Tim Berner-Lee. He had addressed his concerned of the potential monopoly if users’ data by Google, Facebook and Microsoft Bing and other niche websites. The internet experts named the new web or the internet as the ‘Web 2.0′ with the rise of social media like Facebook.  With the rise of sharing and consuming content on WordPress, unlike the dawn of blogging, was meant to be like personal web diaries or web blogs.

The world is getting hyperconnected, cybersecurity will be at stakes and the government will be ensuring their citizens’ safety by requesting the giant technological companies to hand over their users’ personal data just like Apple had handed over their users’ data and their cloud storage system to China state-backed data centre. Also, Google and Facebook are doing data mining and feeding users with their advertisement through their advanced algorithms.

A couple of months ago, the world was in shock.  A data company, Cambridge Analytica was allowed by Facebook Inc to do data mining and extracting them for manipulating a state’s election according to their powerful and influential clients who turned out to be ruling elites. This revelation really shocked the world and Sir Tim Berner-Lee and other founding founders of the internet were concerned that the massive surveillance will become the utopian dystopia Orwellian Big Brother as China already had already become by conducting massive social credit scores of her citizens, as well as using facial recognition to scan a Chinese citizen for any signs of ‘anti-government and Maoism.’  The China Communist Party is policing her citizens’ everyday lives by justifying for being the Nightwatchmen, a famous libertarian ideology by Robert Norwich. Furthermore, Facebook Inc admitted that the giant internet company really does scan their messenger platform for security purpose without users realising it!

The founding fathers of the internet and the inventor of the world wide web dreamt of an impenetrable and powerful communication tool that could be free from governments’ intervention, due to the combination of left and right wing ideology, ‘libertarian’ because of the countercultural movement back in the 1960s.  However, as the world is moving to digitisation, the government began to start their own digitised policies by regulating the internet for being a utility and even started their policing.

The Volatility of The Cryptocurrency Exchange Wallet (longread)

By Jiun Ting Yong

The price of Bitcoin and its other cryptocurrency competitors will plummet; and after a few weeks, the price of Bitcoin will increase. These trends are normal for people who are involved in trading Bitcoin and other alternative cryptocurrencies, unlike investors who invested in Bitcoin for its value.

The major reasons why cryptocurrency is so volatile is because of bad news (which isn’t always true) that stops people from adopting Bitcoin. Trading in Bitcoin is unlike trading in stocks because Bitcoin is volatile to bad news — just recently, the American FBI had closed a criminal organisation that stored their assets in Bitcoin that took the American FBI years to track them down in the dark internet market for their drug trade. When the FBI shutdown the Silk Road marketplace, it caused the prices of Bitcoin to plummet. Then people wondered about the trust of Bitcoin among the investors.

As the prices fluctuated based on free market forces, the bad news lead to uncertainty, which lead to traders receiving the news and end up losing a lot of money.  However, some people recognised that the drop in prices was an opportunity to buy Bitcoin at low prices, then sell it with a huge amount of money when prices are ripe for them to sell.

The second reason why Bitcoin will fall is a breach of security of cryptocurrency wallet exchanges like the recent breach of security in the Ethereum wallet exchange company that caused the prices of Ethereum drop significantly — just like the Hong Kong bitcoin exchange, Bitfinex, that created a turbulent wave of confusion. It caused many traders to panic and sell off their cryptocurrency with the right prices to minimise their risk of losses. These breaches only became a cause of concern by people who questioned the protocols. As a result, people seem to be less confident about the usage and hampered them from adopting them as a form of currency for day to day transactions. This is because Bitcoin and other cryptocurrencies were built on open source software. Therefore, the protocol allows other independent software developers to change the source code of a protocol for a cryptocurrency.

Another major reason will be the tax treatment of an authority against Bitcoin and other cryptocurrencies, which are also affected by the volatility, too. This is because the governments began declaring that investing in cryptocurrencies and Bitcoin will be considered an asset. Therefore, they are subjected to taxations and those cryptocurrencies exchange wallets, like the London based cryptocurrency exchange wallet company, Luno, was subjected to Malaysian Inland Revenue Board for tax evasion investigations. However, offshore banking hub like Switzerland is massively adopting cryptocurrency as an instrument of investment and blockchain into their financial services system by incorporating new types of investment companies like a cryptocurrency assets management firm because they aspired to become the centre of cryptocurrency investments and blockchain. This move isn’t new because Dubai, UAE and Malta were adopting blockchain technology just like their counterparts, Japan, South Korea, as well as American banks in Wall Street.

