Why a Nobel laureate in economics thinks bitcoin is toast ...

Satoshi deserves the Nobel Prize for Economics, Ross the Peace Prize, and Bitcoin Jesus the newly-announced "Fuck you I've got mine" prize.

Satoshi deserves the Nobel Prize for Economics, Ross the Peace Prize, and Bitcoin Jesus the newly-announced submitted by ButtersBeButtin to Buttcoin [link] [comments]

Meet Brock Pierce, the Presidential Candidate With Ties to Pedophiles Who Wants to End Human Trafficking

thedailybeast.com | Sep. 20, 2020.
The “Mighty Ducks” actor is running for president. He clears the air (sort of) to Tarpley Hitt about his ties to Jeffrey Epstein and more.
In the trailer for First Kid, the forgettable 1996 comedy about a Secret Service agent assigned to protect the president’s son, the title character, played by a teenage Brock Pierce, describes himself as “definitely the most powerful kid in the universe.” Now, the former child star is running to be the most powerful man in the world, as an Independent candidate for President of the United States.
Before First Kid, the Minnesota-born actor secured roles in a series of PG-rated comedies, playing a young Emilio Estevez in The Mighty Ducks, before graduating to smaller parts in movies like Problem Child 3: Junior in Love. When his screen time shrunk, Pierce retired from acting for a real executive role: co-founding the video production start-up Digital Entertainment Network (DEN) alongside businessman Marc Collins-Rector. At age 17, Pierce served as its vice president, taking in a base salary of $250,000.
DEN became “the poster child for dot-com excesses,” raising more than $60 million in seed investments and plotting a $75 million IPO. But it turned into a shorthand for something else when, in October of 1999, the three co-founders suddenly resigned. That month, a New Jersey man filed a lawsuit alleging Collins-Rector had molested him for three years beginning when he was 13 years old. The following summer, three teens filed a sexual-abuse lawsuit against Pierce, Collins-Rector, and their third co-founder, Chad Shackley. The plaintiffs later dropped their case against Pierce (he made a payment of $21,600 to one of their lawyers) and Shackley. But after a federal grand jury indicted Collins-Rector on criminal charges in 2000, the DEN founders left the country. When Interpol arrested them in 2002, they said they had confiscated “guns, machetes, and child pornography” from the trio’s beach villa in Spain.
While abroad, Pierce had pivoted to a new venture: Internet Gaming Entertainment, which sold virtual accessories in multiplayer online role-playing games to those desperate to pay, as one Wired reporter put it, “as much as $1,800 for an eight-piece suit of Skyshatter chain mail” rather than earn it in the games themselves. In 2005, a 25-year-old Pierce hired then-Goldman Sachs banker Steve Bannon—just before he would co-found Breitbart News. Two years later, after a World of Warcraft player sued the company for “diminishing” the fun of the game, Steve Bannon replaced Pierce as CEO.
Collins-Rector eventually pleaded guilty to eight charges of child enticement and registered as a sex offender. In the years that followed, Pierce waded into the gonzo economy of cryptocurrencies, where he overlapped more than once with Jeffrey Epstein, and counseled him on crypto. In that world, he founded Tether, a cryptocurrency that bills itself as a “stablecoin,” because its value is allegedly tied to the U.S. dollar, and the blockchain software company Block.one. Like his earlier businesses, Pierce’s crypto projects see-sawed between massive investments and curious deals. When Block.one announced a smart contract software called EOS.IO, the company raised $4 billion almost overnight, setting an all-time record before the product even launched. The Securities and Exchange Commission later fined the company $24 million for violating federal securities law. After John Oliver mocked the ordeal, calling Pierce a “sleepy, creepy cowboy,” Block.one fired him. Tether, meanwhile, is currently under investigation by the New York Attorney General for possible fraud.
On July 4, Pierce announced his candidacy for president. His campaign surrogates include a former Cambridge Analytica director and the singer Akon, who recently doubled down on developing an anonymously funded, $6 billion “Wakanda-like” metropolis in Senegal called Akon City. Pierce claims to be bipartisan, and from the 11 paragraphs on the “Policy” section of his website it can be hard to determine where he falls on the political spectrum. He supports legalizing marijuana and abolishing private prisons, but avoids the phrase “climate change.” He wants to end “human trafficking.” His proposal to end police brutality: body cams.
His political contributions tell a more one-sided story. Pierce’s sole Democratic contribution went to the short-lived congressional run of crypto candidate Brian Forde. The rest went to Republican campaigns like Marco Rubio, Rick Perry, John McCain, and the National Right to Life Political Action Committee. Last year alone, Pierce gave over $44,000 to the Republican National Committee and more than $55,000 to Trump’s re-election fund.
Pierce spoke to The Daily Beast from his tour bus and again over email. Those conversations have been combined and edited for clarity.
You’re announcing your presidential candidacy somewhat late, and historically, third-party candidates haven’t had the best luck with the executive office. If you don’t have a strong path to the White House, what do you want out of the race?
I announced on July 4, which I think is quite an auspicious date for an Independent candidate, hoping to bring independence to this country. There’s a lot of things that I can do. One is: I’m 39 years old. I turn 40 in November. So I’ve got time on my side. Whatever happens in this election cycle, I’m laying the groundwork for the future. The overall mission is to create a third major party—not another third party—a third major party in this country. I think that is what America needs most. George Washington in his closing address warned us about the threat of political parties. John Adams and the other founding fathers—their fear for our future was two political parties becoming dominant. And look at where we are. We were warned.
I believe, having studied systems, any time you have a system of two, what happens is those two things come together, like magnets. They come into collision, or they become polarized and become completely divided. I think we need to rise above partisan politics and find a path forward together. As Albert Einstein is quoted—I’m not sure the line came from him, but he’s quoted in many places—he said that the definition of insanity is making the same mistake or doing the same thing over and over and over again, expecting a different result. [Ed. note: Einstein never said this.] It feels like that’s what our election cycle is like. Half the country feels like they won, half the country feels like they lost, at least if they voted or participated.
Obviously, there’s another late-comer to the presidential race, and that’s Kanye West. He’s received a lot of flak for his candidacy, as he’s openly admitted to trying to siphon votes away from Joe Biden to ensure a Trump victory. Is that something you’re hoping to avoid or is that what you’re going for as well?
Oh no. This is a very serious campaign. Our campaign is very serious. You’ll notice I don’t say anything negative about either of the two major political candidates, because I think that’s one of the problems with our political system, instead of people getting on stage, talking about their visionary ideas, inspiring people, informing and educating, talking about problems, mentioning problems, talking about solutions, constructive criticism. That’s why I refuse to run a negative campaign. I am definitely not a spoiler. I’m into data, right? I’m a technologist. I’ve got digital DNA. So does most of our campaign team. We’ve got our finger on the pulse.
Most of my major Democratic contacts are really happy to see that we’re running in a red state like Wyoming. Kanye West’s home state is Wyoming. He’s not on the ballot in Wyoming I could say, in part, because he didn’t have Akon on his team. But I could also say that he probably didn’t want to be on the ballot in Wyoming because it’s a red state. He doesn’t want to take additional points in a state where he’s only running against Trump. But we’re on the ballot in Wyoming, and since we’re on the ballot in Wyoming I think it’s safe—more than safe, I think it’s evident—that we are not here to run as a spoiler for the benefit of Donald Trump.
In running for president, you’ve opened yourself up to be scrutinized from every angle going back to the beginning of your career. I wanted to ask you about your time at the Digital Entertainment Network. Can you tell me a little bit about how you started there? You became a vice president as a teenager. What were your qualifications and what was your job exactly?
Well, I was the co-founder. A lot of it was my idea. I had an idea that people would use the internet to watch videos, and we create content for the internet. The idea was basically YouTube and Hulu and Netflix. Anyone that was around in the ‘90s and has been around digital media since then, they all credit us as the creators of basically those ideas. I was just getting a message from the creator of The Vandals, the punk rock band, right before you called. He’s like, “Brock, looks like we’re going to get the Guinness Book of World Records for having created the first streaming television show.”
We did a lot of that stuff. We had 30 television shows. We had the top most prestigious institutions in the world as investors. The biggest names. High-net-worth investors like Terry Semel, who’s chairman and CEO of Warner Brothers, and became the CEO of Yahoo. I did all sorts of things. I helped sell $150,000 worth of advertising contracts to the CEOs of Pepsi and everything else. I was the face of the company, meeting all the major banks and everything else, selling the vision of what the future was.
You moved in with Marc Collins-Rector and Chad Shackley at a mansion in Encino. Was that the headquarters of the business?
All start-ups, they normally start out in your home. Because it’s just you. The company was first started out of Marc’s house, and it was probably there for the first two or three months, before the company got an office. That’s, like, how it is for all start-ups.
were later a co-defendant in the L.A. County case filed against Marc Collins-Rector for plying minors with alcohol and drugs, in order to facilitate sexual abuse. You were dropped from the case, but you settled with one of the men for $21,600. Can you explain that?
Okay, well, first of all, that’s not accurate. Two of the plaintiffs in that case asked me if I would be a plaintiff. Because I refused to be a part of the lawsuit, they chose to include me to discredit me, to make their case stronger. They also went and offered 50 percent of what they got to the house management—they went around and offered money to anyone to participate in this. They needed people to corroborate their story. Eventually, because I refused to participate in the lawsuit, they named me. Subsequently, all three of the plaintiffs apologized to me, in front of audiences, in front of many people, saying Brock never did anything. They dismissed their cases.
Remember, this is a civil thing. I’ve never been charged with a crime in my life. And the last plaintiff to have his case dismissed, he contacted his lawyer and said, “Dismiss this case against Brock. Brock never did anything. I just apologized. Dismiss his case.” And the lawyer said, “No. I won’t dismiss this case, I have all these out-of-pocket expenses, I refuse to file the paperwork unless you give me my out-of-pocket expenses.” And so the lawyer, I guess, had $21,000 in bills. So I paid his lawyer $21,000—not him, it was not a settlement. That was a payment to his lawyer for his out-of-pocket expenses. Out-of-pocket expenses so that he would file the paperwork to dismiss the case.
You’ve said the cases were unfounded, and the plaintiffs eventually apologized. But your boss, Marc Collins-Rector later pleaded guilty to eight charges of child enticement and registered as a sex offender. Were you aware of his behavior? How do you square the fact that later allegations proved to be true, but these ones were not?
Well, remember: I was 16 and 17 years old at the time? So, no. I don’t think Marc is the man they made him out to be. But Marc is not a person I would associate with today, and someone I haven’t associated with in a very long time. I was 16 and 17. I chose the wrong business partner. You live and you learn.
You’ve pointed out that you were underage when most of these allegations were said to take place. Did you ever feel like you were coerced or in over your head while working at DEN?
I mean, I was working 18 hours a day, doing things I’d never done before. It was business school. But I definitely learned a lot in building that company. We raised $88 million. We filed our [form] S-1 to go public. We were the hottest start-up in Los Angeles.
In 2000, you left the country with Marc Collins-Rector. Why did you leave? How did you spend those two years abroad?
I moved to Spain in 1999 for personal reasons. I spent those two years in Europe working on developing my businesses.
Interpol found you in 2002. The house where you were staying reportedly contained guns, machetes, and child pornography. Whose guns and child porn were those? Were you aware they were in the house, and how did those get there?
My lawyers have addressed this in 32 pages of documentation showing a complete absence of wrongdoing. Please refer to my webpage for more information.
