Category Archives: Bullet Train

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Who Loves Bitcoin?

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With the Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology, is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it. By analogy it is like being able to send a gold coin via email. It 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. Bitcoin was the first practical implementation and is currently the most prominent triple entry bookkeeping system in existence.

Who created Bitcoin?

The first Bitcoin specification and proof of concept was published in 2009 by an unknown individual under the pseudonym Satoshi Nakamoto who revealed little about himself and left the project in late 2010. The Bitcoin community has since grown exponentially.

Satoshi’s anonymity often raises unjustified concerns because of a misunderstanding of Bitcoin’s open-source nature. Everyone has access to all of the source code all of the time and any developer can review or modify the software code. As such, the identity of Bitcoin’s inventor is probably as relevant today as the identity of the person who invented paper.

Who is involved in Bitcoin?

Over $1B of investment into Bitcoin and blockchain companies has taken place resulting in thousands of companies and hundreds of thousands of individuals involved from around the world.

Who controls the Bitcoin network?

Nobody owns the  network much like no one owns the technology behind email or the Internet.  Transactions are verified by Bitcoin miners which has an entire industry and Bitcoin cloud mining options. While developers are improving the software they cannot 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.  Crypto currencies 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, crypto currencies  is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.

Behind the scenes, the  network is sharing a massive public ledger called the “block chain”. This ledger contains every transaction ever processed which enables 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 therefore allowing all users to have full control over sending bitcoins.

Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. To learn more about Blockchain, you can consult the original Bitcoin whitepaper, read through the extremely thorough Frequently Asked Questions, listen to a Bitcoin podcast or read the latest Bitcoin news.



Bullet Train Uncategorized

What Will the Bullet Train Do?

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The most expensive public-works project in U.S. history

The most expensive public-works project in U.S. history

The Bullet Train will whisk passengers at 220 mph from Los Angeles to San Francisco in two hours and 40 minutes — half the usual six-hour car journey. That futuristic vision convinced California voters to approve a 2008 referendum authorizing a $10 billion bond package to help finance the train’s construction by 2029. The original projected cost was $33 billion. But from day one, the mammoth project has been plagued by lawsuits, land disputes, and budget overruns. Work finally got underway on the first $1 billion, 29-mile, Central Valley stretch of the 520-mile track in January — two years behind schedule. But with the projected cost swelling to $68 billion — the most expensive public-works project in U.S. history — and Republicans determined to derail the project, many wonder whether the bullet train will ever become a reality. “The project is about to enter a tunnel of uncertainty,” said political professor Jack Pitney. “We don’t know what’s on the other side.”

What’s stopping it?
First, there’s the question of land. The railway won’t travel along California’s heavily developed coast, but instead will cut a weaving pathway inland to the east, through the Central Valley. So far, California officials have acquired only 101 of the needed 526 parcels of territory needed to construct the first 29-mile, Central Valley section of the railroad. They’ve been hindered by multiple lawsuits from farmers, residents who live near the projected path, and environmentalists worried about the carbon costs of such a gargantuan construction project. But supporters say the bullet train would ultimately produce a steep cut in the number of carbon-intensive car and air journeys between the two cities.

Will the train get built?
It could go either way. As skepticism has grown, critics are trying to put a new referendum on the ballot to cancel the bullet train. So far, they haven’t gotten the necessary 500,000 signatures. But the project could be about to take on an unstoppable momentum: Thanks to a quirk in federal funding requirements, California will need to spend at least $4 billion on the railway by Oct. 1, 2017 — $3 million to $4 million every calendar day for the next 1,000 days. “Before, you never knew if and when the project would really get going,” says political scientist Larry Gerston. “Now, as those tracks get laid, mile by mile, it gets harder and harder to turn back.”

State Sen. Mark DeSaulnier, a Democrat, said he supports high-speed rail in theory, “but when you get into the details — I just don’t think people have put enough effort into the details.”

Musk’s high-speed alternative
For some transport visionaries, high-speed rail isn’t futuristic enough. Why plow billions into a bullet train that will already be outdated by 2030, they argue, when California could instead invest in genuinely cutting-edge transportation projects? The most revolutionary proposal to replace the bullet train is undoubtedly the Hyperloop. The brainchild of inventor and Tesla CEO Elon Musk, the Hyperloop would zip passengers in capsules through a vacuum tube from San Francisco to Los Angeles at staggering speeds up to 760 mph — in just a half hour. The billionaire is so convinced his high-speed pods are the vehicles of the future that he’s now building a test track in Texas and raising funding for further research. He says the Hyperloop could be built for $6 billion to $10 billion — a fraction of the bullet train’s cost. “You could have about 70 pods between Los Angeles and San Francisco that leave every 30 seconds,” said Musk. “It’s like getting a ride on Space Mountain at Disneyland.”