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Bitcoins- All you need to know!

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Psst. Why are people getting so excited about bitcoins?

Friend, had you said that a year earlier, I would have forgiven you; but with Bitcoins used in both the Silk Road and the Silicon Valley at a speed that we will soon have the ice bucket challenge replaced by the Bitcoin donation for ALS research, how could you possibly ignore the changing dynamics of online payment?

 

Oh. A new version of PayPal and Visa MasterCard?

Yes. Only better, because it does not involve any transaction fee and because it is verified by multiple users (miners) and not a central authority. Bitcoins allow you to transfer money internationally at the push of a button- free of cost, unless you want to pay 8% transaction fee and wait for 3 business days for the same using MoneyGram.

 

Wait. Is that not an inefficient way of transaction?

If you look at only that function, then yes, it does inconvenience the consumer and the vendor who will need to exchange their bitcoins for other currency to be able to transact. But, in the long run, with the increasing demand given acceptance of bitcoins by more vendors, Bitcoins will soon be a reliable medium of exchange. Much like the paper money is a medium of exchange not because it has any intrinsic value but because it widely accepted.

 

So, if this continues, bitcoins will replace money?

That may not be true. Bitcoins may have a limited supply (21 million), act as an efficient medium of exchange and a perfect unit of account, given that each bitcoin can be divided into 100 million units called Satoshis. But bitcoins cannot be used as reliable stores of value, given the volatility and the probability of theft from online wallets. Also, once bitcoin creation (mining) stops predictably in 2140 then the value of bitcoins will rise incessantly. Once that happens, speculation will lead to volatility and hence it will be rendered ineffective as a convenient medium of exchange.

 

One second, why will the Federal Reserve stop making bitcoins?

No, the Federal Reserve will not, the miners will. When miners verify a transaction block, they get rewarded with extra bitcoins. This was done in order to generate coins at the rate of 25 every 10 minutes. Once the limit of 21 million is reached these miners no longer get paid in bitcoins. Hence no more bitcoins mined.

 

Wait. What and how do they verify?

See, the bitcoin you own is essentially a private cryptography key, this key is associated with an address. When you transact, the key gets transferred from your address to that of the intended recipient’s address. The miners, individuals with fast processors, use a software that computes difficult math problems to verify if the transaction is valid. If it is valid then it gets listed on the online ledger, a BlockChain, where anybody can view it. When the transaction is a fraudulent one, sadly it cannot be reversed.

 

I don’t get it, was this not an anonymous way of transacting.

Yes it is. Nobody knows whom the address belongs to. This was the precise reason it was used for buying drugs through Silk Road, an online platform that connects dealers with addicts (Before you get any ideas, Silk Road was shut down in October 2013). And it is the precise reason governments are sceptical about it.

 

Why will the government care if I buy a shirt or a pizza?

The government will care because they will be unable to tax me by monitoring my financial transactions.

 

Oh, then why should I use bitcoins?

Firstly because governments are cozying up to the ides of bitcoins, secondly because more and more people are using it, thirdly because as technology matures the faults in the system will be repaired.

Also because it is so cool. How cool is the possibility that I can own cryptocurrency that I have produced, not earned but mined.

 

Guest contribution by Devangi Agarwal

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St. Stephen's

St. Stephen’s College’s Shakespeare Society presents its first term production, ‘The Pillowman’

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The Shakespeare Society, or Shake Soc of St. Stephen’s College held its first term production, ‘The Pillowman’ by Martin McDnagh on the 28th and 29th of August. The play revolves around Katurian, a writer whose twisted stories about murdered children land him into trouble with two detectives, Tupolski and Ariel.

After three cases of children being murdered in ways similar to those in his stories, he is brought in for questioning along with his brother, Michal. All four of them have dark pasts that are revealed one by one during the play, as the mystery behind the murders also unravels.

The Pillowman is a thrilling experience, with moments of the play likely to give the audience goose bumps. Lauren Robinson who played Michal, did an excellent job while depicting Katurian’s brother who is mentally stunted after years of torture. When asked about the play, Lauren said, “It was tough playing Michael Katurian. It’s not easy risking an entire production by just being you on stage”.

