James Heckman 1944 – Present Born: United States Resides: United States · Professor in Economics at the University of Chicago. Professor at the Harris Graduate School of Public Policy Studies. Director of the Center for the Economics of Human Development (CEHD). Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. Heckman is also a Professor of Law at ‘the Law School’, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. · In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. · As of February 2019 (according to RePEc), he is the next most influential economist in the world behind Daniel McFadden. · Heckman has received numerous awards for his work, including the John Bates Clark Medal of the American Economic Association in 1983, the 2005 and 2007 Dennis Aigner Award for Applied Econometrics from the Journal of Econometrics, the 2005 Jacob Mincer Award for Lifetime Achievement in Labor Economics, the 2005 Ulysses Medal from the University College Dublin, the 2007 Theodore W. Schultz Award from the American Agricultural Economics Association, the Gold Medal of the President of the Italian Republic awarded by the International Scientific Committee of the Pio Manzú Centre in 2008, the Distinguished Contributions to Public Policy for Children Award from the Society for Research in Child Development in 2009, the 2014 Frisch Medal from the Econometric Society, the 2014 Spirit of Erikson Award from the Erikson Institute, and the 2016 Dan David Prize for Combating Poverty from Tel Aviv University. “The best way to improve the American workforce in the 21st century is to invest in early childhood education, to ensure that even the most disadvantaged children have the opportunity to succeed alongside their more advantaged peers” Janet Yellen 1945 – Present Born: United States Resides: United States · Successor to Ben Bernanke, serving as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014, following her position as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Yellen was also Chair of the White House Council of Economic Advisers under President Bill Clinton. · Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, “The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support.” · Yellen is married to George Akerlof, another notable economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University and the University of California, Berkeley.. · In 2014, Yellen was named by Forbes as the second most powerful woman in the world. She was the highest ranking American on the list. In October 2015, Bloomberg Markets ranked her first in their annual list of the 50 most influential economists and policymakers. In October 2015, Sovereign Wealth Fund Institute ranked Yellen #1 in the Public Investor 100 list. In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE). “In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.” “I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not unemployment.” Jared Polis 1975 – Present Born: United States Resides: United States · 43rd governor of Colorado since January 2019. Polis served on the Colorado State Board of Education from 2001 to 2007 and was the United States Representative for Colorado's 2nd congressional district from 2009 to 2019. · Polis is the first openly gay person and second openly LGBT person (after Kate Brown of Oregon) to be elected governor in the United States. · In 2000 Polis founded the Jared Polis Foundation, whose mission is to “create opportunities for success by supporting educators, increasing access to technology, and strengthening our community.” Polis has also founded two charter schools. · Polis was named Outstanding Philanthropist for the 2006 National Philanthropy Day in Colorado. He has received many awards, including the Boulder Daily Camera's 2007 Pacesetter Award in Education; the Kauffman Foundation Community Award; the Denver consul general of Mexico “Ohtli”; the Martin Luther King Jr. Colorado Humanitarian Award; and the Anti-Defamation League's inaugural Boulder Community Builder Award. “Having alternative currencies is great, right, because, historically, government's had a monopoly on currency.…At the end of the day, why should only politicians—either directly or indirectly—control the currency?We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it.Let the market determine whether there's any value there or not.” Jeff Bezos 1964 – Present Born: United States Resides: United States · Best known as the founder, CEO, and president of Amazon, Bezos is an American internet and aerospace entrepreneur, media proprietor, and investor. The first centi-billionaire on the Forbes wealth index, Bezos was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. In September 2018, Forbes described him as “far richer than anyone else on the planet” as he added $1.8 billion to his net worth when Amazon became the second company in history to reach a market cap of $1 trillion. · Bezos supported the electoral campaigns of U.S. senators Patty Murray and Maria Cantwell, two Democratic U.S. senators from Washington. He has also supported U.S. representative John Conyers, as well as Patrick Leahy and Spencer Abraham, U.S. senators serving on committees dealing with Internet-related issues. · Bezos has supported the legalization of same-sex marriage, and in 2012 contributed $2.5 million to a group supporting a yes vote on Washington Referendum 74, which affirmed same-sex marriage. · After the 2016 presidential election, Bezos was invited to join Donald Trump's Defense Innovation Advisory Board, an advisory council to improve the technology used by the Defense Department. Bezos declined the offer without further comment. · In September 2018, Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge, an initiative created by Bill Gates and Warren Buffett that encourage wealthy people to give away their wealth. “Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.” “We have the resources to build room for a trillion humans in this solar system, and when we have a trillion humans, we'll have a thousand Einsteins and a thousand Mozarts. It will be a way more interesting place to live.” Jens Weidmann 1968 – Present Born: Germany Resides: Germany · German economist and president of the Deutsche Bundesbank. Chairman of the Board of the Bank for International Settlements. From 1997 to 1999, Weidmann worked at the International Monetary Fund. In 2006, he began serving as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20. He was given the 2016 Medal for Extraordinary Merits for Bavaria in a United Europe. · Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe: preventing the meltdown of the bank Hypo Real Estate, guaranteeing German deposits and implementing a rescue programme for the banking system, piecing together two fiscal-stimulus programmes, and setting up the Greek bail-out package and the European Financial Stability Facility (EFSF). · In a 2011 speech, Weidmann criticized the errors and “many years of wrong developments” of the European Monetary Union (EMU) peripheral states, particularly the wasted opportunity represented by their “disproportionate investment in private home-building, high government spending or private consumption”. In May, 2012, Weidmann's stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro. In 2016, Weidmann dismissed deflation in light of the European Central Bank's current stimulus program, pointing out the healthy condition of the German economy and that the euro area is not that bad off. “I share the concerns regarding monetary policy that is too loose for too long. … As you know I have concerns about granting emergency liquidity on account of the fact that the banks are not doing everything to improve their liquidity situation.” Jerome Powell 1953 – Present Born: United States Resides: United States · Current Chair of the Federal Reserve, nominated by Trump. Powell has faced substantial and repeated criticism from Trump after his confirmation. The Senate Banking Committee approved Powell's nomination in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote. · Powell briefly served as Under Secretary of the Treasury for Domestic Finance under George H. W. Bush in 1992. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics. · Powell has described the Fed's role as nonpartisan and apolitical. Trump has criticized Powell for not massively lowering federal interest rates and instituting quantitative easing. · The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (not dove nor hawk). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation. · Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks. Powell supports ample amounts of private capital to support housing finance activities. “The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.” John Cochrane 1957 – Present Born: United States Resides: United States · Senior Fellow of the Hoover Institution at Stanford University and economist, specializing in financial economics and macroeconomics. · The central idea of Cochrane's research is that macroeconomics and finance should be linked, and a comprehensive theory needs to explain both 1.) how, given the observed prices and financial returns, households and firms decide on consumption, investment, and financing; and 2.) how, in equilibrium, prices and financial returns are determined by households and firms decisions. · Cochrane is the author of ‘Asset Pricing,’ a widely used textbook in graduate courses on asset pricing. According to his own words, the organizing principle of the book is that everything can be traced back to specializations of a single equation: the basic pricing equation. Cochrane received the TIAA-CREF Institute Paul A. Samuelson Award for this book. “Regulators and politicians aren’t nitwits. The libertarian argument that regulation is so dumb — which it surely is — misses the point that it is enacted by really smart people. The fact that the regulatory state is an ideal tool for the entrenchment of political power was surely not missed by its architects.” John Keynes(John Maynard Keynes, 1st Baron Keynes) 1883 – 1946 Born: England Died: England · British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. Keynes was a lifelong member of the Liberal Party, which until the 1920s had been one of the two main political parties in the United Kingdom. · During the 1930s Great Depression, Keynes challenged the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. · Keynes's influence started to wane in the 1970s, his ideas challenged by those who disputed the ability of government to favorably regulate the business cycle with fiscal policy. However, the advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments. · Keynes was vice-chairman of the Marie Stopes Society which provided birth control education and campaigned against job discrimination against women and unequal pay. He was an outspoken critic of laws against homosexuality. Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all. Keynes was ultimately a successful investor, building up a private fortune. “How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.” John Locke 1632 – 1704 Born: England Died: England · Known as the “Father of Liberalism,” Locke was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in the United States Declaration of Independence. · Locke's political theory was founded on social contract theory. Social contract arguments typically posit that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order. · Locke advocated for governmental separation of powers and believed that revolution is not only a right but an obligation in some circumstances. Locke was vehemently opposed to slavery, calling it “vile and miserable … directly opposite to the generous Temper and Courage of our Nation.” · Locke uses the word “property” in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods. He argues that property is a natural right and it is derived from labour aand that the individual ownership of goods and property is justified by the labour exerted to produce those goods · According to Locke, unused property is wasteful and an offence against nature, but, with the introduction of “durable” goods, men could exchange their excessive perishable goods for goods that would last longer and thus not offend the natural law. In his view, the introduction of money marks the culmination of this process, making possible the unlimited accumulation of property without causing waste through spoilage. “The power of the legislative, being derived from the people by a positive voluntary grant and institution, can be no other than what that positive grant conveyed, which being only to make laws, and not to make legislators, the legislative can have no power to transfer their authority of making laws, and place it in other hands.” “No man in civil society can be exempted from the laws of it: for if any man may do what he thinks fit, and there be no appeal on earth, for redress or security against any harm he shall do; I ask, whether he be not perfectly still in the state of nature, and so can be no part or member of