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Bitcoin as the Ultimate Haven from Hyperinflation: A Country By Country Analysis Of Worldwide Fiat Currency Inflation
https://cryptoiq.co/bitcoin-as-the-ultimate-haven-from-hyperinflation-a-country-by-country-analysis-of-worldwide-fiat-currency-inflation/ Bitcoin was created during the Great Recession that started in 2008, when the governments of the world printed trillions of dollars to bail out banks and corporations. Satoshi Nakamoto intended Bitcoin to be a decentralized form of money that could not be printed by governments at will. In the the Genesis Block Satoshi included the message “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.” Fiat currencies continue to be the dominant form of global currency, but it seems logical that, if fiat currencies were to hyperinflate and collapse, Bitcoin would become the dominant global currency. This is because Bitcoin can be sent instantly anywhere in the world and is cryptographically secure. It is easy enough to integrate Bitcoin into any e-commerce store or physical store, and the customers of the future will be able to send Bitcoin from their smartphones via QR codes. Therefore, if fiat currency becomes obsolete, Bitcoin could seamlessly take its place and keep the global economy running. There has been plenty of hype that fiat currencies are collapsing, but this article will explore the current state of major fiat currencies in the world to ascertain the true situation. This is important information since the rate of fiat currency inflation by country is an important factor that will determine Bitcoin adoption rates and ultimately Bitcoin’s price. United States’ Inflation Rate The United States is perhaps the best place to start an analysis of global fiat inflation, since the USD is the world’s dominant fiat currency and perhaps the most stable long term. That being said, there is 2-3 percent annual inflation in the United States. If we split the difference at a 2.5 percent annual inflation rate, it means $100,000 stored in a bank will lose a whopping $22,400 of value over the course of 10 years, corresponding to 22.4 percent inflation per 10 years. Therefore, even in the United States, saving money long term seems impractical, and this essentially forces people to risk their savings by investing in the hopes that the money earned from investing will outpace inflation. It appears inflation will only worsen in the United States since the national debt is approaching $22 trillion, with a budget deficit of $1 trillion per year and growing. This situation will likely lead to increased money printing, which would increase the inflation rate. Therefore, saving money in USD long term does not make financial sense. Bitcoin is an alternative way to store money long term, although Bitcoin has yet to mature and can be extremely volatile from year to year. Euro (EUR) Inflation Rate Is 37.5 percent Relative To USD During The Last 10 Years One of the primary global currencies besides the USD is the Euro (EUR). For the rest of this global analysis, fiat currencies will be compared to the USD exchange rate to determine inflation, but it must be kept in mind that the USD itself is inflating at the rate of 2 to 3 percent per year. When the EUR launched in 1999, the exchange rate was one USD per 0.85 EUR. By 2002 the EUR weakened to 1.16 EUR per USD. The EUR then entered a period of vigorous strengthening, and the exchange rate fell to 0.64 EUR per USD by 2008. The Great Recession caused the EUR to begin weakening versus the USD long term, and currently each USD is worth 0.88 EUR. This represents 37.5 percent inflation relative to the USD in roughly 10 years. Back to the storing money in a bank analogy, $100,000 of EUR stored over the past 10 years would have lost the EUR inflation rate + the USD inflation rate. With this sort of inflation rate it seems dangerous to store money in EUR long term. It gets worse. The EUR is one of the top global fiat currencies, and there are many currencies doing worse than the EUR. United Kingdom’s Pound Has 65 Percent Inflation Relative to USD in 11 Years The United Kingdom (UK) is one of nine European Union (EU) countries that does not use the EUR, and eventually, the UK will leave the EU via the Brexit. However, the native Great Britain Pound (GBP) has done far worse than the Euro, with the exchange rate going from 0.48 GBP per USD in 2007 to 0.79 GBP per USD currently. This is 65 percent inflation relative to the USD during the past 11 years. Canada’s Inflation Rate Is 45.2 Percent Relative to USD During the Last 7 Years The United States’ neighbor to the north is similar to the United States in many respects. It is a fully developed and industrialized first world country. However the native fiat currency, the Canadian Dollar (CAD), has been experiencing severe inflation since the Great Recession. In 2011 1 USD was worth 0.95 CAD, and now the exchange rate is 1.36 CAD per USD. This represents 43.2 percent inflation relative to the USD since 2011, and of course, the USD has an underlying inflation rate as well of 16.2 percent during the last 7 years. Even in the first world country of Canada, it is becoming impossible to save cash for retirement or even for short-term goals like buying a house, forcing people to invest in the risky stock market. Mexico’s Inflation Rate Is 97.6 Percent Relative to the USD During Past 10 Years Since the 2008 financial crisis, the exchange rate of the Mexican Peso (MXN) has gone from 10.12 MXN per USD to 20 MXN per USD. This represents 97.6 percent inflation relative to the USD, and USD inflation means the true Mexican inflation rate is well over 100 percent per 10 years. This sort of inflation rate ensures that people have to work their entire lives and can never retire, and overall, this sort of inflation can cause the entire economy of Mexico to struggle. Bitcoin seems like an obvious alternative to holding MXN long term. It is quite shocking that a country bordering the United States has such high inflation, yet the mainstream media never mentions it. Russia Has 194 Percent Inflation Relative to USD Since the 2008 Great Recession Russia is a global superpower, with a gross domestic product (GDP) of $1.58 trillion versus the United States’ $19.39 trillion GDP. Despite being a superpower, the native currency of Russia, the Russian Ruble (RUB), has gone from 23.48 RUB per USD in 2008 to 69.08 RUB per USD currently. This yields a 194 percent 10 year inflation rate relative to the USD. Clearly, the Great Recession that started in 2008 is a common point when fiat inflation accelerated in many countries around the world. Japan’s Inflation Rate Is 46 Percent Relative to USD Over the Past 7 Years Japan is a first-world country and has one of the most important stock markets in the world. The GDP of Japan is ranked number three in the world at nearly $5 trillion. However, its inflation rate is far higher than the United States, at least since 2011. In 2011, the exchange rate was 76 JPY per USD, but it has now risen to 111 JPY per USD, a 46 percent inflation rate relative to the USD over the past 7 years. This is actually almost exactly the same as Canada’s inflation rate. China’s Inflation Is Only 14.4 Percent Relative to USD Since 2013, but China Tightly Controls the CNY China is the second ranking economy in the world with a $12 trillion GDP. Its position as the number one trading partner of the United States gives it power to manipulate the exchange rate of its native currency the Chinese Yuan (CNY). The CNY actually strengthened greatly versus the USD until 2013, when China relaxed its control over the CNY exchange rate to make it more competitive in the global import and export markets. Chinese control over the CNY and therefore, control over the profitability of Chinese imports, is a primary reason for the “trade war” between China and the United States. Since allowing the CNY to lose value relative to the USD, the exchange rate has gone from 6.04 CNY per USD in 2013 to 6.91 CNY per USD currently, a 14.4 percent inflation relative to the USD in 5 years. China is an outlier and has one of the lowest inflation rates relative to the USD. Switzerland Has One Of The Lowest Inflation Rates At Less Than 5 percent Relative To The USD In 7 Years Switzerland has remained independent of the European Union and does not use the EUR. Instead, it uses the Swiss Franc (CHF). The CHF actually strengthened greatly relative to the USD during the Great Recession, but the trend reversed in 2011. There was a rapid devaluation of the CHF relative to the USD from 0.76 CHF per USD to 0.94 CHF per USD during 2011. In The 7 years since then, the CHF has roughly five percent inflation relative to the USD and sits at 0.99 CHF per USD currently. That being said, it cannot be forgotten that the USD itself is experiencing 2.5 percent inflation per year, so even countries that have low inflation rates relative to the USD have a significant inflation rate overall. India Has Seen 79 Percent Inflation Relative to USD Since the Great Recession Began India has the sixth highest GDP in the world at $2.6 trillion, and the second highest population at 1.34 billion. Since the Great Recession began, the Indian Rupee (INR) has gone from 39.18 per USD to 70.14 INR per USD, a 79 percent inflation relative to the USD in 11 years. Unfortunately, India is slowly making Bitcoin more illegal and could fully outlaw it, so citizens may have to break the law in the future in the event that inflation accelerates and Bitcoin becomes a preferred way to store money. Indonesia Has 76 Percent Inflation Relative to the USD in Seven Years Indonesia has a population of 265 million, not far behind the United States, but its GDP is 20 times less than the United States at $1 trillion. Part of the reason Indonesia’s economy is weaker may be that the native fiat currency, the Indonesian Rupiah (IDR) has gone from 8,250 per USD in 2011 to 14,550 IDR per USD currently. This is 76 percent inflation relative to the USD in 7 years, around the same rate as India. However, Indonesia has banned Bitcoin as of 2018, which would make it difficult for citizens to use Bitcoin in the event inflation spirals out of control. Brazil Has 152 percent Inflation Relative To USD In Past Seven Years, Despite Being the Strongest Economy In South America Brazil has the most powerful economy in South America with a $2 trillion GDP. However, South America as a whole is experiencing out of control hyperinflation, and Brazil seems to be feeling the effects. The Brazilian Real (BRL) has gone from 1.55 per USD in 2011 to 3.91 BRL per USD currently. This is 152 percent inflation relative to the USD in 7 years. There does not appear to be any inflation safe haven in South America, and this could make South America a Bitcoin adoption hotspot. Venezuela Has Ridiculous Inflation Around One million percent Per Year; Bolivar Collapsing The end game of fiat currency inflation, if left unchecked, is currency collapse. A classic example of currency collapse is the situation in Venezuela, where the Cafe Con Leche Index suggests 400,000 percent inflation per year, although if a shorter term average is used it is 1 million percent per year or more. It would be shocking if the native fiat currency of Venezuela, the Sovereign Bolivar (VES), is still usable one year from now. Bitcoin is legal in Venezuela, and there is plenty of news which indicates people are abandoning the VES for Bitcoin. South Korea Has Zero Inflation Relative to the USD South Korea is considered a powerful economy relative to most of the world, with a GDP of $1.5 trillion despite the country’s small size. The South Korean Won (SKW) has essentially zero inflation relative to the USD long term aside from an exchange rate shock during the 2008 Great Recession. That being said, inflation is still a reality in South Korea since the USD has average inflation of 2.5 percent per year. Australia Has 53 Percent Inflation Relative to the USD in Seven Years Australia essentially has a continent to itself, but it is not isolated from the global fiat inflation crisis. The AUD actually strengthened massively versus the USD from 2001 to 2011. However, the trend reversed, and the exchange rate has gone from 0.93 AUD per USD in 2011 to 1.42 AUD per USD currently. This is 53 percent inflation relative to the USD in seven years. Israel Has Zero Inflation Relative To USD Long Term Israel is in the Middle East but does not have strong connections to the economy of the rest of the Middle East and, apparently, a different monetary policy than most of the rest of the world. Israel is only comparable to the United States, South Korea, and perhaps Switzerland when it comes to fiat currency since the Israeli New Shekel (ILS) has practically zero inflation relative to the USD long term although there are shorter term oscillations. Like the other countries listed with zero USD relative inflation, inflation still exists because the USD itself is inflating. In total, there are 180 fiat currencies in the world, and here, we’re covering just 16 of them. We could keep going, but the trend is already clear. Even in major countries with powerful economies, inflation has become a serious issue, with some major countries experiencing 50-200 percent inflation relative to the USD over the past decade, and those numbers don’t even take in the 2.5 percent per year USD inflation underlying them. It is possible that worldwide fiat inflation will accelerate due to the growing global debt crisis. That’s especially true if an economic recession occurs since that would force a rapid increase in money printing. So we’re in a global situation that needs to be actively monitored. Even if the status quo is maintained long term, most of the world’s population cannot realistically save money for the future because it’s going to lose value over time. This is a major shift from our parents’ generation when saving money was the smart thing to do. The good news is Bitcoin is waiting on the sidelines. It’s ready to become the global currency if fiat currency collapses worldwide. Even if fiat does not totally collapse, perhaps once Bitcoin matures and becomes more stable, it will be a good option for saving money long term since its value is independent of fiat inflation.
