Cryptocurrency: Good investment or One World currency?(Part 1 of 2)

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As I’m pretty sure by now, most of you have heard in some form or fashion the word “cryptocurrency” being tossed around in the media & social media due to the most popular form of cryptocurrency by the name of Bitcoin (BTC) reaching a value level of as high as $7,380.56 per coin.  To some people, the mere fact that this form of currency is so valuable is enough to get most people excited as they sit around pondering the possibilities of transforming this currency into a fiat currency to where they can essentially ball out of control.  To other people, most honestly have no clue what cryptocurrency is, why it’s so valuable, why people are so excited about it, & why people are rushing to get involved in the cryptocurrency market.  Well, I’m about to give you the most elementary explanation that I can think of in order to help you understand what cryptocurrency is, why cryptocurrency WILL dominate the future & more importantly why you SHOULD get involved in this market, especially if you are black.

Everything from money to social media activities are centralized (controlled by some organization).  The stuff you post to Facebook is stored on Facebook servers all across the world that are owned & controlled by Facebook.  Every time you withdraw money from an ATM machine, send money via PayPal, pay for something using a debit/credit card, all of those transactions must go through a bank (centralized) to where the bank controls the actual process of sending/receiving, recording & verifying transactions before the disbursement of funds…for a fee of course.  These transactions themselves are stored on servers owned & controlled by these institutions as well.
These servers are very important for a reason.  These servers process & store the information they collect from you (in addition to data mining this information to be sold to third party companies who then send you a bunch of junk via email or snail mail to convince you to buy).  Another reason these servers are so important is because these servers are also extremely valuable to hackers roaming the internet looking to compromise a server to gain access to the information residing on the server to be later sold on the black market (think identity theft).  The problem with these servers is that in the grand scheme of things, they represent single point of failures that are constantly being attacked & exploited for nefarious purposes.  All of the information that you’ve posted to Facebook ONLY resides on Facebook’s servers spread out across the world.  This information does not reside on any of Google’s servers which means if someone managed to wreck havoc on Facebook’s system causing the site to crash or something catastrophic to where your information was compromised (as in recent issues involving Yahoo!), then you couldn’t turn to Google’s servers in an attempt to retrieve the information you had stored on Facebook’s servers, because they are not connected in that manner to allow for the free flow of data to be exchanged & stored.  I have a decade+ background in IT & I have a master degree in Information Assurance.  My master degree alone is basically a degree that focuses on protecting information floating around being stored on servers.  So the problem is a very real problem that most people are unaware of.

Cryptocurrencies function off of a technology called blockchain.  Blockchain essentially eliminates the single point of failure aspect by removing the storage of data on centralized servers owned by private/public entities.  The data on the blockchain whether it is financial transactions, social media activities etc are stored across a gigantic network of computers called nodes to where the information stored cannot be controlled by one entity or hacked causing severe problems due to single point of failure issues I described above.  The reason the data on the blockchain cannot be hacked is because the data resides on a distributed network is highly encrypted to where a hacker can’t just hack one single point on the blockchain, they would have to hack the entire blockchain essentially.  Also, the data residing in the blocks on the blockchain are constantly updated across the network to wherever you access the data on the network, the data will be the same.

Bit1...

Here’s an example of what I mean by the data being centralized & decentralized in addition to the data being “mirrored” across the network no matter where you are to access the data.

Back in the day on Microsoft Word a person would type a paper, save the paper, & then email the paper to somebody to make corrections.  The person whom the email was sent to would get the email, open MS Word, make corrections, email you the paper back, then you would make necessary changes to the paper.  This entire process was centralized to where only one party had control of the paper at a time and the other party couldn’t get access to the paper until the owning party relinquished control.

Now, we have Google Docs (basically cloud computing) to where multiple parties at the same time can access, view and/or edit the paper in real time without waiting for one party to relinquish control of the paper (decentralized).

Bit4...

How this ties into the data floating around on the blockchain is…you’re not inputting your data into just one entity and entrusting that one entity to do the right thing as far as processing and safeguarding your data (for a fee in most instances).  You are now putting your data across a distributed network to where copies of that data will exist in multiple places at once.  So, if I upload some data from my home computer on the blockchain, my data will be added to the blockchain which will then be replicated across the network and not just sitting on one server that I would need to gain access to (think…logging into Facebook, you’re essentially logging into a site that stores your updates on their servers).  In a decentralized scenario, in theory, I would be able to log into my gmail account and still be able to access my data on Facebook.

Now some of you are probably wondering how this data is protected if this data is “free floating” on the blockchain versus the data (supposedly) being protected on some entity’s servers.