that civil society; unless any one will say, the state of nature and civil society are one and the same thing, which I have never yet found any one so great a patron of anarchy as to affirm.” John Mill(John Stuart Mill a.k.a. J. S. Mill) 1806 – 1873 Born: England Died: France · John Stuart Mill was arguably the most influential English speaking philosopher of the nineteenth century. He was a naturalist, a utilitarian, and a liberal, whose work explores the consequences of a thoroughgoing empiricist outlook. In doing so, he sought to combine the best of eighteenth-century Enlightenment thinking with newly emerging currents of nineteenth-century Romantic and historical philosophy. His most important works include System of Logic (1843), On Liberty (1859), Utilitarianism (1861) and An Examination of Sir William Hamilton’s Philosophy (1865). · Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. A member of the Liberal Party and author of the early feminist work The Subjection of Women (in which he also condemned slavery), he was also the second Member of Parliament to call for women's suffrage after Henry Hunt in 1832. · Mill, an employee for the British East India Company from 1823 to 1858, argued in support of what he called a “benevolent despotism” with regard to the colonies. Mill argued that “To suppose that the same international customs, and the same rules of international morality, can obtain between one civilized nation and another, and between civilized nations and barbarians, is a grave error. ... To characterize any conduct whatever towards a barbarous people as a violation of the law of nations, only shows that he who so speaks has never considered the subject.” · John Stuart Mill believed in the philosophy of Utilitarianism, which he described as the principle that holds “that actions are right in the proportion as they tend to promote happiness [intended pleasure, and the absence of pain], wrong as they tend to produce the reverse of happiness [pain, and the privation of pleasure].” Mill asserts that even when we value virtues for selfish reasons we are in fact cherishing them as a part of our happiness. · Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. Mill originally believed that “equality of taxation” meant “equality of sacrifice” and that progressive taxation penalized those who worked harder and saved more. Given an equal tax rate regardless of income, Mill agreed that inheritance should be taxed. · His main objection of socialism was on that of what he saw its destruction of competition. According to Mill, a socialist society would only be attainable through the provision of basic education for all, promoting economic democracy instead of capitalism, in the manner of substituting capitalist businesses with worker cooperatives. · Mill's major work on political democracy defends two fundamental principles at slight odds with each other: extensive participation by citizens and enlightened competence of rulers. He believed that the incompetence of the masses could eventually be overcome if they were given a chance to take part in politics, especially at the local level. · Mill is one of the few political philosophers ever to serve in government as an elected official. In his three years in Parliament, he was more willing to compromise than the “radical” principles expressed in his writing would lead one to expect. “He who knows only his own side of the case knows little of that. His reasons may be good, and no one may have been able to refute them. But if he is equally unable to refute the reasons on the opposite side, if he does not so much as know what they are, he has no ground for preferring either opinion... Nor is it enough that he should hear the opinions of adversaries from his own teachers, presented as they state them, and accompanied by what they offer as refutations. He must be able to hear them from persons who actually believe them...he must know them in their most plausible and persuasive form.” “The only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental or spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest.” John Rawls 1921 – 2002 Born: United States Died: United States · Liberal American moral and political philosopher who received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, who acclaimed Rawls for having “helped a whole generation of learned Americans revive their faith in democracy itself.” He is frequently cited by the courts of law in the United States and Canada. · Rawls's most discussed work is his theory of a just liberal society, called justice as fairness. Rawls first wrote about this theory in his book A Theory of Justice. Rawls spoke much about the desire for a well-ordered society; a society of free and equal persons cooperating on fair terms of social cooperation. · Rawls’s most important principle (the Liberty Principal) states that every individual has an equal right to basic liberties. Rawls believes that “personal property” constitutes a basic liberty, but an absolute right to unlimited private property is not. · Rawls's argument for his principles of social justice uses a thought experiment called the “original position”, in which people select what kind of society they would choose to live under if they did not know which social position they would personally occupy. “Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. Each person possesses an inviolability founded on justice that even the welfare of society as a whole cannot override. For this reason justice denies that the loss of freedom for some is made right by a greater good shared by others. It does not allow that the sacrifices imposed on a few are outweighed by the larger sum of advantages enjoyed by many. Therefore in a just society the liberties of equal citizenship are taken as settled; the rights secured by justice are not subject to political bargaining or to the calculus of social interests.” Joseph Nye 1937 – Present Born: United States Resides: United States · American political scientist and co-founder of the international relations theory of neoliberalism (a theory concerned first and foremost with absolute gains rather than relative gains to other states), developed in the 1977 book Power and Interdependence. He is noted for his notion of “smart power” (“the ability to combine hard and soft power into a successful strategy”), which became a popular phrase with the Clinton and Obama Administrations. · Secretary of State John Kerry appointed Nye to the Foreign Affairs Policy Board in 2014. In 2014, Nye was awarded the Order of the Rising Sun, Gold and Silver Star in recognition of his “contribution to the development of studies on Japan-U.S. security and to the promotion of the mutual understanding between Japan and the United States.” · From 1977 to 1979, Nye was Deputy to the Undersecretary of State for Security Assistance, Science, and Technology and chaired the National Security Council Group on Nonproliferation of Nuclear Weapons. In recognition of his service, he was awarded the State Department's Distinguished Honor Award in 1979. In 1993 and 1994, he was Chairman of the National Intelligence Council, which coordinates intelligence estimates for the President, and was awarded the Intelligence Community's Distinguished Service Medal. In the Clinton Administration from 1994 to 1995, Nye served as Assistant Secretary of Defense for International Security Affairs, and was awarded the Department's Distinguished Service Medal with Oak Leaf Cluster. Nye was considered by many to be the preferred choice for National Security Advisor in the 2004 presidential campaign of John Kerry. · Nye has been a member of the Harvard faculty since 1964. He is a fellow of the American Academy of Arts & Sciences and a foreign fellow of The British Academy. Nye is also a member of the American Academy of Diplomacy. The 2011 TRIP survey of over 1700 international relations scholars ranks Joe Nye as the sixth most influential scholar in the field of international relations in the past twenty years. He was also ranked as most influential in American foreign policy. In 2011, Foreign Policy magazine named him to its list of top global thinkers. In September 2014, Foreign Policy reported that the international relations scholars and policymakers both ranked Nye as one of the most influential scholars. “When you can get others to admire your ideals and to want what you want, you do not have to spend as much on sticks and carrots to move them in your direction. Seduction is always more effective than coercion, and many values like democracy, human rights, and individual opportunities are deeply seductive.” Karl Popper 1902 – 1994 Born: Austria-Hungary Died: England · Karl Popper is generally regarded as one of the greatest philosophers of science of the 20th century. He was a self-professed critical-rationalist, a dedicated opponent of all forms of scepticism, conventionalism, and relativism in science and in human affairs generally and a committed advocate and staunch defender of the ‘Open Society’. · In ‘The Open Society and Its Enemies’ and ‘The Poverty of Historicism’, Popper developed a critique of historicism and a defense of the “Open Society”. Popper considered historicism to be the theory that history develops inexorably and necessarily according to knowable general laws towards a determinate end. He argued that this view is the principal theoretical presupposition underpinning most forms of authoritarianism and totalitarianism. He argued that historicism is founded upon mistaken assumptions regarding the nature of scientific law and prediction. Since the growth of human knowledge is a causal factor in the evolution of human history, and since “no society can predict, scientifically, its own future states of knowledge”, it follows, he argued, that there can be no predictive science of human history. For Popper, metaphysical and historical indeterminism go hand in hand. · Popper is known for his vigorous defense of liberal democracy and the principles of social criticism that he believed made a flourishing open society possible. His political philosophy embraced ideas from major democratic political ideologies, including socialism/social democracy, libertarianism/classical liberalism and conservatism, and attempted to reconcile them. “Unlimited tolerance must lead to the disappearance of tolerance. If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them. In this formulation, I do not imply, for instance, that we should always suppress the utterance of intolerant philosophies; as long as we can counter them by rational argument and keep them in check by public opinion, suppression would certainly be most unwise. But we should claim the right to suppress them if necessary even by force; for it may easily turn out that they are not prepared to meet us on the level of rational argument, but begin by denouncing all argument; they may forbid their followers to listen to rational argument, because it is deceptive, and teach them to answer arguments by the use of their fists or pistols. We should therefore claim, in the name of tolerance, the right not to tolerate the intolerant. We should claim that any movement preaching intolerance places itself outside the law, and we should consider incitement to intolerance and persecution as criminal, in the same way as we should consider incitement to murder, or to kidnapping, or to the revival of the slave trade, as criminal.” Lawrence Summers 1954 – Present Born: United States Resides: United States · American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, Treasury Secretary 1999–2001, and former director of the National Economic Council for President Obama (2009–2010). Summers served as the 27th President of Harvard University from 2001 to 2006. Current professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government. · As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[ He received the John Bates Clark Medal in 1993 from the American Economic Association. In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences. · In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. In 2006, Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty. Summers viewed his beliefs on why science and engineering had an under-representation of women to be a large part in the vote, saying, “There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.” · As the World Bank's Vice President of Development Economics and Chief Economist, Summers played a role in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs. The World Bank's official site reports that Summer's research included an “influential” report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was “often at the centre of heated debates” about economic policy, to an extent exceptional for the history of the World Bank in recent decades. · In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks. In February 2009, Summers quoted John Maynard Keynes, saying “When circumstances change, I change my opinion”, reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.