Horizon State is a virtually guaranteed moonshot this year. Why? Because of 100 Million+ Indonesians, but mostly, because you haven't heard of it.
Horizon State ($HST, /HorizonState) is a utility token that is used to power community engagement and voting platforms. Their token allows completely secure, unhackable and transparent voting and engagement on a large scale. Think government elections, polling of members of large NGOs etc. Many worldwide organisations have huge problems trying to engage their membership securely. Think about AGM voting for large corporations and member voting for big sport teams. Horizon State can run voting and engagement for 1/20th the cost, completely securely, and virtually instantly. Not sexy, but this is an amazing solution to a huge problem and it's about to generate a lot of revenue. Horizon State has recently signed a huge strategic partnership to empower millions in Indonesia. On top of that partnership, they signed a separate deal with the socio-religious organisation Nahdlatul Ulama to empower social reform in Indonesia. Nahdlatul Ulama has 96 MILLION members. Each individual that uses the platform (mobile app) will use HST tokens and will require a unique ETH address. This is massive. ETH addresses have only got to 31 million so far, that includes EVERY ERC20 token in existence. Horizon State alone will see that number at least double or quadruple this year. One company, through just a couple of deals in their pipeline. (They've announced they have a pipeline of 40+ customers lined up) Here's all you need to know: Market cap is currently only $22 Million. It has had almost zero exposure but they are now going live with marketing. They've recently been covered by Coin Desk, Coin Telegraph, Reuters and Forbes. They've also announced a re-branding with a company whose clients include Nike and Google. Recent problems with major exchanges being extra careful about listing tokens has caused delays in listing HST on the major exchanges, but they are in negotiations with three top exchanges right now. In the meantime, get it on KuCoin while nobody knows about it. Token Mechanics: Horizon State customers are all quoted in their local fiat. They pay Horizon State, and the money is used to purchase tokens directly at market. Regardless of the amount of tokens purchased (it doesn't matter), those tokens are used to power their campaign. Once used, up to 8% are burned, (with daily/weekly use, you can see a huge effect here) some are given away, and recycled tokens are returned to a pool than can only be trickled back to market at a maximum rate of 20% per month, ensuring a large amount of tokens are locked away. The token mechanics are genius. Here's another great article. Currently 70c on CoinMarketCap, as always DYOR, but thank me later :-)
Georgia Tombstones (Part 2) by Jayge 8^J "Project Blue Beam is a conspiracy theory that claims that NASA is attempting to implement a New Age religion with the Antichrist at its head and start a New World Order, via a technologically-simulated Second Coming. The allegations were presented in 1994 by Quebecois journalist and conspiracy theorist Serge Monast, and later published in his book Project Blue Beam (NASA). Proponents of the theory allege that Monast and another unnamed journalist, who both died of heart attacks in 1996, were in fact assassinated, and that the Canadian government kidnapped Monast's daughter in an effort to dissuade him from investigating Project Blue Beam. The project was apparently supposed to be implemented in 1983, but it didn't happen. It was then set for implementation in 1995 and then 1996. Monast thought Project Blue Beam would be brought to fruition by the year 2000, really, definitely, for sure. The theory is widely popular (for a conspiracy theory) on the Internet, with many web pages dedicated to the subject, and countless YouTube videos explaining it. The actual source material, however, is very thin indeed. Monast lectured on the theory in the mid-1990s (a transcript of one such lecture is widely available), before writing and publishing his book, which has not been reissued by his current publisher and is all but unobtainable. The currently available pages and videos all appear to trace back to four documents: A transcript of the 1994 lecture by Monast, translated into English. A GeoCities page written by David Openheimer and which appears to draw on the original book. A page on educate-yourself.org, compiled in 2005, which appears to include a translation of the book from the French. Monast's page in French Wikipedia. The French Wikipedia article is largely sourced from two books on conspiracy theories and extremism by Pierre-André Taguieff, a mainstream academic expert on racist and extremist groups. From these few texts have come a flood of green ink, in text and video form, in several languages. Even the French language material typically does not cite the original book but the English language pages on educate-yourself.org. However, conspiracy theorists seem to use quantity as a measure of substance (much as alternative medicine uses appeal to tradition) and never mind the extremely few sources it all traces back to. Proponents of the theory have extrapolated it to embrace HAARP, 9/11, the Norwegian Spiral, chemtrails, FEMA concentration camps and Tupac Shakur. Everything is part of Project Blue Beam. It's well on its way to becoming the Unified Conspiracy Theory. Behold A Pale Horse, William Cooper's 1991 green ink magnum opus, has lately been considered a prior claim of, hence supporting evidence for, Blue Beam by advocates. The book is where a vast quantity of now-common conspiracy memes actually came from, so retrospectively claiming it as prior evidence is somewhere between cherrypicking and the Texas sharpshooter fallacy. However, the following quotes, from pages 180-181, intersect slightly with the specific themes of Blue Beam: It is true that without the population or the bomb problem the elect would use some other excuse to bring about the New World Order. They have plans to bring about things like earthquakes, war, the Messiah, an extra-terrestrial landing, and economic collapse. They might bring about all of these things just to make damn sure that it does work. They will do whatever is necessary to succeed. The Illuminati has all the bases covered and you are going to have to be on your toes to make it through the coming years. Can you imagine what will happen if Los Angeles is hit with a 9.0 quake, New York City is destroyed by a terrorist-planted atomic bomb, World War III breaks out in the Middle East, the banks and the stock markets collapse, Extraterrestrials land on the White House lawn, food disappears from the markets, some people disappear, the Messiah presents himself to the world, and all in a very short period of time? Can you imagine? The world power structure can, and will if necessary, make some or all of those things happen to bring about the New World Order. “Without a universal belief in the new age religion, the success of the new world order will be impossible!” The alleged purpose of Project Blue Beam is to bring about a global New Age religion, which is seen as a core requirement for the New World Order's dictatorship to be realised. There's nothing new in thinking of religion as a form of control, but the existence of multiple religions, spin-off cults, competing sects and atheists suggest that controlling the population entirely through a single religion isn't particularly easy. Past attempts have required mechanisms of totalitarianism such as the Inquisition. Monast's theory, however, suggests using sufficiently advanced technology to trick people into believing. Of course, the plan would have to assume that people could never fathom the trick at all — something contested by anyone sane enough not to swallow this particular conspiracy. The primary claimed perpetrator of Project Blue Beam is NASA, presented as a large and mostly faceless organization that can readily absorb such frankly odd accusations, aided by the United Nations, another old-time boogeyman of conspiracy theorists. According to Monast, the project has four steps: Step One requires the breakdown of all archaeological knowledge. This will apparently be accomplished by faking earthquakes at precise locations around the planet. Fake "new discoveries" at these locations "will finally explain to all people the error of all fundamental religious doctrines", specifically Christian and Muslim doctrines. This makes some degree of sense — if you want to usurp a current way of thinking you need to completely destroy it before putting forward your own. However, religious belief is notoriously resilient to things like facts. The Shroud of Turin is a famous example that is still believed by many to be a genuine shroud of Jesus as opposed to the medieval forgery that it has been conclusively shown to be. Prayer studies, too, show how difficult it is to shift religious conviction with mere observational fact — indeed, many theologians avoid making falsifiable claims or place belief somewhere specifically beyond observation to aid this. So what finds could possibly fundamentally destroy both Christianity and Islam, almost overnight, and universally all over the globe? Probably nothing. Yet, this is only step one of an increasingly ludicrous set of events that Project Blue Beam predicts will occur. Step Two involves a gigantic "space show" wherein three-dimensional holographic laser projections will be beamed all over the planet — and this is where Blue Beam really takes off. The projections will take the shape of whatever deity is most predominant, and will speak in all languages. At the end of this light show, the gods will all merge into one god, the Antichrist. This is a rather baffling plan as it seems to assume people will think this is actually their god, rather than the more natural twenty-first century assumption that it is a particularly opaque Coca Cola advertisement. Evidence commonly advanced for this is a supposed plan to project the face of Allah, despite its contradiction with Muslim belief of God's uniqueness, over Baghdad in 1991 to tell the Iraqis to overthrow Saddam Hussein. Someone, somewhere, must have thought those primitive, ignorant non-Western savages wouldn't have had television or advertising, and would never guess it was being done with mirrors. In general, pretty much anything that either a) involves light or b) has been seen in the sky has been put forward as evidence that Project Blue Beam is real, and such things are "tests" of the technology — namely unidentified flying objects. Existing display technology such as 3D projection mapping and holograms are put forward as foreshadowing the great light show in the sky. This stage will apparently be accomplished with the aid of a Soviet computer that will be fed "with the minute physio-psychological particulars based on their studies of the anatomy and electro-mechanical composition of the human body, and the studies of the electrical, chemical and biological properties of the human brain", and every human has been allocated a unique radio wavelength. The computers are also capable of inducing suicidal thoughts. The Soviets are (not "were") the "New World Order" people. Why NASA would use a Soviet computer when the USSR had to import or