Simple, the data is encrypted (it’s encrypted on these entity’s servers too by the way…or at least should be).  But the encryption on the blockchain isn’t CENTRALIZED, meaning you are not relying solely on that one entity to encrypt & protect your data.

So how the encryption works is fairly simple for the most part.  Blockchain works off of an encryption practice called asymmetric encryption.  Asymmetric encryption involves the use of a public & private key to gain access to data.  Any data you put on the blockchain is encrypted to where the data looks like a bunch of meaningless letters, numbers & symbols that would literally take decades (if not longer) to decipher.

A private & public key can be thought of this way…

You maintain a mailbox at a UPS store.  UPS gives you 2 keys:  one to access the UPS store and the other key to access your personal mailbox within the store.  The UPS store key that you possess is the same key that some random person with a mailbox at the UPS store would possess as well, but that random person does not have your private key (or shouldn’t) to access your personal mailbox.

So on the blockchain, what tends to happen is, people constantly give out their public key to pretty much anybody who wants it for the purpose of exchanging data (and/or “money”…cryptocurrency).  But to unlock or gain access to the item in the transaction, a person would need your private key to do so.  So basically what takes place is, Person A wants to send an item to Person B.  Person A sends an item to Person B using Person B’s PUBLIC KEY.  This item is encrypted within Person B’s PUBLIC KEY.  Person B receives the item from Person A.  Person B now uses his PRIVATE KEY to decrypt his PUBLIC KEY to get access to the item Person A sent him.  If anybody were to intercept Person B’s PUBLIC KEY, they would NOT be able to access the data encrypted on that public key without having access to Person B’s PRIVATE KEY.  Person A can’t even get access to the data he sent Person B because Person A used Person B’s PUBLIC KEY to encrypt the data and ONLY Person B’s PRIVATE KEY can decrypt Person B’s PUBLIC KEY.  Got it?  Good.

Now, all of these transactions are continually updated across the blockchain network in a matter of minutes to where each transaction is essentially “etched in stone” to where a new “block” is created in the overall network which is then duplicated everywhere on the network (think of my Google Docs analogy).  This is important because in order to hack the system, every other block that was created prior to the new block would have to be hacked as well which would require computing power that probably doesn’t exist to even make it worth somebody’s time & effort to attempt.  You can’t just hack one block, all the blocks are connected which mean you would have to hack ALL OF THE BLOCKS.  Also, you can’t delete data on the block once the data is recorded.  Now for the sake of this blog article, I’m choosing not get too technical beyond this point to prevent really confusing the hell out of people who have no idea how this works, but just want a basic general understanding of the technology behind it.

What I really want people to understand is why one Bitcoin is currently worth over $7K and why black people need to seriously get caught up on this technology to where you could benefit big from it in the coming years.  Crytocurrency (Bitcoin and other coins) is an intangible asset that rewards people for participating in the creation, maintenance & growth of the blockchain.  These people are called miners.  These people allow for their computers to be used as nodes for creating the actual blockchain which allows for you to engage in peer-to-peer transactions which also allows for you to remove the middleman & their fees out of the process.  They also allow for your data to be distributed without the need for a centralized distribution point that is owned by one entity.

People who are not miners invest in the cryptocurrencies that are being “mined” by these miners.  A miner is a person who basically uses their computer to solve complicated mathematical problems.  Each time they successfully solve a problem a coin is created.  These miners are paid in partials of coins that is based on a variety of factors.  The remaining partials are then placed on the market for non-miners to invest in or use as actual forms of currency to purchase items.  Matter of fact, Japan just recently recognized Bitcoin as a legit form of currency to purchase items.  There are even ATM machines in various countries (too include the US) that allow you to “withdraw” Bitcoin instead of dollars.

But here is what I really want black people to grasp & understand as this whole discussion relates to cryptocurrency and the blockchain technology…Black people need to think of this technology like it is the Internet 3.0.

