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Bitcoin Critic Jamie Dimon Held Secret Meetings With Brian Armstrong

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The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

The Next Crypto Wave: The Rise of Stablecoins and its Entry to the U.S. Dollar Market

Author: Christian Hsieh, CEO of Tokenomy
This paper examines some explanations for the continual global market demand for the U.S. dollar, the rise of stablecoins, and the utility and opportunities that crypto dollars can offer to both the cryptocurrency and traditional markets.
The U.S. dollar, dominant in world trade since the establishment of the 1944 Bretton Woods System, is unequivocally the world’s most demanded reserve currency. Today, more than 61% of foreign bank reserves and nearly 40% of the entire world’s debt is denominated in U.S. dollars1.
However, there is a massive supply and demand imbalance in the U.S. dollar market. On the supply side, central banks throughout the world have implemented more than a decade-long accommodative monetary policy since the 2008 global financial crisis. The COVID-19 pandemic further exacerbated the need for central banks to provide necessary liquidity and keep staggering economies moving. While the Federal Reserve leads the effort of “money printing” and stimulus programs, the current money supply still cannot meet the constant high demand for the U.S. dollar2. Let us review some of the reasons for this constant dollar demand from a few economic fundamentals.

Demand for U.S. Dollars

Firstly, most of the world’s trade is denominated in U.S. dollars. Chief Economist of the IMF, Gita Gopinath, has compiled data reflecting that the U.S. dollar’s share of invoicing was 4.7 times larger than America’s share of the value of imports, and 3.1 times its share of world exports3. The U.S. dollar is the dominant “invoicing currency” in most developing countries4.

https://preview.redd.it/d4xalwdyz8p51.png?width=535&format=png&auto=webp&s=9f0556c6aa6b29016c9b135f3279e8337dfee2a6

https://preview.redd.it/wucg40kzz8p51.png?width=653&format=png&auto=webp&s=71257fec29b43e0fc0df1bf04363717e3b52478f
This U.S. dollar preference also directly impacts the world’s debt. According to the Bank of International Settlements, there is over $67 trillion in U.S. dollar denominated debt globally, and borrowing outside of the U.S. accounted for $12.5 trillion in Q1 20205. There is an immense demand for U.S. dollars every year just to service these dollar debts. The annual U.S. dollar buying demand is easily over $1 trillion assuming the borrowing cost is at 1.5% (1 year LIBOR + 1%) per year, a conservative estimate.

https://preview.redd.it/6956j6f109p51.png?width=487&format=png&auto=webp&s=ccea257a4e9524c11df25737cac961308b542b69
Secondly, since the U.S. has a much stronger economy compared to its global peers, a higher return on investments draws U.S. dollar demand from everywhere in the world, to invest in companies both in the public and private markets. The U.S. hosts the largest stock markets in the world with more than $33 trillion in public market capitalization (combined both NYSE and NASDAQ)6. For the private market, North America’s total share is well over 60% of the $6.5 trillion global assets under management across private equity, real assets, and private debt investments7. The demand for higher quality investments extends to the fixed income market as well. As countries like Japan and Switzerland currently have negative-yielding interest rates8, fixed income investors’ quest for yield in the developed economies leads them back to the U.S. debt market. As of July 2020, there are $15 trillion worth of negative-yielding debt securities globally (see chart). In comparison, the positive, low-yielding U.S. debt remains a sound fixed income strategy for conservative investors in uncertain market conditions.

Source: Bloomberg
Last, but not least, there are many developing economies experiencing failing monetary policies, where hyperinflation has become a real national disaster. A classic example is Venezuela, where the currency Bolivar became practically worthless as the inflation rate skyrocketed to 10,000,000% in 20199. The recent Beirut port explosion in Lebanon caused a sudden economic meltdown and compounded its already troubled financial market, where inflation has soared to over 112% year on year10. For citizens living in unstable regions such as these, the only reliable store of value is the U.S. dollar. According to the Chainalysis 2020 Geography of Cryptocurrency Report, Venezuela has become one of the most active cryptocurrency trading countries11. The demand for cryptocurrency surges as a flight to safety mentality drives Venezuelans to acquire U.S. dollars to preserve savings that they might otherwise lose. The growth for cryptocurrency activities in those regions is fueled by these desperate citizens using cryptocurrencies as rails to access the U.S. dollar, on top of acquiring actual Bitcoin or other underlying crypto assets.

The Rise of Crypto Dollars

Due to the highly volatile nature of cryptocurrencies, USD stablecoin, a crypto-powered blockchain token that pegs its value to the U.S. dollar, was introduced to provide stable dollar exposure in the crypto trading sphere. Tether is the first of its kind. Issued in 2014 on the bitcoin blockchain (Omni layer protocol), under the token symbol USDT, it attempts to provide crypto traders with a stable settlement currency while they trade in and out of various crypto assets. The reason behind the stablecoin creation was to address the inefficient and burdensome aspects of having to move fiat U.S. dollars between the legacy banking system and crypto exchanges. Because one USDT is theoretically backed by one U.S. dollar, traders can use USDT to trade and settle to fiat dollars. It was not until 2017 that the majority of traders seemed to realize Tether’s intended utility and started using it widely. As of April 2019, USDT trading volume started exceeding the trading volume of bitcoina12, and it now dominates the crypto trading sphere with over $50 billion average daily trading volume13.

https://preview.redd.it/3vq7v1jg09p51.png?width=700&format=png&auto=webp&s=46f11b5f5245a8c335ccc60432873e9bad2eb1e1
An interesting aspect of USDT is that although the claimed 1:1 backing with U.S. dollar collateral is in question, and the Tether company is in reality running fractional reserves through a loose offshore corporate structure, Tether’s trading volume and adoption continues to grow rapidly14. Perhaps in comparison to fiat U.S. dollars, which is not really backed by anything, Tether still has cash equivalents in reserves and crypto traders favor its liquidity and convenience over its lack of legitimacy. For those who are concerned about Tether’s solvency, they can now purchase credit default swaps for downside protection15. On the other hand, USDC, the more compliant contender, takes a distant second spot with total coin circulation of $1.8 billion, versus USDT at $14.5 billion (at the time of publication). It is still too early to tell who is the ultimate leader in the stablecoin arena, as more and more stablecoins are launching to offer various functions and supporting mechanisms. There are three main categories of stablecoin: fiat-backed, crypto-collateralized, and non-collateralized algorithm based stablecoins. Most of these are still at an experimental phase, and readers can learn more about them here. With the continuous innovation of stablecoin development, the utility stablecoins provide in the overall crypto market will become more apparent.

Institutional Developments

In addition to trade settlement, stablecoins can be applied in many other areas. Cross-border payments and remittances is an inefficient market that desperately needs innovation. In 2020, the average cost of sending money across the world is around 7%16, and it takes days to settle. The World Bank aims to reduce remittance fees to 3% by 2030. With the implementation of blockchain technology, this cost could be further reduced close to zero.
J.P. Morgan, the largest bank in the U.S., has created an Interbank Information Network (IIN) with 416 global Institutions to transform the speed of payment flows through its own JPM Coin, another type of crypto dollar17. Although people argue that JPM Coin is not considered a cryptocurrency as it cannot trade openly on a public blockchain, it is by far the largest scale experiment with all the institutional participants trading within the “permissioned” blockchain. It might be more accurate to refer to it as the use of distributed ledger technology (DLT) instead of “blockchain” in this context. Nevertheless, we should keep in mind that as J.P. Morgan currently moves $6 trillion U.S. dollars per day18, the scale of this experiment would create a considerable impact in the international payment and remittance market if it were successful. Potentially the day will come when regulated crypto exchanges become participants of IIN, and the link between public and private crypto assets can be instantly connected, unlocking greater possibilities in blockchain applications.
Many central banks are also in talks about developing their own central bank digital currency (CBDC). Although this idea was not new, the discussion was brought to the forefront due to Facebook’s aggressive Libra project announcement in June 2019 and the public attention that followed. As of July 2020, at least 36 central banks have published some sort of CBDC framework. While each nation has a slightly different motivation behind its currency digitization initiative, ranging from payment safety, transaction efficiency, easy monetary implementation, or financial inclusion, these central banks are committed to deploying a new digital payment infrastructure. When it comes to the technical architectures, research from BIS indicates that most of the current proofs-of-concept tend to be based upon distributed ledger technology (permissioned blockchain)19.

https://preview.redd.it/lgb1f2rw19p51.png?width=700&format=png&auto=webp&s=040bb0deed0499df6bf08a072fd7c4a442a826a0
These institutional experiments are laying an essential foundation for an improved global payment infrastructure, where instant and frictionless cross-border settlements can take place with minimal costs. Of course, the interoperability of private DLT tokens and public blockchain stablecoins has yet to be explored, but the innovation with both public and private blockchain efforts could eventually merge. This was highlighted recently by the Governor of the Bank of England who stated that “stablecoins and CBDC could sit alongside each other20”. One thing for certain is that crypto dollars (or other fiat-linked digital currencies) are going to play a significant role in our future economy.

Future Opportunities

There is never a dull moment in the crypto sector. The industry narratives constantly shift as innovation continues to evolve. Twelve years since its inception, Bitcoin has evolved from an abstract subject to a familiar concept. Its role as a secured, scarce, decentralized digital store of value has continued to gain acceptance, and it is well on its way to becoming an investable asset class as a portfolio hedge against asset price inflation and fiat currency depreciation. Stablecoins have proven to be useful as proxy dollars in the crypto world, similar to how dollars are essential in the traditional world. It is only a matter of time before stablecoins or private digital tokens dominate the cross-border payments and global remittances industry.
There are no shortages of hypes and experiments that draw new participants into the crypto space, such as smart contracts, new blockchains, ICOs, tokenization of things, or the most recent trends on DeFi tokens. These projects highlight the possibilities for a much more robust digital future, but the market also needs time to test and adopt. A reliable digital payment infrastructure must be built first in order to allow these experiments to flourish.
In this paper we examined the historical background and economic reasons for the U.S. dollar’s dominance in the world, and the probable conclusion is that the demand for U.S. dollars will likely continue, especially in the middle of a global pandemic, accompanied by a worldwide economic slowdown. The current monetary system is far from perfect, but there are no better alternatives for replacement at least in the near term. Incremental improvements are being made in both the public and private sectors, and stablecoins have a definite role to play in both the traditional and the new crypto world.
Thank you.

Reference:
[1] How the US dollar became the world’s reserve currency, Investopedia
[2] The dollar is in high demand, prone to dangerous appreciation, The Economist
[3] Dollar dominance in trade and finance, Gita Gopinath
[4] Global trades dependence on dollars, The Economist & IMF working papers
[5] Total credit to non-bank borrowers by currency of denomination, BIS
[6] Biggest stock exchanges in the world, Business Insider
[7] McKinsey Global Private Market Review 2020, McKinsey & Company
[8] Central banks current interest rates, Global Rates
[9] Venezuela hyperinflation hits 10 million percent, CNBC
[10] Lebanon inflation crisis, Reuters
[11] Venezuela cryptocurrency market, Chainalysis
[12] The most used cryptocurrency isn’t Bitcoin, Bloomberg
[13] Trading volume of all crypto assets, coinmarketcap.com
[14] Tether US dollar peg is no longer credible, Forbes
[15] New crypto derivatives let you bet on (or against) Tether’s solvency, Coindesk
[16] Remittance Price Worldwide, The World Bank
[17] Interbank Information Network, J.P. Morgan
[18] Jamie Dimon interview, CBS News
[19] Rise of the central bank digital currency, BIS
[20] Speech by Andrew Bailey, 3 September 2020, Bank of England
submitted by Tokenomy to tokenomyofficial [link] [comments]

End of day summary - 03/06

The Dow fell 256.50, or 0.98%, to 25,864.78 , the Nasdaq lost 162.98, or 1.87%, to 8,575.62 , and the S&P 500 declined 51.57, or 1.71%, to 2,972.37.