In 1812, the US began taxing gold and silver (sales tax). This is an important event that laid the foundational blocks of transforming gold and silver from 'sound money' to just an 'asset class' / and in doing so they helped promote their money printing machine to fund the 1812 War which led to the Treaty of Ghent. This paper money printer was conveniently picked up by the Federal Reserve in 1913 (and they slapped Gold / Silver with capital gains tax). We currently pay capital gains tax on Bitcoin. Why pay tax on sound money ? It is highly probable that IRS and Feds would implement a means of enforcing a sales tax on Bitcoin on major exchanges in years to come. The taxation events on Bitcoin will be a move to ensure Bitcoin becomes fundamentally an asset class - this would protect their version of fake 'money' and their printers that are running full steam to enrich the shadowy owners of federal reserve / and enslave the sleeping masses who have failed to unchain themselves from a broken 'money' system. This issue around 'taxation of sound money' is also echoed by Ron Paul vs. Ben Bernanke in this video : https://youtu.be/EVyhIGkusnI?t=31
Cryptocurrencies have grown exponentially not only in price this past year but also in public awareness and popular attention. The novel feeling to an emerging financial and technological market is reminiscent of the rise of the Internet with its innovative potential. In turn, a heightened collective societal awareness of this new innovative potential has led to a change in the nature of the market dynamics of cryptocurrencies. As Heisenberg’s Uncertainty Principle posits, “The observation of a phenomenon changes the phenomena itself.” The observation of thousands of young millennials, and now middle-aged investors, will only accelerate the rise of cryptocurrencies as times goes on. Today, we are seeing the real-world effects of a newfound intrigue into cryptocurrencies. This new interest is causing a narrowing of the divergence between truth and fiction over accurate knowledge about cryptocurrencies. The force drawing this gap narrower each day is an increased dissemination of truthful information that has generated legions of individual investors into new cryptocurrency markets; in particular, Ripple’s XRP. As the public expands its understanding of Ripple’s XRP, the capital inflow from both individual and institutional investors combined will likely grow to levels that will exponentially grow the liquidity of XRP and, as a byproduct, its price. Here, in this report, I will provide an overview and analysis of Ripple’s XRP and the implications Q4 2017 and the year 2018 and beyond hold for the future of XRP and its price. THE CONCEPT: WHAT IS XRP? XRP is the digital asset used by Ripple to offer financial institutions an option for liquidity to conduct cross-border payments. It is predominantly used for Ripple’s solution for the minimization of liquidity costs. In contrast to most other cryptocurrencies, XRP’s application here features a real-world applicability that extends to real-world transactions. It is used for the xRapid solution provided by Ripple, and is the only one of the three solutions Ripple offers (The others are xCurrent and xVia) that employs the use of XRP. THE RATIONALE: WHY XRP? There is a myriad of factors that distinguish XRP from other cryptocurrencies and establish it as a forerunner to what may become the dominant cryptocurrencies in the years that lie ahead. Cost: Comparatively, XRP has the lowest cost per transaction at $0.0004. In contrast, BCH is $0.26, LTC is $0.37, DASH is $0.64, ETH is $0.96, and BTC is $28.23. Scalability: XRP can handle over 1,500 transactions per second whereas BCH can handle 24 per second, LTC can handle 56 per second, DASH can handle 10 per second, ETH can handle 16 per second, and BTC can handle 24 per second. Speed: XRP can conduct transactions at a rate of 3 seconds per transaction, BCH at a rate of 58 minutes per transaction, LTC at 17 minutes per transaction, DASH at 15 minutes per transaction, ETH at 2 minutes per transaction, and BTC 1 hour and 6 minutes per transaction. XRP’s availability is ever-expanding. It is currently available on over 50 exchanges including Bitstamp, Bithumb, Bittrex, Binance, Bitfinex, Kraken, and Poloniex. The volume of XRP availability is, in addition, in an expansionary phase. The primary location of exchange volume is concentrated in Asia; in particular, South Korea. However, as mainstream media attention increases, so will American interest as well. There already have been tell-tale signs indicative in news outlets that have covered Ripple recently in the wake of XRP’s rise in CNBC, Bloomberg, Forbes, Investopedia, and Yahoo Finance. Simply consider the mania generated by the media attention to Bitcoin. Repetitive news stories featured on CNBC, Bloomberg, CNN, CBS, and other mainstream media news outlets. Countless articles disparaging it as a bubble and hailing it as a force that could deconstruct the financial apparatus governed by the Federal Reserve and other central banks. Now, consider the results of media attention directed towards the substantive information behind XRP. Once news segments and articles are shown and written that illustrate the comparative superiority of XRP to other cryptocurrencies, then the viewers and readers will likely flock to XRP in pursuit of acquiring a tried, tested, and proven cryptocurrency with real-world usage. In turn, a virtuous circle intensifying capital inflow to XRP is predictable and probably to occur. We can expect FOMO to rise and a number of oscillations up and down for the price to unfold. Nevertheless, the price of XRP is bound to not only remain but rather accelerate its demonstrated upwards price trajectory pushing us to new heights. Additionally, if the collective fear among cryptocurrency investors materializes, that is, if new regulations are imposed on our activities, then Ripple is stand to likely gain. Dr. Nassim Nicholas Taleb, a scholar and risk analyst writes about a concept called “Antifragility.” Antifragility is a term used to describe things that gain from disorder. Considering Ripple’s ties to financial institutions and regulators, it wouldn’t be too far-off to speculate that XRP is positioned to gain if such a black swan event were to occur. FURTHER REASONS TO ADVANCE THE CASE FOR XRP: Financial institutions, renown investors, and accomplished financiers have already taken notice of XRP. Former Federal Reserve Chairman Ben Bernanke has advocated on Ripple’s behalf. Zoe Cruz, former president for institutional securities and wealth management at Morgan Stanley and former global head of fixed income, commodities, and foreign exchange has joined Ripple’s Board of Directors. She has been named to Forbes list of Most Powerful Women for three years straight. Perhaps most notably, a consortium of 61 banks – organized by SBI Ripple Asia – will be adopting Ripple’s technology to settle transactions between its members with the eventual goal of applying XRP to usage. Mr. Yoshitaka Kitao, the CEO, Executive Chairman, and President has publicly stated, “Forget about bitcoin, we’re all in on XRP!” In fact, SBI has already confirmed that XRP will be put in usage in Spring 2018. If successful, expect the price to reflect it. Moreover, TechCrunch Founder Michael Arrington has, as of November 2017, announced a $100 million XRP hedge fund. His efforts have already raised $50 million which will engender a ripple effect of new large net-worth individual and institutional investors. The entity will be called Arrington XRP Capital and new information about its activities are set to be released in the months that lie ahead. Also, David Schwartz, Ripple’s Chief Cryptographer, has said that there are two major “household” companies (Not financial institutions) that will be announced in Q4. This is likely to provide a substantial boon to XRP. Finally, the Chief Technology Officer of Ripple, Stefan Thomas, has said that in 2018 there will be a “big push on XRP.” For years, Ripple has kept a relative silence in expressing the superiority of XRP. 2018 will be different. 2018 is bound to be Ripple’s year. I expect the price to rise as high as $10 and as low as $4. At any rate, this report only scratches the surface of Ripple and XRP’s potential. For far more nuanced and in-depth analysis and information, I suggest reading from Ripple firsthand at www.ripple.com and perusing the best blog on XRP itself at https://xrphodor.wordpress.com/ To the moon, we go. SOURCE: https://cellardoorway.com/2017/12/24/the-case-for-ripples-xrp-a-brief-overview/
A Crypto Fix for a Broken International Monetary System
The international monetary system is broken. Helping to fix it poses a huge opportunity for the cryptographers behind cryptocurrency and blockchain technology. Now they have one of the stewards of that system in their corner: Mark Carney, the outgoing Bank of England Governor. A week ago in Jackson Hole, Mont., Carney told the Federal Reserve’s annual gabfest that central bankers could develop a network of national digital currencies to create a new, basket-managed “synthetic hegemonic currency.” Carney’s proposal was mostly a thought exercise to inspire conversation around solutions to the dangerous imbalances fostered by the current system’s dependence on the dollar as the world’s reserve currency. The specifics were necessarily thin – any solution will be both technically and politically complicated, and even though he’ll depart the BOE in January, Carney’s status as a public official demands caution. But I don’t share those constraints. So, let me lay out my own modest proposal for a cryptocurrency-based fix to a broken global financial system. Hint: it is not “buy bitcoin.” I’m neither a trained economist nor a cryptographer, so I know this act of hubris will attract naysayers. I welcome criticisms and suggestions. I’m also quite certain I’m not the first to think of this, so I’m eager to hear of others working on similar projects. The thing is I’ve been obsessed with both the structural failings of the global financial system and cryptocurrency for many years now. Three of my five books have covered those topics. It’s hard to bite my tongue.
Fixing the global currency system
I think that instead of creating a whole new global currency, central bankers should work to develop digital currency interoperability. We need a system of decentralized exchange through which businesses in different countries can use smart contracts to create automated escrow agreements and protect themselves against exchange rate volatility. With algorithms that achieve atomic swaps now available and with other advances in cross-chain interoperability, I believe we’ll soon have the technology to remove foreign exchange risk from international trade without relying on an intermediating currency such as the dollar. Here’s how it might work: A hypothetical importer in Russia could strike a deal with an exporter from China and agree to a future payment, denominated in Chinese renminbi, based on the latter’s prevailing exchange rate with the Russian ruble. Relying on an interoperability protocol that’s commonly integrated into each party’s preferred digital national currency – either in privately run stablecoins or central bank-issued digital currencies – the two firms could then establish a smart contract that “trustlessly” locks up the required renminbi payment in decentralized escrow. If delivery and contract fulfillment are confirmed, the payment is released to the Chinese exporter. If not, the funds revert to the Russian importer at the same, initial conversion rate. In this scenario, both parties are protected against adverse exchange rate movements. Yet, despite the trust gap between them, there is no need to intermediate the payment through dollars, and no need for either party to take out a forward contract, FX option or some other expensive exchange rate hedge. Of course, the importer would suffer the opportunity cost of locking up otherwise valuable working capital for a few months. But private banks could mitigate that with collateralized short-term loans on terms that would be a lot cheaper than the current cost of currency hedging. Alternatively, if the smart contract is executed on a proof-of-stake blockchain, the locked-up funds could be employed to earn cryptocurrency staking rewards. What would central banks’ roles be? Well, for one, they could backstop the entire credit and/or staking model. Providing liquidity or guarantees to banks’ trade finance businesses would be a more constructive use of domestic money supply than applying it to rainy-day funds of U.S. Treasuries and other dollar assets. Secondly, they’d be charged with assuring the trustworthiness of the interoperability protocol. Whether central banks would endorse and regulate privately developed protocols such as Tendermint’s Cosmos, Parity Technologies’ Polkadot or Ripple’s Interledger, or whether they would commission a multilateral body to build and manage a single official system, there’s no getting around an oversight role for public sector policymakers. (Don’t worry, crypto libertarians, no one’s taking away your bitcoin in this scenario. In fact, since central bankers will retain their own monetary sovereignty, with exchange rates continuing to fluctuate, bitcoin’s appeal as a “digital gold” alternative to domestic currencies could well be enhanced.)
A broken system
Let’s be clear: if foreign trade no longer requires dollar intermediation, the U.S.-centric global economy will suffer a massive impact, perhaps bigger even than the 1971 “Nixon Shock,” when the dollar was unpegged from gold. The entire reserve currency system, in which foreign central banks own U.S. government bonds as a backstop and multinational companies hold large parts of their balance sheets in dollars, is based on the need to protect against exchange rate losses. If that risk is removed, the edifice would, in theory, come down. Yet, as Carney rightly points out, continuing with dollar hegemony is not tenable, either. The system is broken. Whenever global investors get the jitters they rushen masse into “safe haven” dollar assets – even when, as with President Trump’s trade war with China, U.S. policy is the cause of their malaise. This process, which has become progressively more acute with each financial crisis, causes huge distortions, economic dysfunction and political turmoil. And with economies slowing and the worldwide value of bonds carrying negative yields now at $17 trillion, we now face worrying signs of another crisis. This time, traditional central bank policy could be powerless. When another crisis comes, the dollar-based system will generate a predictable vicious cycle. The dollar will rapidly rise. This will hurt U.S. exporters, which further stir the mercantile instincts of anti-free traders such as Trump and fuel risks of a destructive tit-for-tat currency war. Meanwhile, emerging markets will suffer capital flight as a rising dollar raises the risk of debt defaults in those countries. Their central banks will respond by jacking up interest rates to prop up their domestic currencies, but this will choke their economies at a time when they require easier, not tighter, monetary policy. Unemployment will surge and governments will topple. The current system breeds what former Fed Chairman Ben Bernanke dubbed the “global savings glut” as developing countries squirrel money into dollar reserves that could otherwise be used for domestic development. In the U.S., it creates the countervailing effect of massive deficits – in other words, sky-high debt. Far from being the “exorbitant privilege” once described by French Finance Minister Valéry Giscard d’Estaing, the dollar’s reserve status is an American curse. It creates artificially low U.S. interest rates, which misprices credit risks and fuels bubbles – see: the 2008 housing crisis. Worst of all, the dollar system undermines democracy and diminishes economic sovereignty. The performance of every economy hinges on U.S. Federal Reserve policies. Yet the Fed’s low inflation/maximum employment mandate is defined only by the U.S. economic outlook. This policy mismatch makes it much harder for governments to pursue effective measures to create opportunities for all. When things really go sour, the Fed belatedly and reluctantly becomes the world’s lender of last resort, pumping dollars into the world’s banks via their New York subsidiaries. That’s how we ended up with the “quantitative easing” surfeit after the last crisis, money that went into financial assets, London real estate and fine art, but did little to boost the earning power of the middle class. These policy failures have bred a populist backlash against globalization, manifest in the U.K.’s Brexit crisis and President Trump’s adversarial trade policies. Yet the reality is that capital flows are more globalized than ever and increasingly beating to the drum of the U.S. dollar. So, yes, we need change. The question is how and in what time frame?
