Author: ERNEST COX (page 3 of 4)

This will make you think twice about spending cash, this is why I’m warning you about “BITCOIN”

If I were to stand and speak about this from  a podium and finish off with our traditional “MICDROP” action,  you readers would know we were absolutely serious about everything in this post!  Check out what writer Tom Simonite has to say about Bitcoin.

Knowing about “Bitcoin” Matters it’s about to compete with  cash?


In 2008, it was a programmer pretentiously known by the name submission Satoshi Nakamoto— I write this because the name is believed to be an alias—anyway in a  posted online writing this programmer outlines the Bitcoin’s design to what is described as a cryptography e-mail list.  After that somewhere in 2009, Satoshi releases software that will exchange the digital currency, bitcoins using the currency exchange scheme, currently maintained by an open-source community.

 Jeff Garzik , a member of that community and also the founder of Bitcoin Watch, that tracks the Bitcoin economy. says “Satoshi’s a bit of a mysterious figure, I and the other core developers have occasionally corresponded with him by e-mail, but it’s always a crapshoot as to whether he responds,” says Garzik. “That and the forum are the entirety of anyone’s experience with him.”  Hmmmm, I wonder if Satoshi is even male?

So, here is how Bitcoin work?

Imagine playing the virtual reality game Second Life, the concept would probably be easier to follow.  Satoshi wanted people to be able to exchange money electronically securely without the need for a third party, such as a bank or a company like PayPal. Satoshi, simply based Bitcoin on person-to-person (not including government regulated banking systems) to privately exchange value, this is known to be termed as cryptographic techniques; that which, allows you to be sure that value of the exchange is indeed genuine, even if you don’t trust the other person.

The Basics

You can download the Bitcoin client software, which connects world wide to the Internet and a string of decentralized network of global Bitcoin users.  The software will generate unique, mathematically linked keys, which you’ll need to exchange bitcoins with any other client. One key is private and kept hidden on your computer. The other is public, it is the address given to other people so they can send you bitcoins.  This scheme makes it practically impossible (even with the most powerful supercomputer) to discover someone’s private key from their public key preventing false impersonation of the users, even if they upgrade or exchange their computers, the keys are secure. 

A Bitcoin address looks something like this: 21IoPaWV9zpbA8LVnbrERTzrVzN7ixNHuI.  There exists online businesses and retail stores which currently accept bitcoins—for example, here is one online group listing— click the link it will provide you with their address.

Transferring Bitcoins

When you perform a transaction, your Bitcoin software performs a mathematical operation to combine the other party’s public key and your own private key with the amount of bitcoins that you want to transfer. The result of that operation is then sent out across the distributed Bitcoin network so the transaction can be verified by Bitcoin software clients not involved in the transfer.

Those clients make two checks on a transaction. One uses the public key to confirm that the true owner of the pair sent the money, by exploiting the mathematical relationship between a person’s public and private keys; the second refers to a public transaction log stored on the computer of every Bitcoin user to confirm that the person has the bitcoins to spend.

When a client verifies a transaction, it forwards the details to others in the network to check for themselves. In this way a transaction quickly reaches and is verified by every Bitcoin client that is online. Some of those clients – “miners” – also try to add the new transfer to the public transaction log, by racing to solve a cryptographic puzzle. Once one of them wins the updated log is passed throughout the Bitcoin network. When your software receives the updated log it knows your payment was successful.


The nature of the mathematics ensures that it is computationally easy to verify a transaction but practically impossible to generate fake transactions and spend bitcoins you don’t own. The existence of a public log of all transactions also provides a deterrent to money laundering, says Garzik. “You’re looking at a global public transaction register,” he says. “You can trace the history of every single Bitcoin through that log, from its creation through every transaction.”

How can you obtain bitcoins?

Exchanges like Mt. Gox provide a place for people to trade bitcoins for other types of currency. Some enthusiasts have also started doing work, such as designing websites, in exchange for bitcoins. This jobs board advertises contract work paying in bitcoins.

