Daily Archives: March 26, 2016

Singularitarianism – WOW.com

Posted: March 26, 2016 at 3:45 am

Singularitarianism is a movement[1] defined by the belief that a technological singularitythe creation of superintelligencewill likely happen in the medium future, and that deliberate action ought to be taken to ensure that the Singularity benefits humans.

Singularitarians are distinguished from other futurists who speculate on a technological singularity by their belief that the Singularity is not only possible, but desirable if guided prudently. Accordingly, they might sometimes dedicate their lives to acting in ways they believe will contribute to its rapid yet safe realization.[2]

Time magazine describes the worldview of Singularitarians by saying that "they think in terms of deep time, they believe in the power of technology to shape history, they have little interest in the conventional wisdom about anything, and they cannot believe you're walking around living your life and watching TV as if the artificial-intelligence revolution were not about to erupt and change absolutely everything."[1]

Inventor and futurist Ray Kurzweil, author of the 2005 book The Singularity Is Near: When Humans Transcend Biology, defines a Singularitarian as someone "who understands the Singularity and who has reflected on its implications for his or her own life"; he estimates the Singularity will occur around 2045.[2]

Singularitarianism coalesced into a coherent ideology in 2000 when artificial intelligence (AI) researcher Eliezer Yudkowsky wrote The Singularitarian Principles,[2][3] in which he stated that a Singularitarian believes that the singularity is a secular, non-mystical event which is possible and beneficial to the world and is worked towards by its adherents.[3]

In June 2000 Yudkowsky, with the support of Internet entrepreneurs Brian Atkins and Sabine Atkins, founded the Machine Intelligence Research Institute to work towards the creation of self-improving Friendly AI. MIRI's writings argue for the idea that an AI with the ability to improve upon its own design (Seed AI) would rapidly lead to superintelligence. These Singularitarians believe that reaching the Singularity swiftly and safely is the best possible way to minimize net existential risk.

Many people believe a technological singularity is possible without adopting Singularitarianism as a moral philosophy. Although the exact numbers are hard to quantify, Singularitarianism is a small movement, which includes transhumanist philosopher Nick Bostrom. Inventor and futurist Ray Kurzweil, who predicts that the Singularity will occur circa 2045, greatly contributed to popularizing Singularitarianism with his 2005 book The Singularity Is Near: When Humans Transcend Biology .[2]

What, then, is the Singularity? It's a future period during which the pace of technological change will be so rapid, its impact so deep, that human life will be irreversibly transformed. Although neither utopian or dystopian, this epoch will transform the concepts we rely on to give meaning to our lives, from our business models to the cycle of human life, including death itself. Understanding the Singularity will alter our perspective on the significance of our past and the ramifications for our future. To truly understand it inherently changes one's view of life in general and one's particular life. I regard someone who understands the Singularity and who has reflected on its implications for his or her own life as a singularitarian.[2]

With the support of NASA, Google and a broad range of technology forecasters and technocapitalists, the Singularity University opened in June 2009 at the NASA Research Park in Silicon Valley with the goal of preparing the next generation of leaders to address the challenges of accelerating change.

In July 2009, many prominent Singularitarians participated in a conference organized by the Association for the Advancement of Artificial Intelligence (AAAI) to discuss the potential impact of robots and computers and the impact of the hypothetical possibility that they could become self-sufficient and able to make their own decisions. They discussed the possibility and the extent to which computers and robots might be able to acquire any level of autonomy, and to what degree they could use such abilities to possibly pose any threat or hazard (i.e., cybernetic revolt). They noted that some machines have acquired various forms of semi-autonomy, including being able to find power sources on their own and being able to independently choose targets to attack with weapons. They warned that some computer viruses can evade elimination and have achieved "cockroach intelligence." They asserted that self-awareness as depicted in science fiction is probably unlikely, but that there were other potential hazards and pitfalls.[4] Some experts and academics have questioned the use of robots for military combat, especially when such robots are given some degree of autonomous functions.[5] The President of the AAAI has commissioned a study to look at this issue.[6]