[Ed. Note: The webpage does not mention guns, machetes, or child pornography. It does state:“It is true that when the local police arrested Collins-Rector in Spain in 2002 on an international warrant, Mr. Pierce was also taken into custody, but so was everyone at Collins-Rector’s house in Spain; and it is equally clear that Brock was promptly released, and no charges of any kind were ever filed against Brock concerning this matter.”]
What do you make of the allegations against Bryan Singer? [Ed. Note: Bryan Singer, a close friend of Collins-Rector, invested at least $50,000 in DEN. In an Atlantic article outlining Singer’s history of alleged sexual assault and statutory rape, one source claimed that at age 15, Collins-Rector abused him and introduced him to Singer, who then assaulted him in the DEN headquarters.]
I am aware of them and I support of all victims of sexual assault. I will let America’s justice system decide on Singer’s outcome.
In 2011, you spoke at the Mindshift conference supported by Jeffrey Epstein. At that point, he had already been convicted of soliciting prostitution from a minor. Why did you agree to speak?
I had never heard of Jeffrey Epstein. His name was not on the website. I was asked to speak at a conference alongside Nobel Prize winners. It was not a cryptocurrency conference, it was filled with Nobel Prize winners. I was asked to speak alongside Nobel Prize winners on the future of money. I speak at conferences historically, two to three times a week. I was like, “Nobel Prize winners? Sounds great. I’ll happily talk about the future of money with them.” I had no idea who Jeffrey Epstein was. His name was not listed anywhere on the website. Had I known what I know now? I clearly would have never spoken there. But I spoke at a conference that he cosponsored.
What’s your connection to the Clinton Global Initiative? Did you hear about it through Jeffrey Epstein?
I joined the Clinton Global Initiative as a philanthropist in 2006 and was a member for one year. My involvement with the Initiative had no connection to Jeffrey Epstein whatsoever.
You’ve launched your campaign in Minnesota, where George Floyd was killed by a police officer. How do you feel about the civil uprising against police brutality?
I’m from Minnesota. Born and raised. We just had a press conference there, announcing that we’re on the ballot. Former U.S. Senator Dean Barkley was there. So that tells you, when former U.S. Senators are endorsing the candidate, right?
[Ed. note: Barkley was never elected to the United States Senate. In November of 2002, he was appointed by then Minnesota Governor Jesse Venture to fill the seat after Sen. Paul Wellstone died in a plane crash. Barkley’s term ended on Jan. 3, 2003—two months later.]
Yes, George Floyd was murdered in Minneapolis. My vice-presidential running mate Karla Ballard and I, on our last trip to Minnesota together, went to visit the George Floyd Memorial. I believe in law and order. I believe that law and order is foundational to any functioning society. But there is no doubt in my mind that we need reform. These types of events—this is not an isolated incident. This has happened many times before. It’s time for change. We have a lot of detail around policy on this issue that we will be publishing next week. Not just high-level what we think, not just a summary, but detailed policy.
You said that you support “law and order.” What does that mean?
“Law and order” means creating a fair and just legal system where our number one priority is protecting the inalienable rights of “Life, Liberty and the pursuit of Happiness” for all people. This means reforming how our police intervene in emergency situations, abolishing private prisons that incentivize mass incarceration, and creating new educational and economic opportunities for our most vulnerable communities. I am dedicated to preventing crime by eliminating the socioeconomic conditions that encourage it.
I support accountability and transparency in government and law enforcement. Some of the key policies I support are requiring body-cams on all law enforcement officers who engage with the public, curtailing the 1033 program that provides local law enforcement agencies with access to military equipment, and abolishing private prisons. Rather than simply defund the police, my administration will take a holistic approach to heal and unite America by ending mass incarceration, police brutality, and racial injustice.
Did you attend any Black Lives Matter protests?
I support all movements aimed at ending racial injustice and inequality. I​ have not attended any Black Lives Matter protests.​ My running-mate, Karla Ballard, attended the March on Washington in support of racial justice and equality.
Your platform doesn’t mention the words “climate change.” Is there a reason for that?
I’m not sure what you mean. Our policy platform specifically references human-caused climate change and we have a plan to restabilize the climate, address environmental degradation, and ensure environmental sustainability.
[Ed. Note: As of writing the Pierce campaign’s policy platform does not specifically reference human-caused climate change.]
You’ve recently brought on Akon as a campaign surrogate. How did that happen? Tell me about that.
Akon and I have been friends for quite some time. I was one of the guys that taught him about Bitcoin. I helped make some videogames for him, I think in 2012. We were talking about Bitcoin, teaching him the ropes, back in 2013. And in 2014, we were both speaking at the Milken Global Conference, and I encouraged him to talk about how Bitcoin, Africa, changed the world. He became the biggest celebrity in the world, talking about Bitcoin at the time. I’m an adviser to his Akoin project, very interested in the work that he’s doing to build a city in Africa.
I think we need a government that’s of, for, and by the people. Akon has huge political aspirations. He obviously was a hugely successful artist. But he also discovered artists like Lady Gaga. So not only is he, himself, a great artist, but he’s also a great identifier and builder of other artists. And he’s been a great businessman, philanthropist. He’s pushing the limits of what can be done. We’re like-minded individuals in that regard. I think he’ll be running for political office one day, because he sees what I see: that we need real change, and we need a government that is of, for, and by the people.
You mentioned that you’re an adviser on Akoin. Do you have any financial investments in Akoin or Akon City?
I don’t believe so. I’d have to check. I have so much stuff. But I don’t believe that I have any economic interests in his stuff. I’d have to verify that. We’ll get back to you. I don’t believe that I have any economic interests. My interest is in helping him. He’s a visionary with big ideas that wants to help things in the world. If I can be of assistance in helping him make the world a better place, I’m all for it. I’m not motivated by money. I’m not running for office because I’m motivated by power. I’m running for office because I’m deeply, deeply concerned about our collective future.
You’ve said you’re running on a pro-technology platform. One week into your campaign last month, a New York appeals court approved the state Attorney General’s attempt to investigate the stablecoin Tether for potentially fraudulent activity. Do you think this will impact your ability to sell people on your tech entrepreneurship?
No, I think my role in Tether is as awesome as it gets. It was my idea. I put it together. But I’ve had no involvement in the company since 2015. I gave all of my equity to the other shareholders. I’ve had zero involvement in the company for almost six years. It was just my idea. I put the initial team together. But I think Tether is one of the most important innovations in the world, certainly. The idea is, I digitized the U.S. dollar. I used technology to digitize currency—existing currency. The U.S. dollar in particular. It’s doing $10 trillion a year. Ten trillion dollars a year of transactional volume. It’s probably the most important innovation in currency since the advent of fiat money. The people that took on the business and ran the business in years to come, they’ve done things I’m not proud of. I’m not sure they’ve done anything criminal. But they certainly did things differently than I would do. But it’s like, you have kids, they turn 18, they go out into the world, and sometimes you’re proud of the things they do, and sometimes you shake your head and go, “Ugh, why did you do that?” I have zero concerns as it relates to me personally. I wish they made better decisions.
What do you think the investigation will find?
I have no idea. The problem that was raised is that there was a $5 million loan between two entities and whether or not they had the right to do that, did they disclose it correctly. There’s been no accusations of, like, embezzlement or anything that bad.
[Ed. Note: The Attorney General’s press release on the investigation reads: “Our investigation has determined that the operators of the ‘Bitfinex’ trading platform, who also control the ‘tether’ virtual currency, have engaged in a cover-up to hide the apparent loss of $850 million dollars of co-mingled client and corporate funds.”]
But there’s been some disclosure things, that is the issue. No one is making any outrageous claims that these are people that have done a bunch of bad—well, on the internet, the media has said that the people behind the business may have been manipulating the price of Bitcoin, but I don’t think that has anything to do with the New York investigation. Again, I’m so not involved, and so not at risk, that I’m not even up to speed on the details.
[Ed note: A representative of the New York State Attorney General told Forbes that he “cannot confirm or deny that the investigation” includes Pierce.]
We’ve recently witnessed the rise of QAnon, the conspiracy theory that Hollywood is an evil cabal of Satanic pedophiles and Trump is the person waging war on them. You mentioned human trafficking, which has become a cause for them. What are your thoughts on that?
I’ve watched some of the content. I think it’s an interesting phenomenon. I’m an internet person, so Anonymous is obviously an organization that has been doing interesting stuff. It’s interesting. I don’t have a big—conspiracy theory stuff is—I guess I have a question for you: What do you think of all of it, since you’re the expert?
You know, I think it’s not true, but I’m not running for president. I do wonder what this politician [Georgia congressional candidate Marjorie Taylor Greene], who’s just won her primary, is going to do on day one, once she finds out there’s no satanic cabal room.
Wait, someone was running for office and won on a QAnon platform, saying that Hollywood did—say what? You’re the expert here.
She won a primary. But I want to push on if we only have a few minutes. In 2006, your gaming company IGE brought on Steve Bannon as an investor. Goldman later bought out most of your stock. Bannon eventually replaced you as CEO of Affinity. You’ve described him as your “right-hand man for, like, seven years.” How well did you know Bannon during that time?
Yes, so this is in my mid-twenties. He wasn’t an investor. He worked for me. He was my banker. He worked for me for three years as my yield guide. And then he was my CEO running the company for another four years. So I haven’t worked with Steve for a decade or so. We worked in videogame stuff and banking. He was at Goldman Sachs. He was not in the political area at the time. But he was a pretty successful banker. He set up Goldman Sachs Los Angeles. So for me, I’d say he did a pretty good job.
During your business relationship, Steve Bannon founded Breitbart News, which has pretty consistently published racist material. How do you feel about Breitbart?
I had no involvement with Breitbart News. As for how I feel about such material, I’m not pleased by any form of hate-mongering. I strongly support the equality of all Americans.
Did you have qualms about Bannon’s role in the 2016 election?
Bannon’s role in the Trump campaign got me to pay closer attention to what he was doing but that’s about it. Whenever you find out that one of your former employees has taken on a role like that, you pay attention.
Bannon served on the board of Cambridge Analytica. A staffer on your campaign, Brittany Kaiser, also served as a business director for them. What are your thoughts on their use of illicitly-obtained Facebook data for campaign promotional material?
Yes, so this will be the last question I can answer because I’ve got to be off for this 5:00 pm. But Brittany Kaiser is a friend of mine. She was the whistleblower of Cambridge Analytica. She came to me and said, “What do I do?” And I said, “Tell the truth. The truth will set you free.”
[Ed. Note: Investigations in Cambridge Analytica took place as early as Nov. 2017, when a U.K. reporter at Channel 4 News recorded their CEO boasting about using “beautiful Ukranian girls” and offers of bribes to discredit political officials. The first whistleblower was Christopher Wylie, who disclosed a cache of documents to The Guardian, published on Mar. 17, 2018. Kaiser’s confession ran five days later, after the scandal made national news. Her association with Cambridge Analytica is not mentioned anywhere on Pierce’s campaign website.]
So I’m glad that people—I’m a supporter of whistleblowers, people that see injustice in the world and something not right happening, and who put themselves in harm’s way to stand up for what they believe in. So I stand up for Brittany Kaiser.
Who do you think [anonymous inventor of Bitcoin] Satoshi Nakamoto is?
We all are Satoshi Nakamoto.
You got married at Burning Man. Have you been attending virtual Burning Man?
I’m running a presidential campaign. So, while I was there in spirit, unfortunately my schedule did not permit me to attend.
OP note: please refer to the original article for reference links within text (as I've not added them here!)
submitted by Leather_Term to Epstein [link] [comments]

The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews

The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews

https://preview.redd.it/w6v3l8n3zxu41.jpg?width=2551&format=pjpg&auto=webp&s=fb0338a36a1a321d3781f43ff5eb6929d8b92edc
Summary: Bitcoin was invented by the anonymous Satoshi Nakamoto as recently as 2008, but it is backed up by a rich intellectual foundation. For instance, The 1776 First Amendment separates church and state, and contemporary American liberation psychologist Nozomi Hayase (2020) argues that money and state should similarly be separated. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the anonymous creator Satoshi Nakamoto's desire for a “modernized gold standard” given rise to Bitcoin. Indeed, Bloomberg's 2020 report confirms Bitcoin to be gold 2.0. Montesquieu (1774) asserted that laws that secure inalienable rights can only be found in Nature, and the natural laws employed in Bitcoin include its consensus algorithm and the three natural laws of economics (self-interest, competition, and supply and demand). J.S. Mill (1859) preferred free markets to those controlled by governments. Ludwig von Mises (1951) argued against the hazards of fiat currency, urging for a return to the gold standard. Friedrich Hayek (1984) suggested people to invent a sly way to take money back from the hands of the government. Milton Friedman (1994) called for FED to be replaced by an automatic system and predicted the coming of a reliable e-cash. James Buchanan (1988) advocated a monetary constitution to constrain the governmental power of money creation. Tim May (1997) the cypherpunk proclaimed that restricting digital cash impinges on free speech, and envisioned a stateless digital form of money that is uncensorable. The Tofflers (2006) pictured a non-monetary economy. In 2016, UCLA Professor of Finance Bhagwan Chowdhry even nominated Satoshi for a Nobel Prize.
Full Text:
Separation between money and state
The 1791 First Amendment to the U.S. Constitution enshrines free speech and separates church and state, but not money and state. "Under the First Amendment, individuals’ right to create, choose their own money and transact freely was not recognized as a part of freedom of expression that needs to be protected," Japanese-American liberation psychologist Nozomi Hayase (2020) points out (1).
The government, banks and corporations collude together to encroach upon people's liberties by metamorphosing their inalienable rights into a permissioned from of legal rights. Fiat currencies function as a medium of manipulation, indulging big business to generate market monopolies. "Freedom of expression has become further stifled through economic censorship and financial blockage enacted by payment processing companies like Visa and MasterCard," to borrow Hayase's (2020) words.
Satoshi is a Modern Newton
Although most famous for discovering the law of gravity, Isaac Newton was also a practising alchemist. He never managed to turn lead into gold, but he did find a way to transmute silver into gold. In 1717, Newton announced in a report that, based on his studies, one gold guinea coin weighed 21 shillings. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the desire for a “modernized gold standard” given rise to Bitcoin. "In a way, Satoshi is a modern Newton. They both believed trust is best placed in the unchangeable facets of our economy. Beneath this belief is the assumption that each individual is their own best master," as put by Jon Creasy (2019) (2).
J.S. Mill: free markets preferable to those controlled by governments
John Stuart Mill (1806-1873) the great English philosopher would be a Bitcoiner were he still around today. In On Liberty (1859), Mill concludes that free markets are preferable to those controlled by governments. He argues that economies function best when left to their own devices. Therefore, government intervention, though theoretically permissible, would be counterproductive. Bitcoin is precisely decentralized or uncontrolled by the government, unconfiscatable, permissonless, and disinflationary. Bitcoin regulates itself spontaneously via the ordinary operations of the system. "Rules are enforced without applying any external pressure," in Hayase's (2020) words.
Ludwig von Mises (1958): Liberty is always Freedom from the Government
In The Free Market and its Enemies, theoretical Austrian School economist Ludwig von Mises (1951) argues against the hazards of fiat currency, urging for a return to the gold standard. “A fiat money system cannot go on forever and must one day come to an end,” Von Mises states. The solution is a return to the gold standard, "the only standard which makes the determination of the purchasing power of money independent of the changing ideas of political parties, governments, and pressure groups" under present conditions. Interestingly, this is also one of the key structural attributes of Bitcoin, the world’s first, global, peer-to-peer, decentralized value transfer network.
Actually, Bloomberg's 2020 report on Bitcoin confirms that it is gold 2.0. (3)
Von Mises prefers the price of gold to be determined according to the contemporaneous market conditions. The bitcoin price is, of course, determined across the various global online exchanges, in real-time. There is no central authority setting a spot price for gold after the which the market value is settled on among the traders during the day.
Hayek: Monopoly on Currency should End
Austrian-British Nobel laureate Friedrich Hayek’s theory in his 1976 work, Denationalization of Money, was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers, in order "to prevent the bouts of acute inflation and deflation which have played the world for the past 60 years." He forcefully argues that if there is no free competition between different currencies within any nation, then there will be no free market. Bitcoin is, again, decentralized, and many other cryptocurrencies have tried to compete with it, though in vain.
In a recently rediscovered video clip from 1984, Hayek actually suggested people to invent a cunning way to take money out of the hands of the government:- “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop” (4). Reviewing those words 36 years hence and it is difficult not to interpret them in the light of Bitcoin.
Milton Friedman Called for FED to be Replaced by an Automatic System
Nobel laureate economist Milton Friedman (1994) was critical of the Federal Reserve due to its poor performance and felt it should be abolished (5). Friedman (1999) believed that the Federal Reserve System should ultimately be replaced with a computer program, which makes us think of the computer code governing Bitcoin (6).[\](https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve#cite_note-:2-12) He (1970) favored a system that would automatically buy and sell securities in response to changes in the money supply. This, he argued, would put a lid on inflation, setting spending and investment decisions on a surer footing (7). Bitcoin is exactly disflationary as its maximum possible supply is 21 million and its block reward or production rate is halved every four years.
Friedman passed away before the coming of bitcoin, but he lived long enough to see the Internet’s spectacular rise throughout the 1990s. “I think that the Internet is going to be one of the major forces for reducing the role of government," said Friedman in a 1999 interview with NTU/F. On the same occasion, he sort of predicted the emergence of Bitcoin, "The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A." (8)
Of course, Friedman didnt predict the block chain, summed up American libertarian economist Jeffery Tucker (2014). “But he was hoping for a trustless system. He saw the need. (9).
Bitcoin Computer Code as Constitution in the Buchananian Sense
American economist cum Nobel laureate James Buchanan (1988) advocates constitutional constraints on the governmental power to create money (10). Buchanan distinguishes a managed monetary system—a system “that embodies the instrumental use of price-level predictability as a norm of policy”—from an automatic monetary system, “which does not, at any stage, involve the absolute price level” (Buchanan 1962, 164–65). Leaning toward the latter, Buchanan argues that automatic systems are characterized by an organization “of the institutions of private decision-making in such a way that the desired monetary predictability will emerge spontaneously from the ordinary operations of the system” (Buchanan 1962, 164). Again, "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone" (Hayase 2020).
Shruti Rajagopalan (2018) argues that the computer code governing how the sundry nodes/computers within the Bitcoin network interact with one another is a kind of monetary constitution in the Buchananian sense. One of Buchanan's greatest inputs is to differentiate the choice of rules from the choice within rule (Buchanan 1990). One may regard the Bitcoin code as a sort of constitution and "the Bitcoin network engaging in both the choice of rules and choice within rules" (Rajagopalan 2018) (11).
Tim May: Restricting Digital Cash may Impinge on Free Speech
Cypherpunks are activists who since the 1980s have advocated global use of strong cryptography and privacy-enhancing technologies as a route to social and political liberation. Tim May (Timothy C. May [1951-2018]), one of the influential cypherpunks published The Crypto Anarchist Manifesto in September 1992, which foretold the coming of Bitcoin (12). Cypherpunks began envisioning a stateless digital form of money that cannot be censored and their collaborative pursuit created a movement akin to the 18th Enlightenment.
At The 7th Conference on Computers, Freedom, and Privacy, Burlingame, CA. in 1997, Tim May equated money with speech, and argued that restricting digital cash may impinge on free speech, for spending money is often a matter of communicating orders to others, to transfer funds, to release funds, etc. In fact, most financial instruments are contracts or orders, instead of physical specie or banknotes (13).
Montesquieu: Laws that secure inalienable rights can only be found in Nature
In his influential work The Spirit of Laws (1748), Montesquieu wrote, “Laws ... are derived from the nature of things … Law, like mathematics, has its objective structure, which no arbitrary whim can alter". Similarly, once a block is added to the end of the Bitcoin blockchain, it is almost impossible to go back and alter the contents of the block, unless every single block after it on the blockchain is altered, too.
Cypherpunks knew that whereas alienable rights that are bestowed by law can be deprived by legislation, inalienable rights are not to be created but can be discovered by reason. Thus, laws that secure inalienable rights cannot be created by humankind but can be found in nature.
The natural laws employed in Bitcoin to enshrine the inalienable monetary right of every human being include its consensus algorithm, and the three natural laws of economics (self-interest, competition, and supply and demand) as identified by Adam Smith, father of modern economics.
Regarding mathematics, bitcoin mining is performed by high-powered computers that solve complex computational math problems. When computers solve these complex math problems on the Bitcoin network, they produce new bitcoin. And by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information.
Regarding economic laws, in accordance with the principle of game theory to generate fairness, miners take part in an open competition. Lining up self-interests of all in a network, with a vigilant balance of risk and rewards, rules are put in force sans the application of any exterior pressure. "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone," to borrow the words of Hayase (2020).
A Non-monetary Economy as Visualized by the Tofflers
In their book, Revolutionary Wealth (2006), futurists Alvin Toffler and his wife Heidi Toffler toy with the concept of a world sans money, raising a third kind of economic transaction that is neither one-on-one barter nor monetary exchange. In the end, they settle on the idea that the newer non-monetary economy will exist shoulder-to-shoulder with the monetary sector in the short term, although the latter may eventually be eclipsed by the former in the long run. What both the Tofflers' The Third Wave (1980) and Revolutionary Wealth bring into question is the very premise of monetary exchange. The vacuum left over by cash in such a non-monetary economy may be filled up by Bitcoin as a cryptocurrency.
Satoshi Nakamoto Nominated for Nobel Prize by UCLA Finance Prof.
UCLA Anderson School Professor of Finance Bhagwan Chowdhry nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics on the following grounds:-
It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.... Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another (14).
Fb link: https://www.facebook.com/hongkongbilingualnews/posts/947121432392288?__tn__=-R
Web link: https://www.hkbnews.net/post/the-intellectual-foundation-of-bitcoin%E6%AF%94%E7%89%B9%E5%B9%A3%E7%9A%84%E6%99%BA%E8%AD%98%E5%9F%BA%E7%A4%8E-by-chapman-chen-hkbnews
Disclaimer: This article is neither an advertisement nor professional financial advice.
End-notes
  1. https://bitcoinmagazine.com/articles/bitcoin-is-the-technology-of-dissent-that-secures-individual-liberties
  2. https://medium.com/hackernoon/why-sir-isaac-newton-was-the-first-bitcoin-maximalist-195a17cb6c34
  3. https://data.bloomberglp.com/professional/sites/10/Bloomberg-Crypto-Outlook-April-2020.pdf
  4. https://www.youtube.com/watch?v=EYhEDxFwFRU&t=1161s
  5. https://www.youtube.com/watch?v=m6fkdagNrjI
  6. http://youtu.be/mlwxdyLnMXM
  7. https://miltonfriedman.hoover.org/friedman_images/Collections/2016c21/IEA_1970.pdf
  8. https://www.youtube.com/watch?v=6MnQJFEVY7s
  9. https://www.coindesk.com/economist-milton-friedman-predicted-bitcoin
  10. https://www.aier.org/research/prospects-for-a-monetary-constitution/
  11. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3238472
  12. https://www.activism.net/cypherpunk/crypto-anarchy.html
  13. http://osaka.law.miami.edu/~froomkin/articles/tcmay.htm
  14. https://www.huffpost.com/entry/i-shall-happily-accept-th_b_8462028
Pic credit: Framingbitcoin
#bitcoin #bitcoinhalving #jamesBuchanan #MiltonFriedman #AlvinToffler #FirstAmendment #LudwigVonMises #TimMay #freeMarket # SatoshiNakamoto #FriedrichHayek #Cypherpunk #Cryptocurrency #GoldStandard #IsaacNewton
submitted by HKBNews to Bitcoin [link] [comments]

Top-60 bitcoin/crypto quotes of the last decade, because reading them makes you feel good, and it feels good to feel good. Also one trading tip

First, number one trading tip for the next decade (in my opinion):

XXA/XLM trading pair, price is 5.20 XLM (0.3588 USD). Ixinium XXA is so undervalued right now. Target profit +300% for this year. Backet by precious metals. Precious metals 100% insured by Lloyd's of London. Target price levels for this year because of precious metals base value:
12.0 XLM (0.83 USD, +130.6%)
18.8 XLM (1.30 USD, +261.5%)
23.2 XLM (1.60 USD, +345.9%)
Price up since Coinmarketcap listing 7 days ago: 47.26%
XXA/XLM trading pair on Stellarport and StellarX exchanges with zero trading fee. It's not too late to become an Ixinium whale :)

My favorite bitcoin/crypto quotes, last ten years:

  1. Came into Bitcoin for the short-term dollar gains. Stayed in Bitcoin for the long-term bitcoin gains.

  1. Fiat addicts you to spending. Bitcoin addicts you to saving.

  1. There are 1,900x more dollars in existence today than there was less than a hundred years ago. Bitcoin has no top because fiat has no bottom.

  1. Most investors would be better off if they lost the password to their account and couldn’t log in for a few years.

  1. How I learned to stop worrying and love the bear market: Value your wealth in bitcoin not fiat.

  1. If I had a Bitcoin for every time someone asked me if I know who Satoshi is... I'd be Satoshi.

  1. Every second bitcoin stays out of the spotlight, is another second we get to build unopposed. We can't take this time for granted.

  1. You can't be excited about Bitcoin and fear the bear market. It's like being excited for Christmas but fearing winter. The bear market is a natural part of Bitcoin's mass adoption.

  1. Crypto is the only money that works on the internet. But it's also the only money that works in space. It's really expensive to bring gold bars to Mars.

  1. The fact that your normie friends don't think Bitcoin is cool yet is the reason why there is still massive upside potential.

  1. Feel free to print (fiat money) as much as you need, as I am already all in crypto.

  1. Satoshi walks in to a bar. Nobody knows.

  1. Fiat supply: unlimited. Gold supply: unknown. Bitcoin supply: 21 million.

  1. Most people still don’t know anything about Bitcoin except its price. But they don’t know why Bitcoin has a price in the first place. Hence the skepticism. When you don’t know why something has a price, it is impossible to understand how much it can really be worth.

  1. There can never be more than 17 million people who own 1 full bitcoin. But in practice, there will be far fewer.

  1. Internet allowed you to never have to go to the library. Bitcoin will allow you to never have to go to the bank.

  1. Google's CEO is Indian
Nokia's CEO is Indian
Adobe's CEO is Indian
Amazon's BOD is Indian
MasterCard's CEO is Indian
Microsoft's CEO is Indian
Pepsico's CEO was Indian indra nooyi
Nasa has 58% Indian employees
Do something towards $Btc bans in India! ENOUGH IS ENOUGH.

  1. When you trade trends, you can be the last person to join the trend & first person to leave the trend & you can still outperform everyone else in long term simply because others will keep guessing the tops & bottoms while you will keep riding confirmed trends.

  1. You don't need to fomo into positions, if you accumulate early.

  1. If your "financial advisor" doesn't advise you to buy crypto, fire 'em.

  1. Bitcoin doesn't care about your feelings. It also doesn't care about your gender, ethnicity, sexual preference or religion. Bitcoin just is.

  1. Want to prove to an investor that your crypto product is needed? Get people to use it. It is really hard to argue with usage.

  1. Is it possible to be a BTC maximalist and be Vegan? Asking for a friend..

  1. If you think that bitcoin is not going to the mainstream, think again.

  1. Most people don’t know what money is. This is why Bitcoin is still underrated. First, learn what money is. Then, you will be able to leverage the massive opportunity that is Bitcoin.

  1. If you think the people in charge know exactly what they’re doing, do nothing & continue on with your life. If you think those in charge may NOT actually be as smart as they want us to think, buy a little Bitcoin. The status quo is a bet on humans, but Bitcoin is a bet on math.

  1. Bitcoin is only risky to those who don’t understand it.

  1. Short term volatility doesn’t phase long term investors.

  1. If you manage your risk, your profits will take care of itself. If you don't, your parents will take care of you.

  1. For every person in the world, there are only 0.00225764 bitcoins.

  1. If you did your research, this bear market was expected. Bear or bull market, it’s business as usual for true Bitcoiners.

  1. For Bitcoin to succeed, the whole world doesn't need to understand its value proposition. Those who do will profit from its monetization. Those who don't will naturally adopt this better money.
Economic reality imposes itself onto the world whether you're aware of it or not.

  1. This is not financial advice. This is life advice. Buy Bitcoin.

  1. If Banks & Fiat are horse carriages, then Bitcoin isn't merely cars, it's fucking teleportation.

  1. How Bitcoin enables global prosperity:
Bitcoin makes you future-oriented
Bitcoin makes delaying gratification easier
Bitcoin makes saving & capital accumulation easier
Bitcoin makes investing easier
Bitcoin makes global trade easier
Bitcoin makes advancing civilization easier

  1. Bitcoin is the ultimate marshmallow experiment. People who are able to hodl for longer will tend to have better life outcomes.

  1. Other than your human time, Bitcoin is the scarcest thing on earth. Human time will become more abundant as life expectancy increases. Bitcoin, however, will only become scarcer.

  1. The energy cost of Bitcoin mining will pale in comparison to the improvements in the world’s productivity and prosperity that are enabled by Bitcoin.

  1. Pros of bear market:
-You can buy more Bitcoin
-Devs more productive than ever
-Weak hands driven out+hodler base strengthened
-Focus on fundamentals, not short-term price
-Overvalued shitcoins deflated
-Critical Infrastructure being built out, making next bull run even fiercer

  1. The more productive we are during the bear market, the harder Bitcoin will pump in the next bull market. Ignore short-term price action. Focus on Bitcoin fundamentals.

  1. Bitcoin bear market is the best time for buying, learning and staying miles ahead of the normies who will once again be late to the game and will buy the top.

  1. Before you invest in Bitcoin, invest in educating yourself about Bitcoin. Understanding Bitcoin will make your conviction much stronger and enable you to maximize your gains.

  1. There are 2 ways you can adopt Bitcoin:
  2. Early on & willingly-> result: allows you to capture upside as Bitcoin grows & becomes widely used or
  3. Much later & not having another choice-> result: failing to capture most upside from Bitcoin's monetization.
The choice is yours.

  1. The overwhelming majority of highly intelligent people I talk to still have no idea why Bitcoin is valuable. We are extremely early. The ability to identify opportunity before others and take advantage of the information asymmetry is key.

  1. Bitcoin will succeed with or without you. Don’t be left behind.

  1. In the 90s people couldn’t imagine that the Internet would replace newspapers, TV, phone calls, shops & many other things. Today, people can't imagine Bitcoin becoming mass adopted money. Bitcoin will do to money what Internet did to information. And money is a way bigger market.

  1. If every millionaire in the US wanted to have just 1 bitcoin they wouldn't be able to. There will always be fewer bitcoins than there are millionaires in the US (let alone the whole world). Ignore this at your own risk.

  1. The corporations & institutions that stand to lose from Bitcoin adoption are made up of individuals who stand to benefit massively from Bitcoin adoption. Realizing that every group or entity is made up of self-motivated individuals is key to realizing why Bitcoin will succeed.

  1. Bitcoin self-selects for people with:
* Low time preference
* Long attention span
* Commitment
* Authenticity
* Patience
* Persistence
* Ability to focus
* Ability to go against the mainstream
Bitcoin is a marathon, not a sprint.

  1. If you don’t have a deep understanding of:
  2. What money is
  3. Functions of money
  4. Monetary history
  5. Money properties that fulfill its various functions
Then don’t you dare criticize Bitcoin.

  1. Bitcoin doesn’t care:
- what color you are
- what sex you are
- what age you are
- what your religion is
- who your parents are
- which university/school you went to
- who you’re friends with
- how expensive your lawyer is
Bitcoin cannot discriminate.

  1. You chase money every single day. You stress over money all your life. You worship money.
But you have no idea why money is valuable. Money controls your life because you have no understanding of what it is. Once you ask yourself “What is money?”, Bitcoin will make sense.

  1. Satoshi Nakamoto deserves:
- Nobel Prize in Economics
- Nobel Peace Prize
- Nobel Prize in Physics
But thankfully the last thing Satoshi needs is the validation of the establishment.

  1. Bitcoin is doing better than corporations & altcoins though it never had:
- CEO
- Marketing
- Salaries
- ICO
- Partnerships
- Headquarters
- Customer support
Bitcoin is an emergent superorganism. Members contribute according to their ability, driven by passion more than greed.

  1. July 2011 - $31
- “Damn, I should've bought bitcoin earlier”
Apr 2013 - $266
- “Damn, I should've bought bitcoin earlier”
Nov 2013 - $1,242
- “Damn, I should've bought bitcoin earlier”
Dec 2017 - $19,891
- “Damn, I should've bought bitcoin earlier”
2022-2023 - ...
- “Damn..”

  1. Successful crypto trading boils down to correctly predicting how the whales will torture the normies next.

  1. Bitcoin doesn’t wait for anyone. It’s up to you if you want to learn this the hard way.

  1. Percentage of world using the Internet in 1995 = 0.4%
Percentage of world using the Internet in 2019 = 58.8%
Bitcoin is to money what the Internet is to information.
Percentage of world using Bitcoin in 2019 = 0.4%
If you thought you are late to Bitcoin, think again.

  1. I didn't choose the dollar.
I didn't choose the euro.
I didn't choose the pound.
I didn't choose the yen.
I didn't choose the ruble.
I didn't choose fractional reserve banking.
I didn't choose central banks.
I didn't choose quantitative easing.
I choose Bitcoin.

  1. Using Bitcoin
  2. Download wallet
  3. Receive funds
Using Banks
  1. Go to location
  2. Identification card
  3. Social Security #
  4. Hidden fees
  5. Initial deposit
  6. Proof of address
  7. Unreadable legal docs
  8. Wait a week for your funds
Which one will the next generation choose?

Many of these wisdom quotes are from the author of the new book called “This ₿ook Will Save You Time”, and he's donating all of the proceeds from the book sales to a Bitcoin developer.
submitted by crypto_trading_stats to CryptoCurrencyTrading [link] [comments]

The Day Advances | Monthly FIRE Portfolio Update - January 2020

The day advanced as if to light some work of mine
Thoreau, Walden
This is my thirty-eighth portfolio update. I complete this update monthly to check my progress against my goal.
Portfolio goal
My objective is to reach a portfolio of $2 180 000 by 1 July 2021. This would produce a real annual income of about $87 000 (in 2020 dollars).
This portfolio objective is based on an expected average real return of 3.99 per cent, or a nominal return of 6.49 per cent.
Portfolio summary
Vanguard Lifestrategy High Growth Fund – $813 282
Vanguard Lifestrategy Growth Fund – $45 802
Vanguard Lifestrategy Balanced Fund – $83 162
Vanguard Diversified Bonds Fund – $110 472
Vanguard Australian Shares ETF (VAS) – $178 121
Vanguard International Shares ETF (VGS) – $34 965
Betashares Australia 200 ETF (A200) – $272 399
Telstra shares (TLS) – $2 046
Insurance Australia Group shares (IAG) – $8 970
NIB Holdings shares (NHF) – $6 492
Gold ETF (GOLD.ASX) – $106 701
Secured physical gold – $17 252
Ratesetter (P2P lending) – $14 755
Bitcoin – $153 530
Raiz app (Aggressive portfolio) – $18 365
Spaceship Voyager app (Index portfolio) – $2 534
BrickX (P2P rental real estate) – $4 477
Total portfolio value: $1 873 325 (+$94 067)
Asset allocation
Australian shares – 42.8% (2.2% under)
Global shares – 22.6%
Emerging markets shares – 2.4%
International small companies – 3.1%
Total international shares – 28.1% (1.9% under)
Total shares – 70.9% (4.1% under)
Total property securities – 0.2% (0.2% over)
Australian bonds – 4.5%
International bonds – 9.5%
Total bonds – 14.0% (1.0% under)
Gold – 6.6%
Bitcoin – 8.2%
Gold and alternatives – 14.8% (4.8% over)
Presented visually, below is a high-level view of the current asset allocation of the portfolio.
Comments
This month saw exceptional growth in the portfolio, with a net increase of $94 000 after a small fall last month.
[Chart]
This is the fastest growth in the past half year. It is also the second largest absolute increase in over three years of measurement.
[Chart]
As the histogram below - which counts the frequency of occurrences in a specified range of monthly value changes (with red denoting losses) - makes clear, this is one of the most positive outcomes in the three year record.
[Chart]
The sources of portfolio growth were generally buoyant global and Australian share markets. Just under half of the growth was also due to an increase in the price of both gold securities and Bitcoin. In addition, even bond holdings increased in value over the period.
Distribution payments from the Vanguard retail funds, as well as the exchange-traded funds VAS, VGS and A200 were made through this month.
These totalled around $14 000 and have begun to be gradually fed back into the portfolio. This is a process which will occur through to June - with new investments twice per month. So far this has led to additional purchases in Vanguard's Australian shares exchange-traded fund (VAS) to maintain the target allocation of Australian equities making up 60 per cent of all equity holdings.
The bond allocation of the portfolio continues to be notionally under its target, but has not yet reached a position where further balancing investments are warranted. Fully excluding the value of Bitcoin, for example, it still sits on its target allocation of 15 per cent of the portfolio.
If the same calculation is done for equities, they sit just above their target, at 77 per cent, and have drifted higher since early last year. Over the past months my position has been to take no portfolio balancing actions based purely on the volatile value of Bitcoin over time, and this remains my approach.
There is no perfect answer to this issue - assigning no value to Bitcoin and ignoring it for asset allocation purposes is inconsistent with its role in the portfolio. Pushing either equity or bond allocations sharply out of target boundaries merely due to short-term Bitcoin movements is also not warranted. Taking a backcast 'moving average' approach might be one statistical solution, but I am not yet convinced it would do more than moderate the appearance of the issue.
While expenditure has been higher over the holiday period, on average the gap between the rolling three-year average of distributions and credit card expenditure continues to close, and sits at just over a $300 per month gap at present.
Flags of convenience - estimating hedging in the portfolio
This month, out of a curiosity carried over from my recent review of my bond holdings, I have found the time to review of the overall currency hedging position of the portfolio.
There are some excellent online research papers (pdf) and blog pieces, such as this one from Passive Investing Australia, for those interested in learning more about some of the associated issues.
Currency risks have never previously been an object of much detailed thought on the journey. Rather, I had tracked a basic measure of broader exposure to foreign assets (including foreign equities, property securities, gold and more recently Bitcoin).
The additional issue of whether my exposure to these assets was unhedged (meaning exposure to gains and losses from the relative movement in the Australian dollar and the foreign currencies) or hedged was not really front of mind.
I suppose I had a dim awareness that some elements of the Vanguard retail funds that have until recently dominated the portfolio were hedged (for example, around 30 per cent of the Vanguard High Growth Diversified funds equity position is currency hedged), and judged that there was likely a well-considered rationale behind the amount of this hedging.
The first step to understanding where any exposures exist is to understand and measure the current state of affairs. As of today, this is broadly as set out below:
The decision to invest in Vanguard's International Shares ETF (VGS), which is unhedged, is a significant event in this regard.
The chart below shows the overall level of currency hedging in the international equity portfolio. Investments in VGS commenced from July 2019, and have started to affect the level of hedging.
[Chart]
As future contributions flow into VGS - absent any other action - a historically quite stable level of hedging will continue to fall. So far this is just a trend I am monitoring, until I have completed more research and thinking on the best approach in this area.
There are many complicated, and some unknowable, issues to consider and balance in hedging decisions, such as the likely denomination of future costs, and the historical and future relationships between domestic currencies and equity markets. None avail themselves of short or easy answers. Until I have thought my way through them more fully, I remain hesitant to make any definitive decisions.
Progress
Progress against the objective, and the additional measures I have reached is set out below.
Measure Portfolio All Assets
Portfolio Objective – $2 180 000 (or $87 000 pa) 85.2% 115.9%
Credit card purchases – $71 000 pa 103.9% 141.4%
Total expenses – $89 000 pa 83.3% 113.3%
Summary
This month has seen rapid progress, propelling the portfolio closer to both old and new goals. The portfolio gains this month have already closed nearly half of the additional distance created by increasing my portfolio target at the beginning of the year.
The psychological forward push from distributions performance across 2019 (including, pleasingly, seeing it recognised here) has added to this sense of momentum. Additionally, this month I have also crossed the threshold to the target portfolio size needed to achieve 'credit card FI', a long-standing measure I have tracked.
The long summer break that has just ended in some ways seemed like a foretaste of what some versions of financial independence could feel like. With the minimum of planning there was time to read, rest, exercise and write largely as I pleased.
Returning to work following this has been infused with an unusual sense of being a temporary visitor in a new workplace. There is a greater philosophical detachment, in observing its rituals and rhythms, and less of a desire to seek to shape or resist its minutiae. Rather, what I have focused on is seeking to more deliberately make use of the freedoms it does not constrain, and pursue the best and most interesting use of the time that is outside of work hours.
Through these recent strong Australian and US equity markets, this article has been a useful reminder of the 'survivorship' risks of focusing a FI target too narrowly on past performance.
This excellent recent piece from Aussie HIFIRE has also, from another direction, usefully focused on separating out the decisions that do, and do not, materially matter in planning and executing on a passive indexing strategy over the long-term. For a challenging and entirely heterodox view on the potential long-term movement of equity markets upwards from here, this article has been thought-provoking.
Finally, this month I have been discovering the Jolly Swagman podcast, which has long and fascinating interviews with the ex-head of the Reserve Bank of Australia, and Nobel Prize winning US economist Robert Shiller speaking on bubbles and narrative economics.
During the long restful hours of summer break, the day has advanced. Though clouds may come in time, as the year starts - at least - the way forward looks bright.
The post, links and full charts can be seen here.
submitted by thefiexpl to fiaustralia [link] [comments]

Even the most hardened bears have to concede something; the bitcoin ecosystem is booming.

Nobel prize winning economists are talking about bitcoin with general negativity. These are the same people who were totally oblivious to the negative economic effects compound interest has. They missed every boom bust crisis of the last 100 years. Even establishment fiat shill Paul Krugman has admitted the economist profession has completely failed.
Meanwhile, the bitcoin ecosystem marches on.
Exchanges are more decentralized, more liquid and safer than ever.
The mining ecosystem is robust, we now have numerous pools powered by hundreds of thousands of computing units.
The Bitcoin Foundation is almost gone. That annoying cousin that just won't go away is finally done for.
We are pushing almost 200,000 transactions per day and nearly 1 BILLION dollars in 30 day exchange volume. It's happening.
Let's think about it, last time the price was at these levels in Spring 2013, the ecosystem was entirely reliant on 1 exchange and 1 mining pool.
submitted by deusexbitcoin to Bitcoin [link] [comments]

17 Bitcoin Facts you Need to Know

17 Bitcoin Facts you Need to Know
Here are seventeen of the most important and interesting Bitcoin facts which should hopefully give you a basic understanding of this cryptic cryptocurrency!
1.We know who founded Bitcoin. . . but, not exactly
Bitcoin’s founder is Satoshi Nakamoto and (s)he is responsible for designing and engineering the entire project. But, that’s all we know. Satoshi Nakamoto is a pseudonym and, for all we know, could be a team of people. Whoever they are, their estimated worth is $16.5 billion in Bitcoin and they were nominated for a Nobel Prize in Economic Sciences in 2015.
2. Bitcoin is limited in number
The individual – or team – behind Bitcoin set a pre-defined amount of Bitcoin before the project was complete, which is 21 million. This number is slowly being approached and it is getting harder to ‘mine’ new Bitcoin each day.
3. New Bitcoin are created through ‘mining’
‘Mining’ is the very complicated process by which new Bitcoin are produced. Mining Bitcoin is analogous to mining gold; there is a finite amount of gold and the more it is mined, the more difficult and resource-intensive it is to find. This is the same with Bitcoin.
4. The FBI has a huge amount of Bitcoin kept in wallets
In fact, the FBI has one of the largest Bitcoin wallets, period. When Silk Road – the dark web marketplace for drugs – was shut down, they seized its owner’s assets which included a Bitcoin wallet which is reported to be worth over $100 million.
5. One of Bitcoin’s first transactions was for pizza
In May 2010, two pizzas costing $25 were purchased for 10,000 Bitcoin. In January 2018, the value of 10,000 Bitcoin was around the $150 million mark.
6. It is more powerful than 500 of the most powerful supercomputers
As the experts put it, Bitcoin’s network has a computing power of 2,046,364 Pflop/s which, when compared to the computing power of the world’s 500 most powerful supercomputers – 274 Pflop/s – is eye watering.
7. It is completely anonymous
It is not possible to find out the details of people you have sent Bitcoin too, or from whom you have received Bitcoin. When sending Bitcoin, a 34-character alphanumeric ‘address’ is used which cannot be traced. As a result, the industry that was the swiftest to adopt cryptocurrency payments was the online gambling scene. Bitcoin poker and general gambling without any territorial restrictions appeared practically overnight.
8. Private key, the only proof of ownership
The private key is the only proof of ownership that the bitcoin network recognizes. If in any case, the private key is lost, then the bitcoins will become unusable and it is equivalent to losing the coin. So, it is important that the private key is kept in a safe and secure place. Notably in an incident in the year 2013 saw one user, by the name of James Howells, claiming that he has lost 7500 bitcoins after he mistakenly discarded a hard drive that contained his private key. At that time, the Bitcoins were valued at $7.5 million! This situation could have been easily avoided had the user kept a backup of his private key.
9. Also, Bitcoin transfers are irreversible
Unlike PayPal where you can reverse transactions and file chargeback disputes, Bitcoin transactions are final. There are no second chances with Bitcoin, so you have to be sure you are ready to commit to your purchase.
10. It has made some people very rich
A Norwegian by the name of Kristoffer Koch invested $28USD into Bitcoin and promptly forgot about it. By the time he remembered he owned it, its value was worth more than $825,000. There are many more of these success stories too.
11. But, make sure you don’t lose your wallet
If you lose your Bitcoin wallet, it’s gone, end of story; it’s not like losing a debit card. Unfortunately, many people who bought Bitcoin in its early days have done just this and it is estimated that 64% of Bitcoin has never and will never be used because of this.
12. Bitcoin is not controlled by any single entity
Unlike national currencies which are controlled by national banking institutions, Bitcoin is not controlled by any one single person or entity. Instead, it is controlled by everyone who uses Bitcoin… confusing, eh!
13. It is completely transparent
Perhaps the most unique aspect of Bitcoin is that you can see all of the transactions; it is entirely transparent. Everything can be viewed on the blockchain and it is this openness and transparency which gives it such a high level of trust among the wider Bitcoin community.
14. Bitcoin can be sent with virtually no fees
If you were to transfer money from a bank in the US to a bank in Malaysia, you would probably have to pay bank transfer and currency conversion fees. With Bitcoin, there are no transaction fees and it is sent almost immediately – for about 10 minutes.
15. Bitcoin has a dark and suspicious past
Before it became popular in the mainstream, Bitcoin was largely used on the ‘dark web’ to fund illegal transactions. A popular example of this was something known as “The Assassination Market” where people could place bets in Bitcoin about a particular individual’s date of death. If somebody was to ‘guess’ correctly, they could collect a payoff!
16. Bitcoins are valued higher than gold!
The value of Bitcoins rose to such heights in the month of November 2013 that it exceeded the price of gold for the first time. It was again in March 2017 that the market value of an ounce of gold was surpassed by the value of bitcoins. The price of bitcoin surged to an all-time high of $1268.
17. Its legal status varies, too
There are a lot of questions when it comes to the legality of Bitcoin, and this varies from country to country. Some countries openly support Bitcoin, and there are others which don’t; there is a comprehensive list online which is kept updated to reflect each country’s individual position on the cryptocurrency.
Some countries such as the USA are even trying to regulate Bitcoin, but this has been met with widespread backlash from Bitcoin advocates.
We hope that cleared some things up for you!
Bitcoin may sound a little confusing at first, but it is a real currency which you can use to buy real things! Although it is not tangible in the sense of a dollar bill, there are still a wide variety of merchants (the number is always growing) who are willing to accept Bitcoin as payment for items.
It is not restricted to the internet, either. There are many physical stores who can accept Bitcoin payment in person using specially designed apps and software.
Source: Boomsbeat, Cryptocurrency News
https://preview.redd.it/28ze6sayili11.jpg?width=700&format=pjpg&auto=webp&s=4b7d466454ed36e41c9b05c05671464618a8f3be
submitted by Lumi_wallet to LumiWallet [link] [comments]

BitcoinCore to BitcoinUnlimited decision

Dear CryptoCurrency community
After long fought indecision, I have finally decided to drop my support for Core.
Because I am worried about the following:
Taking the lessons from history for one, regarding how an idea always starts off in good intentions, but becomes corruptible in the end, the very words “all transactions are processed by a trusted third party, without having to broadcast them across the entire network”. (With that statement, it tells me its just going to go the way of the similarities with our traditional banking system!).
Don't get me wrong, I know there is no clear answer, as there are problems with BU as well, but I prefer the risk centralized mining any day (the two of greater evils) over a centralized company, processing transactions, off chain!. As this begs the question for new comers why bother with Bitcoin if Bitcoins transactions are being processed by a third party, isn't that just like what we have already with banking!. (The whole point of Bitcoin is NO trust is required and people processes and validate there own transactions e.g. ‘full’ nodes).
Remember: Satoshi Nakamoto has been nominated a noble prize for economics, thats for a good reason. (Going with CoreDev goes well away from his vision).
SegWit is one step to the next and so on, i.e. because SegWit ‘Modifies’ the block structure, that is dangerous in my opinion as the next steps can be manipulation of Bitcoin, especially with “third party trust” this is in favor of Gov and NSA control, Its now possible at that stage for Gov/NSA to implant monitoring code within blocks to have all Bitcoin users transactions monitored by the NSA, at that point nobody can do anything. (If SegWit gets its way, I can bet that Gov and NSA will actually start encouraging people to switch to Bitcoin as a means of mass surveillance!).
https://cointelegraph.com/explained/segwit-explained https://medium.com/@jonaldfyookball/an-open-letter-to-bitcoin-miners-c260467e1f0 https://falkvinge.net/2017/05/01/blockstream-patents-segwit-makes-pieces-fall-place/ http://www.businessinsider.com/bitcoin-inventor-satoshi-nakamoto-nominated-nobel-prize-economics-bhagwan-chodry-2015-11?r=UK&IR=T&IR=T https://www.eff.org/deeplinks/2016/07/blockstream-commits-patent-nonaggression
I really WANT to be completely WRONG on everything I said, but my gut is telling me I’m right!. So please do correct me the best you can! :D.
Personally I find BU much better, because I can actually 'map port' through the GUI (Cant do that with core, at least on Ubuntu, have to port forward!), You can set Bandwidth limits and set block sizes, You cant do that at all with Bitcoin Core! (I know you can set Bandwidth limits at least with Core, but is command based, NOT GUI and NOT user friendly for new comer!). (In my opinion if you run a wallet especially a 'full' node you should have more easier control over it!; BU is much better I find). The idea that its very buggy is more myth as its code is copied form Core and new code with BU developers aka copyright CoreDevs and BU Devs shown on startup of BU. I have had NO problems at all with BU.
Regards.
submitted by TXJQQVRF to CryptoCurrency [link] [comments]

News from the world of cryptocurrencies - December 5th, 2017

Bitcoin and some of the other cryptocurrencies continue to attack the historically highest prices. Bitcoin keeps well, holding just under $ 12,000. But other virtual currencies, like Ethereum, are not doing so well and are still far from its peak.
The cryptocurrency boom will now try to ride the collapsing Venezuela. President Nicolás Maduro announced the birth of a new virtual currency, called "petro". However, it is a big question of how it will build confidence, given the poor situation of local economy, although it will be a cryptomania that is to be covered by the real value: oil and other raw materials.
Another new feature from the world of cryptocurrencies is that another big companies have announced plans to start accepting virtual currencies. From 2018, Bitcoin payments are about to be accepted by McDonald's fast food chain, and other major companies are planning to follow. According to Crypto Daily, a US-based McDonald's will begin receiving payments in bitcoins early next year. British Airways, betting giant Betway and the Amazon internet shop are also going to be doing the same. According to Crypto Daily, big companies began to take cryptocurrencies seriously when the bitcoin began its bull ride and its value began to rocket growth. One of the most convinced supporters of the assumption that bitcoin will continue to grow is Alan Alger - Betway global communications chief. “We are seeing fresh gains for Bitcoin on a daily basis at the moment, leading us to believe that Bitcoin could easily sail past $20,000 before the end of next year.” Alger explained why Betway decided to make a friendly step towards bitcoin users.
The start of dealing with bitcoin futures contracts in the United States is also approaching. CBOE Global Markets, a US stockbroker, will begin trading in these contracts in less than a week. So CBOE overtook CME Group by one week. The US Commodity Exchange Commodity Commission (CFTC) announced on Friday that it had decided to allow CME Group and CBOE Global Markets to trade in futures contracts on bitcoins. CFTC companies have proven that the proposed futures meet the necessary regulatory requirements. CME announced on Friday that trading will start on Monday 18 December. CBOE recently said that trading on that exchange will begin on Sunday, December 10, at 5 pm Central Time.
Bitcoin has also been recently commented by several prominent economists, including Nobel Prize winners. The most critical was the 2001 Nobel Prize winner Stiglitz, telling that "bitcoin should be banned", informs CNN. In a Bloomberg television interview, Stiglitz said that "bitcoin should be banned. Bitcoin is successful only because of its potential for circumvention due to lack of supervision. It does not serve any socially useful function. " Another comment, more positive, was said by Robert Shiller, who won the Nobel Prize in 2013 for his research on economic bubbles. According to Shiller, bitcoin is popular because of its "anti-government, anti-regulatory atmosphere"- "It's a wonderful story. I wish it was true" added Shiller at a conference in Lithuania.
For investors who do not want to invest in cryptocurrencies directly, there is the possibility to invest in a company that is "mining" them. Such a mining company drives mining according to the actual value of each cryptocurrency, so investors do not need to monitor how the market is evolving. Instead of investors, the market situation is monitored by the experts of the company. An example of such a company is the Swiss Envion, which has developed portable containers with cryptomining equipment that can be placed directly at sources of cheap electricity (which is a major part of mining costs).
Envion is now looking for investors who are interested in the idea of cryptomining - the sale of investment tokens begins on December 15, 2017. More information about the whole project can be found at http://www.envion.org (here is, in addition to basic information, detailed whitepaper, links to various communication channels, etc.) Information about the sale of investment tokens (so-called ICO) can be found at https://www.envion.org/en/ico/
submitted by mrelich to crypto_currency [link] [comments]

JOHN FORBES NASH JR IS SATOSHI.

John is an award winning cryptographer, mathematician and a Nobel prize winning economist. This trifecta is key in understanding the genius behind Bitcoin as all three schools of thought came together.
He's been operating under several 'schizophrenic' false identities on the internet since the 90's. His timezone/geographic location, access to computers within the faculty in Princeton (for early Bitcoin mining) and his raw genius are all parallel with what we already know about the real Satoshi Nakamoto, including his writing style, which also matches Nick Szabo's.
Read the "Ideal Money" paper he released in 2005/06 for yourself and it'll all ring true. http://sites.stat.psu.edu/~babu/nash/money.pdf
The question now remains is if he developed Bitcoin under his own directive, or under direction from RAND (Genius think-tank), which his prior involvement in is well documented.
This man is a genius in the fields of mathematics, economics and cryptography. He practically ANTICIPATED modern cryptographic issues in the 1950's before his decades long treatment with schizophrenia. His son also shares the same level of genius and could have aided him with the tedious task of being on the Bitcoin forum and aiding in the programming.
I implore all of you to do your own legwork as you will reach the same conclusion as I and many others have.
EDIT: A quick video about John Nash's political ideas and goals: https://www.youtube.com/watch?v=lv1GiBNR7Z8 It gives me goosebumps hearing about the parts on transparency and non-cooperative games, similar to the open and trust less network that is Bitcoin.
submitted by shervintwo to Bitcoin [link] [comments]

Does if matter if you believe Craig Wright is Satoshi?

Does it matter if CSW is Satoshi - NO DEFINITELY NOT . Does it matter if you believe CSW is Satoshi - YES. Under normal circumstances no, but these are not normal circumstances. We are getting a hard fork on 1 August. This means we will all have BCC and BTC in our wallet. You have a choice Sell one or the other or keep both. Where you end up depends on what you believe in. I believe that the BCC fork will survive and in the end will surpass the BTC chain.
1) CSW supports the BCC chain. He is nChain and they are introducing split chain and new op codes for Turing completeness 2) Replay protection on BCC chain
These people are serious and responsible, plus the system they use makes it fraud proof and opens the way for sharding.
These are enormous improvement to the Bitcoin protocol. Turing completeness was the whole reason for Ethereums' inception. Will this kill Ethereum? I believe it will. Means smart contract when they become useful can be perform on the most safe and secure chain. Ethereum is totally buggy. They are brushing aside the hacks and loss so far. But ask yourself. Will you put your bitcoin in a wallet if you know that there is a 1 in 1000 chance that you may lose your money? Even this possibility cannot justify any company to risk their shareholders money on the platform. They have a fiduciary duty not to take that kind of risk.
3) Sharding is the holy grail for Ethereum and they have not succeeded. Basically sharing the processing load on different computers. BCC adopts Bip143 style signature, which solves malleability and makes the system fraud proof, which is necessary for sharding. All these developments are on BCC and not BTC. Can they not be adopted? Sure they can, but Core have proven so far that they don't look outside their sphere. Plus they absolutely hate the big blockers.
4) What happens after the fork? The first thing is that BCC has bigger blocks while BTC will have 1MB for at least 3 months. So it will be cheaper to transact on BCC. This I believe is the biggest organic push by users to BCC and the miners and developers must follow the users. Also the people on the BTC side of the chain will always be arguing if the 2mb hard fork will be activated while te people on BCC will get on with business. You win by what you do not what you say.
Will BCC chain survive? What if it has low hash rate behind it? It will survive because the community sees the benefit of having a second option in case the first option fails. Means the big miners will not attack the BCC chain. And there will be a second chain because the people behind it are willing to mine the chain even though it is less profitable to do so.
So it is important on which chain you want to be on. You can sit and do nothing and all will be well but what if you want to spend some BTC? Are you going to spend your BCC or BTC? If you want to take a position, taking the wrong position means you will lose your money. So it is important if you believe CSW is Satoshi or not. Long term (6 months) both chain cannot survive one will wither and become an Alt.
Why I believe CSW is Satoshi It really does not matter if he is or is not, except to satisfy one's curiosity. But look at it this way. What does it take to be Satoshi? He must have very good grasp of programming, cryptography, game theory, Maths, Economics and Philosophy. Is Satoshi one person or a group. I argue that it is one person and he solve the Byzantine Generals problem, help by small group of people after the release of the software. You will also need to have a connection to these small group of people.
Solving the Byzantine General problem is what scientist call a hard problem. It is not obvious and the solution is worthy of the Nobel prize. So why did he release it anonymously? I think because he knew that if it did not get traction and adoption it will die either from within or without. He was worried about Wikileak using bitcoin before Bitcoin was ready. Attracting attention to it will surely get it stomp on by the authorities, and open himself to criminal prosecutions. Every other person who engaged in digital money up to then have had legal and criminal problems to content with. Can you count how many people dismiss it outright at first glance only to rediscover and adopt it later when it refuses to die.
Lastly, this is a gift to humanity. It takes a special kind of person to do that. One must have "lived". Such a person will be a contradiction. A complex person. One where the Yin and Yang flares up easily.
submitted by phanpp to btc [link] [comments]

An essay on New realities of the economic war, or how Bitcoin can save the rouble.

Here is mine..
An essay on New realities of the economic war, or how Bitcoin can save the rouble.
In this essay I will consider the social, economic and political factors of the new realities of the economic war. There are many factors which influenced the development of Bitcoin. Given that its influence pervades our society, several of todays most brilliant minds seem incapable of recognising its increasing relevance to understanding future generations. It is estimated that that the economic war is thought about eight times every day by the upper echelons of progressive service sector organisations, trapped by their infamous history.
Since it was first compared to antidisestablishmentarianism much has been said concerning Cryptocurrency by the aristocracy, who are yet to grow accustomed to its discombobulating nature.
The subject of Putin is a controversial issue. Underestimate Putin at your peril. Given that its influence pervades our society, Putin is not given the credit he deserves for inspiring many of the worlds famous painters. Crossing many cultural barriers it still draws remarks such as 'I wouldn't touch it with a barge pole' and 'i'd rather eat wasps' from the upper echelons of progressive service sector organisations, who just don't like that sort of thing.
To delve deeply into OPEC is an exciting adventure. I find my self constantly drawn back to the subject of OPEC. While much has been written on its influence on contemporary living, it is important to remember that ‘what goes up must come down.’ The juxtapositioning of OPEC with fundamental economic, social and political strategic conflict draws criticism from socialists, who form the last great hope for our civilisation. In the light of this I will break down the issues in order to give each of them the thought that they fully deserve
Social Factors
There is cultural and institutional interdependence between members of any community. When J H Darcy said 'fervour will spread' [1] she created a monster which society has been attempting to tame ever since. Both tyranny and democracy are tried and questioned. Yet economic war, with the backing of Bitcoin demonstrates a coherent approach, something so lacking in our culture, that it is not recognised by all.
Our post-literate society, more than ever before, relies upon how Bitcoin can save the rouble. Society says that every man must find their own truth. While one sees New realities another may see monkeys playing tennis.
Society begins and ends with bitcoin. When Sir Bernard Chivilary said 'hounds will feast on society' [4] he must have been referring to bitcoin. Spanning divides such as class, race and ugliness, bitcoin cleary plays a significant role amongst the developing middle classes.
While some scholars have claimed that there is no such thing as society, this is rubbish. The immortal and indispensable phrase ‘honesty is the best policy’ [1] created a monster which society has been attempting to tame ever since. While the western world use a knife and fork, the Chinese use chopsticks. Of course Cryptocurrency irons out misconceptions from our consciousness.
Primarily Cryptocurrency builds trust among the people. It grows more secure every day.
Some analysts have been tempted to disregard bitcoin. I haven’t. It is intrinsically linked to adolescent inner acclimatisation. Economic Factors
Economics has been defined as 'I'll scratch your back if you scratch mine.' To my learned ear that sounds like two people with itchy backs. We will primarily be focusing on the Inter-Spam model, a classic economic system of analysis.
http://i.imgur.com/KPg7Rl7.jpg
How do we explain these clear trends? It goes with out saying that inflation sings a very different tune. The economic policy spectrum is seeing a period of unprecedented growth.
Indisputably there is a link. How can this be explained? In spite of the best efforts of The World Bank oil prices, ultimately decided by politicians, will always be heavily influenced by Cryptocurrency due to its consistently high profile in the portfolio of investors. Strong fluctuations in investor confidence have been seen over the past two financial years.
Political Factors
Politics was once a game featuring competitors from elite classes. Placing theory on the scales of justice and weighing it against practice can produce similar results to contrasting 0
Take a moment to consider the words of nobel prize winner Kuuipo Rock 'The success of any political system can only truly be assessed once the fat lady has sung.' [2] He was first introduced to economic war by his mother. I feel strongly that if politicians spent less time thinking about the economic war, or Bitcoin for that matter and put more effort into their family life, that we would have a very different country.
Why did Bitcoin cross the road? - To get to the other side! Just my little joke, but lets hope that new realities doesn't inspire similar hilarity in the next elections. While Cryptocurrency may be a giant amongst men, is it a dwarf amongst policy? I hope not.
Conclusion
How much responsibility Bitcoin? We can say that the economic war, deserves all of the attention it gets. It brings peace, ensures financial stability and it brings the best out in people. e can say that Cryptocurrency plays a large part in the lives of all. It enriches, 'literally' plants seeds for harvest, and never hides.
I shall give the final word to star Sigourney Beckham: 'Oooh shoo badaby dooo.' [3]
[1] J H Darcy - The Spaniard - 1988 - PPT [2] Rock - Roll It Up - 1977 - F. Lower Publishing [3] It Magazine - Issue 302 - Spam Media Group [4] Weekly OPEC - Issue 54 - Rhino media
Source
submitted by CaptainParanoia to circlejerkcopypasta [link] [comments]

[Table] IAmA: I am great leader and humanitarian Lord Mayor of Reykjavik and Protector of Children Jón Gnarr AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-01-13
Link to submission (Has self-text)
Questions Answers
How did you get to be so modest? It's just my fantastic intelligence.
I have a two-part question, Mr. Gnarr. In D2: The Mighty Ducks did you cheer for team Iceland? If so were you proud of them for going to go shake their opponents' hands despite losing in one of the most epic shootouts ever seen? Of course I cheered for Iceland, like all Icelanders always. I was very proud of them to shake their opponents' hands despite their loss. I thought that was very typically Icelandic of them.
Iceland is known to be one of the most progressive, peaceful and socially just countries in the world. What baffles many foreigners, then, is Iceland's pro-whaling attitude. What do you think about the whaling industry and why is this apparently so important to Icelandic identity? I think it's crap. It's not important to us, only to a very small group of men.
On election day, you came into the retail I used to work in to buy a brand new pair of shoes. They were black and a bit pointy. Do you still wear them? Yes, I still use the shoes. They are very nice shoes. Keep up the good work.
What do you think about Canada (if anything at all)? As a citizen of Toronto, I am insanely jealous Reykjavik gets to have you as their mayor. Please move to Toronto after your stint in Reykjavik - our elections are this October. Please. I was in Canada last summer and I loved it. Just get rid of Rob Ford and it will all be ok.
What are your daily duties being the mayor like? What is your favorite denomination of currency? Mostly meetings of all kinds. Reading reports. Bitcoin?
Glad you decided to do another AMA! I saw on your Facebook that you aren't running for reelection. Do you have a top 5 list of things you want to go do once your mayoral time is done? I would like to be elected pope and have a little cottage on Mars. I would also like to live forever and have my own personal clone. And get the Nobel Prize for something.
I know you love art. So, who is/was the most important or influential artist for you? Banksy.
Do they owe us a living? Of course they fucking do!
Hey Jón! I think you're awesome, I wish I had a mayor like you. My question is, how come you're not running for re-election? Are you finished with politics for good after this mayoral term is over? It's over. Don't be sad, be glad it happened.
In your previous AMA you said that you don't think Iceland entrance in the EU is really an important issue. Why? Do you think the EU will "work", sooner or later, or is it a waste of time? I know very little about the EU. I think the EU will function or disfunction with or without Iceland, and the same applies to Iceland.
Will the Best Party make an attempt at international influence? America needs a little help over here... I have invented First Best International (pun intended).
Thank you, huge fan of the -Vatkin series, along with the movie. One of the best TV shows since The Wire. Be your own authority! Be the burger you want to eat! Thank you, I appreciate it.
What is the meaning of life, Mr. Gnarr? All the fish!
Mr Gnarr, how much money would we have to pay you for some more Fóstbræður? I hunger for more. A lot.
Why did you decide to not run again for mayor? I'm not a politician. If I would run again I would have to become a politician, and that is impossible.
If you were a gay man, who would be the love of your life? (and, indeed, if you were a gay woman?) Omar Little.
Jon! What type of anarchism do you typically associate yourself with? From what I gather, you're a Taoist in the spiritual sense, but how about in practical terms? What are your thoughts on anarcho-syndicalist ideas, embodied in non-hierarchical labour unions like the IWW? (which has just started a Reykjavik branch in the last few months - join up...). Thanks for your time. (wanna hang out in April?) Heavy. I'm a Zhuangzi-ist.
What is your most memorable day in office? Great fan of yours btw. When my mother came to visit me in my office before she died.
Are you a police officer!?!? I loved this bit is there any chance we will see you return to comedy? Well, for me being a comedian is a bit like being gay. It's just what I am. But on a professional level the Best Party is a way of taking comedy to a new level.
Hvort finnst þér betra, venjulegt seríos, eða honey nut seríos? Betra? Bara bæði :)
When are you the happiest? Doing computer work, like facerape, trolling, and sock puppeting.
Is there anything you would like to say to Angela Merkel? I don't read German, but I saw in a photo that you have a phone. Congratulations. I hope it's an iPhone.
Hi! I'm a big fan, which is something I'm hesitant to say about any elected official. What predictions do you have for the political climate over the next decade? As we're saying a shift towards the right in almost all major world governments, do you believe the status quo will be moved to the right indefinitely, or do you foresee (as many do) Western revolutions similar to those we have seen in the so-called East? I really don't know. I think capitalism is the dominant power structure. Religion comes next. I think the greatest change we will see in politics in the future is an increased political relevance of cities and urban politics. Maybe with time, countries will just disappear. Maybe this right wing swing is just the last roar of the beast :)
What do you think about Pirate Party? What would you suggest to the political pirates of today? Do they stand a chance against badass copy monopolies and Monsanto private armies around the globe? Everything is worth the efforts if it's fun. I think the pirates are great in many ways. But they have a manifesto, and I don't believe in manifestos. Only people.
Hi Jón, what is your favourite food? What was the last piece of fiction you read, and was it good? What was/were the destination(s) of the best trip you've ever taken? Anything in a blender. I just finished Being There, it's not as good as the film. Hollywood is always a great trip. I like the climate and the people. They are so real and authentic.
Who is the icelandic equivalent of Clay Davis ? I don't want to be mean.
What inspired you to get involved in politics? Edit: and what made you want to get out? The general situation after the crisis. I felt it was my civic duty to step in. I am doing my part, and when it's over I want to go do something completely different. I like to surprise.
Do you like puffins? Yes. Do you?
What is the best advice you could give Stephen Harper? Stop exploiting the Alberta oil sands. Watch Truth About Oil.
Hello mr. Gnarr! Whose idea was it to film the video you did with Jerome Jarre? -And why? WHY?!- I have no idea. They wanted to meet me and I had some free time.
Hæ Jón! What do you think about gender equality in Iceland, would you say there has been a throwback in the last 10 or 20 years? It's quite good compared to many places but it could be better.
Who was your least favourite character from The Wire ? Marlo.
Er ekkert sem toppar KFC ? Þetta er nú meira svona grín. Svona miðaldra hálfviti sem borðar KFC af því hann á afmæli.
What is your stance on Iceland becoming part of the EU? What is your favourite word in Icelandic? Also, your city and country are wonderful. I kind of want to spend the rest of my days somewhere in the middle of nowhere in Snæfellsnes. Takk! My favorite word in Icelandic is ljósmóðir.
Hi Jon! Just want to say thanks so much for doing this AMA! I'd like to know what you actually think of Russell Brand and his so called 'revolution'. Considering he has personally proclaimed that he has never voted in a UK General Election and we are currently living in a world where less and less young people are voting every year. Do you think he is a good role model for our society and a real arbiter for change? I haven't really studied his ideology but he struck me as a likable, honest guy.
Dear Jón, I have read that you personally take time to meet the citizens of Reykjavík to discuss anything. This is awesome. What do you usually talk about? What is the most unusual request or discussion topic that was brought up to you? A German couple asked me to be the godfather of their child.
What is your favourite part about your job? Getting to meet unique and interesting people.
Greetings from Seattle, WA, Jón! Some friends and I will be in Reykjavik from 1/23 - 1/27. Wanna grab dinner or a drink and play Cards Against Humanity with us? I'm a very busy man.
1) how can a student like me get into politics? what can i do to hopefully get a job in politics? 2) do you also see yourself in politics in the longterm? Love the work you do! keep it going! Let me google that for you!
Would it be unfair to say that the Best Party's handing over the torch to the Björt Framtíð political party symbolizes a resignation of the anarchic fervor that you brought into Icelandic politics? In what ways is BF not just another typical political party? Well, in a way the Best Party is technically not a political party. The only way to continue is to get political and that's what Björt framtíð is. But it takes with it the values of the Best Party, most importantly non violent communication and common sense.
Is there any way to convince you to continue as mayor of Reykjavík? wink No.
Thank you so much for doing this. As a loyal facebook follower, I appreciate your daily bits of humor, intelligence, and oddness. My question is simple: how does it feel to know that people you will never meet, like a 33 yr old woman from a small city in NC, care about what you have to say? Does that affect what you do in any way? Thanks again! Yes it makes me wonder. I hadn't foreseen this impact :)
Hi Jon! You've said that you're not going to run for election again (which saddens me, you're the best mayor of anywhere ever). What do you think you're going to do next? Back to comedy, or a different path? P.S. my friend studying political science emailed you last year adding about interning with you, did you ever get his email? Yes, but we don't have a culture of internship here
Hello Jon, What do you think about the jailed bankers and the unjailed bankers that still have definite guilt in your economic collapse? I mean, I'm sure you're all for them going to jail, but how would you tackle the rest of this mess if you were to try to do it within the bounds of reality? You've got some pretty good popularity in both Iceland and the rest of the world, how loud can you be while still being effective? Also, I'd like to meet you. I don't know, I'm not a lawyer. I don't like prisons.
Besides Crass, what is your favorite band ? Or do you only listen to Crass ? I like some Bob Dylan.
Do you consider yourself famous? Is it your mission to get more famous than you are now, or become more private? Fame is a virus. It's ok if you control it. I'm not sure, we'll see.
What is someting new you see yourself doing later in life? Being pope?
If a person should create a codex for living a happy and fulfilling life, what would it look like? Thanks for being you. Live and let live.
What is your morning routine like? Coffee or tea? Morning use of the bathroom? Who do you trust to help guide your hair cutting choices? You're wonderful. Coffee.
What's your favorite comfort food? And cartoon? (sorry if the q. is repeated, haven't got the time to read them all) :) Licorice and South Park.
What if you are a butterfly who, at this very moment, is dreaming of being Jon Gnarr? Exactly my point!
Hello Joón Gnarr, How do you see the current threat to the welfare states type of government, on the countries with financial crises that due to neoliberal ideologies are reducing the size of the public sector drastically and also privatizing it? thank you. I think it's a bit scary and sad.
When is doublehead coming back to radio? Maybe a podcast next winter.
What is your favorite Crass song? Mine is 'Do They Owe us a Living?' of course. Big A Little A.
Jon! You are fantastic. If you could be anything else, what would you be? Also... is there any chance I could please have an autograph? Thank you. I think I would make a great pope!
Hello Jón, I had the pleasure of running a marathon in your city in August, 2012 and set my best marathon time there. I really enjoyed my time in Reykjavik and the southwest part of the country and now that Icelandair is going to have direct flights to my city (Edmonton) I'm planning on visiting again, most likely in the fall. So my question to you is, when you're not in Reyvkjavik, what is your favorite place to be in Iceland? Flatey.
Apart from Icelandic and English, do you speak any other languages? Yes but not very much.
Why are tix to Reykjavik so costly? :( Don't you want to share the great yogurt and geothermal awesomeness? Yahoo answers.
Will you go back to comedy once you have finished your election? I hope so. Do you think the God of comedy will take me back?
Who do you think that would win in a fight, Mikhail Bakunin or Zhuangzi? Zhuangzi can make fun of Bakunin, but Bakunin can't make fun of Zhuangzi.
Sæll Jón! this is a serious question, not a joke.. would you marry a couple? I would love to if I legally could but I can't.
What is your favourite movie? The Matrix (1)
I've heard rumours that you are the father of the band the boys. Is that true? No.
What if Eddie Izzard became Prime Minister? :) What if Scotland gets independence and Eddie invades? Politics :)
Hi Jón! Thanks for doing this AMA. I'm a huge fan. I saw a video of Jerome Jarre dancing in your office wearing nothing but underpants. Can you please tell me if you prefer your naked boys French or if you're indifferent towards nationality? :)
In October I came to Reykjavik City Hall and left you maple candy and Canadian government pins. You send down a coat of arms and an autographed picture of yourself. Thanks!! :D They were delicious but the pins were a bit hard.
Last updated: 2014-01-17 20:54 UTC
This post was generated by a robot! Send all complaints to epsy.
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Subreddit Stats: badeconomics top posts from 2014-12-28 to 2015-12-26 14:40 PDT