copy much of its computer technology from the West is not detailed. The second part of Step Two happens when the holograms result in the dissolution of social and religious order, "setting loose millions of programmed religious fanatics through demonic possession on a scale never witnessed before." The United Nations plans to use Beethoven's "Ode to Joy" as the anthem for the introduction of the new age one world religion. There is relatively little to debunk in this, the most widely remembered section of the Project Blue Beam conspiracy, as the idea is so infeasible. Citing actual existing communication technology is odd if the point is for the end product to appear magical, rather than just as cheap laser projections onto clouds. This hasn't stopped some very strange conspiracy theories about such things popping up. Indeed, the notion of gods being projected into the sky was floated in 1991 by conspiracy theorist Betty J. Mills. And US general (and CIA shyster extraordinaire), Edward Lansdale, actually floated a plan to fake a Second Coming over Cuba to get rid of Castro. Step Three is "Telepathic Electronic Two-Way Communication." It involves making people think their god is speaking to them through telepathy, projected into the head of each person individually using extreme low frequency radio waves. (Atheists will presumably hear an absence of Richard Dawkins.) The book goes to some lengths to describe how this would be feasible, including a claim that ELF thought projection caused the depressive illness of Michael Dukakis' wife Kitty. Step Four has three parts: Making humanity think an alien invasion is about to occur at every major city; Making the Christians think the Rapture is about to happen; A mixture of electronic and supernatural forces, allowing the supernatural forces to travel through fiber optics, coax, power and telephone lines to penetrate all electronic equipment and appliances, that will by then all have a special microchip installed. Then chaos will break out, and people will finally be willing — perhaps even desperate — to accept the New World Order. "The techniques used in the fourth step is exactly the same used in the past in the USSR to force the people to accept Communism." A device has apparently already been perfected that will lift enormous numbers of people, as in a Rapture. UFO abductions are tests of this device. Project Blue Beam proponents believe psychological preparations have already been made, Monast having claimed that 2001: A Space Odyssey, Star Wars and the Star Trek series all involve an invasion from space and all nations coming together (the first two don't, the third is peaceful contact) and that Jurassic Park propagandises evolution in order to make people think God's words are lies. The book detailed the theory. In the 1994 lecture, Monast detailed what would happen afterwards. All people will be required to take an oath to Lucifer with a ritual initiation to enter the New World Order. Resisters will be categorised as follows: Christian children will be kept for human sacrifice or sexual slaves. Prisoners to be used in medical experiments. Prisoners to be used as living organ banks. Healthy workers in slave labour camps. Uncertain prisoners in the international re-education center, thence to repent on television and learn to glorify the New World Order. The international execution centre. An as yet unknown seventh classification. Joel Engel's book Gene Roddenberry: The Myth and the Man Behind Star Trek was released in 1994, shortly before Monast's lecture on Project Blue Beam: “In May 1975, Gene Roddenberry accepted an offer from Paramount to develop Star Trek into a feature film, and moved back into his old office on the Paramount lot. His proposed story told of a flying saucer, hovering above Earth, that was programmed to send down people who looked like prophets, including Jesus Christ.” All the steps of the conspiracy theory were in the unmade mid-'70s Star Trek film script by Roddenberry, which were recycled for the Star Trek: The Next Generation episode Devil's Due, broadcast in 1991. There is no evidence of deliberate fraud on Monast's part; given his head was quite thoroughly full of squirrels and confetti by this time, it's entirely plausible that he thought this was the revelation of secret information in a guise safe for propagation. However, the actual source was so obvious that even other conspiracy theorists noticed. They confidently state it was obvious that Monast had been fed deceptive information by the CIA. Of course!" -- rationalwiki.org "Serge Monast was a Québécois investigative journalist, poet, essayist and conspiracy theorist. He is known to English-speaking readers mainly for Project Blue Beam and associated conspiracy tropes. His works on Masonic conspiracy theories and the New World Order also remain popular with French-speaking conspiracy theorists and enthusiasts." -- Wikipedia "A human microchip implant is typically an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. This type of subdermal implant usually contains a unique ID number that can be linked to information contained in an external database, such as personal identification, law enforcement, medical history, medications, allergies, and contact information. The first experiments with an RFID implant were carried out in 1998 by the British scientist Kevin Warwick. His implant was used to open doors, switch on lights, and cause verbal output within a building. After nine days the implant was removed and has since been held in the Science Museum (London). On 16 March 2009 British scientist Mark Gasson had an advanced glass capsule RFID device surgically implanted into his left hand. In April 2010 Gasson's team demonstrated how a computer virus could wirelessly infect his implant and then be transmitted on to other systems. Gasson reasoned that with implanted technology the separation between man and machine can become theoretical because the technology can be perceived by the human as being a part of their body. Because of this development in our understanding of what constitutes our body and its boundaries he became credited as being the first human infected by a computer virus. He has no plans to remove his implant. Several hobbyists have placed RFID microchip implants into their hands or had them inserted by others. Amal Graafstra, author of the book RFID Toys, asked doctors to place implants in his hands in March 2005. A cosmetic surgeon used a scalpel to place a microchip in his left hand, and his family doctor injected a chip into his right hand using a veterinary Avid injector kit. Graafstra uses the implants to access his home, open car doors, and to log on to his computer. With public interest growing, in 2013 he launched biohacking company Dangerous Things and crowdfunded the world's first implantable NFC transponder in 2014. He has also spoken at various events and promotional gigs including TEDx, and built a smartgun that only fires after reading his implant. Alejandro Hernandez CEO of Futura is known to be the first in Central America to have Dangerous Things' transponder installed in his left hand by Federico Cortes in November 2017. Mikey Sklar had a chip implanted into his left hand and filmed the procedure. Jonathan Oxer self-implanted an RFID chip in his arm using a veterinary implantation tool. Martijn Wismeijer, Dutch marketing manager for Bitcoin ATM manufacturer General Bytes, placed RFID chips in both of his hands to store his Bitcoin private keys and business card. Patric Lanhed sent a “bio-payment” of one euro worth of Bitcoin using a chip embedded in his hand. Marcel Varallo had an NXP chip coated in Bioglass 8625 inserted into his hand between his forefinger and thumb allowing him to open secure elevators and doors at work, print from secure printers, unlock his mobile phone and home, and store his digital business card for transfer to mobile phones enabled for NFC. Biohacker Hannes Sjöblad has been experimenting with NFC (Near Field Communication) chip implants since 2015. During his talk at Echappée Voléé 2016 in Paris, Sjöblad disclosed that he has also implanted himself between his forefinger and thumb and uses it to unlock doors, make payments, and unlock his phone (essentially replacing anything you can put in your pockets). Additionally, Sjöblad has hosted several "implant parties," where interested individuals can also be implanted with the chip. Researchers have examined microchip implants in humans in the medical field and they indicate that there are potential benefits and risks to incorporating the device in the medical field. For example, it could be beneficial for noncompliant patients but still poses great risks for potential misuse of the device. Destron Fearing, a subsidiary of Digital Angel, initially developed the technology for the VeriChip. In 2004, the VeriChip implanted device and reader were classified as Class II: General controls with special controls by the FDA; that year the FDA also published a draft guidance describing the special controls required to market such devices. About the size of a grain of rice, the device was typically implanted between the shoulder and elbow area of an individual’s right arm. Once scanned at the proper frequency, the chip responded with a unique 16-digit number which could be then linked with information about the user held on a database for identity verification, medical records access and other uses. The insertion procedure was performed under local anesthetic in a physician's office. Privacy advocates raised concerns regarding potential abuse of the chip, with some warning that adoption by governments as a compulsory identification program could lead to erosion of civil liberties, as well as identity theft if the device should be hacked. Another ethical dilemma posed by the technology, is that people with dementia could possibly benefit the most from an implanted device that contained their medical records, but issues of informed consent are the most difficult in precisely such people. In June 2007, the American Medical Association declared that "implantable radio frequency identification (RFID) devices may help to identify patients, thereby improving the safety and efficiency of patient care, and may be used to enable secure access to patient clinical information", but in the same year, news reports linking similar devices to cancer caused in laboratory animals had a devastating impact on the company's stock price and sales. In 2010, the company, by then called "PositiveID", withdrew the product from the market due to poor sales. In January 2012, PositiveID sold the chip assets to a company called VeriTeQ that was owned by Scott Silverman, the former CEO of Positive ID. In 2016, JAMM Technologies acquired the chip assets from VeriTeQ; JAMM's business plan was to partner with companies selling implanted medical devices and use the RFID tags to monitor and identify the devices. JAMM Technologies is co-located in the same Plymouth, Minnesota building as Geissler Corporation with Randolph K. Geissler and Donald R. Brattain listed as its principals. The website also claims that Geissler was CEO of PositiveID Corporation, Destron Fearing Corporation, and Digital Angel Corporation. In 2018, A Danish firm called BiChip released a new generation of microchip implant that is intended to be readable from distance and connected to Internet. The company released an update for its microchip implant to associate it with the Ripple cryptocurrency to allow payments to be made using the implanted microchip. In February 2006, CityWatcher, Inc. of Cincinnati, OH became the first company in the world to implant microchips into their employees as part of their building access control and security system. The workers needed the implants to access the company's secure video tape room, as documented in USA Today. The project was initiated and implemented by Six Sigma Security, Inc. The VeriChip Corporation had originally marketed the implant as a way to restrict access to secure facilities such as power plants. A major drawback for such systems is the relative ease with which the 16-digit ID number contained in a chip implant can be obtained and cloned using a hand-held device, a problem that has been demonstrated publicly by security researcher Jonathan Westhues and documented in the May 2006 issue of Wired magazine, among other places. The Baja Beach Club, a nightclub in Rotterdam, the Netherlands, once used VeriChip implants for identifying VIP guests. The Epicenter in Stockholm, Sweden is using RFID implants for employees to operate security doors, copiers, and pay for lunch. In 2017 Mike Miller, chief executive of the World Olympians Association, was widely reported as suggesting the use of such implants in athletes in an attempt to reduce problems in sport due to drug taking. Theoretically, a GPS-enabled chip could one day make it possible for individuals to be physically located by latitude, longitude, altitude, speed, and direction of movement. Such implantable GPS devices are not technically feasible at this time. However, if widely deployed at some future point, implantable GPS devices could conceivably allow authorities to locate missing persons and/or fugitives and those who fled from a crime scene. Critics contend, however, that the technology could lead to political repression as governments could use implants to track and persecute human rights activists, labor activists, civil dissidents, and political opponents; criminals and domestic abusers could use them to stalk and harass their victims; and child abusers could use them to locate and abduct children. Another suggested application for a tracking implant, discussed in 2008 by the legislature of Indonesia's Irian Jaya would be to monitor the activities of persons infected with HIV, aimed at reducing their chances of infecting other people. The microchipping section was not, however, included into the final version of the provincial HIV/AIDS Handling bylaw passed by the legislature in December 2008. With current technology, this would not be workable anyway, since there is no implantable device on the market with GPS tracking capability. Since modern payment methods rely upon RFID/NFC, it is thought that implantable microchips, if they were to ever become popular in use, would form a part of the cashless society. Verichip implants have already been used in nightclubs such as the Baja club for such a purpose, allowing patrons to purchase drinks with their implantable microchip. In a self-published report anti-RFID advocate Katherine Albrecht, who refers to RFID devices as "spy chips", cites veterinary and toxicological studies carried out from 1996 to 2006 which found lab rodents injected with microchips as an incidental part of unrelated experiments and dogs implanted with identification microchips sometimes developed cancerous tumors at the injection site (subcutaneous sarcomas) as evidence of a human implantation risk. However, the link between foreign-body tumorigenesis in lab animals and implantation in humans has been publicly refuted as erroneous and misleading and the report's author has been criticized over the use of "provocative" language "not based in scientific fact". Notably, none of the studies cited specifically set out to investigate the cancer risk of implanted microchips and so none of the studies had a control group of animals that did not get implanted. While the issue is considered worthy of further investigation, one of the studies cited cautioned "Blind leaps from the detection of tumors to the prediction of human health risk should be avoided". The Council on Ethical and Judicial Affairs (CEJA) of the American Medical Association published a report in 2007 alleging that RFID implanted chips may compromise privacy because there is no assurance that the information contained in the chip can be properly protected. Following Wisconsin and North Dakota, California issued Senate Bill 362 in 2007, which makes it illegal to force a person to have a microchip implanted, and provide for an assessment of civil penalties against violators of the bill. In 2008, Oklahoma passed 63 OK Stat § 63-1-1430 (2008 S.B. 47), that bans involuntary microchip implants in humans. On April 5, 2010, the Georgia Senate passed Senate Bill 235 that prohibits forced microchip implants in humans and that would make it a misdemeanor for anyone to require them, including employers. The bill would allow voluntary microchip implants, as long as they are performed by a physician and regulated by the Georgia Composite Medical Board. The state's House of Representatives did not take up the measure. On February 10, 2010, Virginia's House of Delegates also passed a bill that forbids companies from forcing their employees to be implanted with tracking devices. Washington State House Bill 1142-2009-10 orders a study using implanted radio frequency identification or other similar technology to electronically monitor sex offenders and other felons. The general public are most familiar with microchips in the context of tracking their pets. In the U.S., some Christian activists, including conspiracy theorist Mark Dice, the author of a book titled The Resistance Manifesto, make a link between the PositiveID and the Biblical Mark of the Beast, prophesied to be a future requirement for buying and selling, and a key element of the Book of Revelation. Gary Wohlscheid, president of These Last Days Ministries, has argued that "Out of all the technologies with potential to be the mark of the beast, VeriChip has got the best possibility right now"." -- Wikipedia "In this latest book Joseph P Farrell examines the subject of mind control, but from a very unusual perspective, showing that its basic underlying philosophy, and goal, is not only cosmological in nature, but that the cosmology in view is very ancient, and that mind control of any sort, from the arts to hypnosis, remote electromagnetic technologies and “electroencephalographic dictionaries” has cosmological implications." -- Microcosm and Medium: The Cosmic Implications and Agenda of Mind Control Technologies publisher's description
ORYX (ORX) PUBLIC SALE ON VINDAX LAUNCHPAD”starting on 13:00 (UTC) July 01st, 2019.
ORYX (ORX) PUBLIC SALE ON VINDAX LAUNCHPAD”starting on 13:00 (UTC) July 01st, 2019. TITLE : MORE INSIGHTS ON ORYX PROJECT AND ITS IEO ON VINDAX. BODY; Oryx project focuses on Decentralizing E-commerce and integrating the ORX cryptocurrency unto several online stores making it possible for the purchase and payment of goods and services. The Oryx IEO event is scheduled to occur July 1st on Vindax Exchange “ORYX (ORX) PUBLIC SALE ON VINDAX LAUNCHPAD” Click here for more about that event: https://vindax.com/project/5d0db2eb4798bf7a5114635c.html After Oryx IEO, the Oryx team would have to expand. Different skill set will be added to the project aiding further development and keeping up to date with our road map. How E-commerce works? Before we go ahead to explain how E-commerce work, we first need to understand the basic concept of e-commerce to how it is used and applied to our daily electronic life. Buying and selling of goods and services from people and clients locally in stores or in companies is a term known as commercial transactions, but Commercial transactions conducted electronically on the Internet is referred to as E-commerce. “electronic commerce” So buying and selling of goods or services using internet-based platforms, and the transferring of money and data to execute these transactions is a term known as electronic transaction which is ”E-commerce”. How Gaming platforms work? “A video game is an electronic game that involves interaction with a user interface to generate visual feedback on a two- or three-dimensional video display device such as a TV screen, virtual reality headset or computer monitor’ According to Wikipedia definition of gaming platform. We will create a video game platform for gamers and provide incentives to millions of gamers out there in the world with the “Oryx game platform”. They will be collections of different kinds of games to select from and play,then we further discuss and partner with major game companies to integrate their games to our platform and reward their customers with the Oryx game tokens and incentivize gamers. How Internet Service works? The international network [Internet] is simply network of networks combined together to form a larger qou of networks, it is said data is transferred from one place to another with the internet but one basic rule of data transmission across the Internet is that data’s Instead are subdivided and sent as packet, The Oryx project will partner with major communication giants around the globe making sure data is purchased using ORX token, decentralizing data life with the orx token and keep our promises of Decentralizing e-commerce. How CryptoPlatform works? Platforms built on a blockchain is tagged a crypto platform, A decentralized blockchain system which integrates with real world usage,providing everyone with ease for faster payment and “low fee” charges unlike the typical bank transfers where a higher percentage of the money sent is charged — is what we are trying to achieve, Oryx will integrate a payment platform on its mainnet after lunch. Crypto platform like Oryx will use the blockchain technology to provide a decentralized transaction and faster payment system on the Decentralization of E-commerce with low fees charges come 2020 when our mainnet lunches. “Oryx project is a community-driven blockchain project with scalability in mind for total Decentralization of E-commerce in the Middle East and to the international market as well as bridging the gap between off chain and on chain businesses which in the future, envisions its orx token transitioning into a privacy coin.” IMPORTANT LINKS 📌 Website — https://4oryx.com/ 📌 Twitter — https://twitter.com/oryx_project 📌 Telegram Group — https://t.me/oryxtoken 📌 Telegram Channel — https://t.me/Oryxproject 📌 Oryx Indonesia Telegram — https://t.me/ORYX_Indonesia 📌 Oryx Turkey telegram — https://t.me/oryxt 📌 GITHUB — https://github.com/oryxtoken 📌 BitcoinTalk — https://bitcointalk.org/index.php?topic=5122573.0 📌 White Paper — https://4oryx.com/WhitePaper.pdf 📌 YouTube Channel — https://www.youtube.com/channel/UCc2l9xTHPbDreS4DvQzMFaQ 📌 Reddit — https://www.reddit.com/useOryXTOKEN 📌 Medium — https://medium.com/@oryxtoken 📌 Facebook — https://www.facebook.com/oryxproject 📌 LinkedIn — https://www.linkedin.com/company/oryxtoken 📌 Discord — https://discord.gg/Ubf25Nv Oryx Team Jun 30
Bitcoin and Its Relevance to the Psychedelic Community - plus free bits for the first 50 replies!
Bitcoin is powerful and relevant to the psychedelic community because it lacks a central governing authority (similar to the complex, holistic neural networks of the brain itself), it is highly anonymous, and wonderfully global. It isn't subject to tariffs and rules that prevent me from sending money to a loved one in Indonesia, Japan, or Argentina... instantly. Erowid currently accepts bitcoin donations. There is a bitcoin logo on their front page's donation banner. The Multidisciplinary Association for Psychedelic Studies (MAPS) also accepts bitcoin for their donations. They even have a bitcoin page. There is a Camp Bitcoin at Burning Man. Many ethnobotanical vendors accept bitcoin, including mimosa hostilis vendors. “The internet is light at the end of the tunnel…it is creating a global society. The way in which the internet will dissolve boundaries is by making us transparent. To each other." – Terrence McKenna A talk On Singularity - Part 1: Decentralized Autonomy and Terence McKenna's Timewave Zero “When you hear the phrase “rescue the financial system,” translate it in your mind into “keep the debts on the books.” They are trying to find a way for you (and debtor nations too) to keep paying and for the debt to keep growing.” ― Charles Eisenstein, Sacred Economics: Money, Gift, and Society in the Age of Transition Robert Anton Wilson, in a multitude of ways, was also an outspoken advocate of decentralization of power, money, and on the socially transformative power of the internet. "Operation Mindfuck or OM is an important practice in the Discordian religion. The concept was developed by Kerry Thornley and Robert Anton Wilson in 1968 and given its name by Wilson and Robert Shea in The Illuminatus! Trilogy. It is most often manifested as a decentralized campaign of civil disobedience, activism, art movements, especially performance art and guerrilla art, culture jamming, graffiti and other vandalism, practical jokes, hoaxes, reality hacking, chaos magic, words of power, and anything else that is believed to bring about social change through disrupting paradigms and thus forcing the victim to question the parameters of one's reality tunnel." (Wiki) "Unless we choose to decentralize and to use applied science, not as the end to which human beings are to be made the means, but as the means to producing a race of free individuals, we have only two alternatives to choose from: either a number of national, militarized totalitarianisms, having as their root the terror of the atomic bomb and as their consequence the destruction of civilization (or, if the warfare is limited, the perpetuation of militarism); or else one supra-national totalitarianism, called into existence by the social chaos resulting from rapid technological progress in general and the atomic revolution in particular, and developing, under the need for efficiency and stability, into the welfare-tyranny of Utopia. You pays your money and you takes your choice." - Aldous Huxley, Brave New World The first 50-to-100 replies here (approx.) will receive free bits from me via ChangeTip! It's a great way to get a free wallet and familiarize oneself with the landscape (and to promote tipping content creators like writers, artists, and musicians online). What some more free bits? Head over to /freebits, and check out our developments in /bitcoin to learn more. It's becoming a real community. Regarding the Rules: This post is not an advertisement, nor is it a promotion. It's merely a free giveaway coupled with some personal insight. Additionally, it's a self post so I'm not whoring for karma. Carpe diem! Edit: posters with more presence in /psychonaut will receive more bits. It's become apparent other folks are stopping by for the free bits :)
Amir Taaki - Breaking Bitcoin presentation (transcript)
Below I transcribed Amir's talk from Breaking Bitcoin (see previous post here, start of presentation (youtube): here). Excuse the errors (will fix if you point me to them). What was most interesting for me:
Amir tries to influence the world (on global scale) by introducing high tech projects that will help ordinary people - he is collecting hackers to work on projects (CTRL-F "academy")
one of those projects is using Bitcoin in local economies (in combination with supplementary systems (CTRL-F "vouchers")
interesting background - Skinner vs Mumford; open source software movement
Amir: Thank you for having me here. I believe that ideas play an important role in shaping human history. What I want to talk about is how technology has been shaped by key ideas. In particular how certain mechanical ideas of human society got mixed up with with politics and technology. What I want to talk about is the free technology movement. It was a movement that showed great potential promise to liberate humanity. At the heart of it was a idea that technology offered a new way to construct a radially different kind of society that never before was possible in history, this movement was influenced by the visions of early scientists who believed in the power of computer technology not just to serve large industry and military but everybody to have access to this new power. Influenced of by the 60s counterculture, this movement went on to develop the first personal computers. But that's not the end of the story because this radical vision mutated into the idea of self-regulating systems which see human beings as object managed by computer algorithms. In this vision, the value of human ideas to transform the world was diminished into a strange kind of consensus where everybody satisfies their personal desires. We now find ourselves in a strange static dreamworld while dark forces are returning to threaten to penetrate our reality and all of the dreams of the techno-utopiasts play the role in creating this fake virtual world in which human beings driven by desires, devoid of all sense of higher purpose become slaves to algorithms and vast computer intelligences. What is interesting about this story is the significance it has for Bitcoin. A project which is created for the purpose of creating a decentralized peer-to-peer money that cannot be controlled by governments and central banks but which now finds itself monopolized by large mining cartels. A lack of vision to guide the project forwards and increasing irrelevance in a world facing a global breakup of power. Lastly I want to explain my project to revitalize the free technology movement to formulate a wider vision to restore back the potential of the technology to transform human society and train the next generation of revolutionary hackers dedicated to the cause of using the technology to support the cause of freedom. My aim here is to find sponsors, find the place for establishing our hacker Academy, to find partner organisations to develop new technology projects with and to find people ready to dedicate themselves in advancing the free technology movement. People ready to be at the forefront of writing history. At the heart of this story lies a conflict between two men in 1968. One of them is good B.F. Skinner, the other is good Lewis Mumford. It was one moment when two ideas about how technology could be used to advance human society first XXX ((unintelligible)) to take hold. There's a documentary from this time made in mid-60s called "Towards tomorrow". And in this documentary, it described two possible future visions for human society. In a society where old forms of authority were declining, what would be the way that we could organize masses of human beings in a future society. One of these visions for this society was a world managed by an elite group of technocrats, a specialized elite who managed a large population of passive human beings who constantly needed to be monitored and managed to be able to to keep them happy. B.F. Skinner described a new way of controlling and ordering people. He posed the question in this age of mass democracy and individualism the old forms of coercion was simply not possible and he put forth the idea of using reward. And he described an experiment where you have a cage with a pigeon inside and the pigeon can be trained to peck symbols, buttons, and depending on which symbol they peck, they get a pellet of food. In this way, by giving the pigeons the right reward for the correct behavior, they train the pigeon as a mechanical object. He then took this farther and he went to a mental hospital in San Bernardino in California and in the mental hospital, what they did is they gave the mental patients small reward every time they did a good behavior. With this reward, when it was a lunch time or a dinner time, the patients could sit at a nicer table. So, inside the mental hospital, they created a new ordered hierarchy from a system of reward in which people don't feel controlled but feel empowered. Skinner describes this model as a model for the future of humanity. What's really interesting about this video by Skinner is it there's something very eerily similar to what we see today in which there is a technocratic elite that has interest in politics only in managing human society to keep us happy to keep everything stable and to keep themselves rich. A lot of this was powered in the mid-80s with the fake consumer credit to reward us as a form of social management - much like the experiment with the hospital, the mental hospital. Lewis Mumford put forward an alternative vision for a society. In this video I'm going to show you - he first criticises Skinner and then he puts forward an alternative vision where everybody in the society is a participant. Everybody is an active human being deciding their destiny.
There were many forms the computer could have taken. In 1800s, the computer was proposed by Babbage. And popularized by Ada Lovelace. It was seen as a tool that would have huge social uses and that should be in the hands of many people, but when the computer was first developed during WWII - for cracking German codes for the military and for guiding ballistic missiles - computers became a very large centralized machine. By the 80s, communities of hackers started to emerge which started to be fascinated with these huge machines - which at the time you had to get the time slice, to get the appointment to get to get some time to use the machine - they started to get jobs near these computing devices, because they wanted to know how these machines could work. They started to build their own computers in their garages, in their houses and universities - and that was the birth of the personal computers, the reason why we now have laptops and telephones. What happened was: a lot of big companies started to come along and they started to invest a lot of capital. All of the hacker community - who up until that point had never seen money before in their life - to throw themselves at, at the proprietary industry. And whereas before the culture that had created this personal computers, this liberatory technology, really believed in power to use the technology to improve the humanity for the better, who really believed in free technology, in sharing techniques and code with each other - instead became siloed off. But there was one guy - Richard Stallman - he was just a guy - he found this ethically wrong. If enough people got together, we could give a challenge against the proprietary industry. He made that as a proposal to the community - that it doesn't have to be this way, if we together put our energies we can build our own operating system. A lot of people at that time thought that he was crazy or that his ideas weren't feasible. This is early video of Richard Stallman.
