Kittitas County Democrats settle AG campaign finance lawsuit for $28k in fines and penalties.
Last week, the Kittitas County Democrats settled a lawsuit filed last July by the Washington State Attorney General’s office for a wide variety of campaign finance violations. The final settlement included payment for $6,740 in AG attorney fees and costs, forfeiture of $5,217 of illegal anonymous contributions, and a fine of $15,825 (with half suspended for good behavior for the next few years). It also appears that a previously suspended $400 fine imposed by the Public Disclosure Commission was forced to be paid last year by these complaints and this lawsuit since the Kittitas County Democrats were still not complying with the state’s campaign finance laws (see previous PDC fine/letter linked here, and Reported payment of suspended portion of that fine linked here)
Bitcoin was designed, essentially, as a better ‘digital gold’. It incorporates all of the best elements of gold — its inherent scarcity and decentralized nature — and then solves all the shortcomings of gold, in allowing it to be globally transactable in precise denominations extremely quickly.
How does it do this? In short, by emulating gold’s production digitally. Gold is physically mined out of the ground. Bitcoin is also ‘mined’, but digitally. The production of bitcoin is controlled by code that dictates you must find a specific answer to a given problem in order to unlock new bitcoins.
In technical terms, bitcoin utilizes the same proof-of-work system that Hashcash devised in 1997. This system dictates that one must find an input that when hashed, creates an output with a specific number of preceding zeros, among a few other specific requirements.
This is where the ‘crypto’, incidentally, in cryptocurrency comes from. Cryptographic hash functions are fundamentally necessary for the functioning of bitcoin and other cryptocurrencies, as they are one-way functions. One-way functions work such that it is easy to calculate an output given an input, but near impossible to calculate the original input given the output. Hence, cryptographic one-way hash functions enable bitcoin’s proof of work system, as it ensures that it is nigh-impossible for someone to just see the output required to unlock new bitcoins, and calculate in reverse the input that created that output.