The Truth Machine

The Truth Machine

The Blockchain and the Future of Everything

Book - 2018
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Paul Vigna and Michael J. Casey demystify the Internet's next big thing--the Blockchain--and explain why it can restore personal control over our data, assets, and identities and shift the balance of power to revive society's faith in itself. They reveal the disruption it promises for industries including finance, tech, legal, and shipping. This book reveals the empowerment possible when self-interested middlemen give way to the transparency of the blockchain, while highlighting the job losses, assertion of special interests, and threat to social cohesion that will accompany this shift.
Publisher: New York, NY :, St Martin's Press,, [2018]
Edition: First edition
ISBN: 9781250114570
Branch Call Number: 332.178 CAS
Characteristics: xii, 302 pages ; 25 cm
Additional Contributors: Vigna, Paul - Author


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Jun 12, 2018

For fun: read Ken Follett's Dangerous Fortune, set against the backdrop of collapse of a bank in 1892, then, read this book and consider the bank bailout in 2008.
"The Federal Reserve Bank of Cleveland is one of 12 Reserve Banks that together with the Board of Governors in Washington DC and the Federal Open Market Committee (FOMC) comprise the Federal Reserve System, which was created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system."

What are the implications of blockchain for the national economy? Where do cities, like Cleveland, fit into the future of this new framework?

May 03, 2018

Good summary of Blockchain technologies gives a general overview of the field and its potential, but it can become quite repetitive and sleep-inducing at times.

As an enthusiast and small investor in blockchain-based technologies such as Bitcoin, Ethereum and other services (Manna, Brave, Peepit) I consider myself as one of those who shout blockchain from atop a building without really understanding the nitty-gritty of it. And yet, anyone familiar with the tech knows the potential is palpable.
Similarly, the first ones who pioneered email knew without a doubt the future would be using it, even if it took a decade before Gmail became defacto. But I digress.

The book gives a good historical summary of double-entry bookkeeping leading to the creation of Bitcoin and the blockchain during the Financial Crisis of 2008 (What an interesting coincidence).
While the authors venture past Bitcoin onto many other potential uses in different fields (Supply-chain; Finance; ICO/Tokens; Assets; IoT; Identity to name a few), I found it quite reticent to reveal platforms like MaidSafe who in my view, offer the real potential for Web 3.0.
And it's hard to blame them for that. Virtually every day, a new use-case for blockchain is divulged. We're still in the toddler stages of Web 3.0.
Having said that, if you're interested in Finance you'll probably get more out of the book than I did. In the end, I'd still recommend this for anyone who doesn't know much about the technology.

Bit surprising was the inclusion at the end, about Universal Basic Income and how it would be used to leverage the creativity of the population to put to good use. I am a big proponent of crypto-based UBI such as Manna.

Mar 14, 2018

This book is a complete crock - - and it is really that simple. With a book like this with absolutely no mention of Dark Pools, and Internalization and ICE, or InterContinental Exchange, along with murky and obfuscatory descriptions of Credit Default Swaps, you know you are reading fiction as non-fiction! A pure crock of a book!
The authors even stoop so low as to claim that Warren Buffet // was vindicated \\ when the global economic meltdown occurred - - instead of mentioning the truth that Buffett lobbyied for the inclusion of credit default swaps and the larger category of credit derivatives in Dodd-Frank - - not to ban them!!!!
On p. 176 the authors state: // Public registry systems, in low-income countries, are prone to corruption and incompetence. . .\\
Guess these two dudes have never heard of MERS, MERSCorp, Covington and Burling, the global economic meltdown of 2007 to 2009, David Dayen's outstanding book, Chain of title, or many of the reports [a few below] detailing destruction of chain of title from MERS and those bankster machinations, et cetera?
This book reminds me of Enron some years back, when I read about its business model and said that it didn't make any sense, then pondered what I must have missed since so many business analysts proclaimed it brilliant. When it came to light that they had 300,000 offshore financial constructs to hide their gargantuan, Ponzi-scheme debt, those biz analysts turned out to be wrong, idiots, or liars!

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