Period: 363.19 days
Submissions Comments
Total 998 85609
Rate (per day) 2.75 234.43
Unique Redditors 240 2478
Combined Score 26803 402029

Top Submitters' Top Submissions

  1. 1933 pts, 76 submissions: u/urnbabyurn
    1. Guy praxes out why women should be virgins (66 pts, 184 comments)
    2. The Democratic POTUS primary debate thread (61 pts, 400 comments)
    3. In solidarity with reddit uprising, /badeconomics will not be the default sub in place of /economics. wumbotarian is Victoria and /praxacceptance has gone full Marxian. (59 pts, 101 comments)
    4. End of Memes! Central planning failure... (58 pts, 21 comments)
    5. Anyone else notice how quiet the economics subs get during Passover? (57 pts, 8 comments)
    6. "Once demand is high enough you don't need to lower your price" (49 pts, 73 comments)
    7. The BE reader - crowd sourcing chapters thread (49 pts, 141 comments)
    8. Feminism is responsible for stagnant wages (48 pts, 187 comments)
    9. Trade is worse than war! (44 pts, 72 comments)
    10. ELS series: we hate famous economists part 27 (44 pts, 85 comments)
  2. 1214 pts, 36 submissions: u/besttrousers
    1. Is a basic income badeconomics? No, not really. But there is a lot of badeconomics in the /basicincome FAQ (Part 1) (163 pts, 136 comments)
    2. "But companies still hire people because they have no choice but to. They need enough workers to meet the demands of the market and so they hire people. So if a layoff was to occur I'd occurred regardless of wage hike." (72 pts, 73 comments)
    3. "Piketty basically proved that r>g, which means capital tends to concentrate faster than the economy grows. This means our method of economics is destined to collapse." (58 pts, 25 comments)
    4. " The Chicago school seems to pretty much ignore money." (53 pts, 71 comments)
    5. [META] /badmathematics discusses Austrian economics (52 pts, 112 comments)
    6. Migrants respond to the market signal of high wages. They migrate, and some find jobs, and others do not. Those who do not find jobs end up on welfare rolls. Wages do not fall, and the market signal telling migrants to keep coming remains broadcasted to the world. (45 pts, 84 comments)
    7. I think I finally praxxed out why Austrians tend to be libertarians (43 pts, 36 comments)
    8. "The first paper [Diamond 1960] I have refuted, show me the damn data or go troll elsewhere.' (41 pts, 100 comments)
    9. "So again, I ask, what exactly would humans have a comparative advantage in?" (40 pts, 159 comments)
    10. The stock market has gone up ∴ we are in a bubble (38 pts, 118 comments)
  3. 1033 pts, 31 submissions: u/say_wot_again
    1. FUCK THE BABY BOOMERS!!! LOUD NOISES!!! (253 pts, 259 comments)
    2. Economics Is Too Important to Be Left to Economists (70 pts, 80 comments)
    3. Very Serious Economic Training vs. Free Trade (58 pts, 142 comments)
    4. TIL free movement of labor is a subsidy. (46 pts, 30 comments)
    5. The General Theory of Comments, Interest, and Stickies (42 pts, 25 comments)
    6. Apparently the simple act of being in New York now makes you too big to fail. (39 pts, 15 comments)
    7. Not Pictured: A credible model of macroeconomics (36 pts, 56 comments)
    8. Careful Sumner. Winter is coming. (35 pts, 71 comments)
    9. Low oil prices will lead to an oil shortage! People are batteries! And more gems. (32 pts, 51 comments)
    10. DAE live in a formalized fantasy world? (28 pts, 112 comments)
  4. 996 pts, 28 submissions: u/commentsrus
    1. User in /Politics unironically calls Integralds "Hitler" in a horrible thread about the Federal Reserve, Bitcoin, Anarcho-Marxism, and Basic Income. (202 pts, 17 comments)
    2. Kicked a girl out before sex after she started arguing that Keynesian/Hansen-Samuelson multipliers weren't real (104 pts, 68 comments)
    3. meconomist irl (85 pts, 79 comments)
    4. And the Lord Sanders sayeth unto /Politics: "There are only so many jobs we could extract from the jobs mines this year, and blessed is he who doesn't give them to immigrants." Amen. (53 pts, 91 comments)
    5. [Dank Meme] Wumbotarian's OPpR1ession (47 pts, 34 comments)
    6. How to replace the entire banking system with cryptocurrency in 3 years and what results it will bring (38 pts, 15 comments)
    7. "No European country benefits from Muslim immigration." Actually, Denmark's wages rose after an influx of Muslim refugees. "Ah yes, but no TRUE European country benefits." (38 pts, 86 comments)
    8. THIS JUST IN!! ECB Protester Josephine Witt has released a new statement regarding the excesses of the ECB (36 pts, 44 comments)
    9. Eastern Europeans are immigrating to the UK and are LITERALLY starting businesses! Call up the Jobs Patrol so we can start rationing NOW before the shelves go empty [go to 1:15] (36 pts, 31 comments)
    10. Today is Peter Schiff Day! Post all your dank Peter Schiff praxes to show solidarity. (35 pts, 54 comments)
  5. 894 pts, 29 submissions: u/wumbotarian
    1. PA Gov Tom Wolf thinks competition leads to higher prices. (84 pts, 78 comments)
    2. /socialism is praying that Venezuela "doesn't fuck up" centrally planning food distribution (76 pts, 132 comments)
    3. "Open borders? No, that's a Koch brothers proposal." (66 pts, 171 comments)
    4. Private Defense Agencies: AnCaps deny monopolies can exist (55 pts, 144 comments)
    5. "Inflation is the true opium of the masses." (47 pts, 37 comments)
    6. Angry neckbeards in /gaming don't understand how prices work in a a market economy. (44 pts, 160 comments)
    7. Bad monetary economics (42 pts, 106 comments)
    8. "You have to keep in mind that economics is a highly ideological field." (41 pts, 83 comments)
    9. WHO GETS THE BE NOMINATION? (34 pts, 227 comments)
    10. "Tax is price fixing which is known to break economies" so use Kickstarter to fund public goods instead! (33 pts, 110 comments)
  6. 857 pts, 33 submissions: u/HealthcareEconomist3
    1. [Meta] TrueReddit discusses /be (56 pts, 176 comments)
    2. [Low hanging fruit] /Futurology discusses basicincome (42 pts, 129 comments)
    3. "we have to accept the logic of 21st century capitalism is that it will constantly lower costs by adopting automation & a race to the bottom between the general working population & robots for less & less income is a road to nowhere." (42 pts, 122 comments)
    4. A superbly bad description of comparative advantage, complete failure to understand how currencies work, complete failure to understand a currency peg, absurd claim that China prints to buy up Treasuries and a complete misunderstand regarding how S/D works. (39 pts, 28 comments)
    5. High individual taxes encourage investment (39 pts, 59 comments)
    6. TPP quackery (37 pts, 50 comments)
    7. I bet about $3.50 this thread is going to be the worst econ thread of the year (36 pts, 149 comments)
    8. No title will do this thread appropriate justice (36 pts, 38 comments)
    9. 7 ways i made up a bunch of data about Switzerland (35 pts, 125 comments)
    10. Monetarism has special views on trade, economists oppose TPP, insanity about prices & competition etc (34 pts, 44 comments)
  7. 573 pts, 17 submissions: u/Jericho_Hill
    1. <-- # of Days Jericho_Hill replaces Wumbo as R1 Moderator (159 pts, 64 comments)
    2. Reward: Reddit Gold Task: Find the best badeconomics in the Bernie Sanders AMA live now (49 pts, 151 comments)
    3. In which HealthCare Economist is believed to be a covert agent of manipulation embedded by the intelligence community. (41 pts, 48 comments)
    4. All Economists believe in Trickle Down (39 pts, 120 comments)
    5. Physics isn't real science (38 pts, 17 comments)
    6. Technology = Return to Feudalism (30 pts, 29 comments)
    7. R1 Holiday contest comin' (29 pts, 79 comments)
    8. The BadEconomics Holiday Contest (29 pts, 1 comment)
    9. Unintended consequences (27 pts, 50 comments)
    10. In Which JH is called a retarded economist (22 pts, 44 comments)
  8. 487 pts, 24 submissions: u/lorentz65
    1. I like my labor lumpy and my employment serf-y. (38 pts, 27 comments)
    2. I'm audibly laughing and weeping while reading this thread. (33 pts, 75 comments)
    3. [Question] Why are the mods massive fascists? (31 pts, 32 comments)
    4. De immigranten! (29 pts, 68 comments)
    5. The poster child of badeverything. (26 pts, 39 comments)
    6. The internet exists therefore public goods don't real. QED. (26 pts, 58 comments)
    7. This sub-reddit should start doing more slam poetry (26 pts, 89 comments)
    8. We are not proselytizing enough praxbrothers! (25 pts, 60 comments)
    9. Causation goes from GDP=>everything bad. (25 pts, 40 comments)
    10. DAE Fed is a private bank! (21 pts, 22 comments)
  9. 441 pts, 7 submissions: u/Integralds
    1. Bernie Sanders' NYT Op-Ed on the Federal Reserve (234 pts, 445 comments)
    2. The Chart for /badeconomics (51 pts, 78 comments)
    3. Official Proposal for Two "Bad Economics Discussion Threads" per Week (proofs inside) (49 pts, 36 comments)
    4. List of Currencies by Realness [Public Service Announcement] (40 pts, 36 comments)
    5. I Just Spent Five Days Listening to Fox News (34 pts, 107 comments)
    6. Annual hours worked (17 pts, 19 comments)
    7. PSA: /dsge is now open for business (16 pts, 15 comments)
  10. 439 pts, 12 submissions: u/potato1
    1. Humanity is 10 cows. The economy is a butcher and/or a dairyman, and the dairyman only wants 7 of them. Jobs are when you avoid getting butchered and get milked instead. (58 pts, 36 comments)
    2. "[T]ariffs... are the only thing that allow workers here to continue making $10 an hour vs $.10 an hour because we tax imports from countries where they pay employees $.10 an hour" (52 pts, 41 comments)
    3. Law and Economics RI: "Every person on this subreddit should be aware of the Glass-Steagall act, because if it hadn't been repealed you'd be paying only 0.5% interest on your mortgage and student loans right now" (50 pts, 29 comments)
    4. Wealth is basically like character level in an MMORPG with player versus player combat, and like character level, wealth should have an absolute cap (46 pts, 210 comments)
    5. NAFTA was bad because it was bad for Detroit. Also, an increase in Americans' mean income is bad for the majority of Americans. (43 pts, 162 comments)
    6. "economist are like the Borg and don't care about regular people. They care about conglomerate entities like nations, corporations, etc. The smaller the conglomerate entity, the less of a shit economists give about it." (38 pts, 34 comments)
    7. "Why would greater productivity lead to higher wages and lower prices? There is little evidence to support that actually occurs in the real world." (36 pts, 62 comments)
    8. Printing more money causes deflation. Also, deflation is when prices of goods increase. Also, China caused the real estate bubble by "exporting deflation" though "flood[ing] the world with cheap products" (31 pts, 22 comments)
    9. This redditor has the solution for the Greek debt crisis, and indeed all economic problems across the globe: global jubilee (27 pts, 41 comments)
    10. Net Neutrality is communism. (25 pts, 88 comments)

Top Commenters

  1. u/besttrousers (30182 pts, 4648 comments)
  2. u/wumbotarian (25844 pts, 5992 comments)
  3. u/say_wot_again (17728 pts, 2805 comments)
  4. u/Integralds (15045 pts, 2290 comments)
  5. u/urnbabyurn (12655 pts, 2220 comments)
  6. u/commentsrus (11917 pts, 1969 comments)
  7. u/bdubs91 (6030 pts, 1629 comments)
  8. u/irondeepbicycle (5733 pts, 794 comments)
  9. u/-Rory- (5577 pts, 1115 comments)
  10. u/Jericho_Hill (5243 pts, 1195 comments)

