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United Kingdom. North Korea. Czech Republic. Europe and the US must not play into Putin's hands by turning the current crisis into a tussle between geopolitical entities. This is and has always been about Ukraine's absolute right to freedom and self-determination, writes Oleksandr Sushko of the International Renaissance Foundation in Ukraine. The Right to Energy Forum, Europe's biggest summit on energy poverty, begins next week and could not be more urgent.
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Content:
- Top Cryptocurrency News
- Crypto exchanges keep getting hacked, and there's little anyone can do
- People are talking about Web3. Is it the Internet of the future or just a buzzword?
- NFTs, explained
- The many alleged identities of Bitcoin's mysterious creator, Satoshi Nakamoto
- Dogecoin: The origin story of the Elon Musk supported cryptocurrency
- The young are driving the cryptocurrency growth, unmindful of the dangers
Top Cryptocurrency News
Listen to this article. We take a third view: Not only has technology already changed the global order, but it is also changing the nature of both companies and states themselves.
The 21st century belongs not to China or the United States—nor to tech companies as traditionally understood. It belongs to the internet. This is true for many reasons, of which perhaps the most important is the rise of decentralized protocols like Bitcoin and Ethereum that are controlled by neither states nor companies. Here are 10 ways in which we are transitioning from an age of geopolitics to one of techno-politics.
Traditional geopolitics of the Mackinder school of thought concerns itself with the eternal location of territorial powers. Russia and Japan might have different ideologies over time, but their geography remains constant—or so the argument goes. However, the internet is adding a new dimension to this. It is not merely a passive data layer that states enable and contest but a new kind of geography comparable in scope to the physical world.
Think of it as a digital Atlantis—a new continent floating in the cloud where old powers compete and new powers arise. Within this cloud continent, the unit of distance between two people is not the travel time between their positions on the globe but rather the degrees of separation in their social networks. This means anyone can put themselves near anyone else by simply following them on social networks or keep others away by blocking their accounts on those same networks—no plane ticket required.
Any floating entity within this cloud continent can likewise attempt to interact with any other by pinging the right IP addresses, for the purpose of anything from transactions to cyber invasions—no preexisting proximity required. Every citizen of the old world, provided they have internet access, can simply become a citizen of the new by telecommuting via their screens to spend a few hours in the cloud each day, as billions of people routinely do—no physical immigration required.
Encryption serves as the digital equivalent of physical fortifications in the cloud, allowing any user to defend their digital property without resorting to traditional munitions—no physical force required.
Bottom line: Network proximity is now on par with physical geography, and basic geopolitical assumptions about citizenship, migration, power projection, and the use of force need to be rethought for the digital world. Think about what happened with newspapers: First, they all went online. Then, Google News indexed them all. Last, local papers found that their geographic monopolies had evaporated now that it was no longer necessary to distribute physical newspapers via trucks.
A similar fate will befall national currencies. Already, national currencies compete with cryptocurrencies because individuals and institutions hold digital wallets filled with various assets that can be traded against one another.
This will only accelerate once central bank digital currencies CBDCs are introduced. The digital version of the Japanese yen will be plunged into head-to-head global competition with the Swiss franc, the Brazilian real, and any other asset with an open capital account, including Bitcoin. Everyone becomes a foreign-exchange trader, all the time, and only the best national currencies—or cryptocurrencies—are ever held by anyone.
Rather than the current environment of unchecked inflation and competitive devaluation, the defi matrix imposes a new kind of discipline on national currencies, as billions of people make individual choices regarding which currencies to hold—or not hold.
Walt asserts that because proponents of stateless digital techno-utopias still need to live somewhere, a state ultimately has control over them. But in a competitive marketplace of jurisdictions where somewhere can be anywhere, no single government has as much authority as people think.
After all, many aspects of life are already in the cloud like email, education, and e-commerce and many others are partially digitized like finance and foreign incorporation.
But so long as people can afford to or are allowed to leave, they have more options than ever for a more hospitable host state. Just ask the 9 million American expatriates scattered around the globe, a figure that has doubled over the past decade. The Great Migration is on. Over the last decade, entrepreneur Peter Thiel , developer J. Storrs Hall , and economist Tyler Cowen made compelling cases that digital technology had advanced while physical technology remained stagnant.
