At Christmas time, the imperative phrase “charge it!” can mean one of two things: either buying a gift on credit, or making sure a battery powered gift is ready to go once the recipient unwraps it. Buying on credit has never been the best idea and can be a sign of financial distress, while using batteries to power toys and electronic devices of all sorts has gotten better over the years, with battery technology currently poised for another great leap forward.
Flintstones Bedrock City in Williams, Arizona, in September 2018. Photo by Don McCulley. That appears to be a stripped down version of the Flintstones’ human – or cartoon character – powered vehicle under the sign.
The need for batteries on Christmas morning made itself known in earnest after World War II, when the first battery powered toys arrived on the market. Those batteries were not rechargeable and lasted only a few hours at most before depleting and then becoming trash. No recharging, no recycling. The batteries themselves might have been relatively inexpensive, but replacing them time and again was not.
Now batteries are mostly rechargeable and mostly recyclable, and more importantly they have become vital to powering far more devices than toys, from communication devices almost everyone uses throughout each day of their lives to personal transportation that is moving toward similar ubiquity. And batteries play a big part in storing electricity generated by renewable sources such as wind and solar, and that electricity can in turn be used to recharge the batteries people use every day.
A cartoonish look at the works of an electric car. Illustration by Welleman.
All that burgeoning interest has attracted research and development dollars, the incentive being the production of batteries that run longer on a charge, are made of less toxic materials, are cheaper for consumers, and are lighter in weight and in environmental footprint. The race is on, and with many more things in everyone’s daily lives being powered by batteries than there were 70 years ago, the stakes are bigger than simply making toy cars go faster on Christmas morning.
— Techly
Two bits! There, that feels better now, doesn’t it? A sense of completion and the comfort of familiarity. The phrase “two bits” indicates twenty-five cents specifically, and can also mean something cheap generally. The digital currency bitcoin apparently derives its name from the old fashioned uses of “bit” to indicate parts of a dollar or other currency. At the current exchange rate of around 15,000 dollars to one bitcoin, however, a bitcoin itself represents anything but parts of a dollar. Quite the opposite.
From the 1988 film Who Framed Roger Rabbit, the irresistibility of finishing off “Shave and a haircut, — —-“.
The record high valuation of bitcoin may not stand for long, and in six months one bitcoin may be worth 30,000 dollars or it may be worth 150 dollars. No one knows for sure, and that’s what is fueling a lot of argument and speculation. High amounts of speculation in the market are what inflates a bubble, and the question with bitcoin is whether it is indeed a bubble and when it might burst. That generates more speculation. More small investors buy into the market. Historically what has happened in such cases is that something happens, a large investor or two gets spooked, dumping shares on the market, a selling panic ensues as everyone tries to get out of the market while the watch the value of their investment plummet, and that’s it, the bubble burst.
Bitcoin or something like it will be around for as long as there is an internet and a demand for a monetary barter system which is decentralized and doesn’t involve significant charges going to middlemen such as banks or credit card companies. As more people use digital currency and more merchants accept it in transactions, the volatility of its valuation will settle down. Tulips are still around, after all, and people still value them, just not to the unrealistically high degree they did when the bulbs were novel. The long term problem with digital currencies generally, and bitcoin in particular, will be in decreasing the horrendous energy demands of mining them and, to a lesser extent, processing transactions. The electricity demands of mining bitcoin are now equivalent to those of Serbia, and will soon be on a par with Denmark’s electricity use.
Much of the mining occurs in China, using electricity generated by coal-fired power plants. At a time when combating the effects of global warming is becoming a top priority, the mining of bitcoin could present an ecological catastrophe when it reaches the same level of energy consumption as that of the entire industrialized world, as it is predicted to do in the early 2020s. The digital currency genie is out of the bottle, and there’s no stuffing it back in. That leaves two options, or a combination of both – finding more energy efficient ways of mining digital currency, or using more environmentally friendly energy sources, such as solar.
The solar energy option is immediately attractive because it would help defray installation costs of solar arrays more quickly and because poorer countries, which are generally nearer the equator and hence in sunnier climes, could see income from a source that is neither environmentally nor socially destructive the way production of sugar or other cash crops has been for them. Puerto Rico, the United States territory that recently had its conventional power grid devastated by Hurricane Maria, could benefit by rebuilding with the intention of using solar energy at least partially for the profitable production of digital currency. Surplus energy from the arrays built with money from bitcoin mining would power homes and businesses at subsidized rates for people who could not afford it otherwise in very poor parts of the world. Smaller, locally owned solar arrays would be a better way to produce power because of the inefficiency of transmitting solar power long distances either in the form of direct current, or after inverting it into alternative current. Decentralization of the means of production would also serve to keep power and money in the hands of locals.