When the internet first came out for general public use 20 something years ago, the internet was basically a place to visit websites and read stuff.  That was it.  The only people who were really making money off of the internet during that time were ISP’s (internet service providers) & people who registered domain names for the sole purpose of holding them and selling them to people later on (think if you bought Walmart_dot_com back then how much Walmart would have paid you to get that domain name).  You had a few other ways of making money here & there (the Dotcom Boom) but that was pretty much it.  Internet 2.0 ushered in the era of e-commerce & social media (where we presently are now).  As crazy as this may sound, a lot of people honestly didn’t think e-commerce or social media would take off.  A lot of people couldn’t fathom the idea of people buying products online or spending more time on a social media platform communicating to people than they did in real life.  But in the year 2017, look at how we communicate & engage in commerce now.  So now think of blockchain & cryptocurrency as internet 3.0 to where the internet will begin moving away from big companies like Google, Facebook, & banks controlling or having some influence on every aspect of everything that takes place on the internet.  The blockchain will not put these people out of business, but the blockchain will give people more power over how our data is being utilized on the internet.  This is all about ownership & control on the individual level versus relying on the big entities to do it for us.  Cryptocurrencies such as Bitcoin have proven that there is a real demand & shift taking place to where as this technology continues to grow & mature, a lot of potential money stands to be made.

Bit3....PNG

Cryptocurrencies function off of a technology called blockchain.  Blockchain essentially eliminates the single point of failure aspect by removing the storage of data on centralized servers owned by private/public entities.  The data on the blockchain whether it is financial transactions, social media activities etc are stored across a gigantic network of computers called nodes to where the information stored cannot be controlled by one entity or hacked causing severe problems due to single point of failure issues I described above.  The reason the data on the blockchain cannot be hacked is because the data resides on a distributed network is highly encrypted to where a hacker can’t just hack one single point on the blockchain, they would have to hack the entire blockchain essentially.  Also, the data residing in the blocks on the blockchain are constantly updated across the network to wherever you access the data on the network, the data will be the same.

Here’s an example of what I mean by the data being centralized & decentralized in addition to the data being “mirrored” across the network no matter where you are to access the data.

Back in the day on Microsoft Word a person would type a paper, save the paper, & then email the paper to somebody to make corrections.  The person whom the email was sent to would get the email, open MS Word, make corrections, email you the paper back, then you would make necessary changes to the paper.  This entire process was centralized to where only one party had control of the paper at a time and the other party couldn’t get access to the paper until the owning party relinquished control.

Now, we have Google Docs (basically cloud computing) to where multiple parties at the same time can access, view and/or edit the paper in real time without waiting for one party to relinquish control of the paper (decentralized).

How this ties into the data floating around on the blockchain is…you’re not inputting your data into just one entity and entrusting that one entity to do the right thing as far as processing and safeguarding your data (for a fee in most instances).  You are now putting your data across a distributed network to where copies of that data will exist in multiple places at once.  So, if I upload some data from my home computer on the blockchain, my data will be added to the blockchain which will then be replicated across the network and not just sitting on one server that I would need to gain access to (think…logging into Facebook, you’re essentially logging into a site that stores your updates on their servers).  In a decentralized scenario, in theory, I would be able to log into my gmail account and still be able to access my data on Facebook.

Now some of you are probably wondering how this data is protected if this data is “free floating” on the blockchain versus the data (supposedly) being protected on some entity’s servers.

Simple, the data is encrypted (it’s encrypted on these entity’s servers too by the way…or at least should be).  But the encryption on the blockchain isn’t CENTRALIZED, meaning you are not relying solely on that one entity to encrypt & protect your data.

So how the encryption works is fairly simple for the most part.  Blockchain works off of an encryption practice called asymmetric encryption.  Asymmetric encryption involves the use of a public & private key to gain access to data.  Any data you put on the blockchain is encrypted to where the data looks like a bunch of meaningless letters, numbers & symbols that would literally take decades (if not longer) to decipher.

A private & public key can be thought of this way…

You maintain a mailbox at a UPS store.  UPS gives you 2 keys:  one to access the UPS store and the other key to access your personal mailbox within the store.  The UPS store key that you possess is the same key that some random person with a mailbox at the UPS store would possess as well, but that random person does not have your private key (or shouldn’t) to access your personal mailbox.

So on the blockchain, what tends to happen is, people constantly give out their public key to pretty much anybody who wants it for the purpose of exchanging data (and/or “money”…cryptocurrency).  But to unlock or gain access to the item in the transaction, a person would need your private key to do so.  So basically what takes place is, Person A wants to send an item to Person B.  Person A sends an item to Person B using Person B’s PUBLIC KEY.  This item is encrypted within Person B’s PUBLIC KEY.  Person B receives the item from Person A.  Person B now uses his PRIVATE KEY to decrypt his PUBLIC KEY to get access to the item Person A sent him.  If anybody were to intercept Person B’s PUBLIC KEY, they would NOT be able to access the data encrypted on that public key without having access to Person B’s PRIVATE KEY.  Person A can’t even get access to the data he sent Person B because Person A used Person B’s PUBLIC KEY to encrypt the data and ONLY Person B’s PRIVATE KEY can decrypt Person B’s PUBLIC KEY.  Got it?  Good.

