SOTU, So What

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Webner House

Last night was the State of the Union address. We didn’t watch it, because we just can’t bear the pomp and scripted ovations. The trappings of the State of the Union address seem as phony and forced as the broadcasts of the Oscars, the Grammys, or the Golden Globes.

The Constitution, in Article II, section 3, requires the President to “give to the Congress information on the State of the Union.” It’s a worthwhile concept as well as a constitutional requirement, but that doesn’t mean it needs to be done in person. In fact, after the first two Presidents gave their reports on the State of the Union in person, Thomas Jefferson decided to send a written report instead — and no President gave a State of the Union speech in person again for more than 100 years, until Woodrow Wilson did so in 1913. That means that colossal…

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Bitcoins, Bubbles, And Beanie Babies

that is not enough…voters count in the eyes of a child.

Webner House

Yesterday the U.S. Department of Justice announced the arrest of two individuals affiliated with “bitcoin” exchanges. The two men are charged with using the bitcoin exchanges — which allow people to trade bitcoins for currency like U.S. dollars — to obtain bitcoins that could then be sold to users of another on-line exchange, called Silk Road, where the bitcoins could be used to buy drugs anonymously, in violation of the Bank Secrecy Act.

Bitcoins are a kind of token to which some people have assigned value. Each bitcoin is represented by a supposedly unique online registration number, created when a computer solves a difficult mathematical problem with a 64-digit solution. There are supposed to be a finite number of such 64-digit solutions and therefore a finite number of bitcoins, which is why bitcoin investors believe they will only appreciate in value. Users receive bitcoins at unregistered, anonymous addresses, which…

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