Science journalist John Horgan has likened singularitarianism to a religion:

Let's face it. The singularity is a religious rather than a scientific vision. The science-fiction writer Ken MacLeod has dubbed it the rapture for nerds, an allusion to the end-time, when Jesus whisks the faithful to heaven and leaves us sinners behind. Such yearning for transcendence, whether spiritual or technological, is all too understandable. Both as individuals and as a species, we face deadly serious problems, including terrorism, nuclear proliferation, overpopulation, poverty, famine, environmental degradation, climate change, resource depletion, and AIDS. Engineers and scientists should be helping us face the world's problems and find solutions to them, rather than indulging in escapist, pseudoscientific fantasies like the singularity.[7]

Kurzweil rejects this categorization, stating that his predictions about the singularity are driven by the data that increases in computational technology have been exponential in the past.[8]

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Transhumanism by Julian Huxley (1957)

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In New Bottles for New Wine, London: Chatto & Windus, 1957, pp. 13-17

As a result of a thousand million years of evolution, the universe is becoming conscious of itself, able to understand something of its past history and its possible future. This cosmic self-awareness is being realized in one tiny fragment of the universe in a few of us human beings. Perhaps it has been realized elsewhere too, through the evolution of conscious living creatures on the planets of other stars. But on this our planet, it has never happened before.

Evolution on this planet is a history of the realization of ever new possibilities by the stuff of which earth (and the rest of the universe) is made life; strength, speed and awareness the flight of birds and the social polities of bees and ants; the emergence of mind, long before man was ever dreamt of, with the production of colour, beauty, communication, maternal care, and the beginnings of intelligence and insight. And finally, during the last few ticks of the cosmic clock, something wholly new and revolutionary, human beings with their capacities for conceptual thought and language, for self-conscious awareness and purpose, for accumulating and pooling conscious experience. For do not let us forget that the human species is as radically different from any of the microscopic single-celled animals that lived a thousand million years ago as they were from a fragment of stone or metal.

The new understanding of the universe has come about through the new knowledge amassed in the last hundred yearsby psychologists, biologists, and other scientists, by archaeologists, anthropologists, and historians. It has defined mans responsibility and destinyto be an agent for the rest of the world in the job of realizing its inherent potentialities as fully as possible.

It is as if man had been suddenly appointed managing director of the biggest business of all, the business of evolution appointed without being asked if he wanted it, and without proper warning and preparation. What is more, he cant refuse the job. Whether he wants to or not, whether he is conscious of what he is doing or not, he is in point of fact determining the future direction of evolution on this earth. That is his inescapable destiny, and the sooner he realizes it and starts believing in it, the better for all concerned.

What the job really boils down to is thisthe fullest realization of mans possibilities, whether by the individual, by the community, or by the species in its processional adventure along the corridors of time. Every man-jack of us begins as a mere speck of potentiality, a spherical and microscopic egg-cell. During the nine months before birth, this automatically unfolds into a truly miraculous range of organization: after birth, in addition to continuing automatic growth and development, the individual begins to realize his mental possibilitiesby building up a personality, by developing special talents, by acquiring knowledge and skills of various kinds, by playing his part in keeping society going. This post-natal process is not an automatic or a predetermined one. It may proceed in very different ways according to circumstances and according to the individuals own efforts. The degree to which capacities are realized can be more or less complete. The end-result can be satisfactory or very much the reverse: in particular, the personality may grievously fail in attaining any real wholeness. One thing is certain, that the well-developed, well-integrated personality is the highest product of evolution, the fullest realization we know of in the universe.