So, in 1991, the cryptography was classified as ammunitions and Philip Zimmermann wrote the first freely available encryption software for anybody to use and he uploaded it to the Internet. The American government arrested him and he was facing a decade in prison. What Philip Zimmerman did was to print the source code of PGP - of this encryption software - which he sold internationally, which is something that in America is protected under the First Amendment. And the American government was realizing that they couldn't continue with the case, they dropped the case. And since that time, because of the action of Philip Zimmermann, software became classified as a form of speech. And cryptography became widely available. It's now reason why cryptography is available everywhere. Also, in early 90s, Stallman has started to piece together his operating system. And by now a community a community of people has emerged around him. It was the birth of Linux - a really important piece of technology. Not just in the free technology world, but in general, in hi-tech space it place a very key role. And that was a rise of the whole bunch of movements: free software movement, hacker movement, crypto-anarchist movement. Movements were invigorated with creating a lot of new ideas and a lot of new concepts about how we could use the technology to shape the world around us. These were collective movements driven by the shared sense of purpose. Towards the end of the 90s (the baby boomer generation), the western society became overly optimistic. Something the Jean Baudrillard called 'the dead of society' and 'obsession with desert-like forms / with the simulacrum'. Stallman free software movement failed to capitalize on institutionalizing his movement. And what happen was what emerged was the open source movement. It was a movement that said: making this technology is not a question of freedom/ethics, it's simply when you have access to source code of a program it's more efficient, it's cheaper, it makes more quality code. I don't think that's true, but that was their argument. One of the main spokesmen was Eric Raymond who released a book called 'A cathedral and a bazaar'. In that book, Eric Raymond has described the open source development philosophy as open bazaar where everybody, dozens or hundreds of people, a wide number of people all collaborated in a horizontal manner. He coined an idea that given enough eyes all bugs are shallow. When we have a piece of source code, if there are enough people - all contributing a small amount of time and looking at the source code - then if there is a bug, that bug will be found. The idea that given a huge amount of people with a small amount of contribution of each, that we can develop projects and advance technology. Then what happened was the biggest event in the modern western history - which was the collapse of the twin towers, the twin idols of capitalism, perfect in a reflections, reaching into the skyline of New York - which realized our deepest most hidden desires to see the destruction of this passive lifeless world. And what it represented was the return of the real (of the) dark forces - that we ignored - back to penetrate into our reality. In early 2000s we saw a lot of optimism and momentum for change. We saw the Arab spring, we saw The occupy, we saw the orange revolutions. In the technology world, we saw a lot of advances, there was a huge amount of optimism for Linux on the desktop. Every year the people were saying: this is going be the year of the desktop. Everybody was waiting for that sudden single breakthrough. One of the major developments in technology world was the confrontation that took place between Hollywood and a Manhattan programmer called Bram Cohen. ((...)) He developed BitTorrent. The concept started with sites like Napster or Kazaa - that were centralized services that were shut down by authorities. Cohen came up with a concept: if enough people downloading files and seeding them at the same time - then the more people that download the file the more that file will become widely distributed in the network. So, that file will become shared in a self-regulating network. It was a big success and the movie studios didn't know what to do about this, they were completely powerless in face of this technology. The idea of creating a functional self-regulating system outside of power proved itself and it's something wildly popular among technologists. The next major development is the shutdown of the Pirate bay which led to the development of the Pirate party that at one point had double digits in elections and even entered into the EU parliament. There is huge momentum behind it. Wikipedia was also developed - the idea that given thousands and thousands of people all contributing small edits, one line at time, could build this huge knowledge resource . Around this movements started to emerge the new priests of this internet-centric decentralization technology - people like Yochai Benkler, academics who would go to conferences and sell this ideology to people. But something strange started to emerge. Wikipedia released statistics about edits on Wikipedia. We found that it was a small group of dedicated people that wrote the majority of Wikipedia, people who really believed in the project and spent all their time writing the majority of the articles on the website. When we started to look closer at these decentralized systems, what we observed was small groups of leaders surrounded by a wider community. In BitTorent, it wasn't that everybody was seeding in the network. Most people, after they downloaded, didn't continue to run the software. In fact, it was a small group of users, who wanted to challenge Hollywood and promote BitTorrent, who would leave their software running seeding torrents. In open source, we observed that there were small groups of dedicated developers in a project surrounded by wider community. And in fact, what Stallman has done was not just to write Linux and put that in the community, but he had written articles, he had written manifestos, he had put forward a vision and an ideology that pulled together enough people and drove this movement of hackers forwards. So what drove these projects for freedom was not a new model or a new technique. It was a vision that pulled together enough people to realize an idea. To understand why Occupy and Arab Spring and orange revolutions and the Pirate Party and a lot of these movements had a huge of amount of will and movement - fail, it's really instructive to understand what happened to Egypt. In Egypt, huge amounts of youths started to mobilize through Facebook and they started to go to this center in Cairo to front the military dictatorship. Huge amount of people died in that struggle. And after they threw out ((?)) the military dictatorship, the youth then sat down and said: "Okay, now what we are gonna do? What's next?". So they started to discuss. And into that, came a group of people, with a vision, with an ideology, that was well organized and able to pull together enough strands of the society behind them. But they could put their vision into power. And that was the Muslim Brotherhood. And then the same youth hood - that kicked out the military dictatorship - came back to the square to ask the military dictatorship to come back and rescue them from the Islamists. At the same time, Satoshi developed Bitcoin. I remember on Satoshi's early website he described it as a peer-to-peer form of money that cannot be controlled by central banks and governments. And it's something that attracted libertarians, cryptographers and hackers. Bitcoin is kind of a technology - free technology project - that was a little late to the party. Interestingly, it finds itself in the same place as the movements that preceded it. The fundamental problem with Bitcoin is not a problem of missing this or that technology, it's a problem of a lack of vision, a lack of how this technology is - And it's not just about Bitcoin - it's something to do with the wider technology movement. We have to understand the global situation now. Humanity is facing a future with a huge amount of suffering. We are facing the threats from terrorism, from immigration. There's the rise of new ideological movements - ISIS just went and took a city in southern Philippines for more than a month - which is right next to Indonesia, the biggest Muslim country in the world. And in Europe the new right movement is getting very strong, organizing training camps, becoming well-organized, getting into political power and well-funded. This is the reality of our situation now. We have to think about how this technologies that we make -, where do they situate themselves in the wider global context. In Rojava, there is also a really important movement with the ideology of democratic confederalism which is the way forward from anarchism. And offers a really good analysis of what is the current society and what is the crisis that we're facing. And how, in that place, revolutionaries from all over the world are going to learning the methodology and ideology of this movement. It's a new emerging movement outside of any one person's control, but new forces can be harnessed. What we have to understand is that anarchist movement and the hacker movement is something deeply connected. The problem with anarchism is that it failed in it's potential to advance humanity forward, it's simply an ideology that no longer is able to work. What we have in Rojava is a libertarian revolution of 5 million people. What is democratic confederalism? It's an ideological movement that opposes the state as a mechanical worldview and sees the nature as something that is divine, that seeks to restore the balance back between internal+subjective and external+material world. The freedom comes from reaching our destiny as human beings, not simply through pleasure seeking. (Liberalism is the destruction of the free society.) And the better humanity it's not simply a happier humanity but stronger freer humanity. The crisis in the West not simply an economic crisis, but social crisis - we're facing a deep cultural issue. All of the ideas in hacker movement - such as BitLaw, digital governance, cryptographic economy, decentralized organization, new economic models, new technical tools - unless we are able to take all of these concepts and put them into a plan, with a sense of direction, that we can put these into practice - then it's something that's going to be lost. Now, what's presenting itself is a massive opportunity for hackers to put their ideas into practice. So, right now we are building a hacker team. There's 3 tasks we have to do: study of all the ideas and concepts in technology. From this study we have to develop a long- term plan. And thirdly, we have to devote ourselves to build the technical base of this new emerging democratic confederalism movement, we have to create revolutionary hackers dedicated to the course. If we don't, then all of the technology we are making is outside of the society, it's a toy, and what is relevant in this world is not making new products to fill the spaces in the environment around us, but using technology to shape politics that influence the world around us. This revolution in North Syria or Rojava is the biggest opportunity in the entire history of modernity. Through this we can give direction to the hacker movement. One of our main projects is a Bitcoin project. We have a nation of 5 million people and - and - and there is a financial situation where they're under financial embargo, they use - , they don't have the financial infrastructure so they use paper money and Syrian Lira is inflating massively. Because there's embargo so you can't send money in and out. Also there is a project to create decentralized economy and there's a lot of real concrete uses for Bitcoin. And also the ideology of the revolutionary nation is in line with the vision and values of the Bitcoin. When we decide to look at deploying Bitcoin, what we realize is that Bitcoin is not ready and there's a lot of new things that need to be developed in Bitcoin, they should make it so it's able to be deployed on a scale of 5 million people. We are assembling a project to deploy Bitcoin as the national currency of Rojava. We want to create new products in practical use on a large scale. Products that solve real problems and serve the cause of freedom. Towards this goal, we're assembling a team of 20 hackers dedicated for two years. We're looking to establish links with companies and sponsors to make this happen. The first step is to establish a hacker's academy in Greece - to train groups of revolutionary self-sufficient hackers that we're going to deploy on projects. Our needs now: partners, sponsors, space, support. Our first plan is to setup exchange shops and localized wallets in Bitcoin where people come buy vouchers and use Bitcoin to create a local Bitcoin market. We have to create brochures, lots of information. Once this system gets bigger, then we also need to think of bigger financial infrastructure - so one of the things is paper wallets. At the moment, 100 thousands paper wallet cost $6000. Unfortunately the counterfeiting measures on the paper wallets aren't very well made. There needs to be a lot research done. There is a small USB device called ESP 12 which can be programmed with micro Python and C and it has on-board Wi-Fi, plus you can fit modules for radio. Through that you can create a large scale payments networks with cheap consumer devices that cost fie dollars each for people to transact bitcoins. There is also a big market for Bitcoin because sending money between Rojava and Istanbul currently costs 5 %. Later, we also can create plastic card system where we print cards and also establish payments network using radio systems. There needs to be a lot of development and investigations in Lightning Networks and other technologies. This is why I [want to ((?))] have a laboratory - if I take a group of people there - I can create all kinds of technology projects and a lot of concepts we've been theorizing for a long time. We can see that it works practically. There is also the project of the Pirates to create liquid democracy - there is a system of local councils in every neighborhood which - , a lot of these digital platforms that have been developed for many years - we can deploy them. There was also the economy being based on cooperatives - all of the ideas about economic management, about collective management of resources about using cryptography and currencies to manage cooperatives. These all things we can deploy - but what it's going to take is a group of people who's doing this research, who's going deep - not only in terms of developing new concepts - but looking back into the literature about what were - , what is the history of the movement, where we situated it and also what are the concepts and how we can apply them towards our goal. I'm gonna to finish my talk on that. Does anybody have questions?
