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It is not only India, governments across the world have started banning them. The cryptoprophets expected this, but they underestimated the power of the state. That the state is an actualization of an ethical idea might be a lie, but a successful myth. And old successful lies are hard to dislodge.
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Since 2009, when Bitcoin was created, some of the brightest tech Bohemians have sold the world a lemon. That a new kind of global currency will end the monopoly of governments and central banks over money. This new currency will not exist in physical form, it will be created from nothing by a vast network of computers as they perform a vast number of computations to randomly create it. The currency will have no intrinsic value beyond the perception that it has value, and its own predetermined scarcity.
The lure of a cryptocurrency is that it can make transactions between two individuals secure and possible without inefficient intermediaries like banks and rule-makers like governments. It offers complete anonymity and freedom—two things that governments, including democratic ones, dislike. In fact, governments dislike even their own currency notes, as it provides anonymity and too much freedom.
So, why did some people think governments would allow cryptocurrencies to thrive, or even survive? Why would governments permit a system that could end its own relevance ?
But then, who would have thought in the golden days of monarchy that all of the affluent world and most of the poor world, too, will come under the spell of a laughable idea called democracy where ordinary people elect who wields power over them?
Cryptocurrency is only a type of extreme financial and emotional democracy. Even so, it is doomed in its present form. Its technology platforms, like blockchain, will become standard as governments themselves adopt them, but the cryptocurrency as we know it today will stand no chance against fiat.
Fiat currency is based on trust in the authority that issues it. Bitcoin, on the other hand, is built on a fascinating misanthropic question: Given that two humans cannot and should not be trusted, how can a network of computers confirm that a transaction is fair?
The way people are drawn to anonymity, you would think they do something very interesting and naughty every day, and the way they react to security, you would think some transaction vanishes from their digital ledgers every day. In reality, most people are mostly dull. Yet, there is no doubt the world is in the grip of a Bitcoin mania. And it is entirely a creation of extraordinary storytelling. It has a hero who is mysterious, brilliant, moral, austere and philosophical.
His name is certainly not Satoshi Nakamoto. In the aftermath of the financial crisis of 2008, a person who went by that name created, completed or revealed an elaborate computer programme that cryptographers say is an exquisite piece of work, and he also wrote a series of essays laying out the moral reason for a new kind of money—governments and central banks were corrupt and unfit to regulate money.
And he raised a philosophical question: Do we need the inconvenience of trust to transact? What if computers make a dishonest transaction so mathematically improbable that it is impossible, and also grants anonymity? He has since vanished, leaving us a revolutionary monetary system that is today worth nearly $1 trillion.
Nakamoto showed that absolute anonymity was possible and not always shady. He even made it look sacrificial in a world desperate for fame.
Some people believe he is too good to be a single person; that he is probably a group of people. What if Nakamoto is the Central Intelligence Agency (CIA)? Or something like that? After all, the National Security Agency of the US did ponder the idea of cryptocurrency in an academic paper years before Nakamoto published his essay on it.
Creator of cryptocurrency is not known defeats the very freedom Bitcoin stands for. This is why the government always wins. It has a face, however ugly. And the face reassures a majority.
History is filled with wild things that were supposed to be free, but eventually got regulated by governments. The internet itself was supposed to diminish government control, as no single power can destroy it. Yet, every government has the power today to regulate it.
Social media, too, was expected to transform the world, especially through photogenic rebels on Twitter and Facebook. But these platforms are now begging governments to let them be. Streaming channels were suppose to force conservative societies to accept the freedom of artistic expression, but, as evident in India, they have meekly agreed to censor themselves to massage the thin skin of a majority.
Cryptocurrencies, too, will fail. You may argue that they’ll survive in a less rebellious form. But then a crypto has a binary quality. Either it is entirely free of state control, or it’s just another fiat currency in digital form.
Recent Posts
- Anonymity: Darknet allows users to communicate and transact with each other anonymously. Users can maintain their privacy and avoid being tracked by law enforcement agencies or other entities.
- Access to Information: The darknet provides access to information and resources that may be otherwise unavailable or censored on the regular internet. This can include political or sensitive information that is not allowed to be disseminated through other channels.
- Freedom of Speech: The darknet can be a platform for free speech, as users are able to express their opinions and ideas without fear of censorship or retribution.
- Secure Communication: Darknet sites are encrypted, which means that communication between users is secure and cannot be intercepted by third parties.
- Illegal Activities: Many darknet sites are associated with illegal activities, such as drug trafficking, weapon sales, and hacking services. Such activities can attract criminals and expose users to serious legal risks.
- Scams: The darknet is a hotbed for scams, with many fake vendors and websites that aim to steal users’ personal information and cryptocurrency. The lack of regulation and oversight on the darknet means that users must be cautious when conducting transactions.
- Security Risks: The use of the darknet can expose users to malware and other security risks, as many sites are not properly secured or monitored. Users may also be vulnerable to hacking or phishing attacks.
- Stigma: The association of the darknet with illegal activities has created a stigma that may deter some users from using it for legitimate purposes.
- Virtual assistants: Siri, Alexa, and Google Assistant are examples of virtual assistants that use natural language processing to understand and respond to users’ queries.
- Recommendation systems: Companies like Netflix and Amazon use AI to recommend movies and products to their users based on their browsing and purchase history.
- Efficiency: AI systems can work continuously without getting tired or making errors, which can save time and resources.
- Personalization: AI can help provide personalized recommendations and experiences for users.
- Automation: AI can automate repetitive and tedious tasks, freeing up time for humans to focus on more complex tasks.
- Job loss: AI has the potential to automate jobs previously performed by humans, leading to job loss and economic disruption.
- Bias: AI systems can be biased due to the data they are trained on, leading to unfair or discriminatory outcomes.
- Safety and privacy concerns: AI systems can pose safety risks if they malfunction or are used maliciously, and can also raise privacy concerns if they collect and use personal data without consent.
Darknet
Definition:
Darknet, also known as dark web or darknet market, refers to the part of the internet that is not indexed or accessible through traditional search engines. It is a network of private and encrypted websites that cannot be accessed through regular web browsers and requires special software and configuration to access.
The darknet is often associated with illegal activities such as drug trafficking, weapon sales, and hacking services, although not all sites on the darknet are illegal.
Examples:
Examples of darknet markets include Silk Road, AlphaBay, and Dream Market, which were all shut down by law enforcement agencies in recent years.
These marketplaces operate similarly to e-commerce websites, with vendors selling various illegal goods and services, such as drugs, counterfeit documents, and hacking tools, and buyers paying with cryptocurrency for their purchases.
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Artificial Intelligence
Definition:
AI, or artificial intelligence, refers to the development of computer systems that can perform tasks that would normally require human intelligence, such as recognizing speech, making decisions, and understanding natural language.
Examples:
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