Posted in Cryptocurrencies, Ethereum

Why buy Ether and how

Disclaimer: I have put most of my funds in Ether, the currency of Ethereum. Does that shock you? 😲 Yep, it’s risky, but I’ve done due diligence 🔍 with fundamental analysis, and a little bit of sentiment and technical analysis, and I think that the market cap of Ether will continue to grow 🌱🌳 and increase, albeit with some volatility 📈. I consider it a digital currency that is in a pioneering, rapid growth stage of development (fuelled by a lot of genuine uptake of the currency as well as speculation about its future value, if not its current value), not just an asset. I hope my post will outline why investing in Ether is a good idea (and not just investing a small percentage of your cash, unless you are tied up with a mortgage 🏠 or have other monetary or non-monetary ties or circumstances that limit your investable capital).

Ethereum is a decentralized blockchain platform for “building unstoppable applications”, while Ether is the cryptocurrency used on this platform. Let’s briefly breakdown what those terms mean, or at at least my understanding of them.

Decentralized technology is not subject to the whims of a central authority such as a government or server administrator (like Google or Facebook) which can help to achieve better decision making for public good. Blockchain means that the currency is built and secured by adding and verifying blocks of transactions to blocks made previously, thus forming a “chain”. Blocks added to the chain become harder and harder to crack over time, as they are verified by more nodes in the blockchain peer-to-peer network. Blockchain technology has been referred to as the Web 3.0. The world wide web (retroactively the Web 1.0) consisted of websites publishing content and users passively reading/viewing it. The Web 2.0 used user interaction, such as forums (with upvoting and commenting), reaction buttons (e.g. the Facebook reactions: likes 👍, love ❤️ , laughter 😆, wow 😲, sad 😢, angry 😠), sharing (republishing). The Web 3.0 is starting to be defined as the movement away from centralisation of computation power in servers which provide services to clients (known as the client-server network model).

Cryptocurrency refers to cryptographic code used to secure transactions with a digital currency, which is solved through hardware computational power (known as mining or proof of work) or other less energy-intensive ways such as proof-of-stake. (There are more details on that below.) Zero knowledge proofs like ZK SNARKS can also be used to make cryptocurrency transactions more private 🕵️ or secret 🤐 (which is different to being secure 🔒), such as the Zerocoin protocol which is demonstrated by Zcoin (which plans to integrate Ethereum).

The platform part of Ethereum makes it much more useful than just a cryptocurrency. With it, you can create any decentralized application (known as a dapp, which works over a peer-to- peer network rather than a centralized client-server network 💻🕸️), so the functionality is only limited by what programs could potentially do and not do, and by consequence, what programmers develop. 👨‍💻


Any asset can be tokenized with Ethereum. The token represents the app while it uses the Ethereum blockchain, but the price of the token is different. Activity that has any economic or governance aspect, conceived or as of yet inconceived, can be done via Ethereum, provided that the right code is written and the necessary hardware is used (such as computers running an Ethereum node, and in some special cases, a measurement device to measure a resource flow for additional verification/auditable purposes, like a meter for electricity ⚡🔌, water 🚰 or gas 🔥; or a waste 🗑️ volume detector). Here’s a challenge: keep an eye out for activity that has not been implemented on Ethereum (or could be implemented in a better way) and then:

  • develop a dapp for the idea yourself (after learning Solidity, if you don’t already know it); or
  • sign an NDA with someone who is interested in developing dapps, share the idea, and form some agreement if they want to proceed with it (which could be proposed in the NDA itself), e.g. equity in the venture, royalties, a fee for every transaction, etc.

I have come up with some ideas 💡 myself. 😉

This platform aspect of Ethereum has been referred to as a ‘fat protocol’ here, as opposed to the ‘thin protocols’ of Web 1.0 and 2.0 with HTTP, SMTP, etc., with the take home point (in bold) being:

the market cap of the protocol always grows faster than the combined value of the applications built on top, since the success of the application layer drives further speculation at the protocol layer.