Numerous Countries Have Made Bitcoin (BTC) Illegal Even Though It’s Impossible to Ban Bitcoin
https://preview.redd.it/rx609t11ezf21.png?width=690&format=png&auto=webp&s=5421b72a809cfa286557b1831bfa4759753ab268 https://cryptoiq.co/numerous-countries-have-made-bitcoin-btc-illegal-even-though-its-impossible-to-ban-bitcoin/ Bitcoin is secure, decentralized, and can be anonymous when users take the proper precautions. These characteristics make Bitcoin resilient in the face of government bans, but that doesn’t mean governments have given up on trying to ban Bitcoin or at least rein in the technology. Here, we present a rundown of how various countries regulate — or fail to regulate — Bitcoin. According to a Wikipedia page on the legality of Bitcoin (BTC) in various countries, along with Bitcoin Market Journal and Coin Dance, Bitcoin is banned to varying degrees in Algeria, Afghanistan, Egypt, Macedonia, Morocco, Bolivia, Colombia, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, India, Nepal, Pakistan, China, Taiwan, Cambodia, Indonesia, Nigeria, Thailand, Vietnam, Zimbabwe, and Brunei. In some of these countries — Algeria, Egypt, Bolivia, Ecuador, Bangladesh, Cambodia, Pakistan, Morocco, and Nepal — Bitcoin is absolutely banned and cannot be held or transacted. In India, Jordan, Indonesia, Thailand, Vietnam, and Iran, banks are forbidden from facilitating Bitcoin transactions, but it is still possible to hold and trade Bitcoin peer to peer. Other countries like Colombia, Taiwan, and Saudi Arabia have said there is no legal recourse for those who deal with Bitcoin and lose money, and these governments urge citizens to avoid Bitcoin. China has effectively banned fiat to Bitcoin trading, but most of Bitcoin’s hash power is in China, making the situation unclear. Banning Bitcoin is like trying to ban mosquitoes. In Florida, during the rainy season, there is something called mosquito patrol which drops poison on mosquitos from airplanes. The mosquitos have evolved to be resistant to the poison, and no amount of poison can get rid of the mosquitos. Likewise, several countries around the world have banned Bitcoin to varying degrees, and they have deployed various law enforcement measures and banking regulations to inhibit the use of Bitcoin. However, Bitcoin users in such places have become resistant to censorship by using IP switching technology like VPNs and Tor, changing their Bitcoin address with every transaction, and creating underground peer to peer Bitcoin dealing networks instead of using exchanges. Stealth cryptocurrencies like Monero (XMR) and Dash (DASH) can also be used to enhance anonymity in places where cryptocurrency is illegal. In 2014 Ecuador created a national cryptocurrency and banned all other cryptocurrencies. The national cryptocurrency of Ecuador failed, however, and Bitcoin use has been increasing across the country despite the law. Further, there are active Bitcoin nodes in Ecuador. Additionally, as of this writing, there are active Bitcoin nodes in Bolivia, Colombia, Vietnam, Taiwan, China, Iran, Indonesia, Cambodia, Thailand, and India. The presence of active nodes in these countries is a testament to Bitcoin’s decentralized nature. Bitcoin can be run on any computer in the world, and the software works regardless of the law. With proper IP encryption via VPN or Tor, there would be no way for the governments of these nations to know that a citizen is running Bitcoin. In Africa, Bitcoin has been declared illegal in Algeria, Egypt, and Morocco. Despite this, there is clearly Bitcoin trading in Egypt and Morocco, according to data from Localbitcoins. Other countries that have varying degrees of Bitcoin bans but still have active peer to peer Bitcoin trading on Localbitcoins include China, Colombia, India, Iran, Indonesia, Pakistan, Saudi Arabia, Thailand, Nigeria, and Vietnam. In several of these countries peer to peer Bitcoin trading is perfectly legal. However, the fact that there is peer to peer Bitcoin trading in countries where Bitcoin is completely banned like Pakistan shows that it is nearly impossible to stop peer to peer Bitcoin trading.
Of Wolves and Weasels - Day 185 - Our Global Dogecoin
Hey all! GoodShibe here! One of the most important ways for us to help expand our community, to expand the reach of Dogecoin, is to help make our DOGEs even more 'international'. wutzibu recently discovered that 1 DOGE currently is worth about 5 Vietnamese Dong and there's quite a relevant point to be made there. The truly interesting thing about Dogecoin versus some of the other coins is that we're already somewhat specialized for small/micro-transactions. 1 Dogecoin, alone, isn't worth much - certainly nowhere near 1 USD yet - and that actually kind of works out pretty well when you look stop and look internationally. As of right now (using CoinMill):
1 Vietnam Dong = 0.18 Dogecoins
1 Indonesian Rupiah = 0.32 Dogecoins
1 Lao Kip = 0.46 Dogecoins
1 Cambodian Riel = 0.92 Dogecoins
1 Uganda Shilling = 1.32 Dogecoins
1 Colombian Peso = 2 Dogecoins
1 Korean Won = 3.66 Dogecoins
1 Armenian Dram = 9.06 Dogecoins
1 Djiboutian Franc = 20.52 Dogecoins
1 Sri Lankan Rupee = 28.48 Dogecoins
1 Icelandic Krona = 32.65 Dogecoins
1 Jamaican Dollar = 32.89 Dogecoins
1 Japanese Yen = 36.68 Dogecoins
1 Pakistan Rupee = 37.56 Dogecoins
1 Kenyan Shilling = 42.29 Dogecoins
1 Bangladeshi Taka = 47.89 Dogecoins
1 Indian Rupee = 61.77 Dogecoins
1 Philippine Peso = 85.90 Dogecoins
1 Russian Ruble = 109.16 Dogecoins
1 Thai Baht = 115.57 Dogecoins
1 New Taiwan Dollar = 123.65 Dogecoins
1 Maldives Rufiyaa = 240.83 Dogecoins
1 Mexican Peso = 286.31 Dogecoins
Of course the hardest part is in getting set up in some of these countries -- Vietnam, for instance, has already forbidden credit institutions from getting involved in cryptos and has warned its citizens against it. India, China and Indonesia seem pretty hostile to cryptos as well. Here's a great - if somewhat disputed - Wikipedia article that breaks down the legality of Bitcoin by country. This is pretty much safe to assume that it takes all cryptos into account as well and is a pretty good place to start when thinking about cryptos, internationally. I truly think that bringing new countries online with Dogecoin, helping our coin grow and make headway around the world, will be an important step forward for us. It's not the only way forward, of course. But reaching out, internationally, is definitely something that should be on our radar. It's 8:48AM EST and we've found 86.94% of our initial 100 Billion DOGEs -- only 13.06% remains until our period of Hyper-inflation ends! Our Global Hashrate is holding strong at ~88 Gigahashes per second and our Difficulty is down slightly from ~1273 to ~1261. As always, I appreciate your support! GoodShibe
G20 Asks FATF to Clarify AML Standards for Cryptocurrencies
Financial ministers and central bankers from the G20 states met over the weekend in Argentina to discuss the challenges for the global economy. They reiterated their position that cryptocurrencies do not pose a risk to the financial stability. The officials also called on the Financial Action Task Force to clarify by October how its anti-money laundering standards apply to crypto-assets. Also read:Ukraine’s Financial Stability Council Supports Crypto Regulatory Concept
Reiterated: Cryptocurrencies Not a Risk to Stability
The representatives of the G20 member-states said in a communique released after the meetings on July 21-22 that growth remains robust and unemployment is at a decade low. However, they also noted the need to strengthen the dialog and adopt measures to mitigate the risks for economic development like “rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth.” The statement does mention cryptocurrencies, or crypto-assets as they are called, but not among the risks that need to be addressed immediately. “While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant,” the government officials stated. G20 members also issued a warning that sounds familiar – cryptos “raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.” Ministers and bankers didn’t miss the chance to point out, not for the first time, that crypto-assets, “lack the key attributes of sovereign money.” And, of course, they didn’t skip another favorite talking point of governments and regulators – “technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy,” a confession that’s not really a concession.