The stock market ended a volatile week on a lower note with the S&P 500 (-1.7%) settling just above its low from Monday. The benchmark index gained 0.6% for the week while the Dow Jones Industrial Average (-1.0%) outperformed, gaining 1.8% since last Friday.
In the U.S., nonfarm payrolls surged 273,000 in February and the unemployment rate fell back to 3.5%, which matches a five-decade low. Average hourly earnings grew 3.0% year-over-year. While a very strong report, it appears to be discounted because of the coronavirus, though it provides evidence that the U.S. economy was on solid footing before it hit. The trade deficit narrowed 6.7% to $45.3B in January as exports dipped 0.4% to $208.6B and imports dropped 1.6% to $253.9B. Wholesale inventories fell 0.4% in January, but sales jumped 1.6%.
In energy news, Reuters reported that OPEC's plans for prolonged oil cuts have been derailed as Russia refused to support the move contending it is too early to predict the effect of coronavirus on global energy demand. WTI crude for April delivery fell $4.62, or 10.1%, to end at $41.28 a barrel following the news of the OPEC blow-up. Also, Baker Hughes reported that the U.S. rig count is up 3 rigs from last week to 793.
The final session of the week was marred by a continued deterioration of sentiment due to the ongoing spread of the coronavirus while the pressure on growth expectations intensified. Treasuries essentially never stopped after Thursday's cash close, continuing their forceful charge in the overnight futures market. Treasuries did pull back from their highs in midday trade, but the long bond rallied to a fresh record high in the afternoon while the 10-yr note stopped a bit short of its best level of the day. The 10-yr yield fell 22 basis points to 0.71%, representing a 42-basis point drop for the week.
Expectations for another sharp rate cut remain in place with the fed funds futures market pointing to a 56.0% implied likelihood of a 75-basis point rate cut at or before the conclusion of the FOMC meeting on March 18.
The S&P 500 staged a 70-point rally during the final hour of trade, which led to a significant improvement in final sector standings, though all eleven sectors finished in the red.
Four groups surrendered 2.0% or more. Energy (-5.6%) and financials (-3.3%) were particularly weak throughout the day due to their exposure to growth and concerns about issuers of high-yield debt in the energy sector.
Bank stocks suffered from the drop in Treasury yields while energy companies struggled as oil fell $4.57, or 10.0%, to $41.32/bbl. The energy component ended the day at its lowest level since mid-2016 after OPEC+ could not agree to a sharp production cut despite yesterday's reports to the contrary. Russia's Energy Minister, Alexander Novak, said that OPEC+ countries are free to pump at will starting from April 1.
Shares of JPM were sharply lower amid the pullback in the market, though the bank's declines may also be made worse by news that CEO Jamie Dimon experienced an acute aortic dissection and underwent successful emergency heart surgery to repair the health issue. Co-Presidents and Chief Operating Officers Daniel Pinto and Gordon Smith will lead the company as Dimon recovers, the bank confirmed.
Shares of AAPL were lower after a fourth supplier cut guidance amid the ongoing coronavirus outbreak. ON cut its first quarter revenue outlook this morning, becoming the fourth Apple supplier to cut guidance this week after QRVO, SWKS and MCHP did so as well.
In company-specific news, COST reported better than expected Q2 results, but the stock still finished lower. AMD fared better than the broader market after reaffirming its guidance for FY20. The chipmaker did caution that Q1 results are likely to be on the low end of its guidance.
Among the noteworthy gainers were MRNA and OPK, which have each recently reported on efforts linked to combating the coronavirus. Airline stocks like ALK +4.0%, JBLU +0.1%), UAL, +1.0%, and DAL, +2.0% recorded gains on Friday after recovering from fresh multi-year lows. Alaska Air did warn that its guidance for FY20 should no longer be relied upon due to coronavirus-related uncertainty.
Among the notable losers was AOBC, which fell 30% after the gunmaker reported fiscal Q3 results below consensus and guidance. SBUX shares slid 1% after the company provided an update on the impact related to COVID-19 in China. Stifel analyst Chris O'Cull said the earnings impact to Starbucks' fiscal Q2 is likely larger than he projected, be he also pointed out that Starbucks noted there has been no perceptible impact from COVID-19 on the U.S. business.
Shares of cruise operators started the day in positive territory but retreated as the day went on. NCLH, -5.2% was the weakest performer of the bunch, stopping just above its record low (24.16) that was notched when the company went public in early 2013.
European stocks also fell sharply Friday as the coronavirus outbreak continues to impact businesses worldwide.

Currency

The U.S. Dollar Index dropped 0.9% to 95.98 and was down 2.2% for the week as rate-cut expectations boiled over. According to the CME FedWatch Tool, there is a 100% probability of another 50 basis points cut at the March 17-18 FOMC meeting and a 63% probability of a 75 basis points cut.

Treasury

U.S. Treasuries had another huge day as the stock market racked up another day of huge losses amid ongoing concerns about the spread of the coronavirus and budding credit worries. The 10-yr yield, which settled Thursday at 0.93%, went as low as 0.66% in today's curve-flattening trade before losing some steam.

Commodity

Oil prices plunged more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts that the organization proposed Thursday. The meeting between OPEC and its allies, known as OPEC+, concluded with no deal on additional production cuts.
Agriculture:

Crypto

As global equity markets continue to get pummeled, bitcoin’s return to the $9,000 level may have been driven by some of the same forces causing a rally in bonds – a desire for respite from a coronavirus-plagued markets.

Bonds, Virus and Valuation

The move in Treasuries has been precipitated by flight-safety flows that have been fueled by economic growth concerns stemming from the spread of the coronavirus. It has also been stoked by momentum, interest rate differentials, and policy stimulus expectations, the latter of which have also been nothing short of stunning.
The CME FedWatch Tool is showing a 100% probability of another 50 basis points cut at the March 17-18 FOMC meeting and a 64% probability of a 75 basis points cut.
Those expectations capture the view that the coronavirus isn't "just another flu." It might have similar characteristics, but when was the last time entire cities were quarantined, professional sporting events were canceled, travel restrictions were imposed, orchestrated efforts to force employees to work from home, states of emergency were declared, U.S. schools were closed, and the Federal Reserve ushered in an emergency 50 basis points rate cut because of the flu?
Coronavirus is quite different from the flu because the reaction to it has been universally different -- and that reaction is what gets lost in the debate as to whether the coronavirus is "just another flu." Rightly or wrongly, the coronavirus is creating an economic disruption in a manner no normal flu has in our modern age and that is the important distinction for the capital markets and policymakers.
It's another reason why the strong employment report for February has been glossed over for the most part by the market. At any other time, the Treasury market would be selling off on today's report, and, arguably, the futures market would be moving sharply higher -- but this isn't any other time.
The key takeaway from the report isn't what was in the report, it was the lackluster response to it, which is a function of expecting employment reports in coming months not to look as good because of the coronavirus impact.
The market multiple has contracted to 16.7x, which is now in-line with the five-year average -- only it isn't because earnings estimates are going to fall further.

YTD

  • FAAMG + some penny stocks -4.4% YTD
  • Spoos -8.0% YTD
  • Old man -9.4% YTD
  • Russy -13.1% YTD
Summary scraped from the interweb. Took 0.18 seconds.
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Finished traveling around the world ... on 1 Bitcoin

Hello BTC Redditors,
Just wanted to share a little announcement rather dear to me.
August of last year I left Portland, Oregon with a mission: see what BTC communities are like around the world...and make it happen with just 1 Bitcoin.
Finally made it :)
18 countries.
12 months.
1 BTC.
Bought it for $4,724 hard earned dollars. A month later in September I felt like a chump who bought a new car off the dealer's lot --- because BTC kept loosing value and sunk to $3,350. But I kept riding that rollercoaster.
In December the price hit $19k. Just a few days before Christmas too. I felt tempted to cash it all out right then and there, let me tell ya. But a few OG's I met in Hong Kong told me to keep saddled on that bucking Bronco -- feel the adrenaline of the ups and the heartbreak of the downs. So I stuck it through. Man, what a ride.
I put a little video together. Not super good at the editing, sorry. But here it is anyway:
https://www.youtube.com/watch?v=gjacVPEaCW8
A few highlights:
+ Met Vitalik Buterin in Shenzhen, China. Wow. Closest I've ever come to meeting an extraterrestrial. I don't mean that in a bad way, either. The guy towered above me (I'm not that tall); he was lanky and gaunt; I could see him thinking about 12 different things while talking to me -- each of them far more important than the small-talk-chitchat he was having with me.
+ Met John McAfee in Singapore. What a character! Listen to this: I ask him what he thinks about the environmental impact of BTC mining (the hot topic at the time). He tells me "I'll keep MGT mining BTC until the last polar bear drowns."
+ Volunteered at a diving school in Palawan, Philippians. It was a workaway type of place. The guy running it, Thad, was doing great things -- teaching local kids how to become dive masters so they could earn a good living diving with tourists. Great dude. A little paranoid when talking about him and crypto, but wow, in it from the early days.
+ Myanmar (Burma). Holy damn. What a country. Incredible ancient ruins. Delicious food. And the friendliest people going through some of the toughest governmental financial bullshit. Corruption, wild inflation, demonetization. And people there would love to use BTC more often to free themselves financially (being part of the unbanked, after all) but they have some of the most fundamental difficulties: (1) shitty cellphone coverage and (2) rampant power outages.
+ Colmar, France. I met one of my hero's .... Anthony Bourdain. Talked to him about food, travel, Bitcoin. A week later. One week after shaking my hand....he took his life. I keep wishing I would have said something. The right thing. Maybe I could have made a difference.
+ Amsterdam. Used a bit of my almost-running-out-BTC to taste true wormwood Absinthe. I saw visions of Bitcoin absolutely crushing governmental fiat and putting Jamie Dimon and Charlie Munger on the streets! Haha no, I wish.
+ Finally made it! 1 BTC! Tonder, Denmark. Just across the border from Germany. I thought I'd make it to Copenhagen. I didn't -- but that's okay. It was a wild ride that opened my eyes in all sorts of ways. Sure I spent months and months sleeping on Couchsurfer's cots, eating the cheapest grocery store mark-down foods, and generally wishing I had cashed out in December --- but I would do it all over again, without cashing out either. Because being on such a strict budget forced me to meet people.
Often times we feel tempted to use money to avoid pains. If I traveled on a big budget I could have stayed in hotels. Instead I couchsurfed, met amazing hosts, and told them all about BTC -- which sharpened my own knowledge. If I was on a bigger budget I could have stuck around certain cities and gone to BTC meetup's only on their set dates. But being on a budget I had to reach out to meetup hosts and hope they'd make time to meet me, trade BTC for fiat, and perhaps even introduce me to their crypto friends -- and they did, every time, because the crypto community is awesome. Around the world I met absolute badass crypto OG's, movers-and-shakers, and newbies too. Learned something from everyone :)
I suppose my mission resulted in a resounding answer: crypto will set us free.
So cheers to a few specific cool cats out there as well as the community at large: Thank you.
+R
P.S. Here's the website with some extras: BitcoinAroundtheWorld.com
submitted by markfromearth to Bitcoin [link] [comments]

Stablecoins are not the future!

Stablecoins are not the future!
https://preview.redd.it/dbtvnxjx3ih21.jpg?width=800&format=pjpg&auto=webp&s=84ca2b92ed15f3010baaa21599cef1ec5e536932
https://www.youtube.com/watch?v=4TyKdZGBlL4
DO subscribe if you like the video!