Once something works online, it can be printed out anywhere and scaled faster than ever before. Less capable states will attempt to maintain control by making futile, reactionary attempts to regulate emerging physical technologies back into the garage from whence they came while more capable jurisdictions will embrace them.
States will need to reinvent themselves as masters of new technologies, both digital and physical—or fall behind and witness their best citizens leave for jurisdictions that do. Traditional taxi regulators might do cursory inspections of medallion holders.
In a real sense, these tech companies are more modern regulators than the paper-based models of the 20th century. First, these companies are, in important instances, already achieving state ends faster than the state. This gives Gojek a massive base of public support. From a political standpoint, anti-technology activists have only been able to muster slim and contentious margins of support for new regulations because app workers did not profit as much from the rise of the sharing economy as app developers—giving a wedge for class actions.
However, the next step is the full Web3-based decentralization of online marketplaces and sharing economy services, which is already well underway via peer-to-peer trading of cryptocurrencies so-called decentralized exchanges. These new forms of transnational regulation, where app users have a stake—and a say—in how their platforms are run, will expand beyond cryptocurrencies to the peer-to-peer exchange of other goods and services over time.
If you had to bet on which will shape the future, the smart money would be on states over technology. Because the U.
Food and Drug Administration was set up to regulate Merck and Pfizer, not 1 million biohackers; the Federal Aviation Administration was built for Boeing and Airbus, not 1 million drone hobbyists; and the U. The people running these institutions typically have career tenure; they were not democratically elected and are not easily fired.
They are thus not obviously accountable to the public they claim to serve. Crypto protocols, by contrast, allow millions of active participants—both customers and producers—in a market to develop decentralized regulatory mechanisms that avoid both the perils of captured state regulators and corporate self-regulators. It is only a matter of time before cloud-based entities emerge for decentralized regulation of industries beyond cryptocurrencies.
But cryptocurrencies challenge this view as they establish a full-fledged theory of digital property rights outside the state. When property becomes a password, all our intuitions change.
After three decades of bombings and invasions, sanctions and surveillance, the United States can no longer credibly claim to be the impartial arbiter of a rules-based international order. Obviously, any such rules are very clearly not applied to itself. Intellectual property is already being codified on blockchain ledgers, beginning with nonfungible tokens, bringing transparency to what has been a fragmented legal process. Property rights themselves can be digitized through geographic information system GIS mapping and land cadastration surveying and parceling of property , eroding the bureaucratic opacity that favors predatory governments.
And rather than subject themselves to expropriation risks, investors could demand governments put up collateral codified in smart contracts that would be forfeited in default. We are still in the early days, but enforceable international law may become synonymous with decentralized smart contracts, at least in the context of international trade.
And beyond trade, crypto protocols provide transnational protection for civil liberties like freedom of speech and privacy. This is not yet the entirety of what the rules-based order purports to protect, but the ability to guarantee free speech and free markets to anyone with an internet connection is a major step forward.
While physician and professor Hans Rosling and others have documented how global inequality is actually falling, the issue remains a hot topic for Western countries, which have seen their net worth remain stagnant even as others particularly countries in Asia rise. The most promising way to resolve this may be via Web3 protocols, which can be thought of as a variant of universal basic income that splits the reward—and the risk—of building a giant tech service across millions of volunteer asset holders.
Most of the funding for Web3 protocols has not come from established tech companies. Bitcoin was coded by a pseudonymous founder who took no venture capital investment. Ethereum was started by a college dropout who crowdfunded the start-up capital online. And with the rise of decentralized finance , there is now an incredible variety of financing mechanisms to allow smart people with no money to find smart people with money to build tools that allow all people to make money.
And that is how Web3 may accomplish what no antitrust action or arbitrary seizure could. We used to think of books, music, and movies as distinct. Then they all became represented by packets sent over the internet. Similarly, today we think of stocks, bonds, gold, loans, and art as different. But all of them are represented as debits and credits on blockchains. We should start thinking of collections of people—whether communities, cities, companies, or countries—as cohesive agents unto themselves, less constrained by territoriality and with different layers aligned with one another in shifting combinations.
In each of these cases, cities and states are fusing with cryptocurrency networks to provide their citizens with new services. Indeed, with the rise of decentralized protocols, we anticipate that many states in the middle may decide to use Bitcoin, Ethereum, and other chains for China- and U. That is, in addition to building national stacks data and app ecosystems for domestic transactions and communications, countries may use neutral protocols for international transactions and communications.