G20 Wants AML Crypto Standard in October
The participants in the meeting reiterated their commitments from the G20 summit in March regarding the implementation of the standards on combating money laundering, terrorism financing and proliferation adopted by the Financial Action Task Force (FATF). They called on FATF to clarify in October this year how these AML standards apply to crypto-assets. The G20 also welcomed the updates provided by the Financial Stability Board (FSB) and the standard setting bodies, adding that it expected them to continue to monitor the potential risks of crypto-assets and assess multilateral responses. FSB, an international organization that makes recommendations about the global financial system, announced last week a framework to monitor the financial stability implications of crypto-asset markets, as news.Bitcoin.com reported. It has been developed together with the Committee on Payments and Market Infrastructures (CPMI), another international body serving as a standard setter for payment, clearing, and settlement arrangements. The previous meeting of the Group of Twenty, on March 19-20, ended with pretty much the same results, as far as cryptocurrencies are concerned. The forum did not adopt unified crypto-related regulations but urged FATF to apply their standards to crypto-assets. Right before the last summit, the Financial Stability Board dismissed calls from member-states for global crypto rules. FSB’s assessment at the time was identical – crypto-assets do not pose risks to the global financial stability. The G20 is an international forum of government officials and central bank governors from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, the Republic of South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union – the economies that account for 85% of the gross world product and 80% of the world trade. Many of its members have already called for adopting global crypto regulations. Do you expect the G20 to eventually propose common rules or guidelines for regulating the crypto space? Share your thoughts on the subject in the comments section below. Images courtesy of Shutterstock. Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither dowe.
Our area has been a hot market, growing for the last 6-7 years, but it’s slowed down significantly this summer. Last summer, houses had several offers the day they went up for sale, but this summer there’s not much movement. We’re either in a bubble or just reached the max price in my area. Still, our house “value” (theoretical until someone actually forks over the money) is 43% higher than when we bought it 5 years ago. Can’t say we would fork over that kinda cash if we were just buying now.
No my friend, there isn’t. Eventually global wages will reach an equilibrium point. It may take 50 years to happen, but if businesses are shopping for the cheapest combination of labor and production costs, their tendency to minimize costs will force wages lower. Compare this to workers seeking better wages with limited mobility (i.e. they may or may not be able to travel for better pay) and you can see pressure to keep wages higher. The interplay of these two forces will always mean that eventually wages will be similar everywhere.
That assumes social factors won't interfere. Inefficiencies in the economic development of some countries will negatively affect wages, wars will change the economic standing of some countries and facilitate migration, someone in a particular country will develop technology that drives their economy, etc. Economies are not static, and there will always be outside forces that prevent an equilibrium from forming naturally. On its own, the ocean would eventually stop making waves: but external forces like the tide or geothermal vents will continue influencing it for the foreseeable future. Same thing with economics.
Douglas Holtz-Eakin; Former Chairman of the Presidential Council of Economic Advisors (Bush) & Former Director of the Congressional Budget Office (Republican Congress) said in 2014 that income inequality needed to be addressed at the national level but it wouldn't happen because it had become a partisan political issue - making compromise impossible. In 2014 Alan Greenspan (Former Chairman of Fed Reserve) & Christine Lagarde (Director of the International Monetary Fund) both addressed income inequality at the National Association for Business Economists. Greenspan called income inequality "the most dangerous trend affecting the US", and Legarde said "rising inequality and economic exclusion can have pernicious effects" The NABE's own membership have called for government economic policy to address income inequality because several large businesses refused to acknowledge its existence and were spending more money trying to fight it than a solution would cost. They aren't "just now realizing" it, they just know that it's political suicide to bring it up while Republicans are in charge - even if they are Republicans.
Today is the 100th anniversary of the logical outcome of extreme income disparity: a small number of people shot and thrown down a mineshaft. I'm not saying that's an ethical or good way of responding to this problem, but it's certainly one standard outcome when it's allowed to go on too long and to a great extent.
Wow. Does the federal reserve chair have any thoughts on massively devaluing our currency, bailing out big banks, or fucking with the US economy over and over again with decisions made from unelected officials?
I hate long-run equilibrium arguments for two reason:
Perot makes a good point that I think many people would miss. In 15-20 years, wages would equalize. But in the meantime, you've "wrecked the country" (his words, not mine). If harm is done to the country in that 15-20 year period, it's possible that the short-term harm is actually greater than the long-term gain. This is not NAFTA-specific. It applies to a lot of cases.
By the time equilibrium would have been reached after one particular adjustment to some part of the system, many other adjustments, shocks, and changes will have occurred. Therefore, unless equilibrium will be reached quickly (my guess is less than 1 year is probably safe) then you run the risk of the equilibrium you planned for never materializing at all, and something else taking its place. The global economy is a big, chaotic, dynamical system. Shit happens outside of the one particular market you happen to be looking at.
LOL Federal Reserve chair comments about ANYTHING regarding the state of the USA is ridiculous. -98% value of the dollar since the fed was established to add debt to every dollar printed. But its okay cuz no one is paid in USA currency, right?
Don’t suck Bilderberg, Rothschild and Soros dick then. These guys own most of the money in the world and just want to build a global government, single market, and take 100%. Federal reserve serves the Rothschild, the Rockefellers, not the people.
According to the article, LG's retail price went up by ~11% and Samsung's ~18%, while Whirlpool's prices shot up by 30% at Lowes. Consumers are looking at the higher prices and are opting to just not buy washing machines rather than buying Whirlpool's, so yeah, I think they're sick of winning, especially if additional tariffs on components continue to raise the MSRP.
The COL of rural America is low. Its a lot lower than you think. A dollar goes so much further in rural America than it does in San Francisco. My grandparents are almost 90 and they live very comfortably on Social Security alone. Just Social Security and nothing else. They recently bought a house. A very lovely home with a nice yard and garden. They're able to do that because rural Oregon is a very cheap place to live.
Social Security is a question of votes, not economics. Old people get Social Security. They would like to continue receiving Social Security. Old people all vote. Any politician who wants to win an election (which is every politician) needs to pander to that voting block. This means don't touch Social Security. Its called the third rail of American politics for a reason. Touch it and die.
https://www.nirsonline.org/wp-content/uploads/2018/02/Millennials-Report-1.pdf From the report itself, 8.8% of Asian millennials have > $100k saved for retirement. Far more than other racial groups. I guess doing your homework and listening to your parents about what to major in does pay off*. *Even though college acceptance boards discriminate against you, the odds are good you had to learn to speak English late in life, and your parents probably aren't college educated.
But it's going insolvent by 2030-2040, right after the average Boomer being statistically dead. It's a problem, but they're literally fighting to the death to keep unfunded entitlements that their children both have to pay for and likely won't see.
Funny enough, this likely plays into why rural areas tend to be more conservative (as well as the educational differences). That being said, I absolutely would ditch large urban metros when retirement age rolled around. Save for a Manhattan/Hawaii retirement, then move to rural Idaho or something when the day comes. Live like relative royalty.
I started saving at 25, wish I had started at 18, only one other person in my friend group is saving, a lot of them see it as something they don't have to worry about till they're older, I keep trying to tell them the earlier you start the easier it is, put away what you can afford to now so you're not playing catch up in the future but many people are more interested in spending now and saving later.
Not a fair comparison. Asian millennials are still from a demographic that was pre-selected coming to the USA from already well off families. Thats like saying nigerian americans are better off because they are "Better". No, they come from families that are already doctors engineers and lawyers to get to the USA anyway
Basically this. I’m a millennial. Born late 80s. Most people I know eat out almost every meal, go out drinking a lot, and travel internationally once or twice a year. I think retirement is the last thing on their mind. Most of these people don’t really understand the effects of compound interest. 6% a year ain’t no joke.
That's a well known cognitive bias - we all think that our future self is much more virtuous and will have much more willpower (and money) to save. Of course, fast forward 10 years, and you are still the same old you, still no money, but less time to save.
No, just pointing out the fact that personal choices make a huge difference where one ends up in life. And that it's not boomers, the rich or fill in the blank _________ scheming to impoverish millenials.
Lol no one can “buy dips strategically” repeatedly. Your overall returns will drop because your capital is underutilized (holding too much cash to wait for the dips), even if it appears your stock portfolio itself is doing 8-9%.
I've been fighting this battle since I was 22 making $40,000. I contributed from my first eligible paycheck and never stopped. I certainly do well now but I'm not making crazy money. But I'll hit $100k in retirement savings next month. I also never contributed a double digit percentage of my income. I've been preaching for 9 working years now. Pale just don't get it. Many of my peers say "I can't afford to contribute." No you don't choose to. There's a big difference. It's pre tax money that you're getting taxed on. More importantly, it's almost always eligible to be doubled (or more) by their employer.
Wrong. My mother and her 6 siblings came here with less than $500 each (they were capped at that amount I believe). The 7 kids and my grandmother lived in name one room house in Taiwan. They worked hard and built their wealth. They all emphasized education in their kids. Almost all of the second gen went to good schools and made good careers. It's a culture thing. When your family immigrates for economic opportunity, they don't easily take for granted their roots. It's not that "all Asians are good at math" as much as "Asians do math so they don't have to work in a Chinese restaurant like their first gen parents."
I sold most of my portfolio early 2017 to position myself to “buy the inevitable dip”. Instead, I missed an amazing year. I’m mostly all invested again, and who knows? Maybe now the dip comes and I get double whammied. As they say, time in the market beats timing the market.
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