The first thing that the human species has to do to prepare itself for the cosmic office to which it finds itself appointed is to explore human nature, to find out what are the possibilities open to it (including, of course, its limitations, whether inherent or imposed by the facts of external nature). We have pretty well finished the geographical exploration of the earth; we have pushed the scientific exploration of nature, both lifeless and living, to a point at which its main outlines have become clear; but the exploration of human nature and its possibilities has scarcely begun. A vast New World of uncharted possibilities awaits its Columbus.

The great men of the past have given us glimpses of what is possible in the way of personality, of intellectual understanding, of spiritual achievement, of artistic creation. But these are scarcely more than Pisgah glimpses. We need to explore and map the whole realm of human possibility, as the realm of physical geography has been explored and mapped. How to create new possibilities for ordinary living? What can be done to bring out the latent capacities of the ordinary man and woman for understanding and enjoyment; to teach people the techniques of achieving spiritual experience (after all, one can acquire the technique of dancing or tennis, so why not of mystical ecstasy or spiritual peace?); to develop native talent and intelligence in the growing child, Instead of frustrating or distorting them? Already we know that painting and thinking, music and mathematics, acting and science can come to mean something very real to quite ordinary average boys and girls provided only that the fright methods are adopted for bringing out the childrens possibilities. We are beginning to realize that even the most fortunate people are living far below capacity, and that most human beings develop not more than a small fraction of their potential mental and spiritual efficiency. The human race, in fact, is surrounded by a large area of unrealized possibilities, a challenge to the spirit of exploration.

The scientific and technical explorations have given the Common Man all over the world a notion of physical possibilities. Thanks to science, the under-privileged are coming to believe that no one need be underfed or chronically diseased, or deprived of the benefits of its technical and practical applications.

The worlds unrest is largely due to this new belief. People are determined not to put up with a subnormal standard of physical health and material living now that science has revealed the possibility of raising it. The unrest will produce some unpleasant consequences before it is dissipated; but it is in essence a beneficent unrest, a dynamic force which will not be stilled until it has laid the physiological foundations of human destiny.

Once we have explored the possibilities open to consciousness and personality, and the knowledge of them has become Common property, a new source of unrest will have emerged, will realize and believe that if proper measures are taken, no one need be starved of true satisfaction, or condemned to sub-standard fulfillment. This process too will begin by being unpleasant, and end by being beneficent. It will begin by destroying the ideas and the institutions that stand in the way of our realizing our possibilities (or even deny that the possibilities are there to be realized), and will go on by at least making a start with the actual construction of true human destiny.

Up till now human life has generally been, as Hobbes described it, nasty, brutish and short; the great majority of human beings (if they have not already died young) have been afflicted with misery in one form or anotherpoverty, disease, ill-health, over-work, cruelty, or oppression. They have attempted to lighten their misery by means of their hopes and their ideals. The trouble has been that the hopes have generally been unjustified, the ideals have generally failed to correspond with reality.

The zestful but scientific exploration of possibilities and of the techniques for realizing them will make our hopes rational, and will set our ideals within the framework of reality, by showing how much of them are indeed realizable. Already, we can justifiably hold the belief that these lands of possibility exist, and that the present limitations and miserable frustrations of our existence could be in large measure surmounted. We are already justified in the conviction that human life as we know it in history is a wretched makeshift, rooted in ignorance; and that it could be transcended by a state of existence based on the illumination of knowledge and comprehension, just as our modern control of physical nature based on science transcends the tentative fumblings of our ancestors, that were rooted in superstition and professional secrecy.

To do this, we must study the possibilities of creating a more favourable social environment, as we have already done in large measure with our physical environment. We shall start from new premises. For instance, that beauty (something to enjoy and something to be proud of) is indispensable, and therefore that ugly or depressing towns are immoral; that quality of people, not mere quantity, is what we must aim at, and therefore that a concerted policy is required to prevent the present flood of population-increase from wrecking all our hopes for a better world; that true understanding and enjoyment are ends in themselves, as well as tools for or relaxations from a job, and that therefore we must explore and make fully available the techniques of education and self-education; that the most ultimate satisfaction comes from a depth and wholeness of the inner life, and therefore that we must explore and make fully available the techniques of spiritual development; above all, that there are two complementary parts of our cosmic duty one to ourselves, to be fulfilled in the realization and enjoyment of our capacities, the other to others, to be fulfilled in service to the community and in promoting the welfare of the generations to come and the advancement of our species as a whole.

