Monday, January 27, 2025
Review: Heavy Metal: The Hard Days and Nights of the Shipyard Workers Who Build America's Supercarriers by Michael Fabey
Thursday, October 31, 2024
Problem with "Journalism" Today.
The recent debacle at the Washington Post and LA Times regarding endorsements has got me thinking. John Dickerson is one of the most astute and smart analysts out there today, so I was dismayed when he became the anchor of the CBS News. Instead of writing terrific books, he'll now be focusing on reading the news script and introducing Beth from Poduck IA on improvements to her layer cake. Journalism is now about becoming a celebrity. Where is IF Stone when we need him? Spinning in his grave, no doubt. The NYTimes and mainstream media just don't ask pertinent questions any more.
Two excellent summaries of the problem. James Fallows nailed it in the nineties; and Jeff Jarvis more recently:
https://buzzmachine.com/2024/09/19/how-they-have-failed-us/
https://www.theatlantic.com/magazine/archive/1996/02/why-americans-hate-the-media/305060/
For those who can't get past the paywall:
https://drive.google.com/file/d/1vYwhjbk4IpSE1pCmWxkhj-wZB6yL8Xeo/view?usp=sharing
Saturday, October 05, 2024
Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency by Andy Greenberg
I swear this book reads more like a spy novel than accurate events surrounding the tracking down and arrest of cryptocurrency crooks. One of the attractions of Bitcoin and other cryptocurrencies was their supposed impenetrability to law enforcement. But as with anything digital, there’s always a way, and this is also a story of how clever researchers and cops discovered ways to track transactions by using the very device, the blockchain, that was supposed to guarantee both anonymity and security.
But a more basic and skeptical thought immediately struck Gambaryan about this new form of currency. “Participants can be anonymous,” he had read. But if this blockchain truly recorded every transaction in the entire Bitcoin economy, then it sounded like the precise opposite of anonymity: a trail of bread crumbs left behind by every single payment. A forensic accountant’s dream...Gambaryan had always had his doubts about Bitcoin’s untraceability. From the very first time he’d read about Bitcoin, back in 2010, his accountant’s brain had wondered how it could truly provide anonymity when the records of every transaction were shared with so many thousands of machines around the world—even if those transactions were to addresses rather than names
The blockchain is a form of public ledger that is duplicated across millions of computers and involves solving a mathematical algorithm that requires increasing amounts of computer power. Because it is public and always duplicated, it’s trusted, but it also provides an enormous amount of data for analysis.
When someone moves a sum of bitcoins, their wallet software broadcasts the transaction over the internet to Bitcoin’s network of “nodes,” the thousands of servers around the world that store copies of the blockchain. Whichever node first receives the announcement of the new transaction then passes it on to other nodes, which in turn broadcast it out further, so that the record of the payment is confirmed and copied into the blockchain’s global ledger of all transactions. The system is a bit like a crowd of people who each whisper a rumor to their immediate neighbors, so that the information spreads virally through the crowd in ripples—but at digital speeds designed to inform the entire network in minutes or even seconds.
Some of the agencies involved in the hunt are unknown to the vast majority of people. The IRS-CI, for example, an arm of the IRS had some very sophisticated analysts who loved the challenge of breaking the unbreakable and beating a new cipher.
“Every Bitcoin user has access to the public Bitcoin blockchain and can see every Bitcoin address and its respective transfers. Due to this publicity, it is possible to determine the identities of Bitcoin address owners by analyzing the blockchain,” the ruling read. “There is no intrusion into a constitutionally protected area because there is no constitutional privacy interest in the information on the blockchain.The HSI agent wasn’t caught in the Welcome to Video dragnet because IRS agents had violated his privacy. He was caught, the judges concluded, because he had mistakenly believed his Bitcoin transactions to have ever been private in the first place.”
As the Berkeley researcher Nick Weaver had warned, and as cryptocurrency users around the world were finally learning, “The blockchain is forever.”
Very interesting book that should cause those wanting to transact criminally in cryptocurrency to tremble.
Note that Tigran Gambaryan, one of the principal IRS investigators working on tracing bitcoin blockchain transactions has been imprisoned in Nigeria. “Gambaryan was detained alongside a colleague in mid-March on the grounds that Binance had devalued the country’s fiat currency and enabled the “illicit” transfer of funds. While his colleague was able to escape, Gambaryan remains imprisoned on financial crimes charges—even as a growing number of US lawmakers pressure the Biden administration to facilitate his release.” Wired Magazine
Wednesday, September 11, 2024
Some Debate Thoughts
I usually don't comment much on debates, usually because they aren't, but it has become clear that Trump has nothing new, he relies on immigration (immigrants are Hannibal Lecters coming to eat you and your dogs and cats) and personal insults. He has yet to address why, during his four years as president, he failed to fix immigration nor build his infamous wall, perhaps because he couldn't get Mexico to pay for it.
Getting others to pay for his mistakes seems to be a recurrent theme in his life. And it takes real talent to bankrupt some of his efforts. How do you run a casino into bankruptcy; they are a license to print money. His steak and university businesses went bust in a swirl of fraud. His major claim to fame after squandering his father's $413 million is a reality show where he gets to fire people. (Harris's line about him getting fired in the last election by 81 million Americans was priceless.) Since then his major asset appears to be his name which he wildly over inflates in value along with everything else (including the square footage of his apartment) as we learned from his 34 counts of fraud conviction in NY. In each of his business bankruptcies it was others who got left holding the bag and paying for his mismanagement.
He's offering the same plan as solutions: get Mexico to pay for the wall, get China to pay for our debt and trade imbalance through tariffs. It's like he never learned anything at Wharton (perhaps his dad paid them off, too) about Smoot-Hawley and the damage that did to the world economy.
Let's face it: he's just an old man, desperately clinging to reality show laurels and needing to win the presidency so he can stay out of jail.