Early signs of this are already visible with Latin American countries adopting Bitcoin. Not incidentally, such protocols will also command the respect and investment of many millions of Chinese and American citizens.
We do not argue that states are irrelevant; rather, they will be more relevant if they embrace the arrow of history and work with the network and less relevant if they attempt rearguard actions against it. Such is the nature of great protocol politics. What does that mean for the United States? Today, the United States is experiencing a relative decline in strength across economic and military axes. Its global role is more a function of its victories in and than its capabilities in The United States could also continue on its current path and try to fight China, Bitcoin, and the internet at the same time.
Twitter: paragkhanna. Balaji S. Srinivasan is an angel investor and entrepreneur. He was the chief technology officer of Coinbase and a general partner at Andreessen Horowitz. Twitter: balajis. Commenting on this and other recent articles is just one benefit of a Foreign Policy subscription. Already a subscriber? Log In.
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Crypto exchanges keep getting hacked, and there's little anyone can do
Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out "illegal" cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity. Explainer: What's new in China's crackdown on crypto? China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in and The repeated prohibitions highlight the challenge of closing loopholes and identifying bitcoin-related transactions, though banks and payment firms say they support the effort. Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market.
People are talking about Web3. Is it the Internet of the future or just a buzzword?
Subscriber Account active since. The family of a deceased man, David Kleiman, is claiming their family member helped create the popular digital currency and is suing Kleiman's alleged business partner in the endeavor, Craig Wright, for half of Satoshi Nakemoto's 1. For the past five years, Wright has been claiming on and off that he created Bitcoin, but has failed to provide any proof of his ownership. The creator could easily prove their identity by moving even a fraction of the cache of Bitcoin, or using the private key that controls the account. The identity of Bitcoin's creator, known only as "Satoshi Nakamoto," has long been a point of major interest, especially as their personal wealth continues to grow. Since it was created in , Bitcoin has experienced significant highs and lows. Bitcoin is considered the top cryptocurrency in the world by market value, but there's still plenty of mystery surrounding its creation. Who came up with Bitcoin? Was it created by more than one person? And who is Nakamoto?
NFTs, explained
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The many alleged identities of Bitcoin's mysterious creator, Satoshi Nakamoto
And get full access to all statistics. Are you interested in testing our corporate solutions? Please do not hesitate to contact me. Trusted by more than 23, companies. As of January , around 2, data centers were in the United States, with a further data centers located in Germany. The United Kingdom ranked third among countries in terms of the number of data centers with , while China recorded
Dogecoin: The origin story of the Elon Musk supported cryptocurrency
Home » cryptocurrency News. Dalal Street Voice: We expect Rs 1. A non-fungible token is a unique and non-interchangeable unit of data stored on a blockchain and can be associated with reproducible digital files such as photos, videos, and audios etc. Many Indian celebs have also entered the world of NFT and are going gaga over it. From Sunny Leone to Yuvraj Singh, everyone is launching their collections online.
The young are driving the cryptocurrency growth, unmindful of the dangers
THE sheer scale of it is an eye-opener — India now has 15 homegrown cryptocurrency exchange platforms that enable trading and selling, with more than 1. At The United States and Russia rank a distant second and third, respectively. Going by the number of crypto owners in terms of population, India ranks fifth.
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Suggestions or feedback? Images for download on the MIT News office website are made available to non-commercial entities, press and the general public under a Creative Commons Attribution Non-Commercial No Derivatives license. You may not alter the images provided, other than to crop them to size. A credit line must be used when reproducing images; if one is not provided below, credit the images to "MIT. Previous image Next image. The Republic of the Marshall Islands is a country of around 50, people spread across more than 1, islands in a remote part of the Pacific Ocean. The country relies heavily on cross-border finance and trade, and the complexities of that system can make it difficult for citizens to get certain goods and financial services efficiently.
The currencies are notorious for wild price fluctuations, damage to the environment and use by ransomware gangs. Cryptocurrencies are known for their wildly unpredictable price fluctuations, damage to the environment and use by criminals to try to disguise illegal activities, such as money laundering. A number of countries, including China , Turkey and Vietnam, have banned or restricted the use of cryptocurrencies in their jurisdictions. Based on account data, CBA thinks about , of its customers already engage in crypto trading.
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