Jamie Dimon and Bitcoin

JP Morgan's Jamie Dimon is well known for his hatred of Bitcoin and love for the blockchain. It is understandable that he does not really have any clue what Bitcoin was created for or where its inherent value comes from. In a clip from 2017 at the Institute of International Finance seen HERE. Jamie Dimon was cautioning people saying bitcoin will one day hurt them, that bitcoin has no value, that blockchain is amazing and he loved it. Its really odd that a man would have such a hate for bitcoin and it was also clear that he did not understand the cash he values so highly loses 2-3% per year from inflation.

Inflation of currencies

To put that last statement into perspective, the USD loses between 2-3 cents of inherent value each year. This means if you leave money in the bank the last 5 years your 1 USD from 5 years ago is now worth only $.90. Yes that actually is true and how inflation works, but with bitcoin if you had bought a dollar in 2013 at say around $100 BTC your 1% of the BTC today would be worth over 35USD today. This is because Bitcoin's price is based on supply and demand economics and it is deflationary.
Deflationary currencies unlike inflationary ones cannot print an unlimited supply which is actually what causes inflation. If you have 100 USD in circulation and print off more that 100USD actually loses value. This is why so many people say things like the Federal Reserve needs to end. It is because the printing of the USD, has since its inception caused the currency to lose approximately 95% of its original value and decoupling from Gold made the inflation more like hyper inflation without anyone noticing.
When I was a child the same chocolate bar that now is 2 USD was $0.50 and I am only 33 years old. So in around 25 years the inflation has caused that chocolate bar to increase 4X in price. Now why is this an issue? Lets look at things like minimum wage, what we see is that has not even come close to rising as much as inflation. This actually causes the Rich-Poor gap to increase as it becomes hard and harder for the average citizens to survive. When we look at Jamie Dimon the reason he does not care is because he is the 1% or the 0.01% so to him inflation does not affect anything. People at that level of society can afford inflation, because they have money to invest.
📷

Impact on the average family

Lets look at the normal family and how inflation affects them. First things cost more actually everything costs more: Education, Insurance, Food, Water, Heating, Electricity, Gas, and the list can go on and on. If your income does not match the inflation in society each year you are at a company you actually are making less. The average family used to have more of a nest egg to invest, but with the global financial crisis of 2008 most have not recovered and sorry to say it but the markets look ripe to drop hard again in 2019/2020.
If we do have another recession or worse a global financial crisis, we will see people start to flock towards bitcoin as the government will quantitatively ease and print off billions. Doing so will not really help long term and end up with more debt in society and honestly for many the struggle is real, especially those in the United States and we have seen this time and time again.

JPM Coin and Stablecoins

To wrap this all into the JPM coin and stablecoins in general they are a short term solution. For now they let us store our value pegged to the USD, and potentially in JPM coins case let the banks transfer USD to each other. The Inherent problems around fiat currencies is that they are losing value constantly and are backed by nothing but a government. Stablecoins for now let us hold the USD value of our cryptocurrencies and are a good hedge in the volatile market. What we all need to understand here is Fiat currencies like Venezuelan Bolivars, and the Argentine Peso have been far more volatile and hyper inflation has hit them hard. The thing everyone is missing is when this eventually hits the USD and it already is showing it has on an economic scale what will everyone turn to?
With deflationary currencies the solution is already here. For example BTC has 21 million coins that will ever make it into circulation at the time of this article there are 17,542,112 BTC with approximately 4M lost forever. As demand for BTC grows as it has in Venezuela, Brazil, Argentina and Turkey it will be a greater store of value. It will actually increase in price as you cannot make more and this is why John McAfee, Tom Lee and Tim Draper amongst others have put such a huge value per coin in the future of $150,000 to 1 Million USD.
📷
We all need to realize is Stablecoins are not the future, they aren't the solution. When the USD does meet its fate of hyper inflation as other currencies have, we will see cryptos like Bitcoin be the the world standard. JPM and USDT won't matter when the USD is similar to Bolivars and Argentine Pesos and this is what the future looks like. We cannot put a time on when this will happen, but when it does it is likely Bitcoin will be seen as a world currency. Bitcoin will back all currencies someday and this is why stablecoins are just a bandaid solution for the short term.
Sorry JPM coin, USDT, USDC etc... You are only a for the short term, it is time to see why Deflationary Currencies are the future!
Where you can find me!
Joel Kovshoff
Founder of BlockRake Inc, CEO of Athena Software Systems
Twitter: https://twitter.com/JoelKovshoff
Facebook page: https://www.facebook.com/AthenaVIP/
LinkedIn: https://www.linkedin.com/in/cryptocurrencyeducato
Telegram: @kovshoff
submitted by Crypto_edu to CryptoCurrency [link] [comments]

Meet the Venture Capitalist Whose Childhood in Communist Bulgaria Led Her to Embrace Silicon Valley

Dafina Toncheva’s journey to Silicon Valley has been anything but ordinary.
She grew up in Bulgaria (like me!) during a turbulent time of change when the country was struggling to emerge from communism. Although her parents were doctors, they each earned only $150 a month.
Toncheva spent summers with her grandparents on their tobacco farm where they would pick tobacco leaves and work the land. “As you can imagine, it was just very manual, labor-intensive, and unpleasant work,” she said.
But it was on that farm where her grandmother gave her advice that Toncheva would carry with her as she immigrated to the United States, graduated from both Harvard and Stanford, and entered the cutthroat world of venture investing. Her grandmother said, “If you don’t want to make a living with your hands, you need to invest in your brain.”
“Her advice ultimately help me grow into an independent, self-sufficient, and self-reliant adult,” Toncheva said. “And those are also the qualities I look for in the founders I back.”
Toncheva moved from Bulgaria to the United States in 1998 on a full scholarship to Harvard University. From there, she worked at Microsoft as a software engineer, went on to get an MBA from Stanford, and joined Venrock for her first job in venture capital. She became the first institutional investor in Cloudflare, a San Francisco-based network performance and cybersecurity firm that just went public.
Toncheva has spent the last seven years investing in cybersecurity and enterprise software companies at early-stage investment firm U.S. Venture Partners. Last week, she was promoted to general partner. I recently caught up with Toncheva about all of this and more.
Below is our conversation.
TERM SHEET: When you were 15 years old, you created a peanut business that generated more revenue than the combined income of your parents. Tell me about that.
TONCHEVA: I was born in a communist country, but my formative years were spent in a country that was trying to define itself, embrace capitalism, and open up to the world. It was a very turbulent time after [communism fell in] 1989 socially, politically, and economically.
There were entrepreneurial-minded people who tried to take advantage of the change by starting businesses. Many people around us were opening small mom-and-pop shops — except for my parents. They were doctors and they felt very limited by their careers. So I remember thinking, “It’s kind of unfair that my parents spent so much of their lives studying, investing in their careers, and being good at what they do, yet we’re still barely making ends meet.” I wanted to help, so I decided to try and start something on my own. What entrepreneurship started to mean to me was courage, expression of freedom, creativity, and growth. It had this very noble, very positive connotation in my mind.
So I started buying raw peanuts from local farms, and I began roasting them, packaging them, and selling them through wholesale retailers to restaurant chains. I created a real operation that was powered by me and my younger brother. With that very basic business, I made more money than my parents combined. That was the beginning of my self-sufficiency and independence that my grandmother always talked about. It was both exciting, but also disillusioning in some ways to know that I can make more money than my parents with a lot less education and experience.
Why did you decide to immigrate to the United States?
One of the things that was so defining for me in my childhood was that my parents valued education, ethics, persistence, and commitment to personal growth. My mother was an ENT (ears, nose, and throat) surgeon, and my father was a neurologist, yet they still barely made ends meet as a family. That was the reality of communism — where everyone was supposed to be equal — that made no sense to me. I knew I didn’t want my life to end up like that.
During that time of change in post-communist Bulgaria, many people of my generation saw the U.S. as the symbol of meritocracy and the victory of capitalism. It was a very natural place for me as a teenager who wanted to build a better life to end up, but getting to the U.S. was very difficult.
The person who opened my eyes to studying in the States was a young American volunteer who was teaching English in my hometown. Through him, I learned that I could apply to schools in the States, that they give financial aid to foreigners, and that it’s a real possibility. It was a long process, but I ended up contacting over 100 schools. I asked all of them to waive the application fee, and I applied for financial aid at every single school. I was very lucky to get into 12 schools on full scholarship.
So I moved here in 1998, started at Harvard, and studied computer science even though I had never owned a computer and was very clearly behind all of my classmates. I thought technology was a growing market, and there was a real need for software engineers. I worked the whole time while I was at Harvard as a teaching assistant, later did internships with Microsoft during the summers, and ultimately, ended up working for Microsoft as a software engineer in 2002.
You mentioned capitalism. There’s increasingbacklash against capitalismwith critics saying it needs a major overhaul to better serve society. Given your experience growing up in a country where you witnessed the effects of communism, do you think capitalism needs to be reformed?
I firmly believe that we live in the best place in the world, and I say that unapologetically. That being said, I also realize that we have some challenges we need to work through.
I love capitalism. It might not be perfect, but it’s the best out there. Having lived through communism and some forms of post-communist socialism, I just can’t imagine that system being a great alternative. Just the thought of communism and socialism depresses me. I envision it as this bleak world devoid of creativity and self-expression with no pursuit of self-improvement. It’s a dead end, it really is. I get scared hearing about people’s fascination with socialism because those are typically people who have never experienced it first-hand. It’s very theoretical for them.
It’s just a different feeling for people who have lived through it and experienced it first-hand. I’m sure your parents also have some strong opinions about communism.
My dad, especially. He recently told me a story about getting in trouble at school because he wrote “USA” on his bookbag when Bulgaria was still under communism.
I’m not surprised at all. In Bulgaria, “USA” stood as a symbol for capitalism and a better life for many, many years.
On the other hand, capitalism has left many people disillusioned. The equality gap is wide and widening, and it’s become a vicious, reinforcing cycle. I have to say I do appreciate the discussions going on especially by capitalists like Ray Dalio and Jamie Dimon who talk about ways to create more upward mobility. I think these are good discussions to be had, and it’s a way to evolve capitalism with the times.
How did you end up in venture capital?
I spent four years at Microsoft as an engineer and a product manager. There, I worked on security products and then decided to go to business school. I attended Stanford, and that’s how I ultimately ended up in venture capital. Toward the end of my second year, I was introduced to Venrock, where I was focused on helping the team source investment opportunities in enterprise software and cybersecurity.
While you were at Venrock, you led the first institutional investment round in Cloudflare,which just went public. What did you see in the company and the team that gave you the confidence to back them so early?
I invested in Cloudflare exactly 10 years ago. There were three things that stood out to me. They were going after a really painful problem, which was that 50% of traffic is not authentic. It could be malicious. They were going after a customer group which was completely ignored, which was the long tail of the web. They said they would build a service that cleans up traffic to web properties from the long tail of the web — and they would do it for free and find other ways to monetize the business. That was very counterintuitive to how most security companies think. Most security companies would build a product or service and try to sell it to the biggest customers — the ones that have the biggest budgets. It was very contrarian what they were trying to do, but at the same time, it made a lot of sense.
The team was thoughtful, persistent, and they had a clear vision around what they wanted to build. I just had a lot of faith in them that they would execute, and I’m really happy with how far they’ve come on this journey. Seeing them go public made me feel validated in my belief in them from Day 1 when they didn’t have anything — they didn’t have a single line of code.
For me, it starts with the founders and how clear and persistent they are in their vision. It really is a character judgment that’s very difficult to explain, but it’s one of the most important aspects of early-stage investing.
How do you tell if an entrepreneur is a true visionary or just completely delusional?
It’s really hard. I think the same person can be both, and probably many of them are both, so it’s very difficult to distinguish between the two. I think the ability to execute is so important, and that’s where the distinction lies. Successful founders stand out in their ability to perform and execute.
I also value transparency, honesty, respect for the facts, and self-awareness. I think a grasp for reality and pragmatism has to be there. If those things aren’t there, it’s almost impossible to work collaboratively with the team.
What sector or company are you most excited about right now?
I work on several areas at USVP focused on the enterprise tech space, but the one I feel most excited about is cybersecurity. I think security problems and security threats evolve faster than issues in almost any other industry. Security threats are aggressive, they evolve really fast, and their mutations are almost infinite. Because of those dynamics, cybersecurity is a very challenging problem to solve.
Technologies become obsolete very quickly, and innovation cycles have to be very rapid. Even in the worst of times when budgets get cut for everything else, cybersecurity budgets continue to grow 10% year over year. That makes it a very attractive market for me to continue investing in.
What do you think about emerging assets like Bitcoin and other cryptocurrencies? Have you invested in any blockchain companies?
We have not made any investments in Bitcoin or blockchain technology. It’s an area I’m following closely and studying, but I don’t feel prepared to make investments in it just yet. There are definitely opportunities in the infrastructure building in that ecosystem to make investments. But I also think as an industry, it’s still in Version 1. There will be more iterations and more opportunities for investors to play in that space in the future.
Do you think blockchain technology could have implications for cybersecurity?
For sure. I think blockchain as a technology could be quite interesting when applied to security, and also the other way around: Security is a very important consideration for the existence and acceptance for the growth of those assets. Security is a foundational layer and it has to be figured out before [crypto assets] become broadly adopted by the mainstream.
It’s been a little more than 10 years since you started in venture capital. How has the ecosystem changed since 2008 and 2009, and how important do you think capital efficiency is in a world of seemingly unlimited funding?
It’s incredible how much things have changed in 10 years. When I started, there were only a handful of seed funds, and now, there are hundreds of seed funds on one end of the spectrum. On the other end of the spectrum, the large funds have become even larger. The abundance of capital on the late-stage is just enormous. As a result, we’re seeing inflating late-stage company valuations, companies staying private longer, and massive IPOs by the time they go public.
In a time of abundant capital, capital efficiency has become even more important. I think capital efficiency is ultimately freedom. It gives you choices. It gives you options. It gives entrepreneurs the freedom to operate and not be imprisoned by their burn rate. Bigger funds talk a lot about growth at all costs and very rarely mention capital efficiency. I think efficient and responsible growth is way more important in the long-term. We’re starting to see some of that with companies going public that are wildly unprofitable. Public investors don’t seem to agree that the growth at all costs is the most important factor in determining whether a business is successful.
Speaking of going public, Snap CEO Evan Spiegelrecentlysaid that going public was a very challenging experience. One specific thing he said that’s made a big difference is being more transparent with investors by providing quarterly guidance. How do you see some of these private companies that are used to keeping things quiet adapt to the more transparent nature of the public markets?
Different companies have different boards with different expectations. It’s not as strict or clear cut as it is in the public markets. I have noticed that when a company is doing well and growing rapidly, private investors tend to forgive more. They tend to become less vigilant, while public investors are a lot more strict and much less forgiving.
It’s a different mindset, so it really depends on what type of private board a company has been accustomed to. There are private boards that are just as demanding and detail-oriented as public investors. But for some, being public may come as a complete shock when the CEO realizes there’s a whole new way of doing things now.
* More Details Here
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End of day summary - 12/06

