Note to recruiters

Note to recruiters: We are quite aware that recruiters, interviewers, VCs and other professionals generally perform a Google Search before they interview someone, take a pitch from someone, et cetera. Please keep in mind that not everything put on the Internet must align directly to one's future career and/or one's future product portfolio. Sometimes, people do put things on the Internet just because. Just because. It may be out of their personal interests, which may have nothing to do with their professional interests. Or it may be for some other reason. Recruiters seem to have this wrong-headed notion that if somebody is not signalling their interests in a certain area online, then that means that they are not interested in that area at all. It is worth pointing out that economics pretty much underlies the areas of marketing, strategy, operations and finance. And this blog is about economics. With metta, let us. by all means, be reflective about this whole business of business. Also, see our post on "The Multi-faceted Identity Problem".

Wednesday, April 30, 2014

INNOVATION: Crowdsourced RNA Designs Outperform Computer Algorithms, Carnegie Mellon and Stanford Researchers Report

An enthusiastic group of non-experts, working through an online interface and receiving feedback from lab experiments, has produced designs for RNA molecules that are consistently more successful than those generated by the best computerized design algorithms, researchers at Carnegie Mellon University and Stanford University report.

Moreover, the researchers gathered some of the best design rules and practices generated by players of the online EteRNA design challenge and, using machine learning principles, generated their own automated design algorithm, EteRNABot, which also bested prior design algorithms. Though this improved computer design tool is faster than humans, the designs it generates still don't match the quality of those of the online community, which now has more than 130,000 members.

The research will be published this week in the Proceedings of the National Academy of Sciences Online Early Edition.

Wednesday, April 16, 2014


For those new to Bitcoin, here is a FAQ on Bitcoins. It answers some of the basic questions that people have on Bitcoins.



What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominenttriple entry bookkeeping system in existence.

Who created Bitcoin?

Bitcoin is the first implementation of a concept called "crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin.
Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper.

Who controls the Bitcoin network?

Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service. This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.

Is Bitcoin really used by people?

Yes. There is a growing number of businesses and individuals using Bitcoin. This includes brick and mortar businesses like restaurants, apartments, law firms, and popular online services such as Namecheap, WordPress, Reddit and Flattr. While Bitcoin remains a relatively new phenomenon, it is growing fast. At the end of August 2013, the value of all bitcoins in circulation exceeded US$ 1.5 billion with millions of dollars worth of bitcoins exchanged daily.


TECHNOLOGY: We the Internet: Bitcoin developers' idea for Bitcloud

A developer group is seeding a project that would behave as a decentralized Internet, in a departure from the present model. Posting their intentions recently on Reddit, they said "We will have to start by decentralizing the current Internet, and then we can create a new Internet to replace it." Called Bitcloud, they propose a peer to peer system for sharing bandwidth. Individual users would complete computing tasks such as routing, storing, or computing in exchange for cash. As the BBC explained, "Just as Bitcoin miners provide computing power and are rewarded for solving complex mathematical equations with the virtual currency, so individual net users would be rewarded based on how much bandwidth they contrib ute to the Bitcloud network."

Elaborating on Reddit about this cash model, the developers said this about payments: "One of the many problems of certain free and open source projects in the past has been the lack of a profit incentive. With Bitcloud, nodes on a mesh network can be rewarded financially for routing traffic in a brand new mesh network. This removes the need for Internet Service Providers."