Bitcoin Billionaires

Bitcoin is a fascinating digital currency. Its almost mythical origin story combined with the promise of decentralizing the financial system makes for a great story. Bitcoin Billionaires, however, doesn’t tell that great story. 

I recognize the challenges that come with writing about an emerging technology. Bitcoin’s presumed inventor, Satoshi Nakamoto, is nowhere to be found. Bitcoin’s record keeping technology, aka the blockchain, has become a buzzword for modern privacy advocats and fintech entrepreneurs. Over the years, Bitcoin forked many times over to create an ecosystem of improved mutations of the Genesis Block, notably Bitcoin Cash and Bitcoin Gold. It also inspired a number of new cryptocurrencies along the way. 

That being said, Bitcoin Billionaires – A True Story of Genius, Betrayal And Redemption is mildly entertaining hackwork. Amazon’s recommendation algorithm put this book on my radar. The title seemed clickbait, but I usually approach books with an open mind. As I skimmed the sales page, learning more and more about its content, I became quite excited to read Bitcoin Billionaires. I wanted to learn more about the history of Bitcoin, who was driving the technology and where sound development might take it. Cryptocurrencies will become part of our financial future. Understanding its roots, knowing its key individuals, and piecing together the milestones that got us where we are today (a single Bitcoin is worth $37,431.29 according to CoinMarketCap) might inspire me and other individuals to prepare for a better financial future. Bitcoin Billionaires answered none of it.  Instead the author appeared to use his platform to brown-nose the main protagonists Cameron and Tyler Winklevoss.

Bitcoin Billionaires appears to start out where The Accidental Billionaires ended. I wasn’t aware of the connection or read the book, but I’ve seen the movie adaptation “The Social Network”. For a few awkward chapters, the author tries hard to paint the picture of Cameron and Tyler Winklevoss as upstanding, hard-working heroes that made the unfortunate encounter with an evil, self-absorbed software prodigy, who pulled one over them. This unfortunate encounter left them $65 million – arguably the foundation for the Winklevii future successes in crypto-finance.

The author introduces a variety of characters associated with BitInstant, an early exchange platform for Bitcoin, which is at the center of Bitcoin Billionaires. The Winklevii twins ended up investing in the company and its founder Charlie Schrem. In a predictable pattern, the author continues his love musings about the Winklevii twins while degrading all other characters. This is really where the book plateaus – a back and forth about meetings, running BitInstant, promoting Bitcoin, etc. There is no mention of the actual technology that drives Bitcoin. Let alone any mention of crypto competition, e.g. Kraken (2011), CoinBase (2012) or Binance (2017). BitInstant was founded in 2011 and ceased operations in 2014. Yet the author rides on this single, shadow platform as if it had any meaningful impact on the proliferation of Bitcoin. Gemini, founded by the Winklevii twins, and ShapeShift, founded by Erik Voorhees, do make it into the book, but again without much detail on the technology or startup history. Furthermore, the author fails to mention any other Bitcoin Billionaires, e.g. Sam Bankman-Fried, Chris Larsen or Brian Armstrong among many others. 

Altogether Bitcoin Billionaires left an impression of tabloid writing style meets not knowing anything about cryptocurrency. It doesn’t tell the story of Bitcoin – the technology. Billionaires, who made their fortune from investing in Bitcoin, are nowhere to be found in this book. And there is nothing, that brings together all the random excerpts about the Winklevoss’ brothers.

The lesson is this: buy cryptocurrencies, but don’t buy Bitcoin Billionaires.*

(* For obvious reasons, this is not to be considered financial advice. Invest at your own risk. Investor discretion is advised.)

Redefining The Media

LiveLeak was a video-sharing website for uncensored depictions of violence, human rights violations, and other world events – often shocking content. Earlier this year, the website reportedly shut down. Surprisingly, there is little detailed academic research on LiveLeak. While available research centers around internet spectatorship of violent content, this 2014 research paper discusses the communication structures created by LiveLeak; arguably redefining social media as we know it.

tl;dr

This research examines a video-sharing website called LiveLeak to be able to analyze the possibilities of democratic and horizontal social mobilization via Internet technology. In this sense, we take into consideration the Gilles Deleuze and Félix Guattari’s philosophical conceptualization of “rhizome” which provides a new approach for activities of online communities. In the light of this concept and its anti-hierarchical approach, we tried to discuss the potentials of network communication models such as LiveLeak in terms of emancipating the use of media and democratic communication. By analyzing the contextual traffic on the LiveLeak for a randomly chosen one week (first week of December 2013) we argue that this video-sharing website shows a rhizomatic characteristic.

