Beyond Bitcoin: Issues in Regulating Blockchain Transactions

The buzz surrounding Bitcoin has reached a fever pitch. Yet in academic legal discussions, disproportionate emphasis is placed on bitcoins (that is, virtual currency), and little mention is made of blockchain technology—the true innovation behind the Bitcoin protocol. Simply, blockchain technology solves an elusive networking problem by enabling “trustless” transactions: value exchanges over computer networks that can be verified, monitored, and enforced without central institutions (for example, banks). This has broad implications for how we transact over electronic networks. This Note integrates current research from leading computer scientists and cryptographers to elevate the legal community’s understanding of blockchain technology and, ultimately, to inform policymakers and practitioners as they consider different regulatory schemes. An examination of the economic properties of a blockchain-based currency suggests the technology’s true value lies in its potential to facilitate more efficient digital-asset transfers. For example, applications of special interest to the legal community include more efficient document and authorship verification, title transfers, and contract enforcement. Though a regulatory patchwork around virtual currencies has begun to form, its careful analysis reveals much uncertainty with respect to these alternative applications

Bitcoin: the wrong implementation of the right idea at the right time

This paper is a study into some of the regulatory implications of cryptocurrencies using the CAMPO research framework (Context, Actors, Methods, Methods, Practice, Outcomes). We explain in CAMPO format why virtual currencies are of interest, how self-regulation has failed, and what useful lessons can be learned. We are hopeful that the full paper will produce useful and semi-permanent findings into the usefulness of virtual currencies in general, block chains as a means of mining currency, and the profundity of current ‘media darling’ currency Bitcoin as compared with the development of block chain generator Ethereum. While virtual currencies can play a role in creating better trading conditions in virtual communities, despite the risks of non-sovereign issuance and therefore only regulation by code (Brown/Marsden 2013), the methodology used poses significant challenges to researching this ‘community’, if BitCoin can even be said to have created a single community, as opposed to enabling an alternate method of exchange for potentially all virtual community transactions. First, BitCoin users have transparency of ownership but anonymity in many transactions, necessary for libertarians or outright criminals in such illicit markets as #SilkRoad. Studying community dynamics is therefore made much more difficult than even such pseudonymous or avatar based communities as Habbo Hotel, World of Warcraft or SecondLife. The ethical implications of studying such communities raise similar problems as those of Tor, Anonymous, Lulzsec and other anonymous hacker communities. Second, the journalistic accounts of BitCoin markets are subject to sensationalism, hype and inaccuracy, even more so than in the earlier hype cycle for SecondLife, exacerbated by the first issue of anonymity. Third, the virtual currency area is subject to slowly emerging regulation by financial authorities and police forces, which appears to be driving much of the early adopter community ‘underground’. Thus, the community in 2016 may not bear much resemblance to that in 2012. Fourth, there has been relatively little academic empirical study of the community, or indeed of virtual currencies in general, until relatively recently. Fifth, the dynamism of the virtual currency environment in the face of the deepening mistrust of the financial system after the 2008 crisis is such that any research conclusions must by their nature be provisional and transient. All these challenges, particularly the final three, also raise the motivation for research – an alternative financial system which is separated from the real-world sovereign and which can use code regulation with limited enforcement from offline policing, both returns the study to the libertarian self-regulated environment of early 1990s MUDs, and offers a tantalising prospect of a tool to evade the perils of ‘private profit, socialized risk’ which existing large financial institutions created in the 2008-12 disaster. The need for further research into virtual currencies based on blockchain mining, and for their usage by virtual communities, is thus pressing and should motivate researchers to solve the many problems in methodology for exploring such an environment

NOWADAYS ONLINE CONSUMERS' RIGHTS AND INTERESTS. CASE STUDY- THE ROMANIAN EDUCATED ONLINE YOUNG CONSUMER

The digital age brought along the appearance of a new type of consumer, the online consumer. Taking into consideration the serious security threats of the virtual market, the purpose of this article is to emphasize several significant aspects related to online consumer’s rights and interests, with a special interest on the educated online young consumers in Romania. We used desk and field research and carried out an online exploratory, quantitative survey, with the questionnaire as the main instrument, the valid number of the responses being 394 (all less than thirty years old, educated, online consumers from Romania). Related to this sample survey, the study’s findings clearly indicate that the level of information regarding their online rights and interests is average towards small, and their confidence in the security protection of the online shopping is situated at a low level of confidence. The relevance of the research for practice is given by the topic under discussion. Our study is valuable due to the used methodology and the updated gathered data regarding Romanian educated online young consumers’ perception on their rights and interests.generation Y online consumer, online consumer’s rights and interests, Romanian educated online consumers.