Violent or managed change?
The solution I described could be adopted abruptly and disruptively or it could be cooperatively managed for a smoother transition. Under the first scenario, let’s consider Russia and China, the two countries I deliberately chose for my explanatory example, since they are believed to be further ahead than most in developing fiat digital currencies. Both would love to do away with dollar dependence. Could they go it alone and jointly devise a bilateral, cross-chain smart contract between a digital renminbi and a digital ruble? Sure. Would other countries follow suit? Maybe. Such an uncontrolled retreat from dollars could do huge harm to the U.S. and the overall global economy. That’s why I think central banks should heed Carney’s call and work together on a solution. They could coordinate the gradual introduction of digital currencies, selectively managing access and applying differential interest rates to discourage an exodus from shaky banks. They could also charge the IMF with seeking a global standard for cross-chain interoperability. Regardless, the disruptive technologies behind digital currencies, stablecoins and decentralized exchanges will advance. It’s a ticking time bomb. Some central bankers, led by Carney – and now, Philadelphia Fed President Patrick Harker, who said in a Wharton Business School podcast that stablecoins are “inevitable” – get it. Others need to learn fast. Mark Carneyimage via Twocoms / Shutterstock.com
Why I'm dumping hundreds of thousands of EUR into BTC instead of stocks, gold, bank deposits or cash
I've been reading up on bitcoin heavily since the wake-up call that was the cyprus banking crises in march 2013. Up to that point I had most of my financial assets in bank deposits, 5% in physical gold, and less than 5% in cash in eur, although we have our own brand of toilet paper: lev (bgn) tied to a fixed exchange rate to eur since 1997 (1 eur = ~ 2BGN). during 1997 bulgaria was going through a huge currency crises with 1 USD reaching 3000 BGN, state pensions going down to $5-10 monthly, salaries of teachers and doctors $20-30 and general mayhem for the 8mil. population at that time as the State was stealing whatever foreign paper currency (usd, deuthche marks mostly) through manipulation of the currency exchange. Since then there has been a currency board established, erasing three zeros from the exchange rate and a newly designed paper money we are still using. The hyperinflation was like a jubilee for all debt holders and a menace for everyone that had savings in local money and not quick enough to convert into other assets. People could by real estate back then for less than $2000-3000 that now easily cost $50-60k! 17 years later, almost a generation later, into 2014 and another crises is looming ahead as we just had 3th (first investment bank) and 4th largest (bulgarian corporate bank) banks going through bank runs, with the 4th totally frozen since june 20th and the 3rd receiving billions in liquidity to contain the run on deposits. Both banks are among the few left among the 30 operating banks with bulgarian owners which are perceived as highly corrupt. Corporate bank had 6.5bil (3.25bil eur) in assets and has been closed for all its clients as more than 4.5bil are supposedly "missing" through suspicious credits to an inner circle of businesses associated with local party mafia rulers and the bank owners themselves - outright criminal ponzi that was backed by the State, as it had deposited money from large energy companies in Corporate bank to keep its capital requirements within the legal threshold. Now the party rulers are pondering the "idea" of covering all deposits through issuing bonds for all citizens to pay through taxes, even those above 100k eur supposedly protected by law, as to "save" it turns out a lot of deputies in the parliament, prosecutors, judges, famous artists, and the general ruling "elite" who have been collecting 8-9% annual interest for the last 10 years through deposits with maturity every 4 months! From here on I expect things are going to deteriorate badly and with an accelerating force as the local rulers seem to be bent over on raping the country financially for saving their own ass, which is to be expected worldwide as centralization always breeds corruption. After the cyprus bank crises, I started dumping bigger chunks of bank money for larger amounts of gold bullion at once, as a hedge against all the political stupidity that seems inevitable when shtf, guaranteed to happen in the current financial system worldwide. Then the news started gaining steam about the rise of BTC during april and it was the first time I started putting hours a day in reading on the subject of what this fuss about BTC was all about. Few days later I was hooked to BTC like on the hardest drugs available on the market! Still, did not buy any, but started spreading the gospel that is the decentralized nature of crypto to all my friends and through heavy spam on facebook. It took me 2 months before I pumped up my partners to accept BTC in the online businesses that I am a cofounder of, with 3 in the Top 100 by daily traffic and 1 in Top 10 in online commerce by revenue. We were the first major sites in BG (june 2013) to accept BTC and doing some excessive marketing on behalf of BTC through huge onsite ads, special rates for btc payments, special badges ala foursquare for btc users, special and highly attractive subscription packages only available for btc, allowing users with site credits to convert them into btc, putting out blog posts on the subject, giving away bonuses to our employees only in btc and so on. Since accepting BTC we have never converted them back into paper money and keep 100% which turned out to be highly profitable, as we have made 5x the amount just by speculating on the rising price of BTC in contrast to any paper money. We are now going to promote BTC further by giving away BTC to our users for certain tasks and promotions. All of my partners are now invested in btc, buying in btc, building an atm, and very acceptive of whatever initiative that we could put out to further spread btc among our 2.5mil. registered combined user base in a country of 4.5mil. total internet users :-) Yet, it took me another 4 months in octover 2013 to start buying BTC with my own saved-up money, as I felt highly confident of where I believe BTC is headed, especially after the run on the price thanks to the unlikely culprit ben bernanke's speech in the congress hearing. Ever since then I've been accumulating BTC first by slowly to feel confident of all the security needed to be exercised towards btc long term holdings, then almost daily and now dumping ever larger amounts of fiat paper into btc until I reach a threshold of no more than 25-30% of my assets to be converted into BTC. I've been buying through all the price ups and downs since 10.2013 and am resolved to hold hard for the future no matter the monthly fluctuations. I see BTC as even a greater hedge during turmoil than gold, as BTC can not be stopped by any capital controls, which indians are learning the hard way since their rulers imposed heavy duties on import/export on gold since march 2013. I'm confident that bitcoin can weather the storms coming its way being upgradable, needing truly global democratic consensus, being deflationary in an ever more inflationary brands of toilet papers, easy to protect from state actors that look up for miniscule reasons to confiscate or put levy on personal wealth, easy to transport and live by on its own as daily more exchanges and businesses are opening up worldwide, gaining more confidence as a store of value and alternative to bank deposits which are easy pray to bank criminality or the unpredictable market forces that can obliterate depositors relying on 3rd party wealth preservation, the best form of payment for the huge knowledge-based economy and workers worldwide that can finally become totally mobile thanks to internet and decentralized money, accelerating remittance opportunities, great store of value in times of ever increasing state authoritarianism under the weight of sovereign debt explosion and rising social promises that need to be backed by real assets and especially people who are ever more mobile and hard to tax to death as internet+bitcoin turns the planet in a highly competitive marketplace for tax-purposes as to what the different offerings of state rulers are. Looking what is heating in the middle east, west vs russia, currency debasement of the world reserve currency worse than during times of world wars, it's not hard to predict than btc has not way to go but up, even if the nsa tries their best to subvert it, the People will find a way to fix it!
A Chairman at World Economic Forumhttps://www.weforum.org/people/glenn-h-hutchins/https://archive.is/kubAYGlenn Hutchins is chairman of North Island and a co-founder of Silver Lake, the global leader in technology investing. He is a director of both AT&T and NASDAQ OMX; a director of the Federal Reserve Bank of New York; vice chairman of both the Brookings Institution and the Economic Club of New York; and a member of the Executive Committee of the New York Presbyterian Hospital. He is an owner and member of the Executive Committee of the Boston Celtics basketball team. Mr. Hutchins is a director of the Harvard Management Company, which is responsible for the Harvard University endowment, and co-chairman of the University’s capital campaign. He is also a board member of the Center for American Progress as well as a Fellow of the American Academy of Arts and Sciences. Previously, Mr. Hutchins served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy. He was also previously chairman of the board of SunGard Data Systems, Inc. and Instinet, Inc. Mr. Hutchins and his wife, Debbie, founded the Hutchins Family Foundation which, among other projects, has created the Hutchins Center for African and African-American Research at Harvard University, which is chaired by Mr. Hutchins; the Hutchins Center on Fiscal and Monetary Policy at The Brookings Institution; and the Chronic Fatigue Initiative, which conducts basic research into the cause of chronic fatigue syndrome.
Advisory Board Larry Summers
Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.
Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end," and less to patterns of discrimination and socialization.
After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession. After his departure from the NEC in December 2010, Summers has worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though after pushback from the left, Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position.
DCG of course is an investor in both Blockstream and BTCC. DCG's money comes from:
Bain Capital Group
New York Life
Novel TMT Ventures
Solon Mack Capital
The Whittemore Collection
HCM International Co
DCG also owns Coindesk. BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core. The Bitfury Group Leadership to Present at Clinton Global Initiative (https://archive.is/MWKee) Full Video (Begins at 32:00) “The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.” Bitfury Lightning Implementation
ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
Former Chairman and CEO of Accenture in India
He has worked with numerous clients in Banking, Investment and Financial services - General Atlantic, Goldman Sachs, Warbug Pincus, JP Morgan Chase, Visa, Citi Ventures, Baird Capital, Norges Bank, UBS, AXA and has advised World Bank, IDB, ADB, USAID and other multi-lateral agencies over the last 20 years on country strategy and investments across Asia and Latin America.
From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
From 2000-2007, President of InterPro Global in Maryland
From 2011-2012, Director of VibbleTV in Columbia, Maryland
From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire) Bitfury Board of Directors Robert R Dykes
Former CFO at Juniper Networks from 2005-2007, which had an NSA backdoor added to router software.