The human species can, if it wishes, transcend itself not just sporadically, an individual here in one way, an individual there in another way, but in its entirety, as humanity. We need a name for this new belief. Perhaps transhumanism will serve: man remaining man, but transcending himself, by realizing new possibilities of and for his human nature.

I believe in transhumanism: once there are enough people who can truly say that, the human species will be on the threshold of a new kind of existence, as different from ours as ours is from that of Pekin man. It will at last be consciously fulfilling its real destiny.

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Transhumanism Wikipedia

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Transhumanism r en internationell intellektuell och kulturell rrelse som fresprkar anvndandet av teknik fr att frbttra och utka mnniskans mentala och fysiska egenskaper. Enligt transhumanismen har mnniskan ondiga svagheter som leder till handikapp, lidande, sjukdom, ldrande och dd. Det r dessa svagheter man vill vervinna. Transhumanistiska tnkare studerar utvecklingen och anvndandet av teknik som kan anvndas fr att frbttra mnniskan, samt vilka mjligheter och konsekvenser som r frknippade med detta.[1]

Transhumanism ses ofta som en synonym till mnsklig frbttring och rrelsen symboliseras ibland med tecknen >h eller h+.[2] ven om den frsta knda anvndningen av termen "transhumanism" r frn 1957, etablerades begreppets nutida betydelse under 1980-talet, nr futurister i USA brjade organisera vad som sedan dess har vuxit till den transhumanistiska rrelsen. Enligt transhumanistiska tnkare kan mnniskan s smningom komma att f s pass utkade frmgor att termen post-mnniska blir mer lmplig n mnniska.[1] Alternativa begrepp fr transhumanism r drfr "posthumanism" eller en form av transformationell aktivism inspirerad av posthumanistiska ideal.[3]

Frgan kring hur en transformerad framtida mnsklighet i s fall kommer att se ut i har intresserat en rad anhngare och kritiker frn ett antal olika perspektiv och discipliner. Transhumanism har av en kritiker, Francis Fukuyama, beskrivits som vrldens farligaste id,[4] vilket bemttes med uttalandet att det r en "rrelse som r ett idealt exempel p de mest vghalsiga, modiga, fantasifulla och idealistiska strvandena hos mnskligheten".[5]

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Transhumanism | Bioethics.com

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March 8, 2016

(Fortune) As the Baby Boomer generation heads toward retirement, the number of Americans over the age of 65 is expected to hit 69 million people by 2030. That represents 20% of the U.S. population, up from todays share of Read More

March 2, 2016

PLOS Medicine(vol.13, no. 2,2016) is available online by subscription only. Articles include: Transforming Living Kidney Donation with a Comprehensive Strategy by Matthew B. Allen and Peter P. Reese The Rise of Consumer Health Wearables: Promises and Barriers by Lukasz Piwek, Read More

March 1, 2016

Bioethics(vol. 30, no. 3,2016) is available online by subscription only. Articles include: The Ashley Treatment: Improving Quality of Life or Infringing Dignity and Rights? by Caroline Harnacke The Ethics of Continued Life-Sustaining Treatment for Those Diagnosed as Brain-Dead by Jessica Read More

February 16, 2016

The Journal of the American Medical Association(vol. 315, no. 6, 2016) is available online by subscription only. Articles include: Machine Learning and the Profession of Medicine by Alison M. Darcy, Alan K. Louie, and Laura Weiss Roberts Policy Solutions for Read More