The Dow fell 79.40, or 0.32%, to 24,947.67, the Nasdaq gained 29.83, or 0.42%, to 7,188.26 , and the S&P 500 declined 4.11, or 0.15%, to 2,695.95.
The S&P 500 lost 0.2%, but was able to fight back after being down as much as 2.9% earlier in the session. The Dow Jones Industrial Average lost 0.3% after being down as many as 785 points or 3.1%. The Nasdaq Composite added 0.4%, yet it had been down as many as 174 points or 2.4%.
The major indices suffered steep losses in the early going after news of the arrest of Huawei Technologies' CFO fueled concerns about U.S.-China trade negotiations. News surfaced Wednesday that Huawei CFO Meng Wanzhou was arrested in Canada Dec. 1 amid allegations the company violated U.S. trade sanctions on Iran. Ms. Meng is expected to be extradited to the U.S. to face the charges. Her arrest invited worries about potential retaliation against U.S. companies doing business in/with China. In a broader context, the sense that there might not be a trade deal fueled global growth concerns. The arrest opened a new front in the U.S.-China trade war, which had seemed to turn a positive corner following the G20 meeting. The markets continued to lose ground during the morning session, but the averages pared a good portion of their losses prior to the close. The recovery may have been aided by a Wall Street Journal recap of recent interviews and public statements from Federal Reserve officials that stated that the central bank members are considering whether to signal a "new wait-and-see" approach after a likely rate hike in December.
In other developments, JPM CEO Jamie Dimon shared some typically practical viewpoints in a CNBC interview that helped provide a measure of support for an oversold stock market. Mr. Dimon said he realizes the China trade issue is the main source of market volatility right now, but believes there could be enough progress in trade talks in the next 90 days to create, or push out, another deadline. He did acknowledge, though, that the trade uncertainty is not a good thing.
Regarding interest rates, Mr. Dimon believes the world is better off with the U.S. growing and rates going up because of that growth than it is with the U.S. being in a recession and rates going down because of it. He thinks if there is a bubble anywhere it is in U.S. government bonds.
Within the S&P 500, the energy (-1.8%), financials (-1.5%), materials (-1.4%), and industrial (-0.6%) sectors underperformed the broader market.
The oil-sensitive energy group fell in tandem with oil prices. WTI crude fell 3.0% to $51.56/bbl amid reports that Saudi Arabia is floating an idea for OPEC to cut production less than the market expected.
Conversely, the real estate (+2.7%), communication services (+1.0%), consumer discretionary (+0.6%), and information technology (+0.2%) sectors all finished in the green on Thursday.
Strong finishes from many of the FAANG stocks helped lift the broader market, which rallied sharply into the close on broad-based buying interest. FB, NFLX, GOOGL, and AMZN all rose between 1.2% and 2.7%, Meanwhile, AAPL traded lower with a loss of 1.1%, but was able to close near its session high.
Among the noteworthy gainers was DFRG, which rose 16% after shareholder Engaged Capital urged the board to explore strategic alternatives. Also higher was TST, which gained 35% after announcing that it has entered into a definitive agreement to sell its institutional business units, The Deal and BoardEx, for $87.3M to Euromoney Institutional Investor.
Among the notable losers was NPTN, which fell 16% after B. Riley FBR analyst Dave Kang downgraded the stock to Neutral from Buy on Huawei uncertainty. Also lower was SIG, which slid 18% after reporting quarterly results.
European stocks cratered on Thursday, amid fears of slowing growth, falling oil prices and a fresh flare-up in tensions between the world's two largest economies. The pan-European Stoxx 600 fell more than 3.3 percent with all and major bourses sectors in negative territory. The index clsoed at 342 points, marking a two year low. It was the worst daily percentage drop for the STOXX 600 since Brexit.

Currency

The dollar weakened against major peers on Thursday as U.S. The dollar has been under pressure this week as an inversion in part of the U.S. yield curve raised a red flag for a potential recession.

Treasury

The sharp selling in the stock market off the open, fueled a flight-to-safety in the Treasury market that pushed yields noticeably lower across the curve. The 2-yr yield dropped three basis points to 2.77% after hitting 2.68% intraday. The 10-yr yield dropped five basis points to 2.87% after hitting 2.82% intraday. The backtracking in the Treasury market also coincided with the close of European markets and the rebound effort in the stock market.

Commodity

Oil prices tumbled about 3 percent on Thursday as OPEC reportedly agreed to cut production, but ended its closely-watched meeting without a decision on how much crude the cartel will take off the market.

Crypto

Bitcoin has today sunk to its lowest level since the beginning of the year as a cryptocurrency-wide market rout continues to cause pain for holders of bitcoin, ethereum, Ripple's XRP and other major digital tokens.

YTD

  • Nasdaq +4.1% YTD
  • Dow +0.9% YTD
  • S&P 500 +0.8% YTD
  • Russell 2000 -3.9% YTD

Numbers

  • Most active options; AAPL (calls), F (puts), BAC (calls), C (calls)

AH news

  • LULU reports Q3 adjusted EPS 75c, consensus 70c
  • AVGO beats Q4 EPS by 27c
  • TSLA said to plan paying March note holders mix of stock and cash

What's tomorrow?

08:30 ET: Employment Situation Report for November
  • Nonfarm payrolls (consensus 189,000)
  • Nonfarm private payrolls (consensus 185,000)
  • Avg. hourly earnings (consensus +0.3%)
  • Unemployment rate (consensus 3.7%)
  • Avg. workweek (consensus 34.5)
Summary scraped from the interweb. Took 0.20 seconds.
submitted by hibernating_brain to thewallstreet [link] [comments]

What you need to know for this week

As important news on February 25 at 2:00 PM (UTC) will be the sale of chips Fetch.Al (FET) in Launchpad of Binance. A total of 1,152,997,575 FETs will be offered, each chip will have a value of 0.0867 USD, the prices in BNB will be fixed on the day of the sale, the format will be based on “First come first, served basis”, to participle people must already have verified their account and accepted the conditions to participate in this sale; since the Fetch.AL will not be responsible for any investment, all are under the user's own risk.
Users from the following countries will not be able to participate in token sales on the Binance Launchpad platform: Afghanistan,Albania,Belarus,Bosnia & Herzegovina,Burundi,Central African Republic,China,Cote dIvoire,Cuba,Democratic Republic of the Congo, Ethiopia, Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Malaysia, Myanmar, North Korea, Republic of Macedonia, Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States, Venezuela, Yemen, Zimbabwe.
It is important to stand out that the global cryptocurrency platform that provides a place for the trade of more than 100 cryptocurrencies, Binance, has decided to withdraw certain digital assets that do not meet certain parameters; these are CloakCoin (CLOAK), Modum (MOD), SAL (SAL), Substrate (SUB), Wings (wings). The coins and chips will stop trading on February 22 at 10:00 AM UTC any commercial order after the stipulated date will be eliminated. The platform has indicated that this action is due to breach of its parameters.
And another one who bet on the cryptocurrency economy; on Thursday, February 14, the banking institution JP Morgan Chase, one of the largest banks in the world, announced the launch of its own cryptocurrency that will be known as the JPM Coin. This project will start its tests with a small number of institutional clients, once the results are satisfactory by the end of this 2019, it will be open to the public. This cryptocurrency will serve to make international payments between clients, it will not be money, it will only serve as a representation of the amount of money that a certain account has in the JP Mongar Chase bank. The head of the project, Umar Farooq, also announced that the cryptocurrency will be in all standard platforms. This action has baffled those who remember the statements of the bank's CEO, Jamie Dimon, who declared a few years ago that he did not understand how people gave value to something that has no value.
To close with good numbers, as we know more and more people who dare and trust the Bitcoin economy, according to the figures of Kaspersky Labs, there is a 700% increase in the adoption of Bitcoin in the last 6 years. There are more and more businesses that accept payments in Bitcoin as transactions, and an approximate of 13% of the world population has used Bitcoin as payment method; this survey of Kaspershy Labs was conducted with more than 13,000 consumers from 22 countries where we can see that the countries with the highest inflation are those that have resorted most to this method of commercial exchange. These numbers are encouraging for a market that has struggled to gain the confidence of people, and despite the fall in their prices there are still people who bet because it can be a strong economy in the future, according to Coinmap data indicate that the acceptance increased by 70% in relation to December 2013.
submitted by mineriavirtual to u/mineriavirtual [link] [comments]