Furthermore, the volatile of cryptocurrencies in the market was caused by foreign direct investments in high inflation countries like Argentina. This is because people can use Bitcoin to offset the high inflation rate by denominating them into Argentine Peso from outside of Argentina. Therefore, funders could earn a higher yield return on their investment. Also, the Venezuelan government did denominate their own cryptocurrency known as the ‘Petro dollar’ to raise some funds for to pay for their country’s debts that drove the country into a state of chaos; because the country was on the verge of bankruptcy due to excessive wastage of state’s finances.

Overall, all of these are the causes of what’s happening and what will probably continue happening, but it doesn’t really hamper people from adopting Bitcoin and other cryptocurrencies. This is because when you look closely, many people are adopting Bitcoin and other cryptocurrencies in a slow and fast pace dating a few years back after Brexit had gone viral, there were Bitcoin ATM machines popping up in London as well as in some parts of Australia. They are on the way to becoming mainstream where it will be denominated to the USD and it is going to happen as soon as we thought! The future is exciting and filled with massive innovation.

What Is Blockchain?

Written by content writer of The Arsenio Buck Show – Jiun Ting Yong

What is blockchain?

Blockchain was a technology to power the Bitcoin back in 2008. You’re hearing about Blockchain now because Bitcoin boomed since the recession of 2008. The boom is caused by Japanese and Chinese investors. The concept is simple, but when you look deeper, it is a little bit complex.

Blockchain was built based on peer to peer network where every transaction is recorded like banking, medical, purchasing and others. Every data will be recorded, and a new block is created and added to the chain — thus giving it the name blockchain.

Unlike records that you’ve come along both online and offline, blockchain will encrypt the data so that no one can hack or steal from you. However, it can be complex each time a transaction happens, it requires to solve a complicated math problem. People who solve this problem will be rewarded with cryptocurrency through ‘mining’.

If you own a cryptocurrency, you will have a private key (a long password) as an address to the blockchain. With this key, you can withdraw your money for daily to daily expenses. However, when you lose the key, then you cannot access your money.

Information of the blockchain will be publicly available and it is decentralized. This means it doesn’t rely on single player or computer network to function. Therefore, any transaction will be available to anyone and visible to the public.

Blockchain is a public ledger

If you have Bitcoin and use it regularly, that information will make available to the public, but rest assured, the other party wouldn’t know your identity because of encryption. However, both parties know the value of the transaction.

Many people considered the blockchain as an alternative to the traditional banking and middlemen for money transfer like Moneygram and Western Union. With the transaction verifiable by blockchain that would disrupt middlemen like Western Union and Moneygram as well as the banking institution.

This is very interesting to say at the very minimum.  First, I want to say BIG THANKS to my content writer for writing this, and it seems extremely complex, too.  If the security about blockchain can become even more secured, that way your identity or wallet isn’t jeopardize because of the exposure, there’s an excellent chance that banks will go away.

Further News on Blockchain – Ethereum #1…According To China.

China’s ministry of industry and Information Technology released its public blockchain ratings, ranking various blockchain projects like Ethereum in the global cryptocurrency sector based on three criteria: technology, application, and innovation.

Tony Robbins: Money – The Road Ahead & The Complexity of Stocks

“There are more than 40,000 stocks to choose from in the world today, including 3,700 on various US stock exchanges. By the end of 2015, there were more than 9,500 mutual funds in America alone, which means there are far more funds here than stocks! How ridiculous is that? Add to that nearly 1,600 exchange-traded funds, and you’re faced with so many different investment choices that your head starts to spin. Can you imagine standing at an ice-cream counter and having to choose from 50,000 flavors?”

Excerpt From: Tony Robbins. “Unshakeable.” iBooks.