Make sure to read the full paper titled An Alternative Media Experience: LiveLeak by Fatih Çömlekçi and Serhat Güney at https://www.researchgate.net/publication/300453215_An_Alternative_Media_Experience_LiveLeak

liveleak
(Source: Olhar Digital)

LiveLeak has often been referred to as the dark side of YouTube. LiveLeak had similar features to engage its existing userbase and attract new users. Among them were Recent Items, Channels, and Forums. Furthermore, immersive features such as Yoursay, Must See, or Entertainment. Its central difference to mainstream video-sharing websites was the absence of content moderation. Few exceptions, however, were made with regard to illegal content, racist remarks, doxing, or obvious propaganda of terrorist organizations. LiveLeak first attained notoriety when it shared a pixelated cellphone video of the execution of former dictator Saddam Hussein. 

Gilles Deleuze and Felix Guattari described aborescence, a tree model of thinking and information sharing whereby a seed idea grows into a concept that can be traced back to the seed idea, as the fundamental way of Western logic and philosophy. In our postmodern world, they argue, arborescence no longer works but instead, they offer the concept of rhizomatic structures. In essence, a rhizomatic structure is a decentralized social network with no single point of entry, no particular core, or any particular form of unity. Fatih Çömlekçi and Serhat Güney describe rhizomes as a

“swarm of ants moving along in an endless plateau by lines. These lines can be destroyed by an external intervention at one point but they will continue marching in an alternative and newly formed way/route”

Most social media networks are built around arborescence: a user creates an account, connects with friends and all interactions can be traced back to a single point of entry. LiveLeak resembled rhizomes. Content that circulated on its platform had not necessarily a single point of entry. It was detached from the uploader and often shared with little context. Therefore it was able to trigger a social mobilization around the particular content from all kinds of users; some with their real-life personas, most anonymously but none connected in an arborescent way. Another interesting feature about LiveLeak was its reversal of the flow of information. Western media outlets define the news. LiveLeak disrupted this power structure by, for example, leaking unredacted, uncensored footage of atrocities committed by the Assad regime during the Syrian Civil War. Moreover, users in third-world countries were able to share footage from local news channels which were not visible in the mainstream media. Taken together, LiveLeak enabled social movements such as the Arab Spring or the Ukraine Revolution. Arguably, the video-sharing platform influenced public opinion about police brutality in the United States fueling the Black Lives Matter movement. Undoubtedly, its features contributed to a more defined reality, that is less whitewashed. LiveLeak played a seminal role in establishing our modern approach to communication moderation on social media networks.

An Ode To Diplomacy

There are few books that taught me more about the strategic decisions behind U.S. foreign policy than the Back Channel. Bill Burns’ account is both a history lesson and an upbeat reminder of the value of diplomacy.

The Back Channel by Bill Burns is a well-written, historic memoir of one of the finest career diplomats in the foreign service. Exceptionally clear-eyed, balanced, and insightful in both voice and content, Burns walks the reader through his three decades of foreign service. Starting out as the most junior officer of the U.S. embassy in Jordan under then Secretary of State George Shultz, Burns quickly made a name for himself in the Baker State Department through his consistency, ability to mediate and deliver, but also his foreign language skills including Arabic, French, English and Russian. In describing “events” at the State Department, Burns strikes a perfect balance between the intellectual depth of his strategic thinking against the contours of U.S. foreign policy. He offers a rare insight into the mechanics of diplomacy and the pursuit of American interests. For example, Burns illustrates the focus of the H.W. Bush administration in Libya was on changing behavior, not the Qaddafi regime. Sanctions and political isolation had already chastised Qaddafi’s sphere of influence, but American and British delegations supported by the weapons of mass destruction (WMD) interdiction in the Mediterranean were able to convince Qaddafi to give up the terrorism and WMD business. “He needed a way out, and we gave him a tough but defensible one. That’s ultimately what diplomacy is all about – not perfect solutions, but outcomes that cost far less than war and leave everyone better off than they would otherwise have been.”

I was too young to remember the German Reunification, but I vividly remember the Yeltsin era, its mismanaged economic policy, and the correlating demise of the Russian Ruble sending millions of Russians into poverty. When Al-Qaeda attacked the United States on September 11, I was glued to the news coverage for days, weeks on end – forever changing my worldviews and national identity. Burns memoir offers a new, liberating viewpoint for me about these events; it helped me to connect their impact on the foreign policy stage and subsequent decisions by world leaders. This really manifests in his description of Obama’s long-game in a post-primacy world:

“Statesmen rarely succeed if they don’t have a sense of strategy – a set of assumptions about the world they seek to navigate, clear purposes and priorities, means matched to ends, and the discipline required to hold all those pieces together and stay focused. They also, however, have to be endlessly adaptable – quick to adjust to the unexpected, massage the anxieties of allies and partners, maneuver past adversaries, and manage change rather than be paralyzed by it. (…) Playing the long game is essential, but it’s the short game – coping with stuff that happens unexpectedly – that preoccupies policymakers and often shapes their legacies.”