More funds testing water on crypto-related assets

More funds testing water on crypto-related assets

Anthony Pompliano sees an ‘enormous upside’ for returns from direct investment in cryptocurrencies despite the worrying volatility. ALEX FLYNN/BLOOMBERG
BY DANIELLE WALKER · MARCH 4, 2019
Institutional investors, including public pension funds, have begun taking bets on fledgling funds, which invest heavily in cryptocurrency and blockchain-related companies.
But these funds also could invest directly in cryptocurrencies as well, which some industry sources argue are not a viable investment option for institutions, primarily due to volatility and valuation concerns.
In Virginia, the $4.2 billion Fairfax County Employees’ Retirement System and the $1.5 billion Fairfax County Police Officers Retirement System became the first known public pension plan to commit to a dedicated fund that invests primarily in blockchain technology firms. The investments were “deliberately sized to be a small portion of each system’s assets,” Jeff Weiler, the executive director of Fairfax County Retirement Systems, wrote in a February note published on the system’s website. The employees’ fund allocated $10 million and the police fund $11 million, mandates representing less than 1% of each fund.
Both investments were made in the Morgan Creek Blockchain Opportunities Fund, managed by Morgan Creek Digital Assets, a subsidiary of Chapel Hill, N.C.-based Morgan Creek Capital Management LLC.
While 85% of the Morgan Creek fund is invested in blockchain technology firms, up to 15% of the fund can be invested directly into cryptocurrencies, Mr. Weiler wrote, adding that the fund currently “has no exposure to any cryptocurrencies.”
Since June, other unidentified institutions, including a university endowment, hospital system, insurance company and private founda- tion have invested in the fund, said New York-based Anthony Pompliano, founder and partner at Morgan Creek Digital Assets.
Every investor in the fund is under the same structure, where up to 15% of the fund can be allocated to liquid cryptocurrencies, such as bitcoin, Mr. Pompliano said. The Fairfax plans made their allocations to the $40 million fund at the end of the year, he added.
“The fundraising target was $25 million, and we oversubscribed to $40 million. The fund is done fundraising and will not take any more investors,” Mr. Pompliano said.
“That 15% is kind of an artificial cap because we want to make sure we are sizing the liquid investments inside of the portfolio according to the risk-return profile that liquid cryptocurrencies present,” Mr. Pompliano said. Morgan Creek believes that certain cryptocurrencies, “although they are volatile, have enormous upside and, therefore, we want to make sure that we gain exposure to it. But we want to size it correctly within the portfolio.”
The University of Michigan’s $12 billion endowment committed $3 million in June to a dedicated fund investing in crypto-technology companies, which was created by Menlo Park, Calif.-based venture capital firm Andreessen Horowitz, according to agenda materials from the university’s Feb. 21 board of regents meeting.
The fund, CNK Fund 1, also received approval for a follow-on investment of an undisclosed amount, the documents show. Follow-on investments do not require approval, only a report to the board, a university spokesman wrote in a February email, declining to provide further information.
Last year, the $29.4 billion Yale University endowment, New Haven, Conn., run by CIO David Swensen, who is known for his bold approach in alternative investing, allocated an undisclosed amount to two cryptocurrency funds, according to an October Bloomberg News report. Mr. Swensen did not respond for comment, and a spokesman for the school declined to confirm whether investments were made into cryptocurrency funds.

Red flags

Giorgio Carlino, a managing director and CIO of the global multiasset team at Allianz Global Investors, New York, said in a phone interview that there are “too many risks involved” in investing in cryptocurrencies to date, with the primary risk being valuation. “As an institutional investor, you should not, you could not actually, explain a position in bitcoin … or any other crypto in your portfolio as an asset allocation.”
“The valuation of the cryptocurrency is not possible as of today,” he said. “They have no income, there’s no intrinsic value, there’s no guarantee by a state or a central bank. It is an interesting concept and I’m fascinated, but it’s not an investment.” But Mr. Carlino does see a case for gaining an exposure to the cryptocurrency industry itself, by way of venture capital investments targeting firms banking on the future of blockchain or so called cryptoassets. But he describes even these investments as “high risk.”
“There are different ways of using cryptocurrencies that are, I see in the future, absolutely there. … J.P. Morgan has made a gigantic investment themselves,” he said.
Last month, J.P. Morgan Chase & Co., New York, became the first U.S. bank to create and successfully test a digital coin representing a fiat currency. “JPM Coin” is a prototype which the bank plans to use to enable payment transfers between institutional customers, such as banks and broker-dealers, using blockchain technology, the company said in a Feb. 14 announcement on its website.
The development comes despite J.P. Morgan Chase CEO Jamie Dimon’s noted skepticism of bitcoin, having called it a “fraud,” and going as far as to say he would fire any employee trading the cryptocurrency, Bloomberg News reported in September 2017.
Earlier this year, Andreas Utermann, AllianzGI CEO and global CIO, offered his own thoughts on cryptocurrency investing in a LinkedIn post, writing: “As an asset or a currency … the value of a cryptocurrency is in the eye of the beholder. This makes cryptocurrencies entirely unsuitable for investing in.”
While some in the industry have issued a strong word of caution on framing cryptocurrencies as a legitimate investment option, at least to date, investment consultantCambridge Associates LLC, Boston, has signaled that institutional investors should be exploring opportunities in the cryptocurrency and broader blockchain industry.

Consultant sees opportunity

Cambridge published a white paper Feb. 19 that explained various types of “cryptoasset investments,” including ways investment managers can gain exposure — from purchasing liquid cryptocurrencies, like bitcoin, to making investments in companies “whose returns are connected to the growth of the asset class,” as the “liquidity of these investments is similar to traditional venture capital investments,” the paper said.
“Although the crypto industry remains in its infancy, we think institutional investors should begin exploring it,” the paper noted.
Cambridge cautioned that an allocation to cryptoassets exceeding 1% of a portfolio on a look-through basis “does not appear prudent, even for those comfortable assuming the very high risks involved,” the paper said.
Marcos Veremis, a Cambridge managing director in Arlington, Va., and co-author of the paper, confirmed that many funds which primarily invest in cryptocurrency or blockchain companies also allow direct investment in cryptocurrencies.
“We see many funds build in the option to invest in cryptocurrencies, such as bitcoin,” he wrote in an email.
Cambridge said that, despite challenges such as very high risks in the space, “we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term.”
Other consultants, including Aon Hewitt Investment Consulting Inc., CallanLLC andMercer Investment Consulting LLC, have not given institutional clients the go-ahead regarding such investments, though they continue to monitor the field.
“Cryptocurrencies are themselves in a bear market and it would be dangerous to extrapolate future results from a past record that has really shown the ups and downs of this (potential) asset class with bubble-like qualities,” said Zornitza Taleva, a senior hedge fund consultant at Aon Hewitt, New York. “We are skeptical of the role of crypto funds in a global institutional portfolio.”
Mark Wood, Callan vice president and U.S. equity investment consultant, said in an April 2018 research paper that the firm “does not recommend our clients invest in cryptocurrency strategies due to concerns over asset security, liquidity, unclear tax implications and heightened volatility.”

‘We remain cautious’

Mr. Wood said in a February email that Callan still holds this view, but that its stance was “targeted at a direct investment in crypto tokens (or funds that invest in a basket of tokens) — we remain cautious given the heightened volatility, liquidity concerns, high fees and evolving custodial infrastructure.”
Mercer also does not recommend investment in cryptocurrencies or, so-called “cryptoassets,” including venture capital funds that look only at that sector, said Matt Scott, a strategic research specialist based in Bristol, England.
Mercer’s main concerns are related to volatility, Mr. Scott said, but there are also other factors such as environmental, social and governance issues. Some cryptocurrencies have been used “primarily for illegal transactions, like purchasing narcotics or circumventing a country’s capital controls,” for example, he said.
Originally from: https://www.pionline.com/article/20190304/PRINT/190309967/more-funds-testing-water-on-crypto-related-assets#
submitted by dForceProtocol to u/dForceProtocol [link] [comments]

Why Bitcoin Is Here To Stay

Bitcoin is here to stay. Detractors will be proven wrong, no matter how many Nobel-prizes they won.
There's enough detractors. "It is a bubble" (Jamie Dimon, Alan Greenspan, Robert Shiller). "It offers people places to hide" (Jack Lew), "Bitcoin is Evil" (Paul Krugman), "it's too volatile"....
To be sure, some of these detractors are undoubtly very smart, but still it seems that they Just Don't Get It.
And that's what I don't get. It is crystal clear that bitcoin is not just a fancy technology, but a new paradigm that will change the world.
For starters, for the first time in human history, it is possible to store wealth such that it is private and secure. In other words, bitcoin offers the possibility to store wealth such that it can not be stolen or confiscated. This on its very own is an important raison d'etre for bitcoin. Plus that you can transfer value as easily as sending an e-mail, without needing anyones permission, at virtually no cost and without having to trust or rely on a third party. This is unprecedented in human history. This has enormous utility, as Wikileaks can attest.
Ultimately, bitcoin is the enemy of every government in the world. I find it unsurprising that its inventor choses to remain anonymous for the time being.
It is strangely amusing to see Jack Lew brushing off bitcoin as "offering a place to hide" and at the same time calling for a raise of the US debt ceiling. It can be disturbing to see Nobel laureates trolling bitcoin. And that is just the start of it.
What will happen next, is a full-on attack on bitcoin by governments worldwide, under the guise of money laundering, terrorism, drugs, child porn, organ trading, you name it. I also expect the US government to become a lot less welcoming to bitcoin rather sooner than later.
What can they do? Well, for instance, the US could declare it to be illegal for businesses to accept bitcoin as a payment. Obviously this will cause the value of bitcoin to plummet.
But, to paraphrase Jamie Dimon, that will not "be the end of it". For starters, such draconic measure will raise a lot of hard questions, because then just as well outlaw cash payments. But that's not even the point.
Because - you might as well outlaw bad weather. It is pointless. Bitcoin is designed to be fully resilient against governmental hostility. And it better be. It must be resilient, and it is, making it unstoppable, just as free speech is unstoppable. There is no way the government can prevent from two people meeting up and exchanging bitcoin and cash or goods. There is no way a government can force to keep wealth in a way that it can be confiscated. And that is what governments historically do: confiscate wealth, through inflation, through confiscation, through force.
Governments are important, but unfortunately: power corrupts. Bitcoin has the ability to give back many of the powers of government to the people. This is also a history-first. In the future, it will force governments to serve the community. Bitcoin has the potential for people to tolerate governments, instead of the current situation in which governments are endured.
Perhaps you find that the last paragraph sounds too far-fetched. It is not. Perhaps bitcoin will be not bitcoin but a different, improved crypto-currency. That's very unlikely, but most importantly - even if bitcoin would be replaced by a superior crypto-currency, this story would remain exactly the same except for the word 'bitcoin'.
What I want to achieve with this post is to give some historical perspective. There is a large group of people either dismissing bitcoin as a fad, or even be hostile. This is fully understandable, because it is not that easy grasp the potential, or to have an opinion differing from that of various Nobelprize laureates.
To bitcoin adopters I'd like this to say if you allow me. Be patient and try to explain the concept to people who are critical towards bitcoin. Don't attack them when they understandably dismiss bitcoin. Don't troll them back when they troll you. Defend bitcoin on its merits, that's plenty enough. Stick to facts.
What must be avoided is polarisation between those who have bitcoin and those who don't. Right now such polarisation doesn't matter much. But it must be avoided. There is no point in rubbing in that the other person is stupid because you bought bitcoin for a tenth of the current price. All it will do is create envy and hostility. Instead, explain why bitcoin might be useful, on its merits.
submitted by trilli0nn to Bitcoin [link] [comments]

Berning Deep Dive - Links Related to Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post

Below is a list of links, as comprehensive as possible, from WayOfTheBern and Kossacks_for_Sanders on the topic of
 

Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post

 
Do me a favor? In the list below, if I left off a great link that you know about, PLEASE tell me about it in a comment. I refresh the information on this page periodically, I'd love to include your information in a future edit if it is appropriate for this page.
A Master List that can be used to find other lists of links on many important subjects is located here for WotB , and here for KFS.
 