Bitcoins accepted at a café in Delft, The Netherlands, in 2013. The Netherlands became a center of the tulip trade in the seventeenth century during “The Tulipomania”, and remains a primary grower of the bulbs to this day. Delft lent its name to a particular kind of pottery and the shade of blue it is renowned for, which has also been applied to some flowers bearing the same shade of blue. Photo by Targaryen.
Should you invest in bitcoin? That depends on your outlook. In the currently volatile market, investing in bitcoin should be treated like gambling. In other words, don’t invest any more of your government backed (in the United States the currency is actually backed by the Federal Reserve System, a private institution of the banking industry, though it is insured by the federal government) currency than you can afford to lose. For some people that can be quite a lot, but for most people that would amount to very little.
Should you get involved in bitcoin mining and processing of transactions? At the current valuation of bitcoin, that could be quite profitable. Tomorrow its valuation could drop below the cost of the electricity required to mine it. At any rate, the “mining” simile is somewhat inaccurate, since in a comparison of the digital currency market to real world mining, the people with computer equipment engaged in its production and in the processing of transactions are actually more like the merchants in a nineteenth century American mining town who sold goods to the miners who were hoping to strike it rich.
The opening scene of Powaqqatsi depicts working conditions at the socially and environmentally disastrous Serra Pelada gold mine in Brazil. This 1988 film by Godfrey Reggio, with music by Philip Glass, is the second in his Qatsi trilogy of meditative documentaries.
A very few of those miners struck gold, and most went bust, while the merchants usually did consistently well, a few becoming household names still known today, like Levi Strauss. If you do get involved in bitcoin “mining”, it might help to connect the equipment to a solar array rather than the conventional power grid, because then when the bubble bursts and the valuation of bitcoin drops to the floor, you can possibly still operate at a profit when others cannot, or at the very least you will have an inexpensive, environmentally friendly source of power for your other ventures.
― Techly
Thieves have been using the latest technology to quickly install ever more undetectable credit and debit card skimmers at gas pumps, and even at the card reader inside the gas station. Parts are available cheaply on eBay, and the risks are low while payoffs are high. Installing skimmers on isolated Automated Teller Machines has always been popular with thieves, but now with newer technology that takes mere seconds to install, the greater exposure to detection from passersby at gas pumps over ATMs is not as much of a factor as before. A skimmer placed on a gas pump can offer a larger payoff than an ATM because of the generally higher amount of customer visits.
Diners Club Regular Card with Integrated Circuit, issued in Japan, 2016; own work by Hitomi
The new smart credit cards, which are the ones embedded with EMV (Europay MasterCard Visa) integrated circuit chips, are far less susceptible to skimming than cards with magnetic stripes only, but while the new cards are rolling out, businesses need to maintain backwards compatibility with magnetic stripe cards, and that makes the United States fertile territory for card skimmers. The United States has also been slower to implement EMV technology than other countries because of the huge cost of replacing all the card readers. It wasn’t until the impetus provided by the high profile Target stores identity theft case in 2013 that US businesses and card providers started moving earnestly toward the new standard. Liability shifts by providers, meaning whether they will reimburse losses by card holders to fraud and identity theft or shift the liability to businesses, are slated to begin for the old magnetic stripe cards in October 2017 generally, although some providers have implemented shifts for some types of card readers as early as October 2015, and other card readers won’t incur a liability shift until October 2020.
One to four years until full implementation of the new EMV-only card readers is an enormous window of opportunity for thieves armed with the latest skimmer technology. Gas station owners are trying the low cost stopgap of applying stickers to the pumps for evidence of tampering, but those can only help detect the installation of internal skimmers. Users of the gas pumps will have to be aware of anomalies at the scanner, the keypad, and the pump generally. They should also be aware that using a debit card is riskier than using a credit card, and to keep a close eye on their card statements for suspicious activity. The surest safeguard, of course, is to pay cash. It might be worthwhile for customers as well as business owners to remember the old saying immortalized by the humorist Jean Shepherd in the title of his 1966 novel In God We Trust: All Others Pay Cash.
– Techly