February 4, 2016

Science and Engineering Ethics(vol. 22, no. 1, 2016) is available online by subscription only. Articles include: The Convergence of Virtual Reality and Social Networks: Threats to Privacy and Autonomy by Fiachra OBrolchain, et al. Robotic Nudges: The Ethics of Engineering Read More

January 28, 2016

(CBS News) Its a pursuit that seems more like the plot of a science fiction movie than an actual goal of serious researchers around the world. But a number of scientists are fiercely working toward what was once only Read More

January 27, 2016

Scientific American(vol. 314, no. 2, 2016) is available online by subscription only. Articles include: Beware Prenatal Gene Screens Even Genius Needs a Benefactor by Nathan Myhrvold Talk Therapy by Anne Pycha For Sale: Your Medical Records by Adam Tanner Bitter Read More

January 15, 2016

Nursing Philosophy(vol. 17, no. 1, 2016) is available online by subscription only. Articles include: Radical Nursing and the Emergence of Technique as Healthcare Technology by Alan Barnard Cyborgs, Biotechnologies, and Informatics in Health CareNew Paradigms in Nursing Sciences by Ana Read More

January 14, 2016

Journal of Bioethical Inquiry(vol. 12, no. 4, 2015) is available online by subscription only. Articles include: Vaccine Refusal and Trust: The Trouble with Coercion and Education and Suggestions for a Cure by Johan Christiaan Bester Intellectual Property in Genetic Material Read More

December 29, 2015

(The Washington Post) But the discussion reflects a broader truth: We live in an age in which machine intelligence has become a part of daily life. Computers fly planes and soon will drive cars. Computer algorithms anticipate our needs Read More

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Transhumanism | Bioethics.com

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transhumanism | social and philosophical movement | Britannica.com

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Transhumanism, social and philosophical movement devoted to promoting the research and development of robust human-enhancement technologies. Such technologies would augment or increase human sensory reception, emotive ability, or cognitive capacity as well as radically improve human health and extend human life spans. Such modifications resulting from the addition of biological or physical technologies would be more or less permanent and integrated into the human body.

The term transhumanism was originally coined by English biologist and philosopher Julian Huxley in his 1957 essay of the same name. Huxley refered principally to improving the human condition through social and cultural change, but the essay and the name have been adopted as seminal by the transhumanism movement, which emphasizes material technology. Huxley held that, although humanity had naturally evolved, it was now possible for social institutions to supplant evolution in refining and improving the species. The ethos of Huxleys essayif not its lettercan be located in transhumanisms commitment to assuming the work of evolution, but through technology rather than society.

The movements adherents tend to be libertarian and employed in high technology or in academia. Its principal proponents have been prominent technologists like American computer scientist and futurist Ray Kurzweil and scientists like Austrian-born Canadian computer scientist and roboticist Hans Moravec and American nanotechnology researcher Eric Drexler, with the addition of a small but influential contingent of thinkers such as American philosopher James Hughes and Swedish philosopher Nick Bostrom. The movement has evolved since its beginnings as a loose association of groups dedicated to extropianism (a philosophy devoted to the transcendence of human limits). Transhumanism is principally divided between adherents of two visions of post-humanityone in which technological and genetic improvements have created a distinct species of radically enhanced humans and the other in which greater-than-human machine intelligence emerges.

The membership of the transhumanist movement tends to split in an additional way. One prominent strain of transhumanism argues that social and cultural institutionsincluding national and international governmental organizationswill be largely irrelevant to the trajectory of technological development. Market forces and the nature of technological progress will drive humanity to approximately the same end point regardless of social and cultural influences. That end point is often referred to as the singularity, a metaphor drawn from astrophysics and referring to the point of hyperdense material at the centre of a black hole which generates its intense gravitational pull. Among transhumanists, the singularity is understood as the point at which artificial intelligence surpasses that of humanity, which will allow the convergence of human and machine consciousness. That convergence will herald the increase in human consciousness, physical strength, emotional well-being, and overall health and greatly extend the length of human lifetimes.