Berning Deep Dive - Links Related to Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post
 
Date Votes Title WotB KFS
Feb-2-2018 92 Whole Foods Becomes Amazon Hell Foods as Employees, Managers Quit, Cry on the Job....and These People Want to Run Your Healthcare? (nakedcapitalism.com) 11 comments
Feb-1-2018 24 Medicare for All Only Way to Fix Broken System: An Open Letter to Jeff Bezos, Warren Buffett, and Jamie Dimon (commondreams.org) 2 comments
Jan-31-2018 18 TIA---total information access (where Amazon is headed and where we are going) (self.WayOfTheBern) 10 comments
Jan-30-2018 73 Jeff Bezos and Amazon are buying everything in sight (nydailynews.com) 31 comments 1 comment
Jan-30-2018 44 Amazon Creating HealthCare Company With Warren Buffet and JPMorgan (Why M4A is the fight now through 2020) (youtu.be) 8 comments 1 comment
Jan-30-2018 18 Amazon HQ2 finalists should refuse tax breaks, say nearly 100 economists, professors (venturebeat.com) 2 comments
Jan-30-2018 17 Amazon CEO Pockets Billions As Workers Struggle to Survive (politsturm.com) 1 comment
Jan-30-2018 14 Amazon, JPMorgan, Berkshire billionaires bestow health care on their wage donkeys while threatening to disrupt Health care industries in the process. (post-gazette.com) 4 comments
Jan-30-2018 7 Amazon, Buffett, JPMorgan Tackle US Health Care 'Tapeworm' (usnews.com) 3 comments
Jan-25-2018 109 Amazon: "Come work for us! You'll need foodstamps and to shop somewhere else, but..." Bernie would have won. (i.imgur.com) 7 comments
Jan-25-2018 44 Amazon: "we won't pay you a living wage, get some foodstamps worker scum." Also Amazon: "we don't accept your foodstamps at our new stores." (imgur.com) 2 comments 10 comments
Jan-25-2018 15 The Great ScAmazon of 2017 • Hightower Lowdown (hightowerlowdown.org) 1 comment
Jan-24-2018 27 Amazon Strikes Again: Toys R Us, Hobbled by Competition, Will Shutter 180 Stores (usnews.com) 27 comments
Jan-23-2018 24 Bezos opened a store where people pay for shit with a phone and made the equivalent of the Liberian GDP in 18 hours normal economy (twitter.com) 4 comments
Jan-23-2018 5 Amazon, City Killer? (alternet.org) comment
Jan-22-2018 87 Why Don’t the 20 Cities on Amazon’s HQ2 Shortlist Collectively Bargain Instead of Collectively Beg? (theintercept.com) 13 comments
Jan-22-2018 14 How Amazon’s Accounting Makes Rich People’s Income Invisible (nakedcapitalism.com) 1 comment
Jan-21-2018 10 Amazon's Checkout-Free Store Opens to the Public Today (engadget.com) 10 comments
Jan-19-2018 19 Amazon is raising the price of Prime monthly memberships by nearly 20 percent (Because the Wealthiest Person in the World Needs More $$$) (recode.net) 5 comments
Jan-18-2018 26 20 cities now vie to sell out their citizens to make Jeff Bezos even wealthier (nytimes.com) 11 comments
Jan-16-2018 7 Amazon Hiring a Health Privacy Expert for 'New Initiative' (finance.yahoo.com) 4 comments
Jan-16-2018 0 The Clock of the Long Now - I wish Bernie hadn't reduced this project to just another crazy thing Jeff Bezos does. I've been fascinated with this for almost 20 years now. (longnow.org) 15 comments
Jan-11-2018 57 Amazon Employees Need Food Stamps To Live (youtube.com) 1 comment 1 comment
Jan-11-2018 4 Trump Just Sent a Chill Down the Spine of Amazon CEO Jeff Bezos (theantimedia.org) 1 comment
Jan-10-2018 12 How Bitcoin and Amazon Are Ravaging the Middle Class (alternet.org) 4 comments
Jan-2-2018 7 Amazon to move closer to ultimate Monopoly this year? (bloomberg.com) 3 comments
Dec-30-2017 27 Trump Nails Bezos & Amazon On Corruption (youtube.com) comment
Dec-29-2017 35 Hmmm. Trump says USPS should charge Amazon more. (komonews.com) 25 comments
Dec-29-2017 4 Trump says Amazon should pay 'much more' to ship packages, because it's hurting the USPS (dailymail.co.uk) 3 comments
Dec-24-2017 62 New York's vanishing shops and storefronts: 'It's not Amazon, it's rent' (theguardian.com) 18 comments
Dec-23-2017 224 CIA-Funded Fake News Rag Washington Post Has Officially Lost Its Mind (newslogue.com) 38 comments
Dec-18-2017 22 How Many Taxpayer Dollars Is An Amazon Warehouse Job Worth? (huffingtonpost.com) 4 comments
Dec-16-2017 12 Amazon Drivers Urinate In Bottles To Keep Schedule (youtube.com) 3 comments comment
Dec-6-2017 10 Disturbing Report Details Fascist Deals Offered To Amazon For HQ2 (medium.com) 4 comments
Dec-2-2017 41 Amazon gives exhausted workers 7p chocolates after shocking conditions exposed (mirror.co.uk) 3 comments
Dec-2-2017 24 Living in cars, working for Amazon: meet America's new nomads; Jessica Bruder - Opinion (theguardian.com) 3 comments
Nov-28-2017 9 Amazon Worker Jumps off Company Building after E-mail Note (bloomberg.com) 3 comments
Nov-27-2017 293 Jeff Bezos’ $100 billion: The wealth of Amazon CEO Jeff Bezos, together with the trillions of dollars hoarded by his fellow billionaires, could be used to wipe out poverty, disease, and social misery (wsws.org) 131 comments 1 comment
Nov-24-2017 619 Happening now: 2,500+ Amazon workers in Germany and Italy stage Black Friday strike, walk off job (abcnews.go.com) 139 comments
Nov-24-2017 20 This City Hall, brought to you by Amazon (seattletimes.com) 6 comments
Nov-18-2017 9 Pentagon contractor leaves social media spy archive wide open on Amazon (arstechnica.com) comment
Nov-13-2017 166 Friendly Reminder That Jeff Bezos Is Trying To Take Over The Universe (medium.com) 11 comments
Nov-13-2017 26 Friendly Reminder That Jeff Bezos Is Still Trying To Take Over The Universe (zerohedge.com) comment
Nov-13-2017 5 Bill Gates, Jeff Bezos, and Warren Buffett Own More Wealth Than the Entire Poorest Half of the US Population (thenation.com) 2 comments
Nov-9-2017 11 Why You Should NEVER Buy an Amazon Echo or Even Get Near One (nakedcapitalism.com) 6 comments
Nov-2-2017 19 The “Amazon Amendment” Would Effectively Hand Government Purchasing Power Over To Amazon (theintercept.com) 2 comments
Oct-26-2017 33 We the People grovel at the feet of Jeff Bezos, the richest man in the world with a net worth of $90 billion, who has received 238 proposals from local governments across North America begging for a chance to host Amazon's second headquarters (blackagendareport.com) 2 comments 2 comments
Oct-26-2017 4 Drug Industry Devastated by Podesta Pal Jeff Bezos (youtube.com) comment
Oct-25-2017 34 Let the Deep State in: Pay Amazon to have access to your house and the right to see who visits you! (venturebeat.com) 5 comments
Oct-24-2017 50 Wait, y’all proud of this shit? Jeff mfing Bezos? Only one missing is Harvey Weinstein (i.redd.it) 11 comments
Oct-24-2017 8 The 238 Attempted Bribes of Amazon Should Be Illegal (newrepublic.com) 1 comment
Oct-19-2017 11 The Washington Bezost Immediately Tries to Slap down Bernie’s success in debate against Cruz - (archived link) (archive.fo) 6 comments
Oct-18-2017 20 Jeff Bezos, Amazon, And The Wavering Pretense Of American Free Press (disobedientmedia.com) comment
Oct-18-2017 15 Big question for U.S. cities: Is Amazon's HQ2 worth the price? (chicagotribune.com) comment
Oct-17-2017 97 Julian Assange tweets a Jimmy Dore segment demolishing Jeff Bezos. (twitter.com) 21 comments
Oct-17-2017 10 If Mike Pompeo leaves the CIA, Trump should replace him with Amazon CEO Jeff Bezos (washingtonexaminer.com) 4 comments
Oct-12-2017 113 Rose McGowan on Twitter- @jeffbezos I told the head of your studio that HW raped me. Over & over I said it. He said it hadn’t been proven. I said I was the proof. (twitter.com) 83 comments
Oct-12-2017 15 Rose McGowan says she told Amazon Harvey Weinstein raped her (nydailynews.com) 1 comment
Oct-12-2017 13 Podesta's Boss Covered Up Weinstein Rape Allegations, Rose McGowan Slams Jeff Bezos & Amazon... (youtube.com) 2 comments
Sep-16-2017 8 High Water Mark – DACA, Hurricanes, Amazon, Brexit and Carrie's trip to Myanmar by WatsonInstitute (soundcloud.com) 1 comment
Sep-15-2017 48 Why is Amazon deleting negative reviews of Hillary Clinton’s new book? (wsws.org) 12 comments
Sep-15-2017 19 Did The Washington Post Break A Law When It Disciplined A Reporter Over A Jeff Bezos Op-Ed? (huffingtonpost.com) 2 comments
Sep-14-2017 50 Amazon redacts one-star reviews of Hillary Clinton's What Happened (archive.is) 9 comments 5 comments
Sep-12-2017 103 Amazon deletes one-star reviews of Hillary. (yahoo.com) 59 comments
Sep-9-2017 39 Reddit has a conflict of interest with the Washington Post and Amazon (i.imgur.com) 5 comments
Sep-8-2017 8 An open letter to Amazon owner Jeff Bezos: St. Louis has a paywall (stltoday.com) 1 comment
Sep-1-2017 56 Jeff Bezos Wants To Give More Money To Charity. He Should Pay His Workers First. (m.huffpost.com) 13 comments
Aug-28-2017 29 It's day one, and Amazon is already selling Echo speakers at Whole Foods (theverge.com) 21 comments
Aug-24-2017 12 Amazon Quickly Employs Its Ruthless Playbook on Whole Foods (bloomberg.com) 1 comment
Aug-23-2017 7 Corporations Continue To Consolidate Power - Google and Walmart Partner With Eye on Amazon (nytimes.com) 1 comment
Aug-21-2017 21 Protests against Amazon’s bid to seize land from historic African-American community in Virginia - World Socialist Web Site (wsws.org) 3 comments
May-29-2017 49 Ex-worker: I was close to heatstroke and Amazon forced me to keep working (wsws.org) 1 comment
May-26-2017 6 Blame ‘Amazon Effect’ for proposed bump in S.F. garbage bills (sfchronicle.com) comment
May-20-2017 8 Amazon warehouse worker in Manchester UK “enterprise zone” speaks of intolerable working conditions (wsws.org) 1 comment
May-15-2017 60 Caitlin via Twitter: "Hey @thenation! Why did you pull the story about WaPo's CIA ties? I share it regularly; it was there until recently." (twitter.com) 13 comments
May-13-2017 8 Top Defense Contractor Left Sensitive Pentagon Files on Amazon Server With No Password (gizmodo.com) 1 comment
Apr-27-2017 30 Julian Assange tweets out "This is how it ends."; Amazon Echo Look (youtu.be) 3 comments
Apr-12-2017 75 CIA-Funded Washington Post Lets Tomahawk Missile Lobbyist Write Pro-War Editorials Without Disclosing His Ties (medium.com) 13 comments
Apr-6-2017 18 Amazon Discovers the High Cost of Being Poor (nakedcapitalism.com) 3 comments
Apr-5-2017 9 CTR Infestation Spreads to Amazon (every media access point with potential to influence or shape opinion is a battleground) (self.WayOfTheBern) 4 comments
Mar-16-2017 21 How Has Bezos And The Washington Post Escaped Criticism By Liberals? (trofire.com) 1 comment 4 comments
Mar-9-2017 248 CIA-Funded Washington Post Doesn't Think You Should Pay Attention To The CIA Leaks (newslogue.com) 154 comments 12 comments
Mar-8-2017 58 CIA sponsored WaPo responds to Vault7: "Pay no attention to the man behind the curtain!" (self.WayOfTheBern) 9 comments
Mar-2-2017 2 Working for Amazon: Better Than Sex, Worse Than Hell (Part 1) (nakedcapitalism.com) comment
Feb-17-2017 8 Ivanka Trump’s Perfume Is #1 on Amazon, Thanks to Trump Boycott Backlash 1: The latest in Trump boycott backlash. (racked.com) 15 comments
Feb-16-2017 42 Kucinich: Intelligence leaks point to possible ‘trap’ set by Washington Post owner, CIA (bostonherald.com) 22 comments
Feb-16-2017 24 Amazon has Some Serious Antitrust Issues (self.WayOfTheBern) 9 comments
Feb-4-2017 4 Judge rules against DOJ in Amazon, Expedia case against Trump travel ban (arstechnica.com) comment
Dec-30-2016 259 CIA-Funded Washington Post Doesn't Think The CIA Should Have To Prove Russian Hacking - Caitlin Johnstone (newslogue.com) 89 comments
Dec-28-2016 24 The walls have ears: Warrant granted for Amazon Echo recordings (rt.com) comment 2 comments
Dec-9-2016 40 The Anonymous Blacklist Promoted by the Washington Post Has Apparent Ties to Ukrainian Fascism and CIA Spying (counterpunch.org) 4 comments 5 comments
Dec-9-2016 32 Site Behind Washington Post’s McCarthyite Blacklist Appears To Be Linked to Ukrainian Fascists and CIA Spies (nakedcapitalism.com) 4 comments
Nov-30-2016 75 The CIA and the Press: When the Washington Post Ran the CIA’s Propaganda Network (counterpunch.org) 1 comment
Mar-24-2016 62 Amazon CEO Jeff Bezos signed the $250 million Washington Post deal with no due diligence (businessinsider.com) 12 comments
Feb-12-2014 14 If Obama Orders the CIA to Kill a U.S. Citizen, Amazon Will Be a Partner in Assassination (archived from dailykos.com)
Jan-13-2014 11 Why the Washington Post’s New Ties to the CIA Are So Ominous (archived from dailykos.com)
Jan-8-2014 10 The CIA, Amazon, Bezos and the Washington Post: An Exchange with Executive Editor Martin Baron (archived from dailykos.com)
Dec-20-2013 14 Under Amazon’s CIA Cloud: The Washington Post (archived from dailykos.com)
Dec-19-2013 145 12-19-2013  "When the main shareholder in one of the very largest corporations in the world benefits from a massive contract with the CIA on the one hand, and that same billionaire owns the Washington Post on the other hand, there are serious problems." (thenation.com) 15 comments
Dec-19-2013 62 Don't forget: The Washington Post had a $600 million dollar CIA contract (archive.fo) 4 comments 8 comments
Aug-13-2013 23 The CIA is an Amazon Shopper (archived from dailykos.com)
submitted by Older_and_Wiser_Now to WayOfTheBern [link] [comments]