The play was directed by Amrita Chakravarty and Diya Deviah, with Ajit Deshpande, Suhasini Krishnan and John Koshy playing Katurian, Ariel and Tupolski respectively.

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Deen Dayal Upadhyaya College

DDUC organizes seminar on ‘Awakening the Youth’

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Deen Dayal Upadhyaya College, on Friday, the 29th of August, organized a seminar on ‘Awakening the Youth’. The event was organized by the college’s MUN club, which is also holding its annual MUN conference (DDUC MUN) later this month.

The event started off with a welcome note by Dr. Nisha Rana, the Head of the Business Studies Department of the college. This was followed by an address by the Principal, Dr. S.K Garg who spoke about the importance of moral values in today’s day and age.

Ashok Kumar, an IIT Delhi alumnus, currently in the Border Security Force started off the seminar by talking about the state of women’s security in India at present. He spoke at length about the numerous additional clauses that had been put in the Indian Penal Code in 2013, like the explicit inclusion of crimes like acid attacks, voyeurism, disrobing along with the increase in the sentence given to the accused in cases of rapes and sexual harassment. In his candid lecture, he also discussed some startling statistics like the fact that only 5% of the cases brought to the Court end with the accused being convicted.

Taking the discussion on law and order forward, the next speaker, Aishwarya Bhati, a Supreme Court lawyer talked about the discrepancies between the law and the execution of the same.

Both speakers had plenty of questions from the audience, most of which were based on the glaring lack of implementation of laws in the country. Issues of juvenile rape, corruption and delayed justice were also touched upon.

The session wrapped up with a talk on the connection between one’s mental and physical health, with emphasis on the importance of meditation and exercise. The Principal then gave the vote of thanks, appreciating the speakers on their keenness to address the students’ questions, along with bringing up such matters of relevance.

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Bazinga

BAZINGA: DU gifts teachers a trip to Goa on Teachers’ Day

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Recognising the effort teachers put in all through the year, the DU administration has decided to celebrate Teachers’ Day on a high and ‘beachy’ note. The varsity has gifted all its teachers a week-long trip to Goa commencing on Tuesday, as a result of which classes will remain suspended.
While most teachers welcomed the present, there were few who were apprehensive about the choice of location. “I would prefer Haridwar anyday. Hari om..” said a Sanskrit teacher.
Rumour is that teachers have asked their students to conduct a class explaining the things they should know before visiting Goa. “I’ve heard people ride bikes all day wearing nothing on their upper bodies. Had I known earlier, I would’ve joined a gym,” said a teacher in the canteen. Some teachers were also requesting a Russian language teacher to teach them a few sentences, in an attempt to enjoy the trip to the fullest.
Reportedly, a group of students cancelled their long-planned trip to Goa after they learnt of DU’s move. “What a scene that would’ve been!” sighed one of them. The group suffered a loss of Rs.10,000.
Studens have welcomed this one week long break with gusto. While some are rejoicing, others are asking their teachers to bring back bracelets and seashells as souvenirs.
Disclaimer: Bazinga is DU Beat’s weekly column of almost believable fake news.

imagecourtesy: transtechpackersandmovers.com

 

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Top Picks

Eight Bollywood releases of 2014 to look forward to!

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Although September is already here, yet thanks to the number of promising big budget Bollywood releases scheduled, almost every other Friday of 2014 to come is going to be packed with action, drama, thrill, romance and pangs of laughter. Here’s a quick brush up of all the expected to be amazing movies releasing this year, so go through the list, watch the trailers and decide which of the following eight Bollywood releases of 2014 are on top of your list to watch:

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1. Mary Kom (September 5th, 2014)

The movie is a biopic of famous Indian boxer Mary Kom, the character being played by Priyanka Chopra. Being produced by Sanjay Leela Bhansali and sports/action scenes being directed by Rob Miller (Sports Action Director of Chak De India and Bhaag Milkha Bhaag) the movie is definitely one of the most anticipated releases of 2014. The film has been shot with real boxers to provide authenticity to the movie and Priyanka Chopra has undergone a strict training routine to perform the role of a legendary boxer.