One kind of application that is particularly intriguing is decentralized autononous organisations (DAOs, this includes entities as large as, or even larger than nation-states 🇦🇺🇺🇸🇮🇳🇬🇧🇨🇳🇧🇷🇷🇺🇯🇵, social networks, multinational public companies, etc.). Note that having complete autonomy is probably not a good idea, since code may not be able to handle new issues that arise, so human intervention should probably always be an option, but preferably in the hands of a small, non-profit entity or some decentralized solution (perhaps similar to the Aragon Network). By analogy, you wouldn’t want a nuclear power plant to be completely automated with no possible means of human intervention. As a precaution, you’d want several safeguards including, for example, an off button 😉. As explained in this Ethereum Wiki here, the first DAO, known as The DAO, resulted in many funds being stolen, and Ethereum hard forking into Ethereum and Ethereum Classic.

Other examples that have been implemented or are under development include:

  • debit card 💳 transactions 🤝 (done on several exchanges 💱, e.g. Coinjar Swipe)
  • crowdsales, e.g. an Initial Coin Offering (ICO) as compared with an Intial Public Offering (IPO), or for tokens with Ethereum: an Initial Token Offering (ITO);
  • crowd development (but not as part of the blockchain, e.g. here),
  • electricity tokenization: e.g. SolarCoin, EnergyCoin, although both are altcoins rather than Ethereum tokens;
  • electricity trading, 🤝 something that I have a particular interest in due to my background in renewable energy.
    Sun on Twitter Twemoji 2.3Wind Face on Twitter Twemoji 2.3Deciduous Tree on Twitter Twemoji 2.3Water Wave on Twitter Twemoji 2.3
    Examples of local electricity trading include: Grid+, LO3/Transactive Grid, Power Ledger, Nexergy, Local Volts and Divvi. Grid+ uses Ethereum and they have released their codeTransactive Grid uses Ethereum and it has been rolled out in Brooklyn with a microgrid, however LO3 hasn’t released the code for its Transactive Grid application, so I suspect they are using a private Ethereum-based chain. The others are still all under development, and they have been scant on the details of how they would implement their application, at the least not releasing their code. Power Ledger is having a token generation soon (as of 19 July 2017). Divvi say on its website that they will use the blockchain. Local Volts and Nexergy do not.

    Running on top of the public Ethereum blockchain (with a token) is better than using a private blockchain, or worse, not running on a blockchain at all (thus requiring a trusted third party which increases transaction costs). Running on the public Ethereum blockchain is more secure than a private chain, since the public chain is much longer and has many nodes mining and verifying it. A private chain is more prone to different kinds of attacks, particularly a 51% attack. Having open-source code is important to verify the security and performance of the software, as well as being able to innovate, e.g. with enhancements.

  • prediction 🔮 🦉 markets like GNOSIS;
  • labour/recruitment/freelance markets like Chronobank;
  • governance of DAOs, e.g. Aragon;
  • governance of any organisation, e.g. Democracy.Earth;
  • asset titles (such as land titles). Read more on that here:

    Having so far built the software and tested it with a couple dozen land title registrations, Bitfury and the Georgian National Agency of Public Registry have now signed a new memorandum of understanding to expand the service to purchases and sales of land titles, registration of new land titles, demolition of property, mortgages and rentals, as well as notary services;

  • The Brave browser and the Basic Attention Token;
  • too many to list and keep up-to-date here, so click here instead to go to State of the Dapps for more! Other examples are also mentioned in the Ethereum whitepaper in the introduction and applications section. Other ones that look particularly useful include Golem, Omega One and NVO.

Examples that have been conceptualized, but not implemented (at least as far as I am aware of) include:

  • reducing transaction costs for existing business models (here is a good read about that). However, to tokenize online centric business models like Facebook, Amazon, Google, etc., the network model should change from client-server to peer-to-peer, to avoid a conflict of interest. This is more difficult to achieve since a server is a piece of infrastructure, and transferring to a peer-to-peer model would cause it to be a sunk cost.
  • making economically viable other business models that have seen low uptake or aren’t economically viable without blockchain tech. So called sharing economy business models like Airbnb and AirTasker are particularly ripe for transformation (I prefer the term transformation to disruption, since it should be a positive change), since no trusted third party for a transaction is needed, such as banks 🏦, credit card 💳 companies or PayPal, just a smart contract; and
  • More examples are here—scroll to the examples—they have bold headings and are about two thirds of the way down, or search for “Dank meme trading”. Note that I have already mentioned the Basic Attention Token, and I am skeptical that AI will create truly beautiful art, since no AI can have any feeling.