Berning Deep Dive - Links Related to Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post

Below is a list of links, as comprehensive as possible, from WayOfTheBern and Kossacks_for_Sanders on the topic of
 

Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post

 
Do me a favor? In the list below, if I left off a great link that you know about, PLEASE tell me about it in a comment. I refresh the information on this page periodically, I'd love to include your information in a future edit if it is appropriate for this page.
A Master List that can be used to find other lists of links on many important subjects is located here for WotB , and here for KFS.
 
Berning Deep Dive - Links Related to Jeff Bezos, Amazon.com, and the CIA-Funded Washington Post
 
Date Votes Title WotB KFS
Feb-2-2018 92 Whole Foods Becomes Amazon Hell Foods as Employees, Managers Quit, Cry on the Job....and These People Want to Run Your Healthcare? (nakedcapitalism.com) 11 comments
Feb-1-2018 24 Medicare for All Only Way to Fix Broken System: An Open Letter to Jeff Bezos, Warren Buffett, and Jamie Dimon (commondreams.org) 2 comments
Jan-31-2018 18 TIA---total information access (where Amazon is headed and where we are going) (self.WayOfTheBern) 10 comments
Jan-30-2018 73 Jeff Bezos and Amazon are buying everything in sight (nydailynews.com) 31 comments 1 comment
Jan-30-2018 44 Amazon Creating HealthCare Company With Warren Buffet and JPMorgan (Why M4A is the fight now through 2020) (youtu.be) 8 comments 1 comment
Jan-30-2018 18 Amazon HQ2 finalists should refuse tax breaks, say nearly 100 economists, professors (venturebeat.com) 2 comments
Jan-30-2018 17 Amazon CEO Pockets Billions As Workers Struggle to Survive (politsturm.com) 1 comment
Jan-30-2018 14 Amazon, JPMorgan, Berkshire billionaires bestow health care on their wage donkeys while threatening to disrupt Health care industries in the process. (post-gazette.com) 4 comments
Jan-30-2018 7 Amazon, Buffett, JPMorgan Tackle US Health Care 'Tapeworm' (usnews.com) 3 comments
Jan-25-2018 109 Amazon: "Come work for us! You'll need foodstamps and to shop somewhere else, but..." Bernie would have won. (i.imgur.com) 7 comments
Jan-25-2018 44 Amazon: "we won't pay you a living wage, get some foodstamps worker scum." Also Amazon: "we don't accept your foodstamps at our new stores." (imgur.com) 2 comments 10 comments
Jan-25-2018 15 The Great ScAmazon of 2017 • Hightower Lowdown (hightowerlowdown.org) 1 comment
Jan-24-2018 27 Amazon Strikes Again: Toys R Us, Hobbled by Competition, Will Shutter 180 Stores (usnews.com) 27 comments
Jan-23-2018 24 Bezos opened a store where people pay for shit with a phone and made the equivalent of the Liberian GDP in 18 hours normal economy (twitter.com) 4 comments
Jan-23-2018 5 Amazon, City Killer? (alternet.org) comment
Jan-22-2018 87 Why Don’t the 20 Cities on Amazon’s HQ2 Shortlist Collectively Bargain Instead of Collectively Beg? (theintercept.com) 13 comments
Jan-22-2018 14 How Amazon’s Accounting Makes Rich People’s Income Invisible (nakedcapitalism.com) 1 comment
Jan-21-2018 10 Amazon's Checkout-Free Store Opens to the Public Today (engadget.com) 10 comments
Jan-19-2018 19 Amazon is raising the price of Prime monthly memberships by nearly 20 percent (Because the Wealthiest Person in the World Needs More $$$) (recode.net) 5 comments
Jan-18-2018 26 20 cities now vie to sell out their citizens to make Jeff Bezos even wealthier (nytimes.com) 11 comments
Jan-16-2018 7 Amazon Hiring a Health Privacy Expert for 'New Initiative' (finance.yahoo.com) 4 comments
Jan-16-2018 0 The Clock of the Long Now - I wish Bernie hadn't reduced this project to just another crazy thing Jeff Bezos does. I've been fascinated with this for almost 20 years now. (longnow.org) 15 comments
Jan-11-2018 57 Amazon Employees Need Food Stamps To Live (youtube.com) 1 comment 1 comment
Jan-11-2018 4 Trump Just Sent a Chill Down the Spine of Amazon CEO Jeff Bezos (theantimedia.org) 1 comment
Jan-10-2018 12 How Bitcoin and Amazon Are Ravaging the Middle Class (alternet.org) 4 comments
Jan-2-2018 7 Amazon to move closer to ultimate Monopoly this year? (bloomberg.com) 3 comments
Dec-30-2017 27 Trump Nails Bezos & Amazon On Corruption (youtube.com) comment
Dec-29-2017 35 Hmmm. Trump says USPS should charge Amazon more. (komonews.com) 25 comments
Dec-29-2017 4 Trump says Amazon should pay 'much more' to ship packages, because it's hurting the USPS (dailymail.co.uk) 3 comments
Dec-24-2017 62 New York's vanishing shops and storefronts: 'It's not Amazon, it's rent' (theguardian.com) 18 comments
Dec-23-2017 224 CIA-Funded Fake News Rag Washington Post Has Officially Lost Its Mind (newslogue.com) 38 comments
Dec-18-2017 22 How Many Taxpayer Dollars Is An Amazon Warehouse Job Worth? (huffingtonpost.com) 4 comments
Dec-16-2017 12 Amazon Drivers Urinate In Bottles To Keep Schedule (youtube.com) 3 comments comment
Dec-6-2017 10 Disturbing Report Details Fascist Deals Offered To Amazon For HQ2 (medium.com) 4 comments
Dec-2-2017 41 Amazon gives exhausted workers 7p chocolates after shocking conditions exposed (mirror.co.uk) 3 comments
Dec-2-2017 24 Living in cars, working for Amazon: meet America's new nomads; Jessica Bruder - Opinion (theguardian.com) 3 comments
Nov-28-2017 9 Amazon Worker Jumps off Company Building after E-mail Note (bloomberg.com) 3 comments
Nov-27-2017 293 Jeff Bezos’ $100 billion: The wealth of Amazon CEO Jeff Bezos, together with the trillions of dollars hoarded by his fellow billionaires, could be used to wipe out poverty, disease, and social misery (wsws.org) 131 comments 1 comment
Nov-24-2017 619 Happening now: 2,500+ Amazon workers in Germany and Italy stage Black Friday strike, walk off job (abcnews.go.com) 139 comments
Nov-24-2017 20 This City Hall, brought to you by Amazon (seattletimes.com) 6 comments
Nov-18-2017 9 Pentagon contractor leaves social media spy archive wide open on Amazon (arstechnica.com) comment
Nov-13-2017 166 Friendly Reminder That Jeff Bezos Is Trying To Take Over The Universe (medium.com) 11 comments
Nov-13-2017 26 Friendly Reminder That Jeff Bezos Is Still Trying To Take Over The Universe (zerohedge.com) comment
Nov-13-2017 5 Bill Gates, Jeff Bezos, and Warren Buffett Own More Wealth Than the Entire Poorest Half of the US Population (thenation.com) 2 comments
Nov-9-2017 11 Why You Should NEVER Buy an Amazon Echo or Even Get Near One (nakedcapitalism.com) 6 comments
Nov-2-2017 19 The “Amazon Amendment” Would Effectively Hand Government Purchasing Power Over To Amazon (theintercept.com) 2 comments
Oct-26-2017 33 We the People grovel at the feet of Jeff Bezos, the richest man in the world with a net worth of $90 billion, who has received 238 proposals from local governments across North America begging for a chance to host Amazon's second headquarters (blackagendareport.com) 2 comments 2 comments
Oct-26-2017 4 Drug Industry Devastated by Podesta Pal Jeff Bezos (youtube.com) comment
Oct-25-2017 34 Let the Deep State in: Pay Amazon to have access to your house and the right to see who visits you! (venturebeat.com) 5 comments
Oct-24-2017 50 Wait, y’all proud of this shit? Jeff mfing Bezos? Only one missing is Harvey Weinstein (i.redd.it) 11 comments
Oct-24-2017 8 The 238 Attempted Bribes of Amazon Should Be Illegal (newrepublic.com) 1 comment
Oct-19-2017 11 The Washington Bezost Immediately Tries to Slap down Bernie’s success in debate against Cruz - (archived link) (archive.fo) 6 comments
Oct-18-2017 20 Jeff Bezos, Amazon, And The Wavering Pretense Of American Free Press (disobedientmedia.com) comment
Oct-18-2017 15 Big question for U.S. cities: Is Amazon's HQ2 worth the price? (chicagotribune.com) comment
Oct-17-2017 97 Julian Assange tweets a Jimmy Dore segment demolishing Jeff Bezos. (twitter.com) 21 comments
Oct-17-2017 10 If Mike Pompeo leaves the CIA, Trump should replace him with Amazon CEO Jeff Bezos (washingtonexaminer.com) 4 comments
Oct-12-2017 113 Rose McGowan on Twitter- @jeffbezos I told the head of your studio that HW raped me. Over & over I said it. He said it hadn’t been proven. I said I was the proof. (twitter.com) 83 comments
Oct-12-2017 15 Rose McGowan says she told Amazon Harvey Weinstein raped her (nydailynews.com) 1 comment
Oct-12-2017 13 Podesta's Boss Covered Up Weinstein Rape Allegations, Rose McGowan Slams Jeff Bezos & Amazon... (youtube.com) 2 comments
Sep-16-2017 8 High Water Mark – DACA, Hurricanes, Amazon, Brexit and Carrie's trip to Myanmar by WatsonInstitute (soundcloud.com) 1 comment
Sep-15-2017 48 Why is Amazon deleting negative reviews of Hillary Clinton’s new book? (wsws.org) 12 comments
Sep-15-2017 19 Did The Washington Post Break A Law When It Disciplined A Reporter Over A Jeff Bezos Op-Ed? (huffingtonpost.com) 2 comments
Sep-14-2017 50 Amazon redacts one-star reviews of Hillary Clinton's What Happened (archive.is) 9 comments 5 comments
Sep-12-2017 103 Amazon deletes one-star reviews of Hillary. (yahoo.com) 59 comments
Sep-9-2017 39 Reddit has a conflict of interest with the Washington Post and Amazon (i.imgur.com) 5 comments
Sep-8-2017 8 An open letter to Amazon owner Jeff Bezos: St. Louis has a paywall (stltoday.com) 1 comment
Sep-1-2017 56 Jeff Bezos Wants To Give More Money To Charity. He Should Pay His Workers First. (m.huffpost.com) 13 comments