2. Finding Fanny (September 12th, 2014)

Starring Deepika Padukone, Arjun Kapoor, Pankaj Kapur,Dimple Kapadia and Naseeruddin Shah, the plot of ‘Finding Fanny’ is about five dysfunctional friends on a road trip to Goa to find the love interest ‘Fanny’ of one of their friends whose character is played by Shah. What follows is numerous twists, turns and trouble coming their way.

3. Daawat-e-Ishq (September 19th, 2014)

A production venture of Aditya Chopra under the Yash Raj banner, Daawat-e-Ishq i.e. ‘Feast of Love’ is a story of two foodies played by Parineeti Chopra and Aditya Roy Kapoor who have deep love for food and eventually discover love for each other as well. The movie also stars Anupam Kher and is going to be the debut movie of television star Karan Wahi. The music of the movie is composed by Sajid-Wajid and is being received very well. ‘Mannat’ and ‘Daawat-e-Ishq‘, both the tracks are being loved by the audiences.

4. Khoobsurat (September 19th, 2014)

Disney’s ‘Khoobsurat’ is a modern day adaptation of a 1980s movie of the same name with many changes here and there. The movie stars Bollywood actress Sonam Kapoor and Pakistani actor (Zindagi Gulzaar Hai fame) Fawad Afzal Khan. It is a romantic comedy film with good music. The promotional song ‘Abhi to party shuru hui hai‘ by the famous Punjabi rapper Baadshah is already atop all chart-buster lists.

5. Bang Bang! (October 2nd, 2014)

Starring Katrina Kaif and Hrithik Roshan, Bang Bang! is the remake of Hollywood movie ‘Knight and Day’ with Cameron Diaz and Tom Cruise’s roles being played by the above stated Bollywood counterparts respectively. The movie is an action thriller directed by Siddharth Anand and prodcued by Fox Star Studios. Tge movie also stars Jimmy Shergill, Jaaved Jaffery and Danny Denzongpa in supporting roles.

 

6. Haider (October 2nd, 2014)

Set in the beautiful valleys of Kashmir and written and directed by Vishal Bhardwaj, Haider is the adpaptation of William Shakespeare’s ‘Hamlet’. The film stars Shahid Kapoor in title role with Shraddha Kapoor, Tabu and Kay Kay Menon as popular faces in the supporting cast. The movie is about Haider’s emotional and psychological state as his father dies and his mother (played by Tabu) marries his uncle (played by Kay Kay Menon). The songs of the movie are being liked by the masses with the back ground song in trailer ‘Aao na‘ being a special mention.

Vishal Bhardwaj has previously adapted other works of Shakespeare into movies as well. Maqbool (2003) was an adaptation of ‘Macbeth’ and Omkara (2006) was an adaptation of ‘Othello’.

7. Happy New Year (October 24th, 2014)

Directed by Farah Khan and produced by Gauri Khan under the banner of Red Chillies Entertainment, Happy New Year has an emsemble cast of Shah Rukh Khan, Deepika Padukone, Abhishek Bachchan, Boman Irani and Sonu Sood. Happy New Year belongs to the action-comedy-drama genre and is all set to be released on the festival of Diwali in three different languages being Hindi, Tamil and Telugu.

 

8. P.K. (December 19th, 2014)

Being directed and produced by Rajkumar Hirani and starring Aamir Khan and Anushka Sharma in lead roles, P.K. is a comedy drama movie. The movie also stars Sanjay Dutt, Sushant Singh Rajput and Boman Irani. Aimed to be a satire on God and godmen, P.K. is all set for a near Christmas releases, something that Aamir Khan is famous for. The official trailer or songs of the movie haven’t been released yet. However, the recently launched poster of the movie caught eye balls rolling, as Aamir Khan had posed naked for it.

pk1

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Campus Central

Hindu ‘most trusted education institution of India’, says a study by TRA

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According to a recent study conducted by TRA (previously Trust Research Advisory), University of Delhi’s Hindu College is the most trusted education institution of India.

