When you consider dollar bills what do you think it means. It means that the United states government has the authority to say that their paper money is backed by gold. Well these days I am pretty sure everyone knows this is no longer the case. It cannot be coincidence that this new currency with no centralized authority has risen right now. No one even knows the name of the guy who invented it. In terms of regulation is has become apparent that people have been using bit coins for illegal activities. Yes is it true that these can be tracked down after the fact. Firstly you need to be on someones tracks and know what you are looking for. Secondly though there is currently no way for any authority to stop such transactions from taking place. The Author makes a comparison between bit coins and the wild west.
The article start off with a question that has probably been asked by anyone who has ever used the internet. Who controls it? The answer seems to be a battle between commercial ISPs and the Government (FCC). The authors makes it sound like the ISPs are money hungry corporations who would literally stop at nothing to make more. The threat here is freedom. Its odd really, that everyone has been focused on the government spying on citizens personal information to try and find terrorists. The startling fact is that your everyone’s information is sold and bought at auction. After all, how can discrimination be racist if the judgments are made by computers. The Federal courts ruling for Comcast in Comcast Corp vs FCC seems to have given concrete mean for commercial industries to gather information on citizens personal lives. BTW I could care less. I am all for a free and open internet along with the consumption of information. If I go to the grocery store and all of my groceries are already set out for me I would be happy.
Cryptocurrency is something i have been involved with for the past few years. It provides an alternative to government issued paper money, though I never looked at it like that. To me it was just free money. Around the time i got over my addiction to computer games I decided to rent out my video card to bit coin. But if this new currency is so great why has it not received global or even nation acceptance. The author explains this phenomena with two points. Firstly it has been shown that humans refuse to switch currencies even if the ladder is more effective if there is even the smallest amount of lose in the transaction. The second point supports this argument by exposing current cryptocurrencies instability. When bit coins first came out a single bit coin sold for around six U.S. dollars. This month they have risen to up to 1400 U.S. dollars. But the question is not whether or not people have made fortunes from this new currency trade. It is either will Bit Coin be able to stabilize as is reaches adolescence or will it even matter. The whole point is that you can attach a bit coin to whatever you want.
As a rise in social media has taken over Twitter is not an exception. The big question though is, “Is it truly a place were friends keep tabs on each other or a place were global rumors and news it spread”. The article goes over the intricate ways the authors analyzed this problem. The results differed from other social networking sites. To sum it up there was not a positive correlation between number of re tweets and the number of followers the user had. Page rank also has much more to do with re tweets then number of followers. At the core I have to assume the end product is a site dedicated to the viral spreading of information. Most of the people that belong to this site could care less about the inner status of their followee’s. They just want to know when Justin Beiber gets in trouble. I have to wonder whether this trait is innate in humans or is just exacerbated by the ability to be a chameleon online.