Virtual Institutes: Between Immersion and Communication

In the two expressions "virtual reality" and "virtual community", the term "virtual" has different meanings. A virtual reality is a depiction or, more generally speaking, a sensuous representation of reality that allows - mainly by means of interactivity - to experience various features of reality without actually being in contact with the reality depicted. Therefore, any interactive depiction that is able to imitate reality to such an extent that a high degree of sensory-motor immersion becomes possible is called a virtual reality (Heim 1998, 6f). Since reality is always much more complex than its depiction and full of unpredictable surprises, hardly ever a user has doubts about the difference between the depiction and the thing depicted. Nevertheless, there are good reasons for preferring the imitation to the reality: at least, the imitation is usually not as dangerous as reality sometimes turns out to be. Accordingly, quite different platforms for virtual institutes may be used emphasizing either the immersion aspect or the communication aspect. The decision for a platform depends on the goals pursued with the institute: text-based chat systems allow virtual communities to flourish, single-user VRML scenes convey a highly immersive 3D impression to its users. This is particularly true for virtual institutes realized as a 3D environment, as well as for corresponding virtual communities since 3D environments are adequate for certain tasks only. As an overall framework for the evaluation it is helpful to distinguish three major application areas: research, presentation, and communicative work. The Virtual Institute for Image Science (VIB), which we would like to describe in the following (3) as a case study, is almost exclusively designed for the third task: communicative working. It intends to provide a working space persons can share for joint projects despite being physically separated. Before describing the VIB in more detail we would like to give an overview of virtual institutes between the poles of realistic immersion and of communication in a community (2). The discussion of the case study leads to some more general considerations about the balance virtual institutes must find along that bi-polar dimension (4). In the concluding remarks we focus on the technical tools for virtual communities in 3D presently available

Structured evaluation of virtual environments for special-needs education

This paper describes the development of a structured approach to evaluate experiential and communication virtual learning environments (VLEs) designed specifically for use in the education of children with severe learning difficulties at the Shepherd special needs school in Nottingham, UK. Constructivist learning theory was used as a basis for the production of an evaluation framework, used to evaluate the design of three VLEs and how they were used by students with respect to this learning theory. From an observational field study of student-teacher pairs using the VLEs, 18 behaviour categories were identified as relevant to five of the seven constructivist principles defined by Jonassen (1994). Analysis of student-teacher behaviour was used to provide support for, or against, the constructivist principles. The results show that the three VLEs meet the constructivist principles in very different ways and recommendations for design modifications are put forward

The neo-society : realities of new socio-virtual paradigms

Chapter 14Thinking of space as a construct is by no means an easy feat. Transpose that concept from a real environment to a virtual space and blocks are not readily discernible. Th is is a world that has been immersed in digital otherness as far back as the early 1990s since the birth of the world wide web (WWW) proposal. Th ere exist two dichotomies: those pertaining to the younger generation and those to the older ones, where the former are aware of the digital fantastic worlds and the latter know the real haptic worlds, one where they can still remember that there was a time when a map was something one sought from a bookshop as against one that prompts one with the name of the street, the direction to turn, an occasional warning of a speed camera… In such a scenario, the older generation would be expected to know the physical world to a high degree and less that related to immersive technology; on the other hand the younger generation with their instant maps and online access would be expected to have a greater knowledge of their surroundings through the same access.peer-reviewe

Collective awareness platforms and digital social innovation mediating consensus seeking in problem situations

In this paper we show the results of our studies carried out in the framework of the European Project SciCafe2.0 in the area of Participatory Engagement models. We present a methodological approach built on participative engagements models and holistic framework for problem situation clarification and solution impacts assessment. Several online platforms for social engagement have been analysed to extract the main patterns of participative engagement. We present our own experiments through the SciCafe2.0 Platform and our insights from requirements elicitation

Why be Moral in a Virtual World

This article considers two related and fundamental issues about morality in a virtual world. The first is whether the anonymity that is a feature of virtual worlds can shed light upon whether people are moral when they can act with impunity. The second issue is whether there are any moral obligations in a virtual world and if so what they might be. Our reasons for being good are fundamental to understanding what it is that makes us moral or indeed whether any of us truly are moral. Plato grapples with this problem in book two of The Republic where Socrates is challenged by his brothers Adeimantus and Glaucon. They argue that people are moral only because of the costs to them of being immoral; the external constraints of morality. Glaucon asks us to imagine a magical ring that enables its wearers to become invisible and capable of acting anonymously. The ring is in some respects analogous to the possibilities created by online virtual worlds such as Second Life, so the dialogue is our entry point into considering morality within these worlds. These worlds are three dimensional user created environments where people control avatars and live virtual lives. As well as being an important social phenomenon, virtual worlds and what people chose to do in them can shed light on what people will do when they can act without fear of normal sanction. This paper begins by explaining the traditional challenge to morality posed by Plato, relating this to conduct in virtual worlds. Then the paper will consider the following skeptical objection. A precondition of all moral requirements is the ability to act. There are no moral requirements in virtual worlds because they are virtual and it is impossible to act in a virtual world. Because avatars do not have real bodies and the persons controlling avatars are not truly embodied, it is impossible for people to truly act in a virtual world. We will show that it is possible to perform some actions and suggest a number of moral requirements that might plausibly be thought to result. Because avatars cannot feel physical pain or pleasure these moral requirements are interestingly different from those of real life. Hume’s arguments for why we should be moral apply to virtual worlds and we conclude by considering how this explains why morality exists in these environments

Defining and Regulating Cryptocurrency: Fake Internet Money or Legitimate Medium of Exchange?

Digitalization makes almost everything quicker, sleeker, and more efficient. Many argue cryptocurrency is the future of money and payment transfers. This paper explores how the unique nature of cryptocurrencies creates barriers to a strict application of traditional regulatory strategies. Indeed, state and federal regulators remain uncertain if and how they can regulate this cutting-edge technology. Cryptocurrency businesses face difficulty navigating the unclear regulatory landscape, and consumers frequently fall prey to misinformation. To reconcile these concerns, this paper asserts cryptocurrency functions as “currency” or “money” and should be treated as such for regulatory purposes. It also proposes each state implement a uniform cryptocurrency-specific framework following the Uniform Regulation of Virtual-Currency Business Act. Such a harmonious approach would reduce compliance costs for cryptocurrency businesses, protect consumers, and provide satisfactory state and federal oversight