Now, all of these transactions are continually updated across the blockchain network in a matter of minutes to where each transaction is essentially “etched in stone” to where a new “block” is created in the overall network which is then duplicated everywhere on the network (think of my Google Docs analogy).  This is important because in order to hack the system, every other block that was created prior to the new block would have to be hacked as well which would require computing power that probably doesn’t exist to even make it worth somebody’s time & effort to attempt.  You can’t just hack one block, all the blocks are connected which mean you would have to hack ALL OF THE BLOCKS.  Also, you can’t delete data on the block once the data is recorded.  Now for the sake of this blog article, I’m choosing not get too technical beyond this point to prevent really confusing the hell out of people who have no idea how this works, but just want a basic general understanding of the technology behind it.

Cryptocurrency..

What I really want people to understand is why one Bitcoin is currently worth over $7K and why black people need to seriously get caught up on this technology to where you could benefit big from it in the coming years.  Crytocurrency (Bitcoin and other coins) is an intangible asset that rewards people for participating in the creation, maintenance & growth of the blockchain.  These people are called miners.  These people allow for their computers to be used as nodes for creating the actual blockchain which allows for you to engage in peer-to-peer transactions which also allows for you to remove the middleman & their fees out of the process.  They also allow for your data to be distributed without the need for a centralized distribution point that is owned by one entity.

People who are not miners invest in the cryptocurrencies that are being “mined” by these miners.  A miner is a person who basically uses their computer to solve complicated mathematical problems.  Each time they successfully solve a problem a coin is created.  These miners are paid in partials of coins that is based on a variety of factors.  The remaining partials are then placed on the market for non-miners to invest in or use as actual forms of currency to purchase items.  Matter of fact, Japan just recently recognized Bitcoin as a legit form of currency to purchase items.  There are even ATM machines in various countries (too include the US) that allow you to “withdraw” Bitcoin instead of dollars.

But here is what I really want black people to grasp & understand as this whole discussion relates to cryptocurrency and the blockchain technology…Black people need to think of this technology like it is the Internet 3.0.

When the internet first came out for general public use 20 something years ago, the internet was basically a place to visit websites and read stuff.  That was it.  The only people who were really making money off of the internet during that time were ISP’s (internet service providers) & people who registered domain names for the sole purpose of holding them and selling them to people later on (think if you bought Walmart_dot_com back then how much Walmart would have paid you to get that domain name).  You had a few other ways of making money here & there (the Dotcom Boom) but that was pretty much it.  Internet 2.0 ushered in the era of e-commerce & social media (where we presently are now).  As crazy as this may sound, a lot of people honestly didn’t think e-commerce or social media would take off.  A lot of people couldn’t fathom the idea of people buying products online or spending more time on a social media platform communicating to people than they did in real life.  But in the year 2017, look at how we communicate & engage in commerce now.  So now think of blockchain & cryptocurrency as internet 3.0 to where the internet will begin moving away from big companies like Google, Facebook, & banks controlling or having some influence on every aspect of everything that takes place on the internet.  The blockchain will not put these people out of business, but the blockchain will give people more power over how our data is being utilized on the internet.  This is all about ownership & control on the individual level versus relying on the big entities to do it for us.  Cryptocurrencies such as Bitcoin have proven that there is a real demand & shift taking place to where as this technology continues to grow & mature, a lot of potential money stands to be made.

Article by Gee Lowery

Three Little Birds Tees(Black Business series)

Nandi Tahir...

Three Little Birds is a clothing company owned by Nandi Tahir. Here’s what she says on her website:

I am a mother of two sons and one daughter who happens to be my favorite muse. Some of you may have known my business Pearl of Africa which was located on the world famous South Street here in Philly for 20 years.

There have been thousands of locals and famous people who have passed through the doors of Pearl of Africa and I am thankful to all of you who supported us through the years.

After my husband and business partner passed away in 2012 due to lung cancer, I made the arduous decision to close Pearl of Africa. Pearl of Africa is greatly missed in the city of brotherly love but I am forever grateful to Etsy for being here as an outlet for me to further my entrepreneurial pursuits.

TLB1...

The name Three Little Birds Tees was inspired by the Bob Marley song of the same name which has gotten me through many tough days “every little thing is gonna be alright”… TLBTees is my offering to the world as I continue the legacy of Pearl of Africa to honor and celebrate our ancestors and people of African descent in the diaspora.

TLB3...

https://www.tlbtees.com/shop

Interview with author Onitaset Kumat

This is a great view with author and fellow blogger Onitaset Kumat.  The interview is with the Bitter Medicine Podcast.  The interview is about his new book.