The second strain of transhumanism holds a contrasting view, that social institutions (such as religion, traditional notions of marriage and child rearing, and Western perspectives of freedom) not only can influence the trajectory of technological development but could ultimately retard or halt it. Bostrom and American philosopher David Pearce founded the World Transhumanist Association in 1998 as a nonprofit organization dedicated to working with those social institutions to promote and guide the development of human-enhancement technologies and to combat those social forces seemingly dedicated to halting such technological progress.

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Survivalism (song) – Wikipedia, the free encyclopedia

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"Survivalism" (also known as "Halo 23") is the first single by industrial rock band Nine Inch Nails from their 2007 album Year Zero. The song is the third track on the album. The single was released digitally on the iTunes Store on March 13, 2007, and the CD and vinyl singles were released internationally on April 2, 2007.[3]

On February 14, 2007, a clip of the chorus to "Survivalism" was first heard by fans calling the telephone number 1-310-295-1040, which was found by joining discolored numerals on the back of a tour T-shirt.[4] FMQB reported that "Survivalism" would arrive at radio stations on February 27 with an add date of March 6,[5] but 102.1 The Edge in Toronto, Canada debuted the song on February 15, and on the next day, it was officially played on radio stations across the United States. It was later made available on Nine Inch Nails' MySpace page.

As with "The Hand That Feeds" and "Only," the "Survivalism" multi-track GarageBand file was released by the band for fan remixing on March 13.[6] It can be downloaded on the album's website.

In July 2012, Canadian house musician deadmau5 did a remix of the song. This remix was later included in his 2014 album while(1<2).

Nine Inch Nails was scheduled to begin shooting a video for "Survivalism" on February 5, 2007, in the Los Angeles area.[7] It was directed by Alex Lieu, Rob Sheridan, and Trent Reznor.

The video was circulated on the Internet on March 7, 2007, when Nine Inch Nails played the Carling Academy Brixton in London, England. USB pen drives containing low and high resolution versions of the video were found at different locations in the venue by concert-goers.

The video consists of a series of images from a console of secret cameras installed in an apartment block. As the camera moves between the footage, viewers are able to see into the lives of a number of residents, including:

There are also cameras directed at hallways and stairs inside the apartment block. After about a minute, these screens show a SWAT team armed with submachine guns assembling outside. They enter in formation, and eventually break down a door (on which the letters "REV 18 3-4" are stenciled, a reference to a passage in the Bible) and enter the apartment where a band is playing. The noise disturbs all the residents, who momentarily stop what they are doing and move off to investigate, then return to their activities. At this point, a number of cameras have been turned off and show static. The band is no longer in their room. It has been torn asunder and a large smear of blood is visible on the floor. The final shot shows a bleeding corpse being dragged around a corner and out of sight.

The Bible passage referenced by the door is from the Book of Revelation, a passage describing the fallen city-nation of Babylon and how she has been corrupted by luxury and adultery, and how people are being called to leave this whorish nation behind and not share in her immorality to keep from sharing in her judgement. (see here)

The time code in the monitor sometimes changes the last digit for a letter. This eventually spells out "THE_TURNEDTO_". In addition, several Bible verses that reference water and blood are shown throughout the video. "Isaiah 15:9" on the graffiti wall, "John 19:34" on the picture of Jesus behind the couple, and "II Kings 3:22" and "Exodus 7:21" in the board behind the man with the laptop. This led to the discovery of the Year Zero website, thewaterturnedtoblood.net, which is a collage of a hand picking a man up out of the wreckage of a crumbling bridge, claimed to be drawn by a prison inmate. There are various biblical quotations surrounding the drawing, and capital letters (un-capitalized letters in the second paragraph) align to form the word "francesca" once in the first paragraph, and twice in the second. Francesca has two documented meanings; 'free', and 'from Franconia' or 'from France'.

The music video is available for download (both the lo-res and hi-res version) at the album's website.