Top Submissions

  1. FUCK THE BABY BOOMERS!!! LOUD NOISES!!! by u/say_wot_again (253 pts, 259 comments)
  2. Bernie Sanders' NYT Op-Ed on the Federal Reserve by u/Integralds (234 pts, 445 comments)
  3. User in /Politics unironically calls Integralds "Hitler" in a horrible thread about the Federal Reserve, Bitcoin, Anarcho-Marxism, and Basic Income. by u/commentsrus (202 pts, 17 comments)
  4. Is a basic income badeconomics? No, not really. But there is a lot of badeconomics in the /basicincome FAQ (Part 1) by u/besttrousers (163 pts, 136 comments)
  5. 10 Ways that TPP would hurt Working Families. Bernie Sanders AND the TPP, what's not to love?! by u/irondeepbicycle (160 pts, 115 comments)
  6. <-- # of Days Jericho_Hill replaces Wumbo as R1 Moderator by u/Jericho_Hill (159 pts, 64 comments)
  7. "Now that the text of the Trans-Pacific Partnership has finally been released, it is even worse than I thought." Sanders declares, hours after the release of a 1,000 odd page legal document. by u/Tiako (144 pts, 266 comments)
  8. Banks serve no social purpose, if banks didn't exist everyone could build their own house, the only reason you can't create your own money is because banks have banned it, banks are "cheeky cunts" for demanding repayment of loans, you are only an employee because you have to pay taxes, and more! by u/usrname42 (121 pts, 85 comments)
  9. "Economics teacher" explains why free trade is bad. Seems to have no idea what comparative advantage is. by u/telaisarcher1 (109 pts, 313 comments)
  10. "In the U.S., the gap stands at 64%, meaning that women earn about two-thirds of what men make for similar work." by u/wqqk (108 pts, 23 comments)

Top Comments

  1. 675 pts: u/say_wot_again's comment in FUCK THE BABY BOOMERS!!! LOUD NOISES!!!
  2. 146 pts: u/Tiako's comment in Bernie Sanders' NYT Op-Ed on the Federal Reserve
  3. 138 pts: u/NORTHAMERICAN_SCUM's comment in FUCK THE BABY BOOMERS!!! LOUD NOISES!!!
  4. 136 pts: u/besttrousers's comment in "But companies still hire people because they have no choice but to. They need enough workers to meet the demands of the market and so they hire people. So if a layoff was to occur I'd occurred regardless of wage hike."
  5. 133 pts: u/praxeologist4lyfe's comment in Don’t let the Nobel prize fool you. Economics is not a science | Joris Luyendijk
  6. 118 pts: u/Timster757's comment in "Now that the text of the Trans-Pacific Partnership has finally been released, it is even worse than I thought." Sanders declares, hours after the release of a 1,000 odd page legal document.
  7. 115 pts: u/-Rory-'s comment in Economics is an art, therefore rent controls are a good idea
  8. 107 pts: u/mberre's comment in Guys: SMBC is on to us
  9. 106 pts: u/lorentz65's comment in I finally understood different schools of economic thought
  10. 105 pts: u/HealthcareEconomist3's comment in [Low hanging fruit] /Futurology discusses basicincome
Generated with BBoe's Subreddit Stats SRS Marker: 1451162423.0
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The phase in which everyone quietly grows desperate

Closely following the economic collapse of my country and continent, I can tell where we are going now. We have arrived at that hilarious point in time where people try desperately to sell their crap to a public that simply can't afford any of it. They have to of course, because they have no viable alternative.
The one exception I would have to note is found in the banking sector. Big banks are downsizing their mortgage division, as the risk is too large to them. They won't say that, they declare instead that they can't profit enough, but that's a lie. They earn 4% a year for a period of 10 years, while borrowing themselves for 0.005%. It's not hard to earn money if given such a privilege.
So why then are they not interested in lending to the public? The answer is because they recognize what lies ahead for Eurozone economies. The answer is, contrary to what most of the public fears, deflation. Governments seek to prevent deflation, but they're powerless to do so. Christopher Sims, a Nobel prize winning monetary expert, warned that Europe faces deflation, with governments having no real option to prevent it.
The real worry should be deflation now. The worst performing countries in Europe, Greece, Portugal and Spain, all face deflation, rather than inflation.2 Most people who have figured out that governments are now lying to us in an effort to get the economy to recover get their economic perspective from libertarians. Libertarians don't warn about deflation however, because Austrian economists tend to deny that deflation is a bad thing. Governments are probably thankful to libertarians for this, as the expectation by the public of deflation in the future is an essential factor for it to happen.
We'll find out soon enough that deflation grinds the whole economy to a halt however. Banks in anticipation of deflation refuse to lend out money, because they recognize that people will be unable to pay back the mortgage, while the property they bought won't be worth enough as collateral. The issue for banks is that deflation is associated with high unemployment, as companies have to fire people when people refuse to buy their products, which people will when they can get it for a lower price in the near future.
The prices of most goods are going to go down in Europe, as more is produced than consumers can afford. Car sales in my country are down 21.5% in 2014, compared to 2009.3 I am part of an entire demographic of youth who simply gave up on car ownership altogether, as car sales to people aged 18-25 are down 44.7% in my country, in just five years. This triggers blatantly obvious attempts by car manufacturers to market cars to hipsters, young middle class white women.4 They're fearful, because if they don't capture this market today, they'll probably never buy one.
It should have been obvious to people in my nation that something was wrong when our prime minister showed up on TV and declared that everyone should buy bigger houses and new cars to save a dying economy.5 The desperation visible here doesn't align with the narrative they are pushing, of an economy that is in recovery. Nor does the recommendation to the elderly of our state secretary to supplement their pension by growing their own food indicate confidence in an ongoing recovery.6
Babyboomers responded with outrage of course, because they don't like hearing the truth. They'd rather have their government lie to them and pretend that housing prices can rise forever, young people will one day buy your overvalued homes and stocks from you and pensions will still be there by the time you're old. They argued that most people who grow their own food actually spend a lot of money, apparently not realizing that rising food prices and declining incomes means that it will be easier to break even in the future.
Our governments also take desperate measures to reduce the size of the welfare state. This is a pointless endeavor however, as people have no genuine alternative. It started by declaring that people who don't learn Dutch face cuts to their benefits. The next step we see now is where people who sell puppies on the internet after their dog gave birth suddenly have their benefits withdrawn and are forced to pay back the money they received.7
The government is scared of an underground informal economy rising up that threatens the established economy on which its tax revenue depends. This is inevitable however, as the government creates the incentive itself, as it raises VAT taxes in an effort to fix its budget. Modern technology also makes the formation of a growing informal economy inevitable. Bitcoin allows people to receive payments without any involvement of the banks. We're then able to anonymously exchange the Bitcoin for fiat currency.
Times are changing, the trend today in Europe is towards rapid deindustrialization. People who make the mistake of investing in the future by buying a house, buying stock or going to college are setting themselves up for trouble, as they will be faced with assets that lose value and debts they will not be able to pay back. If you wish to see the trend towards deindustrialization for yourself, you should go outside and look at the people gathering blackberries. I'm not the exception to the rule, rather, I'm an early adapter in a trend that is going to spread, as I was with Bitcoin.
I think a lot about what we have to do, now that we are faced with the prospect of rapid deindustrialization. Should we try to escalate it? If we want to try to hasten the process of deindustrialization, how do we accomplish this? These are difficult questions to which no clear answer exists. I consider sabotage to be an ethically justified method of prohastening deindustrialization. The problem lies in figuring out what method of sabotage is most efficient.
Sabotage that appears efficient may in reality have the opposite expected effect. After World War II developed economies grew very rapidly, as the task of reconstructing our nations created additional economic opportunities. The task of building new houses ensures that people in the construction sector have a long-term job guarantee. This makes banks willing to lend money to the workers, and so forth.
Thus counterintuitively, we find that destroying a factory doesn't destroy the factory. We might think that Africa proves the opposite of this rule. Continual civil wars and strife surely seems responsible for the fact that Africa fails to industrialize. I believe this is not true however. What happened in Africa was that Africa did not industrialize because the people did not need the factory. People who can be self-sufficient and produce their own food can not be convinced to start working for minimum wage in a factory, nor can they be convinced to consume its products or to build the infrastructure the factory needs.
We know that in Britain, the industrial revolution only happened when the rich successfully drove the poor into the cities, by stealing the commons, public land that was communally utilized. The term "tragedy of the commons" is in fact an insult to our ancestors, a white-washing by an elite. The commons were well managed and utilized, the only tragedy we find is that the commons were stolen from the people, who were then forced to migrate to the cities.
The idea that destroying a factory doesn't destroy the factory may seem to libertarians like an expression of the broken window fallacy. However, I would argue that in our current economic situation, the broken window fallacy is itself a fallacy. The broken window fallacy fallacy (no, that's not an error) argues that the man whose window was broken would have otherwise invested the money into some other product, like a slot machine, which he is now forced to spend on fixing his broken window. This explanation only makes sense in an economic climate where people have a strong incentive to spend money and invest in their future. In our current economic climate, people try to make do with the objects we already have. We don't want to buy any new ones, unless we absolutely have to, nor do we invest in the future.
The machine is in danger, not when we destroy it, but rather, when we decide that we no longer need it. I believe that we are entering this phase now. An entire generation of young people is figuring out that they do not need a car. This beast of burden that ravages the countryside and fills the landscpae with a network of asphalted paths is a relic of the past. For modern young people, to buy a car is to be old fashioned and naively optimistic about the future.
As ironic as it may seem, if we want to get rid of the car and everything it represents, it may be more effective for us to remove a broken glass bottle from the bicycle lane than to burn down a car. A car maker doesn't lie awake at night from a bomb found in his factory, a car maker lies awake at night from the young people he saw the other day with a bicycle.
Imagine for a moment that in a town somewhere in the United States, someone shoots at a bunch of transformers or power cables, causing a large grid failure. Surely this would stop the industrial machine? In reality, we might find that people flee from a town, as they have no air conditioning. People find that those without a car have difficulty leaving, as the trains no longer ride. When order is restored, people purchase cars, expecting to increase their autonomy again in the process.
Is there no point at all then, to industrial sabotage? I don't believe we should go this far either, but we have to think very hard about the effectiveness of such actions. We have to ask: Where is the machine most vulnerable? To me it would appear that the machine is most vulnerable, exactly there where we do not believe we need it. This would mean that our prime target should be biotechnology. People don't yet believe themselves to need biotechnology, whereas we do believe we depend on the electrical grid.
I also expect that the machine is vulnerable whenever it tries to seize something from the natural world. A mine that is opened in a wild forest is vulnerable to disruption, yet because it does not produce anything yet, people don't directly depend on it. In the case of shale oil in the United States or tar oil in Canada, profit margins may be so tight that a systematic sabotage campaign may render the entire industry unsustainable, which would then have the effect of accelerating the collapse of civilization.

References

1 - http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100027956/nobel-guru-fears-it-may-be-nigh-impossible-to-stop-deflation/
2 - http://daskapital.nl/images/fotos/deflasiewoohoo.png
3 - http://www.rtlnieuws.nl/economie/home/65-plussers-zijn-grootste-autokopers
4 - https://www.youtube.com/watch?v=KZXPnW358aI
5 - https://www.youtube.com/watch?v=OV4TWO9FDnA
6 - http://www.ad.nl/ad/nl/1012/Nederland/article/detail/3676637/2014/06/21/Klijnsma-Vul-je-pensioen-aan-met-een-moestuin.dhtml
7 - http://www.rtlnieuws.nl/nieuws/binnenland/de-bijstand-en-actief-op-marktplaats-oppassen
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Bitcoin Crash? A Nobel prize economist's theory on a potential cause. The Nobel Prize-winning economist joseph stiglitz warned of bitcoin bubble Bitcoin is a bubble: Nobel Laureate in Economics Nobel Prize-Winning Economist Joseph Stiglitz Says Bitcoin Should Be Illegal Winner of Nobel Prize Economics about valu of bitcoin ...

Economics Nobel Laureate Robert Shiller Examines Bitcoin in Historical Context May 23, 2018 Coin Mining Online Crypto News Professor Robert Shiller, who received the 2013 Nobel prize in economics and is famous for the Case-Shiller Index, published an article on Monday talking about the way the allure of bitcoin fits previous attempts to reinvent money. Robert Shiller, Nobel Prize winning economist, is relatively positive about Bitcoin’s future, even as a “bubble.” Nobel Prize laureate for economics Robert Shiller believes that while Bitcoin (BTC) might be a bubble, that doesn’t mean that it will burst and be gone forever, according to an interview on April 13 with CNBC’s Trading Nation. ... Satoshi Nakamoto, the creator of the digital currency called Bitcoin was nominated to receive the Nobel Prize in economics in 2016.. The proposal was presented by Bhagwan Chowdhry, an economics professor at the University of California in the United States. Chowdry believes the technology presented by Satoshi is the most significant development of the 21 st Century and will have immense ... Almost 30 years ago, Nobel Prize-winning American economist Milton Friedman said he would like to have money controlled by a computer. He also said it would be a better world without the Federal Reserve. One of his two desires is already happening in the form of Bitcoin. In fact, he seems to have predicted its formidable rise in 1991. And with the FED’s incessant money printing causing ... In a recent interview with CNBC, Yale professor of economics and Nobel prize-winner Robert Shiller advocated that Bitcoin will eventually die out. Following the advice of investing guru Philip Fisher

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Bitcoin Crash? A Nobel prize economist's theory on a potential cause.

"Robert Shiller, 2013 Nobel Prize winner in Economics, and an expert in the nature of market excesses, has come down on bitcoin and said that the tremendous jump of the virtual currency was a 100 ... Bitcoin price warning: nobel prize winner warns cryptocurrency likely to totally collapse Bitcoin, ripple and ethereum are still recovering from a sudden crash sparked by fears of cryptocurrency ... The Nobel Prize-winning economist joseph stiglitz warned of bitcoin bubble Joseph StiglitzCredit APMark LennihanCharlie May20171129T224540Z•20171129T224540Z•... Nobel Prize Winning Economist Slams Bitcoin and Crypto. Old Man Krugman Calls Bitcoin a Ponzi Scheme Paul Krugman wrote a column in the New York Times today ... In this video we look at a theory put forward by Nobel prize economists on what could be a potential cause for a bitcoin crash. The book I discuss is called Animal Spirits.

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