“The Pro-Black Compendium” is a resource guide written by a longtime Organizer for the purpose of its reader gaining clarity and insights into how to Seek and Develop African Consciousness for themselves and their Brothers and Sisters.  The book elaborates on numerous activities, ancestors, books and films for African Development and includes several hundred curated proverbs and quotations that have been used with great success by the author and our ancestors.

Know Thyself..

The also book discusses Warriors, Warrior Queen-Mothers, Wars and Civilizations, with immense instruction.  I.e. what can we learn from Hannibal?  What can we learn from Dahia Al-Kahina?  What can we learn from the Second Intermediate Period? What can we learn from the Maa Federation?  These questions and more are answered succinctly yet astutely to provide those Africans willing to make a change to know what is and what needs to be changed.

About Onitaset Kumat:
Founder of the African Blood Siblings: a Pan-African Nationalist Organization organizing Food, Clothing, Shelter and Consciousness for African people all over the world.
Onitaset Kumat can be reached at AfricanBloodSibs@aim.com. You can his books at:

Pro-Black Compendium: https://www.createspace.com/7513235
For Black people who are for Black people.  This book answers what can I do, what should I know, what don’t I know, and why we are at War.  It’s a book for those who want to be active but intelligently active.

What if I told You…….

What if ...Matrix...

Six Ways Blacks can advance economically and socially

Black business1..

Too many of us are psychologically trained to overly depend on bigots to give us what we need. Here are 6 ways to end that economic dependence that will help us advance socially and economically.

1. Stop Breeding Your Child To Be Sent To The Economic Slaughterhouse – It’s downright criminal for a black adult abusing her child by sending them in harms way to bigots who psychologically don’t even like them to beg for a damn job.

The Solution – Instead teach your child the importance of starting their own business and the value of entrepreneurship so they won’t be economically slaughtered.

Wealth..

2. Instill The Importance Of Education In Your Child – Any black child in America that goes through life without an education will always be a target of being pimped, robbed, and exploited not only by those outside of their community, but also by those inside their community and many athletes have become broke because of this from Terrell Owens to Allen Iverson.

The Solution – Teach your child the importance and value of education so that they won’t go through life being a target of being pimped, robbed, and exploited not only by those outside of their community, but also by those inside their community.

3. End The Overdependence On Racist Caucasoids To Give Us What We Need – Too many black people in America are psychologically brainwashed into believing that the “best chance” to get ahead socially and economically in this country, they have to go and constantly beg bigots to give them what they need.

Business2...

The Solution – Become producers so that way that you won’t fall into the psychological trap of begging bigots to give you what you need.

4. Many Young Black Men Need To Stop Thinking That Football or Basketball Is “The Only Way” To “Make It Out Of The Hood” – Most young black boys (9 of 10) mentally emasculate themselves by allowing other to define them as nothing more but athletes. 98% of young black guys that invest in it will never make it to the pros.

There’s a very destructive culture that comes with it: alcohol, drugs, womanizing, baby mamas, STDs, financial and sexual irresponsibility. Some guys kill themselves from either not playing anymore or suffering brain damage from taking multiple hits to the head, this is explored in the film Concussion which I highly recommend.

The Solution – Teach your son that it’s easier becoming a neurosurgeon than an NFL or NBA player with a 2-3 career at best.

5. Create Something That You Can Own, So That You Can Pass It Down To Your Kids And Grandkids – To depend on the academic and corporate plantation to pay your bills and take care of your family is a very dangerous form of mental illness because you can NEVER pass that academic or corporate job down to your kids because like an O.G. once said back in the day, “They’ll find a new guy from the hood next year

Business3..

The Solution – Being your own boss is far more enjoyable and rewarding than kissing a racist Caucasoid boss’s ass everyday. Trust me.

6. Create Our Own Political Party, That Truly Caters To Our Community’s Agendas And Not Caucasoid Liberal Or Conservative Agendas – It doesn’t make sense for us to ask racist politicians like Hillary Clinton, whose husband incarcerated more black men than any other president in US History during the 90s with The Violent Crime Bill which actually accelerated The Mass Incarceration Epidemic that has destroyed so many black families. American Prisons are modern day breeding grounds for black male extermination.

The Solution – Create Our Own Party, That Only Caters To Our Community’s Agenda.

The Conclusion – This article should be very helpful and beneficial to inspire you to advance socially and economically without depending on bigots to give you what you need.

Article written by Joe Davis

Amos Wilson speaks about “People of Color”

 

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