As of the 5th of June 2017, the market capitalisation of Ethereum is $22.9 billion USD [1], and has been in circulation possibly since 30 July 2015 (although I have not been able to verify this date), with the first transaction using Ethereum on 8 August 2015 [2]. Compare this with the next largest and the current largest cryptocurrency, Bitcoin, with a market cap of $41.0 b. US [1], and has been in circulation since January 2009 [3]. Technically, Ethereum has had a much faster growth rate, while more importantly for long term investment (I do not encourage speculation as that only causes volatility as has been seen) the fundamentals are much better than Bitcoin. While it is true that Bitcoin has more of a market and currency, e.g. in terms of more entities that will accept it as a form of payment, I expect that time will change that (indeed the market cap of Ethereum recently surpassed half that of Bitcoin, around May 2017).

Proof of work / proof of stake / other proving methods

Ethereum and cryptocurrencies are still at a relatively pioneering or nascent stage of development. However, the mining process to crack cryptographic code (specifically the nonce for each block) requires a lot of computation power. Nevertheless, I’m guessing that the computation power should be less when you consider the energy consumption of incumbent financial systems. (Think of extracting and processing resources to make coins and notes, minting and printing, energy consumption of banks and tiers of related energy consumption in the life cycle of fiat money.) Still, developers of some cryptocurrencies such as Ethereum are transitioning to (as is the case for Ethereum), or already using, a different way of maintaining and creating blocks, known as proof of stake. For more information, you can see this Proof of Stake Wikipedia article here (although note the header warning about the article potentially not being verifiable or neutral due to relying heavily on sources too closely associated to the subject). The tricky part is in getting proof methods to work better than proof of work, as outlined here in the criticism section of the PoS Wiki.


How do you buy Ether, the currency of Ethereum?

Based on my research below, if you’re in Australia 🇦🇺 (otherwise skip to the next paragraph), I recommend creating an account with, verifying your ID, setting up a bank account with BOQ (or any other bank that supports POLi Payments, doesn’t invest in fossil fuels and has no fees for transaction and savings accounts [note that Bendigo doesn’t have an Ultimate Everyday account any more]. You can probably ignore the interest rate since it is so marginal compared to other bank’s rates and the gains that you are likely to make by holding funds with Ether instead. However, when I did research for interest rates I found that ME Bank savings rates were second only to UBank, which invests in fossil fuels indirectly as it is owned by NAB. However, as I note below, ME doesn’t support POLi Payments), depositing AUD, then buying Ether.

If you’re not in Australia 🇦🇺, then here’s a comparison of exchange rates 💱 for fiat to crypto- and crypto- to crypto- currencies (not that there is still a focus on Australia, but you can click on the links to get more information of the fees):

 Exchange link (may go to a fees page) Fiat to crypto exchange fee buy/sell spread
BTCmarkets AUD is the only fiat currency. 0.85% trading fee. Funds available to deposit, withdraw, buy and sell are: AUD, ETH, ETC, BTC and LTC. To deposit AUD, you need to verify your account and then use POLi Payments (available banks are here. My bank is ME Bank, which doesn’t support POLi Payments. I applied with BOQ because they do support POLi Payments, they don’t invest in fossil fuels [like ME Bank] and they have transaction and savings accounts with no fees [like ME Bank].)
GDAX 0.25/.3% maker fee low volume, 0% taker fee BTC for USD/EUR/GBP, ETH/LTC for USD/BTC/EUR
Coinjar 1.00% AUD/BTC (and only AUD/BTC)
Coinbase In Aus: 3.99% credit/debit card only (no other transaction method accepted). Other fiat and crypto currencies are available.
ice3x 1% ZAR/BTC
Luno ZAR/BTC fee not easy to find
okcoin CNY/USD for BTC/LTC, fee not easy to find
Maicoin TN/BTC Fee not shown, claimed none
Crypto to crypto exchange fee / buy/sell spread
Poloniex 0.15/.25% BTC/ETH “maker-taker” (presumably the same as buy-sell) 0.25/.3% maker fee low volume, 0% taker fee ETH/LTC for BTC
Exodus ~0.4720–.528% BTC/ETH variable. Desktop app. Sometimes currencies are not available for exchange!
NVO Decentralised. ICO 05/27/17 02:00 UTC to 06/27/17 02:00 UTC

More details about what I’ve tried (not very necessary to know)

I bought BTC in a different way. Step 2 worked for me. I will try step 1 next time I buy more BTC.

I created an account on, verified my email address, tried to login, but couldn’t. I tried to disable two factor authentication, but it asked for my mobile number, which I didn’t enter when I created my account. I tried to reset my password and log in again, but that didn’t work. I entered my email address correctly. I sent a message to support to ask for help. I figured out that my password was too long, and have notified After creating a password of 23 characters, I was able to log in. I created another password of 56 characters using Chinese characters, emojis and ASCII characters, and was able to log in. (Incidentally, it is a hassle to do this, so a decentralised, private password generator would be wonderful.)

The following steps are what I have tried so far, in detail.

  1. Convert AUD to Bitcoin (BTC) via an exchange like Coinjar. I left a review of Coinjar here. Fee: 1%. While this step is tailored for Australia, it can be adapted to any country that has a bitcoin exchange.
  2. I created a Poloniex account, sent funds from got the Bitcoin deposit address, then sent my BitGo funds to that address. Once the transaction completed, I then used Poloniex Exchange to convert to Eth, with a maker-taker fee of: 0.15/0.25%.

Before step 2 above, I tried the following:

  1. Create an Ethereum Wallet 👛 like MyEtherWallet. Unfortunately Mist, a program being developed by Ethereum that has a browser and a wallet is still a pre-release, so it may not be very suitable for end users just yet.
  2. Convert BTC to Ether (ETH) via a cryptocurrency exchange like Shapeshift. Use a precise transaction, make sure the amount is within the min. and max. deposit. Copy and paste the bitcoin address in Coinjar by signing in (if you aren’t already) and going to Accounts > Everyday Bitcoin > View address. Put this address as the refundable address. Copy and paste the address from MyEtherWallet. Put this as the destination address. Tick the box to save the destination address for future payments. However, this didn’t work.

I also sent an email to Coinjar to suggest that they develop functionality for purchasing Ether directly using AUD. You can do the same with the exchange of your choice.

I have been able to deposit funds into Coinjar (needing to be less than the transaction limits) but have not been able to get Eth funds as of yet. I have also tried to create an account on BitGo, send coins from Coinjar to BitGo, and use Shapeshift with that account and still with MyEtherWallet, however that didn’t work.

I will not discuss trading (which I mean buying with the intention to sell most or all of the purchase at any future time particularly in the short term in order to realize a profit) as I am not very interested in trying to guess the short-term direction of markets (although I admit that trading helps to provide liquidity).

Concluding remarks

Ether certainly seems like a good investment, and a good alternative to using fiat currencies, as well as an enabler for otherwise uneconomical business, due to lower transaction costs. It’s more decentralized nature than central banks has advantages for trade from a local to global scale. With governance applications and systems on top Ethereum, it is even possible to do away with the hindering borders surmounted by nation-states. By doing away with these borders, society can be more open, inclusive and equitable.

However, I should note that all technology can only help mankind and the world to a certain extent. What is more important is for each and every person to become a more peaceful, blissful, God-attuned being. It is often seen in the business world or with many people that God is put aside, ignored, or shunned, or at least to some extent. This is mainly due to ignorance of the profound benefits that come from living a Godly life (or at least making an effort to live such a life). That being said, technological advancement can certainly be beneficial to mankind, but it needs to be coupled with moral and spiritual living, otherwise there will still be suffering. To enter a golden age of both spiritual and material wealth, each person must go within and enter a stillness of body and mind, which is when God starts to manifest, and practice balanced living. Practicing certain techniques such as those given by Self-Realization Fellowship helps each person manifest God within, and from there, express Godliness outwardly at all times.



[2] “Accounts – – The ethereum blockchain explorer”. Retrieved 2017-05-30.

[3] Davis, Joshua (10 October 2011). “The Crypto-Currency: Bitcoin and its mysteriousinventor”. The New Yorker. Retrieved 31 October 2014.

Further reading

Posted in Europe, Immigration

Email from

Dear Friends and Colleagues:

I am writing to alert you to deeply troubling developments in the heart of the European Union, in Hungary.

It is urgent that you help spread the news about what is happening.

Last week the Fidesz-led government launched a nationwide billboard and television advertising campaign reminiscent of Europe’s darkest hours.


The campaign uses an image of a grinning George Soros with the slogan “Let’s not allow Soros to have the last laugh!”


Thousands of these posters have been plastered around the country:  on billboards, on the metro, on the floors of Budapest’s trams so that people enter the tram without trampling on Soros’s face.


Understanding the government’s intent, some of the posters have been defaced with hateful graffiti such as “stinking Jew” scrawled across Soros’s face.  The government has spent $12.9 million (5.7 billion HUF) on the campaign so far.


Because of its clearly anti-Semitic overtones, the campaign has created an outcry amongst Hungary’s Jews and others. The leader of the Federation of the Hungarian Jewish Communities has called for an immediate removal of the poster as has Israel’s ambassador in Budapest.


Fidesz rejects charges that the campaign is anti-Semitic in nature and claims that the Hungarian government’s goal is to stop Soros’s “migrant campaign”, which they claim is promoting the immigration of a million illegal immigrants into Europe.


The government has consistently and willfully misrepresented Soros’s views on migration and refugees.


As a survivor of the Holocaust who hid from the Nazis in Budapest and later was himself a refugee, Soros knows first-hand what it means to be in mortal peril. He carries the memory of the international community’s rejection of Jewish refugees fleeing the Nazi.  It is from the crucible of those experiences that his empathy for refugees from war-torn Syria and elsewhere was born.


Soros’s actual position on migration is that the international community should provide more support to the developing countries that today host 89% of refugees and that Europe should accept several hundred thousand fully screened refugees through an orderly process of vetting and resettlement. He believes that qualified asylum seekers should not have to risk their lives crossing the Mediterranean to reach safety.


He also believes that Europe needs a common asylum system that equitably shares responsibility for protecting legitimate refugees, rather than placing that burden on only a few countries. Soros’s position is entirely consistent with mainstream European values. The Hungarian regime’s xenophobia and demonization of refugees are anti-European. The claim that Soros is promoting a scheme to import a million illegal immigrants into Europe is Victor Orban’s fantasy.


Please help us spread the word about this anti-Semitic and anti-refugee campaign in the heart of Europe.


At the end of this email I have included sample images of the Fidesz poster campaign. I have also provided links to recent news stories that attempt to explain why George has inspired the wrath of authoritarian rulers around the world.

Michael Vachon

A bus stop poster defaced “Budos Zsido” translates as “stinking Jew”. The poster translates “Don’t let Soros have the last laugh”.

The first picture is from another Budapest bus stop, part of a separate campaign by Fidelitas, the youth wing of the governing Fidesz party. It depicts George Soros as a puppet-master controlling László Botka, the Socialist nominee for Prime Minister. Compare it with the second image of a cartoon from a Hungarian anti-Semitic publication in the 1930s.

Posted in Sustainable development, transport

Open Opal data offers valuable insights for planners and developers

The number of public transport trips being taken in Sydney has been grossly underestimated, analysis of Opal card data has found.A team from the University of Technology Sydney’s Institute for Sustainable Futures has been working …

Source: Open Opal data offers valuable insights for planners and developers

Posted in Uncategorized

To get the ‘good debt’ tick, infrastructure needs to be fit for the future

If infrastructure is to meet the needs and challenges of an uncertain future, we need to move beyond the AAA ratings mindset and aim for net-positive social and ecological outcomes as well.

Source: To get the ‘good debt’ tick, infrastructure needs to be fit for the future

Posted in Nation-States, policy, Racism

The incredible shrinking Malcolm gets even smaller spouting ‘Australian values’ | Greg Jericho | Australia news | The Guardian

How woeful.

When this articulate man starts to jibber and cling to feeble logic you know the game’s over – and Peter Dutton is looming

Source: The incredible shrinking Malcolm gets even smaller spouting ‘Australian values’ | Greg Jericho | Australia news | The Guardian

Posted in work

Adjustable sit-stand desk

I have been using an adjustable sit-stand desk at work and liked it so much that I decided to buy one to use at home too! The desk raises up and down more easily than the one at work. It took a bit more time to set up, but I expect that will  insignificant compared to the amount of time spent using it. The black colour of this one matches my computer, monitor, keyboard and mouse.