Greg Maxwell spent “several years at Mozilla”, leaving in August 2014
The other board members include two Bitfury founders, and an investor. Bitfury Advisory Board James Newsome
Ex-chairman of CFTC
Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
Criticisms: -- In his 'Planet of Slums' Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful. https://www.theguardian.com/business/2000/sep/11/imf.commenthttp://www.slate.com/articles/news_and_politics/hey_wait_a_minute/2005/01/the_de_soto_delusion.html
Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy.http://live.worldbank.org/node/8468https://archive.is/raDHA
Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado.http://m.state.gov/md160354.htmhttps://www.newamerica.org/our-people/tomicah-tillemann/https://archive.is/u2yF0
Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Speaking to Clinton Global IntiativePrior to working at Edelman, my career has included serving as Deputy White House Press Secretary and Special Assistant to President Obama, Director of Public Affairs for the Office of the Director of National Intelligence, Director of Communications for the Senate Commerce, Science and Transportation Committee and its then Chairman Senator Rockefeller, Traveling Press Director for Secretary Hillary Clinton’s 2008 Presidential campaign, and Director of Communications for Secretary Madeleine K. Albright and her consulting firm, The Albright Group, LLC.https://medium.com/@jamieelizabethsmith/why-i-believe-in-the-blockchain-b19bf2014fab
Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain.https://www.linkedin.com/in/brianfordehttps://archive.is/WjEGU
Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 (http://i.imgur.com/1SxyneJ.png):We have identified three major challenge areas related to innovation in financial servicesthat will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
Excerpt: BitFury - www.bitfury.com - The Bitfury Group develops and delivers software and hardware solutions for businesses, governments, organisations and individuals who want to securely move an asset across the Blockchain.
What if cryptocurrency was originally a Federal Reserve experiment?
So I saw a FOIA request to the NSA about bitcoin the other day. Perhaps a more appropriate recipient would have been the Fed. Here's my story on how it would have gone down. Back in 2009, some bright spark at the Fed went to then Chairman Ben Bernanke and told him about the wonders of Austrian economics and how terrible it was that the US left the gold standard - that Austrian economics would fix the country's economic woes. Ben, a dyed-in-the-wool Keynesian, scoffed at the lad and told him that currency backed by a deflationary asset, or even a deflationary currency itself, would invariable fail. It would lead to even more of the inequality that the Occupy Wall Streeters, audible due to some protest outside, were protesting. Forget the 1% - it would be more like the 0.001% and the rest would be serfs. The young central banker - still with his newly minted MBA - still didn't get it, and secretly, even Ben thought that it would be interesting to see an Austrian economic experiment in action. And the root would be to start with a currency that would be finite in supply, like the barbarous relic those Austrians praised so much. But how to do it? To make any public attribution to the Fed for dabbling in such fringe economic theory would be a disaster, and make him an even worse joke amongst his buddies at the next BIS meeting - they were already calling him "helicopter Ben", after all. No, it would need to be secret. The Fed, as a non-government entity, didn't really operate classification systems in the same way as the federal government. So Ben told his protégé to adopt a fictitious identity instead, and put together a whitepaper outlining the functions of a new digital currency. The founder's name would be Satoshi Nakamoto - after all, wasn't everything futuristic out of Japan nowadays? - and the currency's name would be Bitcoin. It would have everything Mises would have dreamed of. It would be decentralised, it would have limited supply, and anyone could be their own bank instead of relying on those wicked banks that made up the Fed. It would also be highly anonymous, because Austrian economists and liberatarianism were pretty much entwined and besides, if it failed in a public way, he didn't want it leading back to him. "Let use see", thought Bernanke, "if such a things takes off, and if the public accepts it." Uptake was slow initially, and predictably, the new coin was primarily used for drug trafficking, sex crimes, and other detestable behaviour on the dark web. Reminded of the arguments he was using to eliminate cash, Bernanke was pleased. Around two years into the project, Satoshi, working from the bowels of the Federal Building at 20th Street and Constitutional Avenue, alerted his boss that one of the fellow developers in the Bitcoin project - Gavin Andreson - was going to give a talk at the CIA. "Shit," thought Bernanke. Whilst the project itself had cost the Fed virtually nothing, and so wouldn't appear on any public balance sheets he had to present to either the public or Congress, having the CIA, or worse, the NSA, get wind of the project and being able to finger the Fed for conducting economic games with public cash - or even selling unregistered securities - would risk either public exposure, potentially costing him the chairmanship, or blackmail material, perhaps for some off-the-book funds they needed for their operations. "Shut it down." Ben instructed. Satoshi explained that allow he could withdraw from the project, he could not "shut down" Bitcoin itself. It was running on too many nodes now, and the price was rising on specialist exchanges that had been set up. Some website that apparently was previously used for trading Magic the Gathering cards, could you believe it. What a joke. The Fed chairman sighed, and then glanced at the Bitcoin wallet Satoshi had brought up on the computer for him. One million BTC, just shy of 5% of the total supply. He could just sell it all and kill the market dead, but he decided to leave it. After all, the experiment wasn't necessarily over. What would happen if we did surrender everything to market forces? he wondered - though he anticipated the outcome - a massive pump and dump similar to dotcom stocks, beanie babies, tulips, the South Sea bubble, junk bonds, and many more besides. He decided to bury the seed key on a golden plate amongst the gold bullion below the NY Fed. After all, Bitcoin was deflationary. If it was digital gold, as a new breed of anarcho-capitalists were telling everyone on the internet, surely it deserved to be stored here? And that was the end of the Fed's involvement. They still wait, they still watch, mining comedy GODL along with buttcoin from underneath a portrait of John Maynard Keynes.
An Open Letter to the Neo team, Da Hongfei and City of Zion
Hi everyone! Before we begin, this is a long post and I will like to thank everyone who is gracious enough to spend their time and effort in reading. I am writing an open letter to the Neo team, Neo CEO Da Hongfei and the Neo Community team City of Zion in the hopes that they can consider a burning idea that came up in my mind. Firstly, to introduce myself, I am a huge fan of Neo (hence the nickname). I came to know about Antshares earlier this June and has been following the coin ever since. I believe that Neo has huge potential in bettering people’s lives. However, I also think that the technology is currently some distance away from being able to do that. In the cryptocurrency world where days and weeks feel like months and years, I believe that speed is of the essence and that coins with a first mover advantage in their respective fields will have a distinct advantage over the rest of their competition. As such, I believe that at status quo, Ethereum, instead of Neo, is poised to become a world leader in terms of smart contracts. Already, they are coming up with the Metropolis and Byzantium updates to their system, and it is not difficult to see that they will continue to upgrade themselves as time goes. With the backing of the Enterprise Ethereum Alliance(EEA), the trajectory of their growth looks to outpace that of Neo. The debate on whether both Ethereum and Neo can co-exist in this space is one that we will save for another day. Instead, what I am about to propose is, in my opinion, a possible strategic collaboration that will quicken the pace of Neo, expand its resources and put them on equal footing with Ethereum. As we all know, Neo is working towards the vision of a Smart Economy, where Digital Assets meet Digital Identities and Smart Contracts. Taken from the Neo website:
“In this new Smart Economy, a paradigm shift from the “Internet of Information” to an “Internet of Value” is taking place. This will allow for seamless integration of the traditional economy and digital economy, facilitating the free flow of all assets. Exchange of value and economic activities are provided in a trustless mode. The rules, policies, and organizations of traditional society will be rightfully transparent and fair. This is an “Internet of Order” and the ultimate goal of Neo Smart Economy.”
It’s a compelling vision. However, the downside that I foresee is that the goal, being a very tall order, will take a long time to achieve, in which case by then Neo may be displaced by new ideas or technologies. Progress as a lone wolf is tough and lonely. However, progress as a group will bring about much more efficiency through delegation, specialization and leverage. This brings about my next point: Partnerships. As far as I know, Neo already has several partnerships ongoing / underway: Bancor, Coindash, Agrello, Elastos and Red Pulse, which only just very recently concluded a hugely successful ICO (also having the honour of being the first ICO hosted on the Neo blockchain). However, I believe many will agree with me that these partnerships do not even come close to the level of the EEA of Ethereum. This is where I want to introduce a very interesting blockchain project that I have come across recently: ChainLink. The ChainLink Network is a fully decentralised blockchain middleware that provides Smart Contracts with data, bank payments and access to APIs (Application Programming Interface). I am unable to explain their tech very well, so for the more gifted, tech savvy redditors, please feel free to add or correct anything that I have to say. As far as I understand, ChainLink is trying to solve the problem where Smart Contracts are unable to connect with key external resources like off-chain data and APIs. These external resources are information and data that we currently receive in our everyday lives, for example, weather forecasts, traffic conditions or even football match results. So let’s say there is a Smart Contract deployed on the Neo blockchain to, for example, retract your clothes hangers when it rains. In order to execute correctly, it will require external data in the form of the weather forecast in the local area. Instead of coming up with ways to do it all on their own on the Neo blockchain, developers can instead choose to employ ChainLink to access this external data, saving time and effort, as well as using much more reliable information than they will be able to source on their own. Currently, from their website, people are able to create ChainLinks on Ethereum, Town Crier and Bitcoin. So, why will ChainLink want to work with Neo if they are already working with the Ethereum blockchain? Unfortunately, I am not affiliated to ChainLink in any way, and this will not be a question that I will be able to answer. All I am proposing is for Neo / Da Hongfei to look into a possible partnership, in which I have no concrete answers for. However, I do know of possible reasons in which the different organisations might want to come and work together with each other. Firstly, take a look at this: https://twitter.com/VitalikButerin/status/911244079660359680 This was Vitalik dissing ChainLink openly on twitter. Now, if my company runs Oracle networks and someone high profile comes out to purposefully non-endorse my product and say that my company is not even worth $32m (implied meaning), I will be pretty pissed off. I don’t know about you, but last I checked CEOs are humans. Secondly, ChainLink is a fairly new ICO and it will do well to form strong partnerships with other relevant parties, and Neo’s position as a frontrunner in China as well as its reputation (for good or for bad) as China’s Ethereum will definitely shore up its credibility to prospective partners and investors. Thirdly, from the ChainLink website, you can see that they are proud to be working with SWIFT on their own SWIFT Smart Oracle. Why is this important? SWIFT (Society for Worldwide Interbank Financial Telecommunication) has long held a monopoly for interbank payments, but its position is starting to get threatened by newcomer Ripple (XRP). In fact, SWIFT is holding its annual SIBOS conference on the 16-19th of October later this month, and Ripple has decided to gatecrash the party by holding its own conference called SWELL, on the 16-18th of October. It is common knowledge that Ripple seems to have superior technology versus SWIFT, and if SWIFT wants to maintain its power and position, it will definitely need to start getting into the blockchain arena. Take a look for yourself, the SIBOS program list consists of an item in which SmartContract.com (ChainLink) will be presenting a live demo of a Proof of Concept. Now, whats in it for Neo? If Neo manages to get into close collaboration with ChainLink, it will have access to technology that speeds up its game exponentially. By outsourcing the channel that receives external, off-chain, real time data, they will be able to focus their time, energy and money on other strategic areas. SWIFT works with over 11,000 banks, and in the event that ChainLink becomes a partner of SWIFT, Neo becoming a partner with ChainLink will indirectly make them partners of SWIFT as well. Now, let me remind you what Neo is up against. In summary, a Neo – ChainLink – SWIFT partnership will be a win / win / win situation for all parties involved. It tilts the balance of Neo vs ETH, as well as SWIFT vs Ripple. In case you are wondering why SWIFT will want to partner up with blockchain companies that are a fraction of its own size, look up Ripple’s SWELL conference and you will see that former US Federal Reserve System chairman Ben Bernanke, as well as the freaking inventor of the World Wide Web, Tim Berners are both going to be there as keynote speakers. They need blockchain just as much as blockchain needs partnerships and resources. I like to think of Neo’s Smart Contracts as cars while ChainLink serves as the road for the cars. Imagine driving cars without roads, will we still want to travel around in cars? You get the point. Please upvote this thread, comment and share this post as much as you can. All I want is for Neo / Da Hongfei / City of Zion to just consider the possibilities of collaboration with ChainLink. I am very excited for the world moving forward, and I just hope to make a small contribution to the world by casting this little seed of possibility in the great minds of the leading thinkers of blockchain. TLDR – Upvote this thread and spread the love and get Da Hongfei to notice this post <3