At the end of 2007, Rolling Stone readers voted the video as the best music video of year.[8]

"Survivalism" had 501 plays and debuted at #28 on the Billboard Hot Modern Rock Tracks chart in the week ending February 23, 2007. It eventually climbed to #1 for one week, becoming NIN's fourth consecutive number 1 single (as well as their most recent),[9] and debuted at number 68 on the Billboard Hot 100.[10] Since Linkin Park's enormously more successful "What I've Done" single debuted at number one and replaced "Survivalism"'s position, the song however had fallen drastically after 1 week at #1, almost dropping off the top 20 modern rock tracks within just one month. The song dropped from #7 to #19 during the week of May 12, 2007, proceeded to fall to #26 during the week of May 19, 2007, then hit #37 in the week of May 26, 2007 leading the song to stay on the chart for only 13 weeks, a disappointment as a few other notable songs, despite not reaching #1 on the chart, stayed in the top 20 for longer, such as Breaking Benjamin's "Breath" (#3), Papa Roach's "Forever" (#2), Incubus's "Dig" (#4), and Rise Against's "Prayer of the Refugee" (#7) ("Breath" stayed on the chart for 39 weeks). "Survivalism" debuted at number two on the UK Rock Singles Chart [11] and on #29 in UK Singles Chart.[12][13] The song is Nine Inch Nails' forth consecutive top ten single on the Billboard Hot Modern Rock Tracks chart.[14]

The single debuted at number one on the Canadian Singles Chart (the only time a Nine Inch Nails single debuted at the top of a chart), a position which it maintained for six weeks.[15]

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Alleged cryptocurrency scam took in $21Mwith nominal …

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Further Reading In a new report, the court-appointed receiver assigned to investigate an alleged cryptocurrency scam has found no evidence of "any legitimate Gemcoin or other viable business."

In October 2015, the Securities and Exchange Commission announced that it had sued a Southern California company over an alleged Ponzi scheme resulting in a loss to investors of at least $32 million. If the governments accusations are correct, that would make Gemcoin one of the largest digital-currency-based financial schemes ever.

Thelawsuit came days after the United States Marshals Service and the Arcadia Police Department froze assets and raided corporate officesin Arcadia, north of downtown Los Angeles. Alliance Finance Group and its assets were promptly put into the hands of a court-appointed receiver, whose job it remains to examine what went wrong.

Numerous online promotional videos in many languages claim that Gemcoins parent company Alliance Finance Group and subsidiary United States Fine Investment Arts (USFIA) controlled $50 billion in amber mine assets in Latin America. The companies touted the fact that because Gemcoin was "backed" by these amber mines, this cryptocurrency had inherent value.

According to the February 2016 report, the receiver, Thomas A. Seaman, located over $21 million in gross receipts through the end of 2015. He wrote:

At this point, due to the volume of electronic data and disorganized manner in which it was kept by the Receivership Entities, the Receiver has not yet been able to identify the entire scope of the USFIA enterprise, the number of investors, or specific amounts invested by investors and distributed to them. The Receiver's work to analyze and better understand the investor data, with the assistance of his forensic computer specialist, is ongoing.

Aside from some income generated by the hotel and rental properties, the Receivership Entities had no significant source of income other than money raised from investors. The Receiver has verified that virtually none of the assets described in online and written marketing materials actually exist. Instead of mines located around the world, millions of dollars in precious gems, and houses and cars available to be awarded to investors, the Receiver has found only costume jewelry, boxes of rocks, and bins filled with tens of thousands of little rings of nominal value.

Steve Chen and the companies associated with Gemcoin also face a proposed class-action lawsuit on behalf of alleged victims filed in state court in Los Angeles.

The lawyer who brought the state case, Long Liu, did not immediately respond to Ars request for comment.

"Before it was just speculation, but now we have concrete evidence to show where the money went and how it was transferred," Liu told the Pasadena Star-News this week. "All of these companies were set up to defraud investors and to hide the money."

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