The prestigious DU North Campus college is followed by the Indian Institute of Technology (Delhi) at the second and Loyola College(Chennai) at the third position of the ‘India’s Most Trusted Education Institutes 2014-15′ study (i.e. the MTEI study).

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As Anna University(Chennai) is ranked to be fourth on the most trusted education institutions of India, the fifth place belongs to Hans Raj, another famous Delhi University College.

Interestingly, Delhi University’s premiere institution, Shri Ram College of Commerce is ranked as low as the 25th rank in the hierarchy of trusted education institutions of India with Ramjas College being ranked 8th, Shivaji College being ranked 48th, Rajdhani College being 49th and Gargi college at the 52nd position. The rankings are however, in post graduation category.

tra
The MTEI study is being considered to be the largest and comprehensive most study conducted in India.

The study is based upon the opinion of almost 8000 respondents over three dozens of cities of India. The respondents include students, teachers as well as parents who were quizzed on 700 ‘thinking’ questions related to the education system and education institutions of India.

The MTEI report not only lists 1000 Most Trusted Indian Institutes but also mentions 120 Most Preferred Courses in India and Top 200 Indian Institutes on academic parameters.

The MTEI study conducted by TRA is reportedly considered to be one of the largest, most detailed and comprehensive research studies conducted in India. For further rankings and information, click here.

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Campus Central

Hindu 'most trusted education institution of India', says a study by TRA

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Trust Research Advisory), University of Delhi’s Hindu College is the most trusted education institution of India. The prestigious DU North Campus college is followed by the Indian Institute of Technology (Delhi) at the second and Loyola College(Chennai) at the third position of the ‘India’s Most Trusted Education Institutes 2014-15′ study (i.e. the MTEI study). tra2 As Anna University(Chennai) is ranked to be fourth on the most trusted education institutions of India, the fifth place belongs to Hans Raj, another famous Delhi University College. Interestingly, Delhi University’s premiere institution, Shri Ram College of Commerce is ranked as low as the 25th rank in the hierarchy of trusted education institutions of India with Ramjas College being ranked 8th, Shivaji College being ranked 48th, Rajdhani College being 49th and Gargi college at the 52nd position. The rankings are however, in post graduation category. [caption id="attachment_25547" align="aligncenter" width="363"]tra The MTEI study is being considered to be the largest and comprehensive most study conducted in India.[/caption] The study is based upon the opinion of almost 8000 respondents over three dozens of cities of India. The respondents include students, teachers as well as parents who were quizzed on 700 ‘thinking’ questions related to the education system and education institutions of India. The MTEI report not only lists 1000 Most Trusted Indian Institutes but also mentions 120 Most Preferred Courses in India and Top 200 Indian Institutes on academic parameters. The MTEI study conducted by TRA is reportedly considered to be one of the largest, most detailed and comprehensive research studies conducted in India. For further rankings and information, click here.]]>

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DUB Speak

Alcohol ban in Kerala: for health, wealth or religion?

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Recent decision of Kerala government to implement prohibition of alcohol in the state and make it alcohol free in the next ten years is fighting to find peace between the matters of health and wealth.

India has a memorable history of playing around with prohibition, originating with the view of the country’s founder, Mahatma Gandhi, that alcohol was a social evil. But is it so?

The makers of this proposal argue that Kerala has the highest per capita consumption rate of alcohol, which leads to major diseases in the state, numerous accidents and domestic violence because of alcohol abuse. While a few support this decision, major chunk of our population, including the ones who do not drink, is opposing this decision.

There are number of loopholes in the proposal.

Bootlegging and illicit liquor

Gujarat is a dry state. Have people quit drinking there? It is readily available as it is imported from the neighboring states like Rajasthan. What will be the difference in Kerala? Illegal selling or distribution of alcohol will dominate the state soon. The point here is that if people of the state are addicted so much to the drink, then they will make sure to have it arranged from somewhere.