But bitcoins also need to be generated in the first place. Bitcoins are “mined” when you set your Bitcoin client to a mode that has it compete to update the public log of transactions. All the clients set to this mode race to solve a cryptographic puzzle by completing the next “block” of the shared transaction log. Winning the race to complete the next block wins you a 50-Bitcoin prize. This feature exists as a way to distribute bitcoins in the currency’s early years. Eventually, new coins will not be issued this way; instead, mining will be rewarded with a small fee taken from some of the value of a verified transaction.

Mining is very computationally intensive, to the point that any computer without a powerful graphics card is unlikely to mine any bitcoins in less than a few years.

Where to spend your bitcoins

There aren’t a lot of places right now. Some Bitcoin enthusiasts with their own businesses have made it possible to swap bitcoins for tea, books, or Web design (see a comprehensive list here). But no major retailers accept the new currency yet.

If the Federal Reserve controls the dollar, who controls the Bitcoin economy?

No one. The economics of the currency are fixed into the underlying protocol developed by Nakamoto.

Nakamoto’s rules specify that the amount of bitcoins in circulation will grow at an ever-decreasing rate toward a maximum of 21 million. Currently there are just over 6 million; in 2030, there will be over 20 million bitcoins.

Nakamoto’s scheme includes one loophole, however: if more than half of the Bitcoin network’s computing power comes under the control of one entity, then the rules can change. This would prevent, for example, a criminal cartel faking a transaction log in its own favor to dupe the rest of the community.

It is unlikely that anyone will ever obtain this kind of control. “The combined power of the network is currently equal to one of the most powerful supercomputers in the world,” says Garzik. “Satoshi’s rules are probably set in stone.”

Isn’t a fixed supply of money dangerous?

It’s certainly different. “Elaborate controls to make sure that currency is not produced in greater numbers is not something any other currency, like the dollar or the euro, has,” says Russ Roberts, professor of economics at George Mason University. The consequence will likely be slow and steady deflation, as the growth in circulating bitcoins declines and their value rises.

“That is considered very destructive in today’s economies, mostly because when it occurs, it is unexpected,” says Roberts. But he thinks that won’t apply in an economy where deflation is expected. “In a Bitcoin world, everyone would anticipate that, and they know what they got paid would buy more then than it would now.”

Does Bitcoin threaten the dollar or other currencies?

That’s unlikely. “It might have a niche as a way to pay for certain technical services,” says Roberts, adding that even limited success could allow Bitcoin to change the fate of more established currencies. “Competition is good, even between currencies—perhaps the example of Bitcoin could influence the behavior of the Federal Reserve.”

Central banks the world over have freely increased the money supply of their currencies in response to the global downturn. Roberts suggests that Bitcoin could set a successful, if smaller scale, example of how economies that forbid such intervention can also succeed.

More information for your reading pleasure can be found referenced below

“Watch & Learn” ®


Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.

Eyal, I., & Sirer, E. G. (2014, March). Majority is not enough: Bitcoin mining is vulnerable. In International conference on financial cryptography and data security (pp. 436-454). Springer, Berlin, Heidelberg.

Ron, D., & Shamir, A. (2013, April). Quantitative analysis of the full bitcoin transaction graph. In International Conference on Financial Cryptography and Data Security (pp. 6-24). Springer, Berlin, Heidelberg.

Scaillet, O., Treccani, A., & Trevisan, C. (2017). High-frequency jump analysis of the bitcoin market.

Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press.

Tschorsch, F., & Scheuermann, B. (2016). Bitcoin and beyond: A technical survey on decentralized digital currencies. IEEE Communications Surveys & Tutorials, 18(3), 2084-2123.

Morgan, R. (2016). It’s All about the Blockchain: Amid the Hoopla over Bitcoin and Other Virtual Currencies, It’s the Underlying Documentation Platform That’s Revolutionizing Transactions. ABA Banking Journal, 108(2), 51.

Ali, S. T., McCorry, P., Lee, H. J. P., & Hao, F. Z. (2016). Botnets with Bitcoin. In: 2nd Workshop on Bitcoin Research, 19th

Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the technology behind Bitcoin is changing money, business, and the world. Penguin.







Emotional Intelligence and the Trump Administration

EMOTIONAL-INTELLIGENCE-PRESENTATION Emotional Intelligence and the Trump Administration may not have as much in common as the prior administration of Barak Obama but, the Trump administration does put forth a great opposing view of how emotional intelligence or EI can be understood.  What I am suggesting is having a high EQ as opposed to IQ would serve as an ability allowing you to understand the folks under your leadership and those exposed to the environments, affected by your choice decisions.  No one can read minds, but if you could, reading the minds of a person and understanding exactly why they do what they do, the logical idea in a child’s mind might suggest you’d use that power as a super hero or X Men. I’m not intentionally diverting from political correctness X Lady doesn’t quite have the same conditional tone, does it? But, if you, DNA mutant for good knew when the time called upon your skill as the Emotional Intelligence (EI) hero you would become the ultimate conflict resolution-ist.  And, depending on your quotient or EQ strength you’d become one among the greats.  I’m sure this would be a good point to discuss political views between the former Obama administration and the current Trump administration but, I’m not one to lead you to making the decisions my EQ isn’t quite that high, yet.  But, if you realize which of these characters possessing the greatest skills in leadership would contend with the opposition, draw upon their superlative talents as the EI hero and voilà, the student would emerge to enter the mastery of understanding, emotional intellect would kick in (Trushell, 2004).  Emotional Intelligence is described as ability “to build relationships” (DuBrin, 2012, p. 481).  Although, it would be great to be seen as having superior or super human capabilities as implied by writer John M. Trushell.  Emotional intelligence as a fantasy of American pulp fiction as I allude to in the opening does not totally have to result in fictitious results.

EI, is the motive to engage innate abilities as empathy and trust.  Trust, however has to have some degree of disciplined control.  Among capable leadership and those who are under the subjection EI can produce amazing collaboration and resolution.  EI results in actions performed by and between individuals, groups or organizations making those who take steps to engage “constructive use of … emotion” more effective through their administrative processes (DuBrin, 2012, p.481).  Imagine the difference among subordinate members of a group who have two persons to follow.  One person is seen among the group as a leader and the other person is seen as an authority figure but, not a leader.  The superior individual with the highest level of EI would be described as the person viewed as being aware of the needs of the subordinates.  And, the title of leader may apply to anyone among this group possessing the advantage of emotional trust from members of the group.  Identifying the second category of highly ranked heroes of administration can be difficult since, they aren’t necessarily specified by managerial appointment they are recognized by the way their peers engage with them.

Scores that have been adopted to measure a level of emotional intelligence such as MSCEIT, its scoring process determines a person’s EI based on a scale identified as a quotient.  There are highly questionable methods to these measurements.  Measurements that could determine if a person is able to control their anger must take into consideration more than the scope of anger management tools as psychometric assessments as the, HCR-20.  Mayer, Salovey, Caruso & Sitarenios, (2003) contend there are concerns regarding the reliability of such tests.  They challenge validity of emotional intelligence itself and whether results of tests will provide consistent results.  In my own self-examination, I have been evaluated a having “Good EQ”, in theory.  I do believe I have some degree of leadership abilities which would support good EQ results.   However, I don’t believe my results would replicate if I would take a similar study under slightly different questions or different demands they might indicate some similarity but highly unlikely to be the same.  DuBrin (2012) describes this as an ability to connect with people and understand their emotions” (p. 162).  Is it truly necessary to connect?  I believe having what is described to be emotional intelligence leads to a better understanding of what makes a great leader, better.  Connecting to people is essential to administration and leadership even though EI claims are made to imply being first in this regard scientist credit Darwinian ideals as emotional expression as the central token of adaptive leadership traits.  For further edification, I have taken liberty to provide you with reference resources, until next time I sit with my pen – ENJOY THE SITES! 

You can judge me by the following references: 

Bar-On, R. (2001). Emotional intelligence and self-actualization. Emotional intelligence in everyday life: A  scientific inquiry, 82-97. 

DuBrin, A. J. (2012). Ethics and corporate social responsibility:  In essentials of  management. Mason,  OH: Cengage Learning. 

Mayer, J. D., Salovey, P., Caruso, D. R., & Sitarenios, G. (2003). Measuring emotional intelligence with     the MSCEIT V2. 0. Emotion, 3(1), 97.    

Trushell, J. M. (2004). American Dreams of Mutants: The X‐Men—“Pulp” Fiction, Science Fiction, and  Superheroes. The Journal of Popular Culture, 38(1),



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