Bernanke never said that "Bitcoin may hold long-term promise", and other bitcoin quotes corrected with sources
During the course of my research, I made a collection of Bitcoin quotes that I could use in different publications. Many "famous people bitcoin quotes" are false, misquoted and without sources. Using those quotes is bad for everyone. The first, and most horribly fasle quote, is Bernanke's famous quote: "Bitoin may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.” 1) The quote is actually from Alan Blinder 2) The quote is from 1995 3) The quote has nothing to do with Bitcoin This is the full quote: Dear Senators: Thank you for your recent inquiry regarding virtual currencies. As you noted, virtual currencies have been receiving increased attention from U.S. authorities over the past several months. Historically, virtual currencies have been viewed as a form of “electronic money” or area of payment system technology that has been evolving over the past 20 years. Over time, these types of innovations have received attention from Congress as well as U.S. regulators. For example, in 1995, the U.S. House of Representatives held hearings on “the future of money” at which early versions of virtual currencies and other innovations were discussed. Vice Chairman Alan Blinder’s testimony at that time made the key point that while these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system. Read more: http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11#ixzz2qgGXCYKk I know some of you already know that this quote is badly cited, but believe me it is being used by every journalist and "expert" out there (google Bernanke bitcoin quote, you'll se that I'm right). EDIT: Bernanke is not paraphrasing Blinder in order to support a positive / negative opinion of Bitcoin. He quotes Blinder in the introduction of his letter as a way to show that monetary innovations was already a topic of interest back in 1995 There was another post with Bitcoin quotes from famous people here: http://www.reddit.com/Bitcoin/comments/1ohza2/quotes_about_bitcoin_from_famous_people/ Many of these quotes were misquoted, false or without references. I took the liberty to create a legit quotes list with sources: "I think Bitcoin is a techno tour de force." - Bill Gates, Founder of Microsoft Fox News, May 6, 2013 Original source: http://video.foxbusiness.com/v/2359385547001/ “I gave a talk back in November of ‘99 on […] how encrypted money was going to change the world. I do think bitcoin is the first one of these that has the potential to do something like that. - Peter Thiel, Co-Founder of Paypal. Secondary source: http://www.appstorechronicle.com/2013/11/exclusive-peter-thiel-bitcoin.html#ixzz2pdIR3w8w “It’s fascinating to watch what’s happened with Bitcoin. Congress has just been spending a week looking at it, they might bring some regulations, but I just hope that it will not stifle innovations of new tech novalties like Bitcoin” Sir Richard Branson, Novembre 22th 2013 Original source: http://video.cnbc.com/gallery/?play=1&video=3000220731 “I think the fact that within the Bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool” Al Gore, former US vice president and winner of the Nobel Peace prize Secondary source: http://www.pymnts.com/briefing-room/commerce-3-0/the-innovation-project-2013/al-gore-speaks-on-mobile-money-and-the-global-mind/ “Virtual currency systems, so long as they comply with applicable anti money-laundering and money transmission laws and regulations are not inherently illegal and they can be appealing to consumers because they can provide cheap, efficient and convenient means to transfer currency.” Mythili Raman of the Department of Justice Criminal Division Original source: http://online.wsj.com/article/65405E2A-CD8B-4B70-B8DD-9E7A19D05A61.html#!65405E2A-CD8B-4B70-B8DD-9E7A19D05A61 “Bitcoin is the most important invention in the history of the world since the internet. Roger Ver, CEO of MemoryDealers.com Original source: http://rogerver.com “Three eras of currency: Commodity based, e.g. Gold., Politically based, e.g. Dollar, Math based, e.g. Bitcoin” Chris Dixon, Personal investor in technology startups Original source: http://nonchalantrepreneur.com/post/46485623457/three-eras-of-currency "Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” - Nassim Nicholas Taleb, Ph.D statistician, author, and advisor to the IMF Original source: http://nassimtaleb.org/tag/bitcoin/ "Bitcoin is going to be a big player in the future of the exchange of goods and services" Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network Original source: http://www.c-spanvideo.org/program/DigitalCu “The decision to bring virtual currency within the scope of our regulatory framework should be viewed by those who respect and obey the basic rule of law as a positive development for this sector. It recognizes the innovation virtual currencies provide, and the benefits they might offer society,” Jennifer Shasky Calvery, the director of the Treasury Department’s Financial Crimes Enforcement Network. Original source: http://www.c-spanvideo.org/program/DigitalCu "A number of smart people both inside and outside of government view bitcoin as a major emerging issue that is deserving of our attention" - Senator Tom Carper (D) Original source: http://www.youtube.com/watch?v=x8Y71IXEK8w “It [Bitcoin] is a huge, huge, huge deal […] it is gold 2.0” - Chamath Palihapitiya, venture capitalist and former Facebook executive Original source: https://www.youtube.com/watch?v=59uTUpO8Dzw&feature=youtu.be&t=19m14s "Bitcoin may be the TCP/IP of money." - Paul Buchheit, Creator of Gmail https://twitter.com/paultoo/status/328969714283995136 “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - Tyler Winklevoss, Winklevoss Bitcoin Trust Original source: http://abcnews.go.com/Technology/winklevosses-turn-bitcoin-turmoil/story?id=18941399
Governments dont like the anonymity of Bitcoin. For good reason. Tax evasion and crime are two things associated with Bitcoin. I'm an entrepreneur and I think about business ideas every day. My idea is to create a service that verifies cryptoholders via passport and/or webcam. Then services can retrieve that info via an API and interact with the cryptoholder like a regular bank could. This problem will have to be solved one way or another and Ethereum is too important for it to fail due to anonymity. I'd be willing to fund this but I am looking for validation of my idea, do you think the market would accept it? The problem I see is that it will be a long time before Dapps will be mainstream and those businesses are the core customers of such a service. I believe if the anonymity issue is not handled correctly Blockchain 1.0 and 2.0 will both equally fail. And a big fail at that with billions in losses. Bernanke seems to agree: http://qz.com/553407/ben-bernanke-on-bubbles-bitcoin-and-why-hes-not-a-republican-anymore/ Blockchains are out of the bag, so there will always be coins that allow illegal transactions to occur but Ethereum should NOT be one of them. I am for full ID requirement on exchanges much like Ripple requires it. That issue needs to be addressed BEFORE even thinking about less serious issues like PoS because people will not accept it if it's introduced late in the game.
Help enable 300,000 worldwide shop partners to accept Bitcoin
Help me enable 300,000 Spreadshirt shop partners to accept Bitcoin. Not only will customers have the freedom & flexibility to buy goods with Bitcoin, sellers will also have the option to earn in Bitcoin too. If you want to help increase or speed up Bitcoin adoption. Please spare 5 seconds and support @ http://www.ipetitions.com/petition/philip-rooke-ceo-spreadshirt-please-add-bitcoin I need every one of you to make this happen. Roger Ver AKA Bitcoin Jesus has backed and signed the petition and I hope this will encourage others to follow his example. Please follow @BTC4Spreadshirt to add to our supporters. Bitcoin was designed to be used as a medium of exchange. Not to be just hoarded as an investment. Enabling individuals to earn bitcoins for creating and selling designs on Spreadshirts platform is just as important as them accepting bitcoin as a payment for goods. I believe many people would like to take a position in bitcoin but lack the Fiat to invest. Providing a global online platform for people to earn bitcoin is a double barrel shotgun to the banking cartel. People purchasing goods for bitcoin and sellers earning bitcoin without banker intervention was the foundation of bitcoins creation. So if you are passionate about bitcoin and believe in the fundamentals of what bitcoin represents support our cause here. We need to encourage more services and employers to pay out in bitcoin as it is the achilles heel of the cynics that protest bitcoins enslavement to paper money. The Bitcoin community got an open invitation from the Spreadshirt CEO Philip Rooke that if enough customers request Bitcoin that they will grant the request. "I receive hundreds of requests a month from consumers and our e-commerce platform sellers wanting Amazon checkout and payment. We have yet to have one for Bitcoin. If Bitcoin is not mass market then it will be of little use to e-commerce retailers and platforms. The internet is a funny place however, where new ideas do catch on. My job therefore is to try and cover as many of our customers' needs as possible, so if enough people want to use either Bitcoin we will adapt and find ways of taking payments!" Philip Rooke InternetRetailing.net March 2014 As a Bitcoin advocate, when I learned of the CEOs statement I decided to take action. I see this as a great opportunity for the Bitcoin community to increase Bitcoins exposure, user adoption rate and influence over other online retailers. So for absolute clarity the reason I selected Spreadshirt and so passionate about getting them to adapt is because I use their service. I want them to add bitcoin. I feel Spreadshirt and its customers can only benefit from Bitcoin: it is a win-win situation. Spreadshirt is a worldwide creative platform for custom t-shirts, custom hoodies and other personalized apparel. I purchase designs from Spreadshirt and i'm also 1 of the 300,000+ shop partners using their service to sell custom apparel and accessories. Yes, there are a lot of rubbish designs on there but please keep in mind Spreadshirt is also the partner of choice for many YouTube channels, music artists, celebrities, sport teams, social networks and a number of design brands. If we are successful in completing the petition not only will it attract media attention and increase sentiment for Bitcoin. I'm sure their rivals Cafepress, Zazzle, Redbubble, Design By Humans, Threadless, Society6 etc. will all stand up and take note. I really believe if we can get Spreadshirt to add bitcoin payment functionality its rivals will have no option but to follow their lead. This is why this petition is important to me, even if you don't like or use Spreadshirt as a service. If you want bitcoin to to succeed, in my opinion you should sign the petition as the consequences of Spreadshirt granting this request will no doubt have a knock on effect in the internet retailing arena. With the announcement from Amazon, that they will not be adding Bitcoin payment functionality. I hope I can rely on the Bitcoin communities support to help encourage more retailers to join the Bitcoin revolution to increase exposure and add to the Bitcoin eco-system. What you need to appreciate is getting Spreadshirt to accept Bitcoin is a little bit different from just getting an online retailer to sell goods for bitcoin. It will also enable Spreadshirt to pay the 300,000 world-wide shop partners that create and use their platform to sell designs in bitcoin which will increase bitcoin user adoption. This allows anyone to earn bitcoin by selling designs using their service, which is a big thumbs up in my book. The bitcoin eco-system will not grow & thrive if we remain dependent on paper money to purchase bitcoins. Getting paid in Bitcoin is just as instrumental as using it for purchases. This is why I need you to get behind this petition. Regardless if you will use Spreadshirt services or not, it is a massive win for the Bitcoin community. So please sign the petition and help me increase awareness. I would be most grateful for your support. For those that like their privacy, fear not. A lot of online petition websites ask for personal details such as home address etc. which is big NO for me. I specifically used ipetition as it only requires a name and an email address. You have the option to NOT display your name publicly in list if privacy is a concern of yours. Also ipetition will NOT use your email for 3rd parties. Thank you for your time. Facebook Fan Page: https://www.facebook.com/SpreadshirtToAcceptBitcoinPetition Twitter: https://twitter.com/BTC4Spreadshirt Disclaimer – I do not represent Spreadshirt. This is a grass roots cause. I am a solo activist trying to make a change. I am a user of Spreadshirts platform and believe implementing Bitcoin would benefit both Spreadshirt and the consumer. Instead of highlighting the problem, i'm trying to be the solution. Following the recent statement from the CEO I decided to make a stand and take action. I am passionate about Bitcoin and the fundamentals it represents. I believe consumers should have the choice and flexibility on how they choose to pay for goods. I hope the petition will resonate with the Bitcoin community and inspire others to take action and be the change they want to see.
Anyone who has ever read the prospectus of a large tech company knows that the founders, venture capitalists and their lawyers like to talk about potential risks that could adversely affect the share price. Come, friends, let us be like they and warn our friends and families about the potential risks of Bitcoin investing.
1 Major tech companies successfully privatize and market a new alt coin that doesn't require the backing of the open source community.
2 Bitcoin too confusing for the average person.
3 Governments, banks and existing payment companies work together to make transferring money more efficient and easy.
4 Gambling sites, dark markets and Kim "dot-com" Jung-il form a coalition to embrace a pre-mined, anonymous coin.
5 Television media begins showing "bubble" charts and attempts "to the moon" sales pitches while warning that Bitcoin is only for people who play World of Warcraft.
6 Bitcoin becomes too mainstream, original backers dump their coins and embrace crazycoin.
7 Government regulation prevents banks from working with major exchanges.
8 Public backlash over /bitcoin nerdism causes the credibility of "nascent" currency system is destroyed.
9 Ex fed chairman Ben Bernanke appointed CIO of top mining pool.
10 Author of “willy report” drops another bomb by explaining that all gold on earth was created and dispersed by supernovae which took place billions of years ago.
#37 Ghash.io attack results in Bitcoin bank run, "trust" in the system is lost forever.
I want to expose CoinBuilder and his contradictory lies!! This was his comment on John's original post: ""Unfortunately, your post has forgotten the mention of how crypto currency is criminal friendly. Bitcoin price was propelled by heavy buy ins from money launderers and portals like Silk Road. Also, central banks don't just print money at will. There currency has to be underwritten by assets in gold. The printing of money willy nilly doesn't happen in most modern economies.. the last time it did was Zimbabwe when inflation rose to millions of percent due to the devalued currency. Crytpcurrencies in general are losing capitalization as the market is becoming over saturated with new alt coins with heavy premines. Government agencies can seize crypto currencies and have done with Ross Ulbricht and a number or criminals in Australia. i'm starting to be concerned with the position of VTA at the moment. Trade volumes are dwindling, no buy support above 1 sat and as more alt coins are being developed, the community is demanding more information from the creators etc..... something which VTA cannot hold up to. I am actually in talks with a number of developers and considering creating a currency with no premine on a proof of stake algorithm. This let's everyone get involved in supporting the CPU needs of the coin... not like mining which results in an arms race where only the rich can mine. VTA is not the peoples coin, and will never be as long as it is proof of work algo. It is another Bitcoin copy and paste job that is circling the bowl of the crypto toilet. If anyone has genuine interest in developing a coin, get in touch via PM. Thanks"" This is what I have to say to him! >.< (The nerve of this idiot!) There are so many holes in your argument, CoinBuilder it is silly... You must have forgot about a certain president taking us off the gold standard? First... The Feds DO print money willy nilly. Are you really going to tell this community that the Fed does not just print money out of thin air to take care of its debts? Lies! ALL DOLLARS ARE BACKED BY DEBT! PLEASE!!! Read this - "Gold is not used as money anymore. And if you exchange your money for gold. Then you won't be able to buy anything with that gold. Gold is a commodity now mainly used for jewelery and some industrial purposes. A lot of investors also buy gold in the hope that some day it might be used as money again. But so far there is no government in the world planning to go back to the gold standard for their money. The US dollar is currently backed by the full power and authority of the US Federal Reserve, which is currently headed by Mr. Ben Bernanke. And as long as people believe in the power and authority of the US government, then they will accept US dollars in exchange for goods and services. Which is how the purchasing power of the US dollar comes into existence." (Yahoo! Answers: Posted by, Alvie) And this video of how the Fed makes money out of "thin air"! http://youtu.be/99DYh8Zpkpw Second...new altcoins are not "saturating" the crypto market. VTA is here, and before your proposed coin, so maybe you should not put yours out if you are worried about over saturation. (How funny that you contradict yourself to sell your coin!) It is capitalism at work. Is there only one hamburger shop? Nah, you got Burger King, McDonald's, Five Guys etc., Wendy's, and the list goes on and on...and people go to the one they like. Third...Gov. agencies can seize currencies? Yep, and that is because they are also criminals. And to prove this, tell me why they sold the coins? Criminal mentality is to steal, and then sell... Fourth...This is all you need to know about VTA, 1 VTA = 1 VTA. Who cares if it goes to 1 billionth of a satoshi? (Only greedy people like you!) And your little comment about being "concerned" about VTA really makes me sick... Fifth... Blah, blah, blah. The rest is just nonsense, and you really need to see your way out...
'Bitcoin is the secret to a safer, more efficient financial system' Garrick Hileman The internet currency Bitcoin is surrounded by uncertainty. Is it a speculative bubble? Is it as anonymous as is claimed? Can it be used to purchase the legendary White Widow marijuana or hire a hit man? But these questions divert attention from far more important discussions about Bitcoin's potential to drive financial innovation. Bitcoin has transcended partisan ideologies. Nobel laureate economist Paul Krugman and US Tea Party icon Ron Paul are diametrically opposed on virtually every issue but Bitcoin (both dislike it). Yet Bitcoin's opponenets should ask how the groundbreaking ideas that underlie it could be applied to reforming the global financial system. Although the 2008 financial crisis exposed profound institutional shortcomings, subsequent regulatory safeguards, like the 2010 Dodd-Frank Act in the US and the Basel III, have failed to bring about transformation. Likewise, protest movements such as Occupy Wall Street, aimed ultimately at reforming the culture of finance, have delivered mixed results. The fact is no one, except a small coterie of financial insiders who have benefited from taxpayer-financed bailouts, should be satisfied with the current system, not least because another crisis, accompanied by more bailouts, can be expected in the near future. While the exact timing of the next meltdown is unknown, one thing is certain: consideration of what kind of financial system we need would be incomplete without Bitcoin. The technology behind it could not only help to reduce risk by creating safeguards shielding the payments system from unpredictable financial activities; it could also bolster growth. Financial institutions act as matchmakers, linking investors, borrowers and savers, and recording what people own and owe. In exchange for these services they are generously compensated. So, to ask whether bankers' pay is fair is really to ask how much value is created by financial matchmaking - and there is no simple answer. By allowing a greater proportion of an economy's wealth to be channeled toward investment and other productive economic activities, a more efficient financial services industry boosts growth. Given the high costs of financial systems that are antiquated, costly and inefficient, the smaller the financial system, the better off everyone else will be. Profit seeking is also a factor in the inefficiency of the world's financial system. While British authorities recently announced the transfer of physical cheques would be abolished, a two-day cheque-clearing delay will remain. As scanned images of cheques could be processed electronically almost instantaneously, the delay can be explained only by "float" - the interest earned by holding onto money for as long as possible. Float is one of the ways the financial services industry extracts resources from the economy. The 3-5% charge levied by credit card companies adds up to several hundred billion dollars in profits. Fees for wire transfers and currency exchange can climb to 10% per transaction. The innovations pioneered by Bitcoin eliminate the fees, delays and inefficiencies lining the pockets of the financial services industry. Ahead of US Senate hearings last November, former Federal Reserve Chairman Ben Bernanke wrote to senators saying Bitcoin may "hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system". Bitcoin, with its capacity for anonymity, could make the global financial system more secure. At the same time it offers an alternative tore of value, and its use as a medium of exchange is steadily growing. But perhaps the most exciting innovation offered by Bitcoin is the "Blockchain" - peer-to-peer software that keeps a record of all transactions and a tally of who owns what. The Blockchain serves the "ledger" function of banks, but at a fraction of the cost. Bitcoin marks a return to a community-based approach to money and banking, with financial services more closely connected to the people. Large, monolitic third-party managers, like "too big to fail" banks", would be cut out. With software like the Blockchain powering a new financial architecture, "the people" would effectively become the bank. Bitcoin and its ecosystem are maturing, and only time will tell if its current price is a speculative bubble. But the innovations pioneered by Bitcoin could play a transformative role in building a safer, less expensive and more effective financial system.
I think it's well written and takes a realistic view on the potential of both Bitcoin and the technology that it uses. While it does only talk about Bitcoin for a short amount of time, it highlights the issues with the current financial system and what Bitcoin could do to remedy some of its vices.