Then slowly and slowly, the state having the highest literacy rate will have the highest smuggling and crime rates as well.

Can the government moderate public’s choice?

The most basic argument here is that how can the government decide whether someone has to drink or not. It is the personal choice of every individual. Yes, if there is no such right as ‘Right to Drink’, then the government holds no such right as Right to hinder personal choice.

Loss of Revenue

The alcohol beverages industry, which brings in as much as 8000 crore INR as revenue to the Kerala government will shut down. Rum and brandy account of 80% of the market, followed by whisky and vodka. Once the chief minister’s dream of ‘total prohibition’ becomes reality, revenue will instead be directed to the pockets of dangerous criminals and corrupt officials. It isn’t clear how the government plans to recover lost earnings from alcohol sales, which by one estimate accounts for more than 20% of revenues in the state’s annual budget.

financial
The proposed ban on sale of alcohol would leave the Kerala government with 20 percent less receipts for preparation of annual budget. Illustration Credits: www.financialexpress.com

Government’s decision sounds more like party politics than an honest moral stand.

Problems of generalizing; alcohol also part of culture

Government has a problem of generalizing various issues prevailing in some state or county as a whole. Not everyone who drinks beats up his wife. It has to look at the larger interests of people. Alcohol is a part of certain traditions and cultures where it is proudly set up in weddings and wrapped up in gift papers.

Different perspectives have to be considered while looking through a problem. A knife is used to cut vegetables and to cut throats. Then can we ban knives?

Alcohol in 5-stars. What about the unemployment of others?

The proposal states that the bars will shut down gradually over the period of ten years and 5-star hotels shall only serve liquor which amount to a total of 36 outlets in the entire state. Why? This is not convincing enough. Why is someone allowed to drink in a 5-star hotel? A rich man who can afford to buy a drink there can also suffer from liver cirrhosis, which is related directly to alcohol consumption. The same person can also rush his Mercedes over the people sleeping on footpath or just indulge in domestic violence. Then why talk of diseases, accidents and violence?

2waythought

If alcohol is served in big hotels, its black market will also start making it mark in Kerala. Adulteration of this product will find its way, which will lead to rich making more money and the unemployed from all the local bars dwell over poverty. In 1996, then CM AK Antony banned Arrack. But statistics show that money spent on the costlier India-made foreign liquor by Keralites has gone up by more than 18 times in the past 18 years. The pity is that the same cheap liquor is bottled afresh with new golden labels and sold officially.

Tourist Destination

Kerala is one of the most important tourist destinations in India. For tourists, having a mug of beer is part of their enjoyment. Not all tourists can afford 5-star rates. This is affecting the tourism industry of the state. What has Kerala government thought about that?

kerala1
Referred to as ‘God’s Own Country’, Kerala has more than 10 million tourists all over the year contributing more than INR 200 billions to the state treasure.

Religion

The people belonging to other religions are shouting out that the Christian community of the state that regularly demanded the ban.  The Church has been active in condemning alcoholism and has leaned heavily on the government to be more active in taking steps to curtail supply, with some Catholic bishops even going so far as to say the government would fall if prohibition was not introduced.

With due respect to the religion, I respect their viewpoint as well. However, wine and other forms of alcohol are part of the Christian culture the most as result of the history of Jesus turning water to wine. So if bars cannot serve liquor, should be the Church also be abstained from serving wine for the Holy Communion ritual?

Coming down to the conclusion I feel alcohol should be seen neutrally, so that it is neither a terrible poison nor a magic potion. There should be little or no social pressure to drink. Moderate drinking and abstinence should be presented as equally acceptable choices. Those who choose to drink should not force drinking upon abstainers. Those who choose not to drink should have comparable respect for those who do.

Banning is not a smart move. Some awareness should be carried out. What is the history of campaigns in Kerala? We do not know. If something has to be banned, it has to be production of alcohol rather than just the sale. But it is very simple. If I have to be two bottles down by the evening, I will do that.

Featured Image Credits: www.deccanchronicle.com

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