But aside from candid leadership lessons and rich history insights, what makes the Back Channel so captivating is the upbeat and fervent case for diplomacy. Burns goes out of his way detailing the daily grind that is required to serve and succeed in the State Department:

“As undersecretary, and then later as deputy secretary, I probably spent more time with my colleagues in the claustrophobic, windowless confines of the White House Situation Room than I did with anyone else, including my own family. (…) Our job was to propose, test, argue, and, when possible, settle policy debates and options, or tee them up for the decision of cabinet officials and the president. None of the president’s deputy national security advisors, however, lost sight of the human element of the process. (…) We were, after all, a collection of human beings, not an abstraction – always operating with incomplete information, despite the unceasing waves of open-source and classified intelligence washing over us; often trying to choose between bad and worse options.”

Moreover Burns offers lessons for aspiring career diplomats:

“Effective diplomats (also) embody many qualities, but at their heart is a crucial trinity: judgment, balance, and discipline. All three demand a nuanced grasp of history and culture, mastery of foreign languages, hard-nosed facility in negotiations, and the capacity to translate American interests in ways that other governments can see as consistent with their own – or at least in ways that drive home the cost of alternative courses. (…) What cannot be overstated, however, is the importance of sound judgment in a world of fallible and flawed humans – weighing ends and means, anticipating the unintended consequences of well-intentioned actions, and measuring the hard reality of limits against the potential of American agency.”

All taken together make the Back Channel a must-read of highest quality for anyone interested in U.S. foreign policy or diplomacy. I would even think the shrewd political observations captured in the Back Channel make for a valuable read with regard to domestic policy or current affairs, but a modicum of international policy awareness is still required. The Back Channel’s only drawback is its predominant focus on American interests in the Middle East and Europe. I can’t help but wonder how the United States would look like today had its political leadership opted for a strategy of offshore-balancing instead of a grand strategy of primacy; more focused on pressing domestic issues such as trade or immigration with our immediate neighbors Canada, Mexico and northern Latin America. I’m curious to hear Burns’ thoughts on this. Perhaps he’ll cover this arena after finishing his term as director of the Central Intelligence Agency.

Ballistic Books: Ultimate Frisbee

Ballistic books is a series to present literature of interest. Each edition is dedicated to a specific topic. I found it challenging to discover and distinguish good from great literature. With this series, I aim to mitigate that challenge.

tl;dr

Ultimate Frisbee is arguably The Greatest sport ever invented by man. Ultimate is a fast-moving, low-contact sport with elements of American football and basketball but completely self-officiated even at the highest level. On June 4 the American Ultimate Disc League will return to play after nearly two years of forced hiatus due to the Covid-19 pandemic. I’ve been playing ultimate throughout my entire adult life starting at university and continuing beyond. Unlike other team sports, ultimate frisbee attracts a special type of counterculture individual. This creates a hodgepodge of interesting, competitive, and intelligent people, who are fun to be around. Playing tournaments is tantamount to living through ten music festivals in one weekend: high-intensity games during the day, high-intensity parties at night. And when all is said and done, we travel home with a bunch of new friends and lasting memories. There are a number of instructional books on gameplay, tactics, etc. Few books address the novel experience that is ultimate frisbee. In this post, I’ll focus on story-telling only. Ultimate Glory represents the foundations of “the ultimate life”. Gessner’s story is fascinating and he has a wonderful way of describing the ultimate experience for a wide audience. I have read it before and I will read it again. Universe Point is a collection of short stories and articles mostly written for Skyd Magazine. Cramer has been a pillar of the ultimate community for decades contributing to many ultimate discussions and topics with his avid writing style. It’s on my summer reading list. The Ultimate Outsider is the only unknown on my list. It seems to be a novel or adaptation. I found it on Amazon searching for non-instruction books about Ultimate. Immediately, I recognized the wonderful writing style, which leaves me anxious to get my hands on a copy this summer. 

1. Ultimate Glory: Frisbee, Obsession, and My Wild Youth by David Gessner

David Gessner is an American author, publisher, and lecturer. You can find David Gessner on Twitter @DavidGessner

2. Universe Point: A book About Ultimate by Kevin Cramer

Kevin Cramer is an American author and screenplay writer.

3. The Ultimate Outsider by Alexander Rummelhart

Alexander Rummelhart is an American author and teacher. You can find Alexander Rummelhart on Twitter @UBER_IHUC

Ultimate: The Greatest Sport Ever Invented by Man by Pasquale Anthony Leonardo and Cade Beaulieu receives my honorable mention least because it has its own, awesome website but it seems to be an incarnation of the spirit that makes ultimate frisbee so incredibly addictive: delusions of grandeur, not-so-serious dry jokes, and extremely-serious competitive spirit. You can find Pasquale Anthony Leonardo on Twitter @leobasq

Here’s one of my favorite highlight reels of ultimate frisbee: