“Crypotocosm”: A Safer Internet
More readers weigh in on Senator Warren’s college-debt forgiveness plan:
“Debt forgiveness is not the solution when kids believe college… is the only option. I do not want my tax dollars paying off a never-ending debt. Let colleges and universities pony up.”
Not when it’s all about the size of the endowment….
“Let me understand this,” a reader says, “Students take out loans they have no chance of paying back… and you want ME — via another TAX — to pay for their folly?”
The truth hurts?
And readers question the sanity of Gun Free School Zones… and gun control, in general:
“Gun free zones would be great — IF EVERYONE COMPLIED.”
A reader says: “More gun-control is about as effective as placing more stop signs in front of maniacs who drive trucks through crowds.”
To the question of arming teachers…
“If a teacher has the best interest of students in mind AND has a concealed carry permit, why not let him carry a gun?
“No mass shooting has ever taken place in a gun-rich environment; they happen where the shooter has the advantage.”
We don’t have the stats on that last comment — but we welcome your feedback.
Your Rundown for Wednesday, June 19, 2019:
A Clear-Eyed Vision for Online Security
Before we begin, my dear friend and close colleague Ray Blanco has a special message about one of his heroes, George Gilder:
George Gilder has seen a clear picture of the future when others had only questions. The personal computer. The microchip. The Internet. The smartphone. George Gilder’s knowledge and vision have been a guiding light to me for years. I have relied on and trusted his research above nearly anyone else.
Read on for George’s farsighted outlook on your online security…
Back when I started in the ‘90s, computers had a megabyte of memory and they were considered to be super computers. Now there are gigabytes of memory in every smartphone, and it’s connected to terabytes of memory in the cloud.
But when transactions entered the picture — actually sending money across the internet — this insecure net couldn’t defend privacy, host safe and efficient transactions or establish sure identities.
Of course, this structure was so vulnerable that the big companies doing transactions — Google, Amazon, Facebook, and eBay — created “walled gardens” for their own commercial domains. There they could accommodate commerce… all secured with an individual login and password.
Instead, big companies actually solved the biggest problem that hackers faced… telling them exactly what’s important, and where it is, putting the entire internet at risk.
Like storing your entire nest egg in a giant safe with a blinking sign… in your front yard.
Here’s where the solution comes in — the new infrastructure of the internet.
Thanks to advancements, we can distribute a compressed version of all the transactions that are conducted, and put them into a particular blockchain.
Now, most people associate blockchain with bitcoin. But it’s much more than that. It’s a ledger that distributes all the personal information across the network.
It provides a timestamped, immutable record of all the transactions that have occurred in a particular transactional arena.
And here’s why that’s a major breakthrough for security…
Because the record is distributed… the information isn’t in one place — where it is surrounded by hackable surfaces.
Instead, a hacker would have to attack all the records of the transactions across the whole internet before they can change anything or steal anything.
That’s the big breakthrough that’s made possible by the blockchain.
An immutable record of timestamped transactions or important documents or classified data, all made secure by distributing it across the entire internet rather than putting it all in one “safe.”
What will this new internet infrastructure look like for you?
It means that you won’t have to worry about being in charge of security. You won’t have to learn a separate username and password for all the various vendors on the internet
No sets of security questions. No remembering your mother’s maiden name. No entering the last four digits of your social security number.
Instead, the burden now falls to the companies.
All those vendors on the internet have to respect your own identity… They need to master all of the private keys of all their customers. Not the other way around.
You’ll be in charge of who can access your data. In fact, you’ll be able to charge people for using your immediate data. No more watching ads on YouTube without receiving something in return.
Plus, micropayments will be rendered possible by this technology, which will mean hassle-free small payments for small goods and services on the net.
And the whole system becomes more secure and more responsive to your own needs and your own security.
In fact, the blockchain will become so fundamental to the new system that its very name will be derived from it.
I call it the Cryptocosm.
And this isn’t just going to be a benefit for consumers. Investors will have several ways to profit as this internet shift emerges.
Market Rundown for Wed. June 19, 2019
S&P 500 futures are up 1.25 to 2,923.
Oil is up just 7 cents to $53.97 for a barrel of West Texas crude.
Gold’s lost $4.40 from its price; it’s at $1,346.30 per ounce.
Bitcoin’s steady at $9,081.04.
Have a good day. We’ll talk tomorrow.
For the Rundown,