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Building on prior concepts of electronic money (eCash), we introduce a digital currency where a physical unclonable function (PUF) engenders devices with the twin properties of being verifiably enrolled as a member of a legitimate set of eCash devices and of possessing a hardware-based root-of-trust. A hardware-obfuscated secure enclave (HOSE) is proposed as a means of enabling a PUF-based propagation-of-provenance (POP) mechanism, which allows eCash tokens (eCt) to be securely signed and validated by recipients without incurring any third party dependencies at transfer time. The POP scheme establishes a chain of custody starting with token creation, extending through multiple bilateral in-field transactions, and culminating in redemption at the token-issuing authority. A lightweight mutual-zero-trust (MZT) authentication protocol establishes a secure channel between any two fielded devices. The POP and MZT protocols, in combination with the HOSE, enables transitivity and anonymity of eCt transfers between online and offline devices.

From: PUF-Based Digital Money with Propagation-of-Provenance and Offline Transfers Between Two Parties | ACM Journal on Emerging Technologies in Computing Systems.

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The US government does not stockpile oil because it thinks that the price of oil might go up in the future and then it can sell the oil for a profit. The US government stockpiles oil because it is essential to the economy and without oil the economy will grind to a halt. In contrast, not only is bitcoin not essential to the economy it has, so far as the numbers tell us, no utility whatsoever. If the US runs out of bitcoin, so what?

Bitcoin isn’t used for anything. To a first approximation bitcoin is used only for speculation (and I suppose some ransomware too). If bitcoin goes away, it does not matter. Planes will still fly, lathes with still turn, corn will get harvested.

 

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In this episode, George Selgin, senior fellow at the Cato Institute, discusses the recent proposals by Donald Trump, Robert F. Kennedy Jr., and Senator Cynthia Lummis for the U.S. government to establish a strategic bitcoin reserve. George provides his insights into the differences between these proposals, their potential implications, and why he believes the government should not be investing in bitcoin or other assets.

From: Is It a Good Idea for the US Government to Stockpile Bitcoin? – Unchained.

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‘Something great with crypto:’ Trump affirms bitcoin reserve

From: ‘Something great with crypto:’ Trump affirms bitcoin reserve | American Banker.

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One of the proposals Trump floated is a bitcoin reserve where the US would stash and HODL billions of dollars’ worth of tokens, a scheme that experts consider of dubious value to taxpayers—but might jack up the value of the currency to the enrichment of the Nashville crowd. Again, manipulation by a government superpower is anathema to the values of the blockchain revolution.

From: Trump’s Crypto Embrace Could Be a Disaster for Bitcoin | WIRED.

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One million Bitcoins would cost $100 billion at current prices – and naturally, if the US government was known to be a price-insensitive buyer, the US could end up acquiring the coins at $1,000,000 per coin – spending $1T on the reserve.

From: I don’t support a Strategic Bitcoin Reserve, and neither should you – Bitcoin Magazine – Bitcoin News, Articles and Expert Insights.

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July 29 (Reuters) – The U.S. Department of Energy said on Monday it had finalized a contract to purchase 4.65 million barrels of crude oil for the Strategic Petroleum Reserve, for delivery to the Bayou Choctaw site in Louisiana during the last three months of the year.

From: US buys 4.65 million barrels for emergency oil stockpile | Reuters.

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Does any

Americans for Common Cents is not a registered nonprofit, nor is it a business entity in Washington, D.C. In fact, it really only exists on paper and in cyberspace. ACC has the classic characteristics of a “front group,” a phantom organization backed by business, but with no visible ties to the business.

Weller denies ACC is a front group, and says he has been “very upfront that ACC has a major sponsor in Jarden Zinc Products.”

From: Saving the penny makes cents for zinc-backed front group – Center for Public Integrity.

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Now that everyone in America has had their identity stolen, perhaps it is time to start thinking seriously about building a digital identity infrastructure. So let’s have a proper discussion about how this might work for individuals and organisations (and stop talking about putting chips in people and tracking them via 5G towers and so on).

 

About four months after a notorious hacking group claimed to have stolen an extraordinary amount of sensitive personal information from a major data broker, a member of the group has reportedly released most of it for free on an online marketplace for stolen personal data.

The breach, which includes Social Security numbers and other sensitive data, could power a raft of identity theft, fraud and other crimes, said Teresa Murray, consumer watchdog director for the U.S. Public Information Research Group.

From: 2.9 billion records possibly leaked in data breach: Protect yourself – Los Angeles Times.

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Berkshire now has $277b in cash, much of which is invested in T-Bills, making the company a larger net holder of short-dated government paper than the US Federal Reserve

From: Ringing the bell – for a market top or the end of an era?.

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Berkshire now has $277b in cash, much of which is invested in T-Bills, making the company a larger net holder of short-dated government paper than the US Federal Reserve

From: Ringing the bell – for a market top or the end of an era?.

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🔍 The Whitehouse released the “REPORT ON POST-QUANTUM CRYPTOGRAPHY” as required by the Act and National Security Memorandum 10 (“NSM-10”).

This document is useful as it:
👉 Describes the US national strategy to transition to hashtag#PQC
👉 Estimates the funding needed
👉 Summarizes the work done already, mostly by NIST

Highlights:
💡 Estimates the existence of a Cryptographically Relevant Quantum Computer (CRQC) in the 2030s, in line with the my most trusted estimations.
💡 Recognizes quantum computing as a double edged sword: the U.S. Government must support the development of quantum computing to maintain competitive advantage in the future while preparing the defense from their threat.

From: (1) Feed | LinkedIn.

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Wired Magazine (14th August 2013): There are our favorite sources of news covering the world of business and finance. From macro economics to microlending, these folks are all money when it comes to delivering high-value information:

Dave Birch is one of the few people tracking the global economy’s shift to digital payments in a way that’s neither DMV-dull nor Bitcoin-bananas.

From: 101 Signals: Want to Know Business? These Are the Only People You Need to Follow | WIRED.

I was honoured to be listed in the top 15, alongside people such as Ben Horowitz and Felix Salmon. Looking back, this list in Wired was a psychological turning point for me, telling me that my ideas had currency (sic) outside of colleagues and clients.

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By 2026, at least 500 million smartphone users will be regularly making verifiable claims using a digital identity wallet built on distributed ledger technology, according to Gartner, Inc.

From: Gartner predicts 500 million smartphone users will be making verifiable claims using a digital identity wallet built on distributed ledger technology by 2026.

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