Hmmmm, now you guys understand why I was so apprehensive and defensive in talking about Warren Buffet on my last blog.  You get it now, don’t you?

Have you ever been entangled in a menus madness before? I’m talking about going to a restaurant and seeing such an extensive menu that drives you insane? You want to pick something off page 3, 5, and 32.  Simplification is where it’s at, and there’s no simplifying when it comes to WallStreet.

So basically you get a lot of these financial managers who try throwing money down at specific times while saying, “we’ll beat the market.”  Most mutual funds charge high fees but have poor investing capabilities.  So what happens? 96% of them fail to beat the market and you end up overpaying for under-performance. It’s like paying for a Porsche and you end up driving home in a damn wagon.

Nonetheless, let’s break down these different types of funds.

“HEDGE FUNDS VS. MUTUAL FUNDS VS. INDEX FUNDS

For those unfamiliar, a hedge fund is a private fund available only to high-net-worth investors. The managers have complete flexibility to bet on both directions of the market (up or down). They charge hefty management fees (typically 2%) and share in the profits (typically 20% of profits go to the manager). A mutual fund is a public fund available to anyone. In most cases, they are actively managed by a team who assembles a portfolio of stocks, bonds, or other assets and continually trades their holdings in hopes to beat the “market.” An index fund is also a public fund but requires no “active” managers. The fund simply owns all the stocks in the index (for example, they would own all 500 stocks in the S&P 500 index).”

Excerpt From: Tony Robbins. “Unshakeable.” iBooks.

In other words, we’re going after index funds.

It’s like the saying goes, guys.  “When a person with experience meets a person with money, the person with experience ends up with the money; and the person with money ends up with an experience.” We’ll show you how to navigate this game so you’ll never get taken again.” – Tony Robbins

Podcast

Tony Robbins: Wealth – The Rule Book

“What would it feel like to know in your mind, in your heart, and in the very depth of your soul that you’ll always be prosperous? To know with absolute certainty that no matter what happens in the economy, stock market, or real estate, you’ll have financial security for the rest of your life? To know that you’ll possess an abundance that will enable you not only to take care of your family’s needs but also to delight in the joy of helping others?”

Excerpt From: Tony Robbins. “Unshakeable.” iBooks. https://itunes.apple.com/us/book/unshakeable/id1146849403?mt=11

I want you to really sit down and think this through.  Think about all the questions above….a deep place within.  Ask yourself, “how would I feel if I was completely and utterly financially independent?”

“But the truth is, we’re still living in a crazy world. All these years later, central bankers are still fighting an epic battle to revive economic growth. They’re still experimenting with radical policies that we’ve never seen in the entire history of the global economy.
You think I’m exaggerating? Well, think again. First-world countries such as Switzerland, Sweden, Germany, Denmark, and Japan now have “negative” interest rates. You know how insane that is? The whole purpose of the banking system is for you to make a profit by loaning money to banks, so they can lend it out to others. But people around the world now have to pay banks to accept their hard-earned savings. The Wall Street Journal wanted to discover when the world last experienced a period of negative yields. So the newspaper called an economic historian. You know what he told them? It’s the first time this has happened in 5,000 years of banking history.
That’s how far we’ve come from living in a normal world: borrowers get paid to borrow, and savers get punished for saving. In this upside-down environment, “safe” investments such as high-quality bonds offer such terrible returns that you wonder if someone’s having a laugh at your expense. I recently learned that the finance arm of Toyota had issued a three-year bond that yields just 0.001%. At that rate, it would take you 69,300 years to double your money!” – Tony Robbins

The best part about the uncertainty is the opportunity.  A lot of people are wondering if the “end” is “near,” but I believe that’s the window of opportunity.  Also, the goal is not for you to predict the future about money.  This stems back to the circle of concern vs. the circle of influence.  Control what you can and don’t worry about what you can’t control.

Podcast

Cryptocurrency Podcast #1 – Litecoin & Smaller Market Coins To Invest In + Crypto-guide For Beginners

As promised, I’ve brought Steve Pipe back on for our second podcast, but our first podcast in Cryptocurrency.

As of late, Crypto has been extremely turbulent and fluctuating like crazy.  I want to deep-dive and ask Steve some questions about Crypto going forward before getting into what’s in the title.  Tune in, everyone!

By the way, I’ll try keeping it short.

Q:  The Crypto market is fluctuating and all of these “investors in wallstreet” are saying to stay away.  Are they scared?

A: (Arsenio) – Wallstreet is scared because now they can’t keep it all to themselves anymore.  It’s easier for millennials to make money now and they’re not happy about it, being that they’re from a generation that loved hoarding all the wealth.

(Steve) – people are pulling out and some are investing heavily.  This is what causes large fluctuations.

Q: Walk us through on how to start an account.

A: (In the podcast)

 

I decided that I didn’t want to make an extensive blog on what he talked about because it would be one hell of  transcription, so tune in below instead!

Podcast Update (Slotting In Crytocurrency Investor & A Trainer)

 

After chopping it up on a sweltering day outside of a delicious delicious vegan restaurant in Bangkok featuring a gorgeous Brazilian girl, a rooster, and so many passerbys – with Steve Pipe – I had a huge idea.

Now, with the amount of directions I’m getting shoved in at the moment and the potential number of excellent companies coming on board, I will need to find a way to not only slot Steve Pipe, A.K.A Muay Thai Phenom fighter in, but also my main man Rich Cohen.

I’m trying to bring as much great content to all of you out there so you guys can learn, grow and earn.  Cryptocurrency, which has been making shockwaves since last year, is the talk of the town.  Sitting across from Steve this very afternoon and hearing him chat about excited me.  So many people, including my African Warrior Colleague, has been asking me about it quite a bit.  I’ve been contemplating in doing it for a while…..of course another colleague mention it probably 4-5 months ago, but I never got into it.

If you’re in it for the short-term or long-term, I’ll be doing a set schedule every Thursday (twice a month) with Steve with all the latest cryptocurrency news, what to do, and what not to do.  I’m ecstatic!

Be sure to follow me on my podcast and down below are the two recent podcast interviews I’ve done thus far.

Interviewee #6: Steve Pipe on Muay Thai & Cryptocurrency

I went to Benjakiti Park right outside Asoke Station, which is a BTS skytrain stop here in Bangkok, and there was a meet-up of a lot of people for a community workout.

This was one of the very first days, which then turned into a many of days, where I just rebelled against going into work early – only to make the same salary again….something I’ve been doing far too long.

I came across this guy – Steve.  He’s a kiwi (for those Americans who don’t know, he’s from New Zealand), and within the matter of what seemed like seconds, we were talking about the universe, overcoming the odds, and we exchanged details almost immediately.

During a nap sometime last week, I woke up and told myself to ask the CEO of The Lab, Rich Cohen, for a podcast interview.  A couple days later, I did my first ever interview and it was fascinating to say the least.  On that same day, I asked my main man, Steve Pipe, for an interview – which was also a big success.

So here I am today giving you ANOTHER podcast interview!

Get in touch with Steven Pipe

 

Links:

 

 

Things we discussed:

  • What was his job in New Zealand before his move to Australia?
  • Muay Thai in Bangkok and how he seized the opportunity.
  • Income earning and teaching, as well as sharing about his training and working in The Lab.
  • Personal development, goal setting and visualization.
  • Fear of fighting and winning the match.
  • Differences between boxing and Muay Thai.
  • What kind of mental grit there is in Muay Thai.
  • The monster opponent.
  • Mentality before the biggest fight of his life.
  • What’s Steve’s training regime.
  • How to diet as a Muay Thai fighter.
  • Introduction to Crypto and how he got started.
  • Blockchain technology.
  • Alternative cryptos and how to win.
  • Wallet exchanges and crashes in the cryptomarket.
  • Strategy to earn some quick return in investments.
  • How much he has made from investing in Cryptocurrency.
  • Negative news on Bitcoin and cryptocurrency investment.
  • Sharing about how to develop cryptocurrency investment strategy, research, learn about the projects and learn about the system.
  • Main goals and plans.
  • Upcoming book.

Podcast

 

Thank you for listening!

 

Thank you so much for tuning in!

 

Links:

Twitter: https://twitter.com/arseniobuckshow?lang=en