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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).
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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
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Gregory Maxwell /u/nullc has evidently never heard of terms like "the 1%", "TPTB", "oligarchy", or "plutocracy", revealing a childlike naïveté when he says: "‘Majority sets the rules regardless of what some minority thinks’ is the governing principle behind the fiats of major democracies."

UPDATE: This post was inspired by a similar previous post which also has lots of great points, but the current post has a slightly different focus because:
(1) This post assumes ignorance (not dishonesty) on the part of nullc.
(2) This post basically gives a list of a bunch of sources on Wikipedia talking about oligarchy and plutocracy, as a starting point for anyone interested in this stuff.
Gregory Maxwell nullc has repeatedly shown that he has a very weak grasp of the political and economic realities shaping our world today.
He should not be (actually nobody should be) in charge of setting major economic policies and parameters (eg money velocity aka "max blocksize") for the most important non-state-based currency in the history of humanity (Bitcoin).
Are serious investors and businesspeople going to believe in a new currency whose economic parameters (eg money velocity aka "max blocksize") are centrally planned by a private for-profit corporation Blockstream whose CTO and CEO (Gregory Maxwell nullc and Adam Back adam3us) have repeatedly shown that they are totally clueless when it comes to markets and economics?
I don't even know where to begin to school this guy on the reality of politics and economics in the world today. It would take literally years of reading up on events in the mainstream media and online in order for him to get familiar enough with this stuff to stop blurting out ridiculously ignorant statements like:
"Majority sets the rules regardless of what some minority thinks" is the governing principle behind the fiats of major democracies.
https://np.reddit.com/Bitcoin/comments/44meru/why_would_miners_go_against_their_own_interests/czrgb0d
https://np.reddit.com/btc/comments/44p5tk/does_the_community_believe_that_gmaxwell_is_being/
Maybe the Wikipedia articles on "Oligarchy" or "Plutocracy" would be a good place for him to start reading up, so he can avoid making such ignorant public pronouncements in the future.
Meanwhile, it is obvious that this guy should not be in charge of centralized planning for Bitcoin's economic aspects such as "max blocksize".
Actually, blocksize is probably not a even a "parameter" which can be "pre-determined" by a C/C++ programmer.
Blocksize is more likely an "emergent phenomenon" which should probably be determined by the market itself.
Below are many, many links talking about how "oligarchy" and "plutocracy" have replaced democracy in politics and economics today.
https://en.wikipedia.org/wiki/Oligarchy#United_States
Some contemporary authors have characterized current conditions in the United States as oligarchic in nature.[8][9]
Simon Johnson wrote that "the reemergence of an American financial oligarchy is quite recent," a structure which he delineated as being the "most advanced" in the world.[10]
Jeffrey A. Winters wrote that "oligarchy and democracy operate within a single system, and American politics is a daily display of their interplay."[11]
Bernie Sanders,opined in a 2010 The Nation article that an "upper-crust of extremely wealthy families are hell-bent on destroying the democratic vision of a strong middle-class … In its place they are determined to create an oligarchy in which a small number of families control the economic and political life of our country."[12]
The top 1% in 2007 had a larger share of total income than at any time since 1928.[13] In 2011, according to PolitiFact and others, the top 400 wealthiest Americans "have more wealth than half of all Americans combined."[14][15][16][17]
French economist Thomas Piketty states in his 2013 book, Capital in the Twenty-First Century, that "the risk of a drift towards oligarchy is real and gives little reason for optimism about where the United States is headed."[18]
A study conducted by political scientists Martin Gilens of Princeton University, and Benjamin Page of Northwestern University, was released in April 2014,[19] which stated that their "analyses suggest that majorities of the American public actually have little influence over the policies our government adopts."
It also suggested that "Americans do enjoy many features central to democratic governance, such as regular elections, freedom of speech and association, and a widespread (if still contested) franchise."
Gilens and Page do not characterize the US as an "oligarchy" per se; however, they do apply the concept of "civil oligarchy" as used by Jeffrey Winters with respect to the US. Winters has posited a comparative theory of "oligarchy" in which the wealthiest citizens – even in a "civil oligarchy" like the United States – dominate policy concerning crucial issues of wealth- and income-protection.[20]
Gilens says that average citizens only get what they want if economic elites or interest groups also want it; that is, economic elites and interest groups are influential.[21] ...
In a 2015 interview, former President Jimmy Carter stated that the United States is now "an oligarchy with unlimited political bribery," due to the Citizens United ruling, which effectively removed limits on donations to political candidates.[25]
Links for the above references (footnotes) in the Wikipedia article on "Oligarchy":
[8] Kroll, Andy (2 December 2010). "The New American Oligarchy". TomDispatch (Truthout). Retrieved 17 August 2012.
http://www.truth-out.org/archive/component/k2/item/93150:andy-kroll--the-new-american-oligarchy
It used to be that citizens in large numbers, mobilized by labor unions or political parties or a single uniting cause, determined the course of American politics. After World War II, a swelling middle class was the most powerful voting bloc, while, in those same decades, the working and middle classes enjoyed comparatively greater economic prosperity than their wealthy counterparts. Kiss all that goodbye. We're now a country run by rich people.
[9] America on the Brink of Oligarchy 24 August 2012 The New Republic
http://www.tnr.com/article/magazine/books-and-arts/106430/money-politics-inequality-power-one-percent-move-on-effect
Winters conceives of oligarchy not as rule by the few, but as a kind of minority power created by great concentrations of material wealth. Compatible with a wide range of regimes, oligarchy can co-exist and even be “fused” with democracy as it is today in the United States.
[10] Johnson, Simon (May 2009). "The Quiet Coup". The Atlantic. Retrieved 17 August 2012.
https://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/307364/?single_page=true
The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
[11] Winters, Jeffrey A. (November–December 2011) [28 September 2011]. "Oligarchy and Democracy". The American Interest 7 (2). Retrieved 17 August 2012.
http://www.the-american-interest.com/2011/09/28/oligarchy-and-democracy/
Democratic institutions aren't sufficient in themselves to keep the wealthy few from concentrating political power.
[12] Sanders, Bernie (22 July 2010). "No To Oligarchy". The Nation. Retrieved 18 August 2012.
http://www.thenation.com/article/no-oligarchy/
While the middle class disappears and more Americans fall into poverty, the wealthiest people in our country are using their wealth and political power to protect their privileged status at everyone else's expense.
[13] "Tax Data Show Richest 1 Percent Took a Hit in 2008, But Income Remained Highly Concentrated at the Top. Recent Gains of Bottom 90 Percent Wiped Out". Center on Budget and Policy Priorities. 25 May 2011. Retrieved 30 May 2014.
http://www.cbpp.org/research/tax-data-show-richest-1-percent-took-a-hit-in-2008-but-income-remained-highly-concentrated?fa=view&id=3309
[14] Kertscher, Tom; Borowski, Greg (10 March 2011). "The Truth-O-Meter Says: True - Michael Moore says 400 Americans have more wealth than half of all Americans combined". PolitiFact. Retrieved 11 August 2013.
http://www.politifact.com/wisconsin/statements/2011/ma10/michael-moore/michael-moore-says-400-americans-have-more-wealth-/
"Right now, this afternoon, just 400 Americans -- 400 -- have more wealth than half of all Americans combined," Moore avowed to tens of thousands of protesters.
"Let me say that again. And please, someone in the mainstream media, just repeat this fact once; we’re not greedy, we’ll be happy to hear it just once.
"Four hundred obscenely wealthy individuals ... -- most of whom benefited in some way from the multi-trillion-dollar taxpayer bailout of 2008 -- now have more cash, stock and property than the assets of 155 million Americans combined."
[15] Moore, Michael (6 March 2011). "America Is Not Broke". Huffington Post. Retrieved 11 August 2013.
http://www.huffingtonpost.com/michael-moore/america-is-not-broke_b_832006.html
America is not broke.
Contrary to what those in power would like you to believe so that you'll give up your pension, cut your wages, and settle for the life your great-grandparents had, America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.
Today just 400 Americans have more wealth than half of all Americans combined.
Let me say that again. 400 obscenely rich people, most of whom benefited in some way from the multi-trillion dollar taxpayer "bailout" of 2008, now have more loot, stock and property than the assets of 155 million Americans combined. If you can't bring yourself to call that a financial coup d'état, then you are simply not being honest about what you know in your heart to be true.
[16] Moore, Michael (7 March 2011). "The Forbes 400 vs. Everybody Else". michaelmoore.com. Archived from the original on 2011-03-09. Retrieved 2014-08-28.
https://web.archive.org/web/20110309211959/http://www.michaelmoore.com/words/must-read/forbes-400-vs-everybody-else
According to the most recent information, the Forbes 400 now have a greater net worth than the bottom 50% of U.S. households combined.
[17] Pepitone, Julianne (22 September 2010). "Forbes 400: The super-rich get richer". CNN. Retrieved 11 August 2013.
http://money.cnn.com/2010/09/22/news/companies/forbes_400/index.htm
Forbes magazine released its annual list of the 400 richest Americans on Wednesday, and their combined net worth climbed 8% this year, to $1.37 trillion.
[18] Piketty, Thomas (2014). Capital in the Twenty-First Century. Belknap Press. ISBN 067443000X p. 514
https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century
Capital in the Twenty-First Century is a 2013 book by French economist Thomas Piketty. It focuses on wealth and income inequality in Europe and the United States since the 18th century. It was initially published in French (as Le Capital au XXIe siècle) in August 2013; an English translation by Arthur Goldhammer followed in April 2014.
The book's central thesis is that when the rate of return on capital (r) is greater than the rate of economic growth (g) over the long term, the result is concentration of wealth, and this unequal distribution of wealth causes social and economic instability.
[19] Gilens, Martin; Page, Benjamin (9 April 2016). "Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens" (PDF): 6.
[20] Gilens & Page (2014) p. 6
https://journals.cambridge.org/action/displayAbstract?fromPage=online&aid=9354310
Each of four theoretical traditions in the study of American politics—which can be characterized as theories of Majoritarian Electoral Democracy, Economic-Elite Domination, and two types of interest-group pluralism, Majoritarian Pluralism and Biased Pluralism—offers different predictions about which sets of actors have how much influence over public policy: average citizens; economic elites; and organized interest groups, mass-based or business-oriented.
Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while average citizens and mass-based interest groups have little or no independent influence. The results provide substantial support for theories of Economic-Elite Domination and for theories of Biased Pluralism, but not for theories of Majoritarian Electoral Democracy or Majoritarian Pluralism.
[21] Prokop, A. (18 April 2014) "The new study about oligarchy that's blowing up the Internet, explained" Vox
http://www.vox.com/2014/4/18/5624310/martin-gilens-testing-theories-of-american-politics-explained
Study: Politicians listen to rich people, not you
Who really matters in our democracy — the general public, or wealthy elites?
[25] http://www.rollingstone.com/politics/videos/jimmy-carter-u-s-is-an-oligarchy-with-unlimited-political-bribery-20150731
Former President Jimmy Carter had some harsh words to say about the current state of America's electoral process, calling the country "an oligarchy with unlimited political bribery" resulting in "nominations for president or to elect the president." When asked this week by The Thom Hartmann Program (via The Intercept) about the Supreme Court's April 2014 decision to eliminate limits on campaign donations, Carter said the ruling "violates the essence of what made America a great country in its political system."
https://en.wikipedia.org/wiki/Plutocracy#Post_World_War_II
When the Nobel-Prize winning economist Joseph Stiglitz wrote the 2011 Vanity Fair magazine article entitled "Of the 1%, by the 1%, for the 1%", the title and content supported Stiglitz's claim that the United States is increasingly ruled by the wealthiest 1%.[34]
Some researchers have said the US may be drifting towards a form of oligarchy, as individual citizens have less impact than economic elites and organized interest groups upon public policy.[35]
A study conducted by political scientists Martin Gilens (Princeton University) and Benjamin Page (Northwestern University), which was released in April 2014,[36] stated that their "analyses suggest that majorities of the American public actually have little influence over the policies our government adopts."
Links for the above references (footnotes) in the Wikipedia article on "Plutocracy":
[34] Stiglitz Joseph E. "Of the 1%, by the 1%, for the 1%" Vanity Fair, May 2011; see also the Democracy Now! interview with Joseph Stiglitz: Assault on Social Spending, Pro-Rich Tax Cuts Turning U.S. into Nation "Of the 1 Percent, by the 1 Percent, for the 1 Percent", Democracy Now! Archive, Thursday, April 7, 2011
http://www.vanityfair.com/news/2011/05/top-one-percent-201105
It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent.
...
America’s inequality distorts our society in every conceivable way. There is, for one thing, a well-documented lifestyle effect—people outside the top 1 percent increasingly live beyond their means. Trickle-down economics may be a chimera, but trickle-down behaviorism is very real. Inequality massively distorts our foreign policy. The top 1 percent rarely serve in the military—the reality is that the “all-volunteer” army does not pay enough to attract their sons and daughters, and patriotism goes only so far. Plus, the wealthiest class feels no pinch from higher taxes when the nation goes to war: borrowed money will pay for all that. Foreign policy, by definition, is about the balancing of national interests and national resources. With the top 1 percent in charge, and paying no price, the notion of balance and restraint goes out the window. There is no limit to the adventures we can undertake; corporations and contractors stand only to gain. The rules of economic globalization are likewise designed to benefit the rich: they encourage competition among countries for business, which drives down taxes on corporations, weakens health and environmental protections, and undermines what used to be viewed as the “core” labor rights, which include the right to collective bargaining. Imagine what the world might look like if the rules were designed instead to encourage competition among countries for workers. Governments would compete in providing economic security, low taxes on ordinary wage earners, good education, and a clean environment—things workers care about. But the top 1 percent don’t need to care.
[35] Piketty, Thomas (2014). Capital in the Twenty-First Century. Belknap Press. ISBN 067443000X p. 514: "the risk of a drift towards oligarchy is real and gives little reason for optimism about where the United States is headed."
https://en.wikipedia.org/wiki/Capital_in_the_Twenty-First_Century
[36] Gilens & Page (2014) Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens, Perspectives on Politics, Princeton University. Retrieved 18 April 2014.
PDF! www.princeton.edu/~mgilens/Gilens%20homepage%20materials/Gilens%20and%20Page/Gilens%20and%20Page%202014-Testing%20Theories%203-7-14.pdf
Finally, it is worth mentioning the notorious "Plutonomy" memo prepared by analysts at Citigroup:
https://pissedoffwoman.wordpress.com/2012/04/12/the-plutonomy-reports-download/
Citigroup wrote memos in 2005 and 2006 addressed to investors, basically saying that the world is dividing up more and more into a small group of rich people who drive the economy, surrounded by a large number of poor people whose economic interests can be safely ignored.
As the above links show, it is shockingly naïve for Gregory Maxwell u/nullc to claim that policies for fiat currencies are determined by "democracies".
If he is this ignorant about the reality of so-called democracies and fiat currencies, one can only wonder how much other stuff he is ignorant about, in his ongoing misguided attempts to impose his own centralized economic planning on Bitcoin.
submitted by ydtm to btc [link] [comments]

SWISSBORG´S DAILY INSIDER - WEEK 21


DON'T MISS OUT ON THE NEWS!

Want to stay updated on the most current news, market trends, and analysis? Subscribe to our daily SwissBorg Insider!

Friday, 25th May 2018

DOJ’s Bitcoin Price Manipulation Probe a ‘Good Thing’: Mike Novogratz Billionaire investor Mike Novogratz is optimistic that the US DOJ's recently-launched probe into allegations of bitcoin price manipulation will contribute to the LT health of the crypto market.
Revolut App Adds XRP, Bitcoin Cash to Crypto Options - CoinDeskMobile banking app Revolut now lets users buy, sell and hold Ripple's XRP and bitcoin cash, in addition to bitcoin, litecoin and ether.
Singapore Warns 8 Exchanges Over Unregistered Securities Trading - CoinDeskSingapore's central bank has warned eight digital token exchanges and an ICO issuer to stop trading tokens deemed unauthorized securities.
Ontology And NEO Announce New Huge Partnership Yesterday afternoon, we saw reports of a huge partnership between Ontology and NEO hit the headlines.
Daily Performance
https://preview.redd.it/u52izib4f0011.png?width=1024&format=png&auto=webp&s=90e65d617691193aef057ac2e1b13ae9531a79c7
Market 25-05-2018
Over the past several days the market has softened up significantly, losing about USD50 billion from the beginning of the week, stabilising today at USD340 billion. However, the down move has been an orderly one, and there has been no clear catalyst for the sell-off, other than the typical uncertainties and noise surrounding regulation. There has been no noticeable pick up in volumes, which remain light at around USD20 billion. Option volatility have not budged from the high 70%s despite the sharp down move, and high correlation across cryptos still indicates that the entire market is moving up and down in tandem with BTC. There simply seems to be a clear lack of conviction in terms of market direction. The above parameters continues to show a consolidative range trade for the near term.
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Thursday, 24th May 2018

CFTC Opens the Door to More Cryptocurrency Derivatives with New Advisory The U.S. CFTC has issued a new advisory according to a May 21 announcement, which exchanges and clearinghouses planning to list cryptocurrencies derivatives must adhere.
Singapore Proposes Regulatory Boost for Decentralized ExchangesThe Monetary Authority of Singapore (MAS), is proposing changes to existing regulations that would ease market entry for blockchain-based decentralised exchanges.
Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose MillionsA malicious miner successfully executed a double spend attack on the Bitcoin Gold network last week, making BTG at least the third altcoin to succumb to a network attack during that timespan.
Daily Performance
https://preview.redd.it/3d3ie1cha0011.png?width=908&format=png&auto=webp&s=23070ca6793ed9607772740b6e26ee46df6d092b
TECHNICAL ANALYSIS
BTC
https://preview.redd.it/y7e5sc1oa0011.png?width=1076&format=png&auto=webp&s=05086f8ffd56754038458d9a2046b6b38a38e46d
ETH
https://preview.redd.it/igzo4jksa0011.png?width=1076&format=png&auto=webp&s=8301f05a973e878324abf5f15b10ed7fddcd5413
XRP
https://preview.redd.it/yxvrqfgwa0011.png?width=1076&format=png&auto=webp&s=e15005d2ab05a219f33780e5cefee5578bc379b3

Wednesday, 23rd May 2018

PAYPAL: WE’LL ‘DEFINITELY SUPPORT’ BITCOIN IF IT BECOMES ‘BETTER CURRENCY’The CFO of PayPal defended the case for fiat merchant settlements Monday, telling mainstream media the company could nonetheless “definitely support” Bitcoin in the future.
Nobel Prize Economist Says That Crypto the Latest in a Pattern of Alternative Currencies’In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas.
Taiwan: Legislators Launch Parliamentary Blockchain Alliance to Promote Industry GrowthTaiwanese legislators have formed a parliamentary blockchain group to promote the development of the industry.
$363 Million Funding Round Puts Robinhood on Fast-Track to Build ‘Largest Crypto Platform’Though best known for its commission-free stock brokerage platform, Robinhood has also begun rolling out bitcoin and Ethereum trading, with more coins expected to be added in the future.
ICO of the Week: TV-TWO
Source: https://icoholder.com/
Daily Performance
https://preview.redd.it/opimwm8080011.png?width=1344&format=png&auto=webp&s=3c94e5015ba1c51d291a1b2d6a6c43f4369a85af
Market 23-05-2018
Over the past 24 hours, the valuation of the cryptocurrency market has dropped from $390 to $353 billion, by more than $37 billion. The bitcoin price dipped below $7'940 and the value of Ether, dropped to $643. However, the current price still shows a 30 percent premium over bitcoin's lowest point this year at $5,947 seen on 5th Feb.Indeed, almost all of the top 100 assets by market cap are showing 10 to 20 percent declines at press time. According to CoinMarketCap, among the world's largest five cryptocurrencies, both Ripple and Bitcoin Cash are trading at a one-month low at $0.63 and $1,120 respectively.

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Tuesday, 22nd of May 2018

No Investors Affected, Hard to Charge Cryptocurrency Exchange UPbit Experts in the cryptocurrencies of South Korea have stated that it will be difficult for the government and local financial authorities to file charges against UPbit, given that no investors were affected.
Bank of England Issues Working Paper on Central Bank Digital CurrenciesThe Bank of England released a staff working paper, laying out various scenarios of possible risks and financial stability issues of central bank digital currencies (CBDCs).
Daily Performance

Market 22-05-2018
The cryptocurrencies' market continued to consolidate at current levels, with today seeing a small pull back across the board. Volumes continue to be on the low side with only 16B USD changing hands over the last 24 hours. ETH/BTC spread seems to stabilise at around the 0.083 level for the past week, which shows there are no strong forces in play. High correlation across large cap names all moving up in tandem also indicate a lack of news and conviction in terms of market direction.Also, realised volatility on BTC has dropped further, with implied vols softening up further (ATM< 80%). Both correlation and volatility indicate that for the short term, the overall market is subdued but is likely to drift towards the path of last resistance, which is higher. Having said that, quiet low volume environments are vulnerable to sudden external shocks - be wary of sudden large gaps in market movement!
TECHNICAL ANALYSIS
BTC
https://preview.redd.it/29o1635gvzz01.png?width=1344&format=png&auto=webp&s=edb54d4fb4fcfeb03fb4ad8cd97ddd0a78022fb7
ETH
https://preview.redd.it/e6yn8uonvzz01.png?width=1344&format=png&auto=webp&s=4e934f3d9366e70267b51cc8d8fd1f7e675abbcb
XRP
https://preview.redd.it/rjb1pb7rvzz01.png?width=1344&format=png&auto=webp&s=6ba2d228a703ee976184b813efe35f882a96d227

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Monday, 21st May 2018

Switzerland is the Number 1 blockchain-friendly country in Europe Switzerland has been named the most blockchain-friendly country in Europe by the Blockchain Conference Europe 2018.
Why Gibraltar’s crypto gambling regulation is important and what to expect from it?At the beginning of 2018 when many countries were tightening regulations around ICOs and cryptocurrency, Gibraltar was taking a different route.
Save the date: AIRPOD's pre-sale prepares for launchThe long-awaited AirPod ICO is finally taking off! The team has announced that its pre-sale is going to start on May 29, 2018.
Daily Performance
https://preview.redd.it/kdj1ayag8zz01.png?width=1804&format=png&auto=webp&s=3c12299866329c7dc4eba73c6784a3f2ea71217c
Daily Gainer vs. Looser
https://preview.redd.it/ifunb7lo8zz01.png?width=844&format=png&auto=webp&s=5fb37450d977ec90fed029a909c505d9b3e370fa
TECHNICAL ANALYSIS
BTC
https://preview.redd.it/clivbowt8zz01.png?width=1344&format=png&auto=webp&s=d52c74f3e2f3af1c1ae97c435ef0fa7bc3aa29e1
ETH
https://preview.redd.it/snafd9129zz01.png?width=1344&format=png&auto=webp&s=7b6fd52e64ac3cdf1d1452178ee67af2516b6f67
XRP
https://preview.redd.it/v6zypz879zz01.png?width=1344&format=png&auto=webp&s=11c15aad63e548fec117f4b3ff65a8a253d12846
Disclaimer: Insider aims to provide our community with updates and information regarding financial markets and the blockchain world.This is our way of communicating with our community. It is meant to be used for informational purposes not to be mistaken for financial advice.Our opinion, when shared, is just that, it may not apply directly to your individual situation. Any information gleaned here is to be used at the readers' own risk, SwissBorg does not accept any responsibility for individual decisions made based on reading our daily blog. Any information we provide on our daily blog is accurate and true to the best of our knowledge, there may be omissions, errors or mistakes.
Copyright © 2018 SwissBorg, All rights reserved.
submitted by lioness444 to swissborg [link] [comments]

It all starts with a secret

Back in the old days of Renaissance Europe, the continent's most creative and free-thinking individuals practiced their experiments in secret. Why was this? Quite simple: You didn't want anyone to know about what you know. For people to know of your occult knowledge was profoundly dangerous. A duke in debt might capture you and expect you to turn base metals into gold for him. Your neighbors would be scared that something might go wrong in your alchemical laboratory and toxic fumes might be released or worse. Read the old manuscripts of those times and you'll find an abundance of warnings to be careful and to avoid letting anyone know you're carrying out alchemical experiments.
At the end of the day, people simply aren't very comfortable with the occult. As a teenager, I would go into new age stores with a friend and ask for a Ouija board. They were unwilling to sell us one, because they believed it could channel destructive influences. If I told people about it, they would respond by telling me not to involve myself in such matter. Similarly, if you're a prominent businessman or politician, who bases his decisions on the position of the stars or a psychic's judgment, the public's response won't be positive. As a result, the occult remains occult.
For a society where the occult wasn't as occult, consider Classical Rome. Here it was common to make sacrifices to the Genius of the Roman emperor. Divination was common practice too, augurs were appointed by the government and tasked with keeping track of the behavior of birds, which was thought to reflect the will of the Gods. Many Renaissance occultists are referred to as Neoplatonists, precisely because they revived ideas and practices that were common in the Classical world. The Hermetic teachings they revived were originally a kind of folk Platonism. It wasn't uncommon for Renaissance occultists to invoke the name of Roman deities when the performed their rituals.
It's important to note that this mentality towards the world was violently eradicated. The Christians thrown before the lions are part of our collective cultural mythos, but the brutal death of Hypatia at the hands of a Christian mob was a much more shocking and better documented event to people who lived at the time. The Platonic academies didn't die out because people simply lost interest. Successive Roman emperors had to deal with a resurgent Greco-Roman polytheism whenever the barbarians at the gates delivered the surviving native heathen Roman population a breathing pause. It was around 850 AD, more than fifty years after Charlemagne invaded Saxony and more than four centuries after Christianity became the Roman state religion, when the last Greeks of Laconia were forcibly converted to Christianity. You can rest assured that heathenism survived in various forms throughout the empire, behind closed doors and in allegorical myths and manuscripts.
The current proliferation of Marxist philosophies across the Western world has a few analogies with the original proliferation of Christianity in the Western world. From what we know , the unimaginable cruelty of Marxists has no known analogy in early Christianity. In both cases however, an anti-establishment philosophy developed by intellectuals proliferated among a militant impoverished underclass that had little left to live for. Lenin's cannon fodder and Muhammed's suicide-bombers have a similar mentality to Christian slaves who sought martyrdom by preaching their creed to Roman soldiers.
In both cases, the inversion of cultural values leads to a stage of ignorance of natural order that's taught to people. The Marxist utopia where the family no longer exists, children are raised by the state and men and women work of all colours and creeds work together in harmony in a factory requires us to forget what we intuitively know about human nature. The pacifism of Jesus and the denial of the desires of the flesh similarly asks of us to suppress and reject our human nature.
Heathenism in both cases represents a threat that refuses to go away. Just as Christians were always dealing with a resurgent heathenism, Marxist societies are always dealing with a resurgent heathenism of a different form. There will always be men who feel possessive towards their daughter or sister, there will always be women who seek out powerful masculine men, there will always be racists who desire to live among people similar to them, and there will always be people who wonder what happens after death and how matter can experience qualia. Just as people don't need books or cultural traditions to look towards birds in the sky to seek out insight into the will of the transcendental, people don't need books or racist cartoon frog memes to reject the Marxist cultural orthodoxy taught to them in the media and in colleges.
The thing to understand is that when you reject the orthodoxy, you gain access to secret knowledge obscured to the masses. It can be beneficial to have access to such secret knowledge. The value of knowledge increases tremendously, as the share of the population that's aware declines. Tremendous wealth, happiness and power can be gained from knowledge obscured to the masses. If you think carefully, you already know this. When was the right time to buy Bitcoin? When nobody knew about it. When was the worst time to buy Bitcoin? When people began to take it seriously. This simple principle applies in many different aspects of life.
Of course, there is a lot of secret knowledge out there that's utterly useless. Most conspiracy theories are forms of occult knowledge, but the greatest occult knowledge of all might be the simple fact that it won't change your life when you can prove beyond a doubt who killed JFK or knocked down the World Trade Center. When Dick Cheney is thrown in jail he'll spend four months there before his last heart attack puts him out of his misery and after a pat on the shoulder from your boss who never believed you you'll have to go back to filing your TPS reports.
There is greater, more useful occult knowledge out there. Consider that all of the crazy people on the Internet used to talk about the health benefits of cannabis, back when the plant was still illegal. If you look into such a subject, you'll eventually come to the conclusion that you won't just be able to keep your two year old child from dying of brain cancer, but the prohibition of cannabis ultimately won't be sustainable. Eventually, cannabis will be legalized and a massive economic sector will emerge from nothing. A wise man would position himself to make use of that eventual outcome. Perhaps you start out by growing medicinal hemp, or you invest in a cannabis company a friend of you hopes to set up. You knew something most people didn't. Wise people quietly make use of that knowledge. Less wise people post it to their Facebook wall.
The key to secret knowledge is to share it with the right people. If you know something others don't, you will generally need others, to help you make use of that knowledge. Important in the process is to ensure that you don't inform the wrong people. If the secret gets out, the secret becomes useless. Just because you teach people how to do something better, doesn't mean that everyone will benefit. If I design a better weapon, I don't want my enemies to find out. Similarly, if I design a more efficient Bitcoin miner, my knowledge becomes useless when others find out about it too. Most secret knowledge can only create a better world by virtue of the power it gives to the wise person who discovers the knowledge.
One of my favorite thinkers of the 21st century, Peter Thiel, explained this concept in his book "from zero to one". What you should strife for is not to do something better than the competition. What you should strife for is to do something entirely new. Create something that didn't exist before, or make use of something nobody recognized as useful. Since the 1970's, we've lived in a world where we don't really do new things. We do old things slightly better. According to Thiel, this is largely a cultural problem, the result of our faith in what he calls "indefinite optimism". We believe that the world will inevitably blindly pursue greater economic growth and thereby bring about a kind of utopia.
What we need instead, is a kind of "definite optimism". Definite optimism involves making bold, specific plans for the future, and taking risks to fulfill them. What definite optimists do is to create entire new options that didn't exist before. When you create something entirely new, you are capable of developing a monopoly, if you know what you're doing. When you develop such a monopoly, you gain access to true wealth and the power to make genuine changes to how we live our lives.
There are differing degrees of secrecy. Some people make discoveries that they proceed to keep entirely to themselves. Most of the things we learn however, are simply things that are still under the radar. This is fine. You don't need sole ownership of your secret. If the implications of your secret are big enough, there is room for multiple people to make use of it. What matters ultimately, is that you gain knowledge about something your peers don't know about. To succeed, you have to go against the grain.
I often see the claim that there are diminishing returns to innovation, that we are running out of new ideas to discover. In some domains this may be true. Benjamin Franklin could perform innovative physics experiments on his own, whereas today we need the Large Hadron Collider for us to discover new knowledge. What is not mentioned however, is that innovation creates new niches of its own. It doesn't matter if you can't continue to build upon a branch of knowledge, when entirely new branches of knowledge are available to you. Consider an example. We now need genetic manipulation and a growing arsenal of pesticides, to boost our agricultural yields. But why are we trying to boost our yields, if we could eat entirely different things?
When I look at our human relationship to the natural world around us, what I witness is horizontal expansion. We witness nature, we observe its fertile soils and we seek to gain control over them. Eventually, we end up fighting each other over control of those soils. What this is, is our competition to conform. We have killed the apex predators and now we wish to live as if we were them. There is no serious attempt made at vertical expansion, to do something entirely new.
Consider the simple fact, that we effectively live as we always have, but now with more energy. We have machines that plow our soils for us and grow a variety of cereal grains. We then feed those plants to our livestock and proceed to eat the animals. This is what most of the world's terrestrial surface is now used for. We even witness the same problem as we did in the medieval era, when bottom trawlers would harvest fish from the bottom of the ocean, in such abundant amounts that they had no genuine use for them other than to feed them to their livestock.
The mistake we have to avoid, is to resort to a kind of hopeless cynicism in the face of this reality. As Thiel puts it, "If everything worth doing has already been done, you may as well feign an allergy to achievement and become a barista". This is a mistake. Besides the simple fact that it makes your own life miserable, it's simply a philosophical mistake. The future is not a deterministic trajectory in which we blindly pursue the maximum power principle until we render the planet uninhabitable. We're not a chemical reaction that ran out of control. We have the power to change the trajectory of the future. One way to do this, is by planning for the future in an intelligent manner.
Consider the simple fact, that as Africa's population is exponentially growing, Russia, China, Brazil, Japan and many other places face declining fertility rates. Iran's fertility rate took a decade to plunge. These places are clearly not subject to the maximum power principle. Growth has stalled, despite plenty of resources that could be utilized, if people were willing to reproduce. If we can escape the maximum power principle in Russia, why not at a global level? An African cultural transition could bring about the same collapse in fertility rates that we have seen in most of the world. There exist strong cultural barriers towards low fertility rates, but those barriers can be forcefully torn down. Consider the complete annihilation of the phenomenon of the fertile Catholic working class in Europe. A similar outcome is possible in Africa, if we make the right decisions.
More importantly, a cultural transition inspired by new technologies can help us reign down our impact on the natural world. An estimated seventy percent of arable land worldwide is used for the production of meat in one form or another. If we transitioned to meat grown in labs, we could get rid of this problem, as lab grown meat requires 99% less land use. We could add to this the consumption of seaweed and mushrooms. In Japan, 10% of the diet was historically composed of seaweed. Mushrooms can similarly be grown using very little physical space. The amount of physical land needed to feed a human being is much smaller than we imagine it to be. It simply depends on how we choose to live.
Important to note is that this won't cause an overpopulation crisis. We witness today that countries with an abundance of food don't suffer from excessive population growth. People don't continue to reproduce until they die of hunger as if they were rabbits. Places that suffer famines do so because they rely on a limited range of crops vulnerable to weather disruption or suffer from political instability. Humans who live in big cities tend to have few children. The natural tendency for the human population is thus to eventually decline, provided that urbanization continues at an accelerating pace. As people migrate to cities, the rural countryside ends up reforested. The total amount of global rainforest is thought to be increasing, because third world people are migrating from the countryside to the big cities, where they generally fail to reproduce. As a result, their rural farmland ends up abandoned, allowing new forests to emerge there.
The most important thing to understand is that the intelligent pursuit of specific technologies allows us to create the kind of conditions that lead to the decline of our human impact on the environment around us. This does not just apply to food. We are capable of producing cement that sequesters carbon dioxide. In addition to this, we are capable of shrinking our car fleet by 99%, when we transition to self-driving cars. You will find that most of our oil and other fossil fuels will be left in the ground, because we will not be able to come up with any good use for it. Why would you bother driving a car that runs on oil, if you can drive around using electricity? The internal combustion engine moves you around through a series of small explosions. This is why cars are in need of constant repairs. An electric vehicle in comparison will end up having a much longer lifetime.
What is important to understand, is that these developments depend on one thing: The persistence of a cognitive elite within our population that is able to pursue its talents without restraint. Consider this: Google engineers who are fired because they write politically incorrect memos are not able to deliver a contribution to society. In the words of Peter Thiel: "Today's aged hippies no longer understand that there is a difference between the election of a black president and the creation of cheap solar energy; in their minds, the movement towards greater civil rights parallels general progress everywhere". Winston Churchill believed in the 1930's that lab-grown meat would come into existence within the next fifty years. Why didn't that happen? Because of the cultural climate that has emerged.
There are societies out there that went from awe inspiring innovation and creativity, towards a permanent stasis in a form of barbarous stupidity. The Middle East is a prominent example. After the Mongols destroyed Baghdad, the Islamic world descended into a spiral of increasing regressiveness, until eventually we reached the worst depths imaginable with the rise of movements like ISIS. Muslims make up 23% of the world's population, but just 1.4% of Nobel prize winners. Most of their prizes are peace prizes, which are awarded to them for accomplishments in standing up to the stupidity that characterizes the rest of their society. This isn't the innate unchanging state of Muslims, it is the consequence predominantly of a cultural transition that has been hugely destructive.
In the Western world, the rise of Marxism has similarly had a hugely destructive impact on our ability to face the challenges of the 21st century. We see today that Western Europe and the United States are descending into the kind of stifled intellectual climate that has characterized Eastern Europe for most of the 20th century. Whereas Eastern Europe is hard at work shredding the last traumatic memories of this dark era, in Western Europe and North America, no genuine accomplishments are made now, except for petty human rights issues.
Consider that in the Soviet Union, genetics was considered a "bourgeois pseudoscience". Whereas here in Western Europe and North America, we learned how biology functions, in the Soviet Union, authorities believed that rye could spontaneously transform in wheat and wheat into barley, or that weeds could spontaneously transform into nutritious plants. Today we see that here in the modern Western world, we believe that humans can become anything as long as they are "educated". Whereas a deeper understanding of genetics would allow us to look with a sense of realism towards the prospect of places like Detroit, Baltimore and Puerto Rico, today we pretend that throwing seven times the entire annual foreign aid budget for Africa at Puerto Rico will somehow end its poverty. Just as political correctness prevented the Soviet Union from pursuing meaningful accomplishments, political correctness ensures that here in the Western world we will end up living in third world countries.
Although our intellectual climate is oppressive, this should not prevent you from pursuing your full intellectual potential. If you are intelligent and capable of pursuing a strong vision, you are capable of rising up above the mediocrity, even though we live in a society where we expect everyone to adjust to the lowest common denominator. What it all starts out with, is a secret. There are hard problems out there, problems that take a lot of effort to solve, to which only a small minority of our population has answers. To come up with an answer to such a problem allows you to garner tremendous concentrated wealth and power for yourself, which can be used to change society for the better. Upon discovering your secret, the next step becomes to gather a group of people, who will conspire with you to change the world. Ask yourself: What do you know that most smart people don't?
submitted by sourdoughryebread to accountt1234 [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]

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]

Subreddit Stats: Economics top posts from 2016-12-11 to 2017-12-10 14:09 PDT

Period: 363.96 days
Submissions Comments
Total 998 124701
Rate (per day) 2.74 341.28
Unique Redditors 447 16507
Combined Score 499738 904919

Top Submitters' Top Submissions

  1. 24425 points, 17 submissions: speckz
    1. At $75,560, housing a prisoner in California now costs more than a year at Harvard (5125 points, 597 comments)
    2. America’s Lost Einsteins - Millions of children from poor families who excel in math and science rarely live up to their potential—and that hurts everyone. (3231 points, 440 comments)
    3. One in five American households have ‘zero or negative’ wealth (2951 points, 619 comments)
    4. Escaping Poverty Requires Almost 20 Years With Nearly Nothing Going Wrong. The MIT economist Peter Temin argues that economic inequality results in two distinct classes. And only one of them has any power. (2717 points, 631 comments)
    5. After decades of pushing bachelor’s degrees, U.S. needs more tradespeople (2386 points, 587 comments)
    6. The world’s most valuable resource is no longer oil, but data (2200 points, 198 comments)
    7. Employees Who Stay In Companies Longer Than Two Years Get Paid 50% Less (1873 points, 260 comments)
    8. Student Loan Debt Is Now As Big as the U.S. Junk Market (1392 points, 380 comments)
    9. The tech sector is leaving the rest of the US economy in its dust (614 points, 235 comments)
    10. The Countries Most (and Least) Likely to be Affected by Automation. Japan is at the top with 55.7% while the US is at 45.8%. (532 points, 138 comments)
  2. 19191 points, 26 submissions: jimrosenz
    1. Warren Buffett wins $1M bet made a decade ago that the S&P 500 stock index would outperform hedge funds (7205 points, 402 comments)
    2. The Gender Pay Gap Is Largely Because of Motherhood (3325 points, 661 comments)
    3. 'Negligible' link between executive pay and firm's performance, says study (1561 points, 165 comments)
    4. We need to challenge the myth that the rich are specially-talented wealth creators (1231 points, 552 comments)
    5. Will MySpace ever lose its monopoly? (2007) (1219 points, 193 comments)
    6. Should the Government Bring Back Trust-Busting? (1093 points, 201 comments)
    7. Economics isn't a bogus science — we just don't use it correctly (625 points, 176 comments)
    8. ‘Exclusionary zoning’ is opportunity hoarding by upper middle class (559 points, 240 comments)
    9. Index Funds Are Great for Investors, Risky for Corporate Governance (358 points, 75 comments)
    10. Milton Friedman's Cherished Theory Is Laid to Rest (324 points, 156 comments)
  3. 15893 points, 26 submissions: ghostofpennwast
    1. Student Debt Is a Major Reason Millennials Aren't Buying Homes (2228 points, 487 comments)
    2. Americans Are Paying $38 to Collect $1 of Student Debt (1598 points, 150 comments)
    3. Report: America’s marijuana industry headed for $24 billion by 2025 (1350 points, 74 comments)
    4. Solar Power Will Kill Coal Faster Than You Think (1336 points, 243 comments)
    5. Saudi Arabia signals end of tax-free living as oil revenues slump (1013 points, 264 comments)
    6. One-third of Americans say they’d have trouble coming up with an emergency $2,000 (979 points, 346 comments)
    7. Trump Seeks $3.6 Trillion in Spending Cuts to Reshape Government (977 points, 652 comments)
    8. Indian American community richest with median household income of $103,821 (846 points, 201 comments)
    9. Foreigners snap up record number of US homes (825 points, 363 comments)
    10. More Americans Are Falling Behind on Student Loans, and Nobody Quite Knows Why (679 points, 526 comments)
  4. 13354 points, 31 submissions: Splenda
    1. Study: The richest families in Florence in 1427 are still the richest families in Florence (5678 points, 501 comments)
    2. Handing Out Tax Breaks to Businesses Is Worse Than Useless: Study exposes the futility of the $45 billion that states spend on economic development incentives. (1410 points, 120 comments)
    3. The Never-Ending Foreclosure: How can the country survive the next economic crash if millions of families still haven't recovered from the last one? (1061 points, 331 comments)
    4. Memo To Steven Mnuchin: Trump's Tax Plan Would Add $7 Trillion To The Debt Over 10 Years (950 points, 317 comments)
    5. Rural America Is Aging and Shrinking (414 points, 364 comments)
    6. This Is What a Real Middle-Class Tax Cut Would Look Like (387 points, 252 comments)
    7. The coming battle between the Trump team and economists over the true cost of climate change (290 points, 102 comments)
    8. Here’s One Scary Way Trump’s Team Could Manipulate Government Data: It has plans to recalculate the social cost of carbon, which has been called “the most important number you’ve never heard of.” (256 points, 29 comments)
    9. Hot and Violent: Researchers have begun to understand the economic and social damage caused by climate change. (238 points, 90 comments)
    10. How Wall Street Once Killed the U.S. Solar Industry… and how it could happen again. (238 points, 53 comments)
  5. 12703 points, 31 submissions: DoremusJessup
    1. U.S. Wage Disparity Took Another Turn for the Worse Last Year: The rich-poor pay gap is getting wider (1307 points, 323 comments)
    2. European Union finance ministers agreed on Tuesday to close loopholes multinational corporations use to skip taxation on dividends, part of a drive to stop them from parking profits where they pay the least tax (1063 points, 131 comments)
    3. Trump Plan to Slash LLC Rate Is Boon for Top Earners: Cutting pass-through rate to 15% could cost $2 trillion; Top 1% would get tax cut of $76,000 - Tax Policy Center (1046 points, 216 comments)
    4. Robots Are Slashing U.S. Wages and Worsening Pay Inequality: Robots have a real impact on jobs and wages, new research shows (1014 points, 391 comments)
    5. US Adds 156K Jobs; Unemployment Rate Ticks up to 4.7 Pct. Hourly pay jumped 2.9 percent from a year earlier, the biggest increase in more than seven years (883 points, 350 comments)
    6. Norway's sovereign wealth fund, the world's largest, on Friday called for a cap on executive pay and fiscal transparency at the companies in which it invests, further buffing its reputation as an ethical investor (846 points, 78 comments)
    7. U.S. payrolls increase more than expected, wages rise (842 points, 142 comments)
    8. America’s Biggest Creditors Dump Treasuries in Warning to Trump (838 points, 309 comments)
    9. Unemployment in the U.S. Is Falling, So Why Isn’t Pay Rising? (571 points, 228 comments)
    10. Citigroup on Thursday became the first-ever bank to get hit with civil "spoofing charges," after U.S. derivatives regulators said one of its units entered U.S. Treasury futures market orders with the intent of canceling them (511 points, 46 comments)
  6. 12274 points, 1 submission: CADBP
    1. Freakonomics: You're twice as likely to go from low to high income in Canada than in the USA (12274 points, 809 comments)
  7. 11930 points, 4 submissions: trot-trot
    1. Trade school, not 4-year college, is a better bet to solve the US income gap, researchers say (11060 points, 1329 comments)
    2. Libor: Bank of England implicated in secret recording (517 points, 9 comments)
    3. 'These Boots are Made for Walking': Why Most Divorce Filers are Women (273 points, 268 comments)
    4. This Is Le Pen's Plan to Break Up the Euro (80 points, 11 comments)
  8. 11267 points, 16 submissions: unimployed
    1. Basically every problem in the US economy is because companies have too much power, new research argues (7086 points, 372 comments)
    2. The Fraternity Paradox: Lower GPA, Higher Incomes (1440 points, 319 comments)
    3. The Real Reason the U.S. Has Employer-Sponsored Health Insurance (566 points, 95 comments)
    4. US opioid crisis holds back jobs market recovery, says study (563 points, 74 comments)
    5. An important shift in the job market makes the mystery of weak wage growth less puzzling (345 points, 62 comments)
    6. The Economics and Politics Of Flooding and Insurance (266 points, 56 comments)
    7. Economic models are broken, and economists have wildly different ideas about how to fix them (198 points, 130 comments)
    8. Most Americans live paycheck to paycheck (128 points, 56 comments)
    9. Trump preparing withdrawal from South Korea trade deal (97 points, 46 comments)
    10. The Incredible Shrinking Corporate Tax Bill (93 points, 24 comments)
  9. 9635 points, 17 submissions: lingben
    1. I’m a Depression historian. The GOP tax bill is straight out of 1929 (2907 points, 577 comments)
    2. 35 of 37 economists said Trump was wrong. The other two misread the question. (2127 points, 198 comments)
    3. CEOs agree: Corporate tax cuts won't trickle down (738 points, 301 comments)
    4. Trump's Numbers Guy Isn't Great With Numbers (662 points, 111 comments)
    5. Trumponomics Gets The Thumbs Down From Nobel-Winning Economists (563 points, 268 comments)
    6. If Everyone Is So Confident, Why Aren’t They Borrowing? (466 points, 179 comments)
    7. Economists Have No Use for Republican Tax Cuts (447 points, 180 comments)
    8. Corruption Is Still a Problem Ten Months After India's Cash Ban (412 points, 39 comments)
    9. Should the rich be taxed more? (352 points, 554 comments)
    10. Trump Administration Considers Change in Calculating U.S. Trade Deficit (208 points, 19 comments)
  10. 9371 points, 1 submission: RegressToTheMean
    1. Poll: Economists Unanimous That Debt Would Balloon Under GOP Tax Plan (9371 points, 848 comments)
  11. 8887 points, 39 submissions: mberre
    1. Japan logs longest phase of growth in 16 years (846 points, 76 comments)
    2. British Employers Begin To See A Pre-Brexit Exit Of Foreign Workers (746 points, 268 comments)
    3. US unemployment falls to 10-year low (602 points, 228 comments)
    4. U.S. new home sales fall to seven-month low (546 points, 242 comments)
    5. US deficit rises to 2008 levels (538 points, 91 comments)
    6. Iceland to end capital controls from 2008 financial crisis - BBC News (463 points, 48 comments)
    7. Swiss say goodbye to banking secrecy (450 points, 122 comments)
    8. Pew Research: In a Recovering Market, Homeownership Rates Are Down Sharply for Blacks, Young Adults (439 points, 183 comments)
    9. UK wealth gap 'widening over past decade' says report - BBC News (429 points, 182 comments)
    10. Fed's Williams calls for global rethink of monetary policy (387 points, 158 comments)
  12. 7956 points, 6 submissions: johnmountain
    1. Martin Schulz to Trump: Dropping Paris agreement means no trade talks -- ‘Whoever wants to have access to our market needs to respect the European standards,’ Schulz says. (6708 points, 1020 comments)
    2. Paul Krugman in 1998: Internet’s Economic Impact No Greater Than Fax Machine (710 points, 261 comments)
    3. Without Power to Run A.T.M.s, Puerto Rico Is Cash Only (210 points, 15 comments)
    4. A basic income could boost the US economy by $2.5 trillion (150 points, 165 comments)
    5. America's housing inventory crisis is causing home prices to rise at double the rate of a 'normal' market (91 points, 15 comments)
    6. Why Do Cities Become Unaffordable? (87 points, 117 comments)
  13. 6952 points, 2 submissions: mjanes
    1. The U.S. Has Forgotten How to Do Infrastructure: The nation once built things fast and cheaply. Now experts are puzzled why costs are higher and projects take longer than in other countries. (5056 points, 575 comments)
    2. Reaganomics killed America’s middle class (1896 points, 468 comments)
  14. 6290 points, 2 submissions: Nolagamer
    1. 37 of 38 economists said the GOP tax plans would grow the debt. The 38th misread the question. (5268 points, 473 comments)
    2. Opioid crisis: Nearly half of working-age American men who are out of the labor force are using painkillers daily (1022 points, 137 comments)
  15. 5852 points, 7 submissions: PinkSlimeIsPeople
    1. Tax Cuts Don't Lead to Economic Growth, a New 65-Year Study Finds (3816 points, 352 comments)
    2. You're not imagining it: the rich really are hoarding economic growth (841 points, 546 comments)
    3. Vast Majority of Americans Would Likely Lose From Senate GOP’s $1.5 Trillion in Tax Cuts, Once They’re Paid For (347 points, 128 comments)
    4. Commentary: Signs Suggest Trump Budget Will Feature Unprecedented Cuts Plus Large Tax Cuts Favoring Wealthy (323 points, 212 comments)
    5. Eight Market-Oriented Proposals That Reduce Income Inequality (304 points, 280 comments)
    6. Republicans’ tax plan gives the top 1 percent of households a $207,000 tax cut; Bottom 20 percent get $50 (163 points, 154 comments)
    7. Eliminating Two ACA Medicare Taxes Means Huge Tax Cuts for High Earners and the Wealthy (58 points, 67 comments)
  16. 5489 points, 10 submissions: pipsdontsqueak
    1. Americans want U.S. goods, but not willing to pay more: Reuters/Ipsos poll (1219 points, 461 comments)
    2. After a Tax Crackdown, Apple Found a New Shelter for Its Profits (1216 points, 221 comments)
    3. Fed raises rates for third time since the recession (716 points, 170 comments)
    4. U.S. moves to impose tariffs of as much as 219 percent on Canadian jet maker, siding with Boeing (672 points, 120 comments)
    5. Bitcoin hits all-time high after CME Group says to launch futures (637 points, 365 comments)
    6. Trump Is Expected to Name Jerome Powell as Next Fed Chairman (451 points, 58 comments)
    7. Awaiting Trump's coal comeback, miners reject retraining (202 points, 118 comments)
    8. Republicans to propose keeping top tax rate for very wealthy, nodding to concerns (202 points, 63 comments)
    9. Experian fined $3M over 'inaccurate' credit scores (97 points, 3 comments)
    10. Paradise Papers: Apple's secret tax bolthole revealed (77 points, 8 comments)
  17. 5133 points, 2 submissions: MaxGhenis
    1. Something missing from Trump's Cabinet: Economists (4128 points, 575 comments)
    2. San Francisco Bans Salary History Questions (1005 points, 243 comments)
  18. 4744 points, 16 submissions: InvisibleTextArea
    1. New Zealand bans foreign home buyers (1744 points, 533 comments)
    2. EU Audit Admits Greek Bailouts Didn't Go as Planned (811 points, 291 comments)
    3. Renters in the UK spend average of 62 per cent of income on rent (627 points, 104 comments)
    4. Venezuela pulls most common banknote from circulation to 'beat mafia' (369 points, 80 comments)
    5. Yet again, today’s politicians are ignoring basic economics (166 points, 111 comments)
    6. The next crash risk is hiding in plain sight (159 points, 36 comments)
    7. After Universal Basic Income, The Flood (143 points, 118 comments)
    8. Slow economic growth is not the new normal, it's the old norm (124 points, 117 comments)
    9. Cryptoeconomics 101 (88 points, 9 comments)
    10. Of productivity in France and in Germany (85 points, 19 comments)
  19. 4258 points, 16 submissions: kludgeocracy
    1. How Corporations and the Wealthy Avoid Taxes (and How to Stop Them) (787 points, 296 comments)
    2. How “Shareholder Value” is Killing Innovation (637 points, 217 comments)
    3. Capitalism Can Thrive Without Cooking the Planet (547 points, 296 comments)
    4. American builders’ productivity has plunged by half since the late 1960s (519 points, 112 comments)
    5. There's a $136,400 reason so many Americans feel they haven't made economic progress (470 points, 186 comments)
    6. What Happened When 18 States Raised Their Minimum Wage? (242 points, 189 comments)
    7. Democrats just united on a $15-an-hour minimum wage (208 points, 252 comments)
    8. Avoiding Payday Loans Makes the Poor Richer (201 points, 44 comments)
    9. Maybe We’ve Been Thinking About the Productivity Slump All Wrong (167 points, 92 comments)
    10. Researchers have answered a big question about the decline of the middle class (95 points, 50 comments)

Top Commenters

  1. tcoop6231 (6607 points, 678 comments)
  2. SmokingPuffin (5048 points, 544 comments)
  3. MasterBerter (4931 points, 369 comments)
  4. louieanderson (4560 points, 710 comments)
  5. autotldr (3551 points, 333 comments)
  6. TitaniumDragon (3202 points, 693 comments)
  7. Adam_df (3193 points, 611 comments)
  8. HTownian25 (3165 points, 392 comments)
  9. slash196 (3002 points, 284 comments)
  10. thewimsey (2932 points, 534 comments)
  11. MELBOT87 (2835 points, 187 comments)
  12. HeFlipYa (2819 points, 380 comments)
  13. Ponderay (2809 points, 198 comments)
  14. Mylon (2732 points, 510 comments)
  15. ucstruct (2729 points, 241 comments)
  16. bartink (2473 points, 645 comments)
  17. throwittomebro (2360 points, 490 comments)
  18. holy_rollers (2318 points, 211 comments)
  19. Lando_Calrissian (2314 points, 14 comments)
  20. bokabo (2250 points, 487 comments)
  21. skatastic57 (2212 points, 284 comments)
  22. bobmarles3 (2179 points, 189 comments)
  23. Splenda (2159 points, 366 comments)
  24. mwatwe01 (2133 points, 34 comments)
  25. UpsideVII (2120 points, 171 comments)
  26. sunflowerfly (2032 points, 178 comments)
  27. OliverSparrow (2002 points, 362 comments)
  28. Rookwood (1965 points, 297 comments)
  29. besttrousers (1948 points, 181 comments)
  30. sethstorm (1928 points, 880 comments)
  31. roboczar (1899 points, 133 comments)
  32. HumanKapital_ (1889 points, 404 comments)
  33. itsreaditpeople (1887 points, 13 comments)
  34. cd411 (1880 points, 62 comments)
  35. brberg (1841 points, 287 comments)
  36. Brad_Wesley (1811 points, 183 comments)
  37. DrSandbags (1772 points, 164 comments)
  38. DefendedCobra29 (1727 points, 27 comments)
  39. Uptons_BJs (1660 points, 70 comments)
  40. TracyMorganFreeman (1655 points, 628 comments)
  41. whyrat (1652 points, 110 comments)
  42. FweeSpeech (1648 points, 68 comments)
  43. darwin2500 (1635 points, 229 comments)
  44. Holophonist (1612 points, 247 comments)
  45. Nolagamer (1569 points, 272 comments)
  46. Dave1mo1 (1553 points, 171 comments)
  47. WordSalad11 (1546 points, 167 comments)
  48. HeTalksToComputers (1511 points, 141 comments)
  49. number676766 (1475 points, 7 comments)
  50. matty_a (1445 points, 1 comment)

Top Submissions

  1. Freakonomics: You're twice as likely to go from low to high income in Canada than in the USA by CADBP (12274 points, 809 comments)
  2. Trade school, not 4-year college, is a better bet to solve the US income gap, researchers say by trot-trot (11060 points, 1329 comments)
  3. Poll: Economists Unanimous That Debt Would Balloon Under GOP Tax Plan by RegressToTheMean (9371 points, 848 comments)
  4. Warren Buffett wins $1M bet made a decade ago that the S&P 500 stock index would outperform hedge funds by jimrosenz (7205 points, 402 comments)
  5. Basically every problem in the US economy is because companies have too much power, new research argues by unimployed (7086 points, 372 comments)
  6. Martin Schulz to Trump: Dropping Paris agreement means no trade talks -- ‘Whoever wants to have access to our market needs to respect the European standards,’ Schulz says. by johnmountain (6708 points, 1020 comments)
  7. Study: The richest families in Florence in 1427 are still the richest families in Florence by Splenda (5678 points, 501 comments)
  8. Warren Buffett declared victory Saturday in his decade-long, $1 million bet that low-cost index funds would out earn more expensive hedge funds by deleted (5318 points, 311 comments)
  9. 37 of 38 economists said the GOP tax plans would grow the debt. The 38th misread the question. by Nolagamer (5268 points, 473 comments)
  10. At $75,560, housing a prisoner in California now costs more than a year at Harvard by speckz (5125 points, 597 comments)

Top Comments

  1. 1760 points: itsreaditpeople's comment in Freakonomics: You're twice as likely to go from low to high income in Canada than in the USA
  2. 1678 points: mwatwe01's comment in Trade school, not 4-year college, is a better bet to solve the US income gap, researchers say
  3. 1445 points: matty_a's comment in Trump Administration Rolls Back Protections for People in Default on Student Loans
  4. 1411 points: electrik_wizard's comment in The U.S. Has Forgotten How to Do Infrastructure: The nation once built things fast and cheaply. Now experts are puzzled why costs are higher and projects take longer than in other countries.
  5. 1326 points: number676766's comment in Something missing from Trump's Cabinet: Economists
  6. 1314 points: Lando_Calrissian's comment in Trump names Japan a currency manipulator
  7. 1201 points: DefendedCobra29's comment in Poll: Economists Unanimous That Debt Would Balloon Under GOP Tax Plan
  8. 1004 points: kristopolous's comment in Reaganomics killed America’s middle class
  9. 1000 points: TheWhitestOrca's comment in Poll: Economists Unanimous That Debt Would Balloon Under GOP Tax Plan
  10. 983 points: BmoreIntelligent's comment in The Fraternity Paradox: Lower GPA, Higher Incomes
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Bitcoin is a bubble: Nobel Laureate in Economics A Skeptic's View of Crypto (from the Point of View of Monetary Economics) THE BOTTOM LINE: Bitcoin Mania, a Nobel Prize-winning Economist Talks Trump, and Tech Stocks Nobel Prize-Winning Economist Joseph Stiglitz Says Bitcoin Should Be Illegal Money, Emotions, and the Nobel Prize in Economics

Please share if you find this article interesting. Nobel Winning Economist Shiller Says Bitcoin ‘Bubble’ May Be Around For A While. 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. May 23, 2018 by Wealthy Miner. 1. SHARES. Share Tweet. Please share if you find this article interesting. Nobel Prize Economist Says That Crypto the Latest in a Pattern of Alternative Currencies. In a May 21 article entitled “The Old Allure of New Money,” the 2013 Nobel laureate of Economics Robert Shiller calls crypto the newest iteration of alternative currency ideas. Shiller outlines ... With the growing popularity of Bitcoin and cryptocurrencies, some pages are taking advantage of users by using browsers so that visitors mine bitcoins for them.. The pages can do this through a code that causes when you visit the browser begins to use the components of the computer to mine, something that slows your computer in general for the benefit of the web. Nobel laureate in economics Joseph Stiglitz shared his opinion about cryptocurrencies in an interview with CNBC. He was strongly opinionated about “shutting down cryptocurrencies”, being hung up on the idea that cryptocurrencies do not have the necessary transparency needed to be widely adopted as a currency. Though he says he’s a great advocate of moving unto electronic payment ... In 1999, Professor Milton Friedman, a Nobel Prize winner in economics stated: “I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.” Nine years later, Bitcoin was born.

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Bitcoin is a bubble: Nobel Laureate in Economics

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 ... That's the heart of Nobel-prize winning economist Paul Krugman's skepticism around cryptocurrencies -- noting that while he may not understand technology, he does understand monetary economics ... "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 ... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Business Insider senior editor Josh Barro sits down with Paul Krugman, a Nobel Prize-winning economist and distinguished professor of economics at the City University of New York. They start by ...

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