A ideia de romper fronteiras entre o mundo digital e o físico permeia enredos de ficção científica há décadas. Mas e se o mundo real começar, de verdade, a ficar mais virtual? É uma façanha que, parece, o bitcoin (BTC) tem conseguido levar adiante, mesmo após as turbulências dos últimos meses, que colocam em xeque o futuro do dinheiro virtual. O Brasil já conta com 51 estabelecimentos, entre bares, pousadas, restaurantes, lojas e até uma clínica de cirurgia plástica, que, além de reais, recebem também dinheiro virtual. Em um mês esse número quase dobrou: em fevereiro, segundo o serviço CoinMap, que mapeia os lugares nos quais se pode usar BTC como pagamento, o país contava com 27 pontos. Na América Latina, o Brasil não é o maior mercado. A Argentina exibe 107 estabelecimentos. E, no mundo todo, já são 3,6 mil, de acordo com o CoinMap, o que representa um crescimento de 38% em relação a fevereiro. De acordo com estimativas da "exchange" brasileira BitInvest, que faz a intermediação de troca de reais por bitcoins, o mercado doméstico já movimenta R$ 20 milhões por mês, em cerca de 400 mil transações. "A maior parte dos negócios se concentra nas exchanges, mas há ainda negociações diretas entre usuários", afirma Flavio Prippas, sócio da BitInvest, que tem no currículo passagem pelo banco americano JP Morgan, como diretor de tecnologia. Ainda concentrado, o mercado brasileiro conta com três principais exchanges. A mais antiga do país, o Mercado Bitcoin, existe desde 2011 e movimenta sozinha R$ 8 milhões por mês, segundo Rodrigo Batista, sócio da casa de câmbio digital e ex-executivo do banco americano Morgan Stanley. "A imensa maioria dos clientes faz investimentos pequenos, entre R$ 500 e R$ 1.000", diz. O crescimento do interesse pelo bitcoin ganhou impulso, principalmente, após declaração do ex-presidente do Federal Reserve (Fed, o banco central americano), Ben Bernanke, que foi vista pelo mercado como uma espécie de benção cautelosa ao sistema. Ainda no cargo, Bernanke chamou as "moedas virtuais", como classificou essas inovações, de "uma promessa de longo prazo". A opinião do comandante da autoridade monetária dos EUA, divulgada em novembro de 2013, deflagrou uma espécie de corrida especulativa ao ouro digital, que levou o bitcoin a acumular valorização de mais de 5.000% no ano passado. A alta alavancada pela especulação colocou os bitcoins no radar de investidores e de um número crescente de empresas, que passaram a aceitar o dinheiro virtual como alternativa de recebimento por serviços ou produtos. Especialistas, no entanto, alertam para os riscos embutidos nesse tipo de operação. "Ninguém consegue dizer qual valor real o bitcoin vai ter no futuro. Não há nenhuma base", resume o professor de finanças do Insper, Michel Viriato. A visibilidade acabou expondo a face perigosa da moeda digital, que não tem supervisão de nenhum banco central ou ainda distribuição controlada. A valorização atraiu a atenção de cyber criminosos, que levaram ao fechamento em 25 de fevereiro da maior bolsa de negociações mundial de bitcoins, a japonesa MTGox, que gerou prejuízo de quase US$ 500 milhões e a perda de 750 mil bitcoins. Outro baque veio com o encerramento da canadense Flexcoin, em 4 de março, após um roubo de 896 bitcoins ou US$ 600 mil. Os problemas trouxeram à tona os riscos de um mercado não regulado, sujeito a manipulação e com brechas de segurança, ameaçando o futuro do dinheiro virtual. Autoridades no mundo todo, inclusive o banco central brasileiro, já alertaram que estão de olho na evolução do uso dessas moedas, apesar de minimizarem o risco que representam ao sistema financeiro (leia mais na página D3). Ainda assim, o Bitcoin continua a ganhar adeptos no mundo real. E não apenas pessoas físicas, mas cada vez mais empresas passam a usar a moeda digital. Desde janeiro, a loja paulistana Pallas, que vende roupas íntimas e de ginástica femininas, recebe pagamentos em bitcoins. Segundo Abelardo Bias Sobrinho, sócio do empreendimento, a opção pela moeda digital surgiu por dois motivos distintos. "Com o bitcoin podemos escapar das taxas de bancos e das operadoras de cartão de crédito e débito. Também tem a questão da segurança, porque somos um ponto de rua e já fomos assaltados, e dinheiro em papel é mais fácil ser roubado", afirma. Apesar de oferecer há três meses a opção de pagamento, a loja ainda não recebeu nenhum pagamento com o dinheiro virtual. "Temos recebido muitas consultas, mas quem tem carteira com bitcoins prefere segurar de olho na valorização nos últimos meses", diz o sócio da Pallas. Um dos primeiros estabelecimentos a aceitar bitcoins no país, o bar e oficina de bicicletas Las Magrelas, de São Paulo, já recebeu sete pagamentos na moeda digital. "A gente começou a aceitar a moeda digital em junho do ano passado. Foi uma maneira de driblar a taxação das instituições financeiras e também de atrair um público mais ligado à tecnologia", afirma Rafael Rodo, sócio do empreendimento. A pousada Kyrios, em São Sebastião, no litoral norte paulista, já conta um ano desde que passou a aceitar o bitcoin. De acordo com Maria Fátima Regina de Moura, dona da hospedagem, "as consultas para estadias com pagamento em moeda digital aumentaram muito a partir do fim do ano passado". Hoje representam 5% dos pedidos por informações de reservas. Como a volatilidade do bitcoin é muito alta, a pousada optou por converter o valor da diária em dólares e depois em BTC, de acordo com a cotação do dia. Novata no território das moedas digitais, a clínica estética Renova Pele, de Jundiaí, no interior de São Paulo, aderiu ao bitcoin há pouco mais de duas semanas. Paulo Martin, 40 anos, cirurgião plástico associado ao estabelecimento, conta que a valorização do dinheiro virtual no fim de 2013 foi decisiva para sua aceitação como meio de pagamento. "A moeda já subiu muito de valor e esperamos que tenha atingido um patamar mais sólido para as pessoas poderem usar como forma de pagamento", diz. Segundo o profissional, qualquer serviço da clínica pode ser pago com bitcoin, até mesmo cirurgias plásticas e aplicações de botox. A ligação de Martin com a moeda virtual vai além do lado profissional. "Estou comprando e guardando bitcoins numa carteira virtual como investimento", conta o cirurgião, que começou a aplicar em BTC em novembro. "Já consegui um bom ganho", diz, sem revelar a valorização. Embora a possibilidade de valorização seja sedutora, há usuários que veem outros atrativos na moeda digital. O empresário Marco Gomes, 27 anos, declara-se um entusiasta do bitcoin. "Já fiz micropagamento de conteúdo de centavos de dólar em sites americanos e até doações para ONGs internacionais sem pagar nenhuma taxa de cartão", conta. Embora reconheça a possibilidade de ganho com valorização, Gomes não recomenda a aquisição de bitcoins como investimento. "Para mim o valor está no uso em transferências internacionais, como meio de pagamento e micropagamentos." Já o professor de inglês Leandro Torricelli, de 28 anos, que montou uma carteira de bitcoins no fim de 2013, tem uma meta específica para o uso da moeda digital. "Quero guardar para uma viagem à Europa porque o exterior tem muitos lugares que aceitam. Para quem gosta de viajar é ótimo, porque não precisar fazer câmbio e pode pagar diretamente sem ter de converter o dinheiro", diz. Fonte Valor Economico
Uma moeda virtual Bitcoin vale mais do que uma acção da Apple
Diversas agências foram chamadas a uma audiência no Congresso norte-americano para se pronunciarem sobre a moeda virtual com o nome bitcoin. A divisa é uma criação da era da Internet e a sua oferta deriva de um processo algorítmico complexo. No entanto, é o equilíbrio com a procura que determina o preço de cada moeda. O valor das bitcoins disparou antes de uma audiência que vai contar com os responsáveis máximos de agências como a Reserva Federal norte-americana e o Federal Bureu of Investigation (FBI). Antes das reuniões no Congresso, as diversas agências pronunciaram-se acerca da divisa que sido objecto de muito atenção e polémica. A discussão ao nível do Congresso sinaliza que a moeda virtual poderá ser vista como um meio de pagamento e um serviço financeiro legítimo, segundo a imprensa internacional. O valor de cada moeda Bitcoin já ascendeu a 675 dólares, esta segunda-feira. Supera assim o valor de cada acção da Apple, que fechou hoje nos 518 dólares. Note-se que esta divisa tinha um valor unitário de 13,75 dólares no final de 2012. Ben Bernanke, na declaração escrita que dirigiu à comissão de Segurança Interna do Congresso e que deverá conduzir a sua intervenção no Congresso, remete para um estudo elaborado sobre moedas alternativas, elaborado em 1995, por Alan Blinder. O vice-presidente da Reserva Federal dizia, na altura, que divisas como as bitcoin podem “promover um sistema de pagamentos mais rápido, seguro e eficiente”, segundo o Financial Times. O Departamento do Tesouro dos EUA afirmou que “as divisas virtuais, tais como outros meios sistemas de pagamento, constituem um serviço financeiro legítimo mas também podem ser exploradas por entidades criminais”. Até aqui, têm sido “constrangimentos práticos como volatilidade, liquidez e acesso” a impedirem um uso mais regular da moeda para actividades ilícitas. A autoridade para os mercados mobiliários (Securities Exchange Commission - SEC), equivalente à CMVM portuguesa, também avançou que este tipo de meios de pagamento são legítimos.
Ben Bernanke: Bitcoin hat "ernste Probleme" 2020 - Bitcoin on air Der ehemalige Federal Reserve-Vorsitzende Ben Bernanke bot sowohl gedämpftes Lob und Kritik an, als er Bitcoin in einem neuen Interview besprach, was darauf hindeutet, dass die staatliche Aufsicht über Blockchain-Transaktionen den wahrgenommenen Risiken entgegenwirken könnte. Bernanke Bitcoin eXchange by evoorhees. submitted by vssa to Bitcoin /r/news [removed] BERNANKE: Bitcoin 'May Hold Long-Term Promise' submitted by ModerationLog to ModerationLog : Former Fed Chair Bernanke: Bitcoin's Real Problem is Its Anonymity . submitted by BitcoinAllBot to BitcoinAll : A new money printer is born! JANET YELLEN will "mine" Federal reserve notes, to the tune of $800,000.00 ... "Bitcoin is an attempt to replace fiat currency and evade regulation and government intervention," Ben Bernanke said in Toronto. How porn links and Ben Bernanke snuck into Bitcoin's code by Steve Hargreaves and Stacy Cowley @CNNTech May 2, 2013: 7:11 PM ET The code on the left records a bitcoin transaction from July 2011. The price of a single Bitcoin, which was $13.50 at the end of 2012, surged more than $200 on Monday on the Mt.Gox exchange, setting a record high trade of $785.
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