Aug-28-2017 29 It's day one, and Amazon is already selling Echo speakers at Whole Foods (theverge.com) 21 comments
Aug-24-2017 12 Amazon Quickly Employs Its Ruthless Playbook on Whole Foods (bloomberg.com) 1 comment
Aug-23-2017 7 Corporations Continue To Consolidate Power - Google and Walmart Partner With Eye on Amazon (nytimes.com) 1 comment
Aug-21-2017 21 Protests against Amazon’s bid to seize land from historic African-American community in Virginia - World Socialist Web Site (wsws.org) 3 comments
May-29-2017 49 Ex-worker: I was close to heatstroke and Amazon forced me to keep working (wsws.org) 1 comment
May-26-2017 6 Blame ‘Amazon Effect’ for proposed bump in S.F. garbage bills (sfchronicle.com) comment
May-20-2017 8 Amazon warehouse worker in Manchester UK “enterprise zone” speaks of intolerable working conditions (wsws.org) 1 comment
May-15-2017 60 Caitlin via Twitter: "Hey @thenation! Why did you pull the story about WaPo's CIA ties? I share it regularly; it was there until recently." (twitter.com) 13 comments
May-13-2017 8 Top Defense Contractor Left Sensitive Pentagon Files on Amazon Server With No Password (gizmodo.com) 1 comment
Apr-27-2017 30 Julian Assange tweets out "This is how it ends."; Amazon Echo Look (youtu.be) 3 comments
Apr-12-2017 75 CIA-Funded Washington Post Lets Tomahawk Missile Lobbyist Write Pro-War Editorials Without Disclosing His Ties (medium.com) 13 comments
Apr-6-2017 18 Amazon Discovers the High Cost of Being Poor (nakedcapitalism.com) 3 comments
Apr-5-2017 9 CTR Infestation Spreads to Amazon (every media access point with potential to influence or shape opinion is a battleground) (self.WayOfTheBern) 4 comments
Mar-16-2017 21 How Has Bezos And The Washington Post Escaped Criticism By Liberals? (trofire.com) 1 comment 4 comments
Mar-9-2017 248 CIA-Funded Washington Post Doesn't Think You Should Pay Attention To The CIA Leaks (newslogue.com) 154 comments 12 comments
Mar-8-2017 58 CIA sponsored WaPo responds to Vault7: "Pay no attention to the man behind the curtain!" (self.WayOfTheBern) 9 comments
Mar-2-2017 2 Working for Amazon: Better Than Sex, Worse Than Hell (Part 1) (nakedcapitalism.com) comment
Feb-17-2017 8 Ivanka Trump’s Perfume Is #1 on Amazon, Thanks to Trump Boycott Backlash 1: The latest in Trump boycott backlash. (racked.com) 15 comments
Feb-16-2017 42 Kucinich: Intelligence leaks point to possible ‘trap’ set by Washington Post owner, CIA (bostonherald.com) 22 comments
Feb-16-2017 24 Amazon has Some Serious Antitrust Issues (self.WayOfTheBern) 9 comments
Feb-4-2017 4 Judge rules against DOJ in Amazon, Expedia case against Trump travel ban (arstechnica.com) comment
Dec-30-2016 259 CIA-Funded Washington Post Doesn't Think The CIA Should Have To Prove Russian Hacking - Caitlin Johnstone (newslogue.com) 89 comments
Dec-28-2016 24 The walls have ears: Warrant granted for Amazon Echo recordings (rt.com) comment 2 comments
Dec-9-2016 40 The Anonymous Blacklist Promoted by the Washington Post Has Apparent Ties to Ukrainian Fascism and CIA Spying (counterpunch.org) 4 comments 5 comments
Dec-9-2016 32 Site Behind Washington Post’s McCarthyite Blacklist Appears To Be Linked to Ukrainian Fascists and CIA Spies (nakedcapitalism.com) 4 comments
Nov-30-2016 75 The CIA and the Press: When the Washington Post Ran the CIA’s Propaganda Network (counterpunch.org) 1 comment
Mar-24-2016 62 Amazon CEO Jeff Bezos signed the $250 million Washington Post deal with no due diligence (businessinsider.com) 12 comments
Feb-12-2014 14 If Obama Orders the CIA to Kill a U.S. Citizen, Amazon Will Be a Partner in Assassination (archived from dailykos.com)
Jan-13-2014 11 Why the Washington Post’s New Ties to the CIA Are So Ominous (archived from dailykos.com)
Jan-8-2014 10 The CIA, Amazon, Bezos and the Washington Post: An Exchange with Executive Editor Martin Baron (archived from dailykos.com)
Dec-20-2013 14 Under Amazon’s CIA Cloud: The Washington Post (archived from dailykos.com)
Dec-19-2013 145 12-19-2013  "When the main shareholder in one of the very largest corporations in the world benefits from a massive contract with the CIA on the one hand, and that same billionaire owns the Washington Post on the other hand, there are serious problems." (thenation.com) 15 comments
Dec-19-2013 62 Don't forget: The Washington Post had a $600 million dollar CIA contract (archive.fo) 4 comments 8 comments
Aug-13-2013 23 The CIA is an Amazon Shopper (archived from dailykos.com)
submitted by Older_and_Wiser_Now to Kossacks_for_Sanders [link] [comments]

Pantera Capital emailed this to me

“And behold, He deigned to appear for a moment to the people, to the tortured, suffering people, sunk in iniquity, but loving Him like children.”
“Man is tormented by no greater anxiety than to find someone quickly to whom he can hand over that gift of freedom.”
THE SECOND COMING, SATOSHI AND THE GRAND INQUISITOR
A parable, 99% lifted verbatim from…
THE BROTHERS KARAMAZOV
By Fyodor Dostoevsky, as translated by Constance Garnett
[…and 1% from Bitcoin’s reality.]
He comes on the scene in my poem, but He says nothing, only appears and passes on. Fifteen centuries have passed since He promised to come in His glory, fifteen centuries since His prophet wrote, 'Behold, I come quickly'; 'Of that day and that hour knoweth no man, neither the Son, but the Father,' as He Himself predicted on earth. But humanity awaits him with the same faith and with the same love. Oh, with greater faith, for it is [five years] since man has ceased to see signs from [Satoshi].
No signs from heaven come to-day to add to what the heart doth say.
There was nothing left but faith in what the heart doth say. It is true there were many miracles in those days. There were saints who performed miraculous cures; some holy people, according to their biographies, were visited by the Queen of Heaven herself. But the[block size increase haters] did not slumber, and doubts were already arising among men of the truth of these miracles. And just then there appeared…a terrible new heresy. 'A huge star like to a torch' that is, to a church 'fell on the sources of the waters and they became bitter.' These heretics began blasphemously denying miracles [and Distributing Denial of Service attacks]. But those who remained faithful were all the more ardent in their faith. The tears of humanity rose up to Him as before, awaited His coming, loved Him, hoped for Him, yearned to suffer and die for Him as before. And so many ages mankind had prayed with faith and fervour, 'O [Satoshi] our God, hasten Thy coming'; so many ages called upon Him, that in His infinite mercy He deigned to come down to His servants. Before that day He had come down, He had visited some holy men, martyrs, and hermits, as is written in their lives. Among us, [Gavin Andresen], with absolute faith in the truth of his words, bore witness.
"And behold, He deigned to appear for a moment to the people, to the tortured, suffering people, sunk in iniquity, but loving Him like children. My story is laid in[Australia and thence London], in the most terrible time of the[Block Size] Inquisition, when fires were lighted every day to the glory of [the 1MB block size given unto us by Scripture], and 'in the splendid auto da fé the wicked heretics [Gavin Andresen and Mike Hearn] were burnt.' Oh, of course, this was not the coming in which He will appear, according to His promise, at the end of time in all His heavenly glory, and which will be sudden 'as lightning flashing from east to west.' No, He visited His children only for a moment, and there where the flames were crackling round the heretics. In His infinite mercy He came once more among men in that human shape in which He walked among men for three years [five years] ago. He came down to the 'hot pavements' of the southern town in which on the day before almost a hundred heretics had, [1MB], been burnt by the Grand [Block Size] Inquisitors, in a magnificent [DDoS], in the presence of the king, the court, the knights, the cardinals, [the Core Devs,] the most charming ladies of the court, [miners,] and the whole population.
He stops at the steps of the Seville cathedral at the moment when the weeping mourners are bringing in a little open white coffin. In it lies a child of seven [months – Bitcoin XT – in it], the only daughter of[two] prominent citizens [Gavin Andresen and Mike Hearn]. The dead child lies hidden in flowers. 'He will raise your child,' the crowd shouts to the weeping mother[s]. The priest, coming to meet the coffin, looks perplexed, and frowns, but the mother[s] of the dead [code] throws herself at His feet with a wail. 'If it is Thou, raise my child!' she cries, holding out her hands to Him. The procession halts, the [code] is laid on the steps at His feet. He looks with compassion, and His lips once more softly pronounce, 'Maiden, arise! [Arise to 340 gigabytes!]’
[The Block Size Inquisitor] holds out his finger and bids the guards take Him. And such is his power, so completely are the people cowed into submission and trembling obedience to him, that the crowd immediately makes way for the guards, and in the midst of deathlike silence they lay hands on Him and lead him away.
"'Is it Thou? Thou?' but receiving no answer [– no new keys, no Genesis block signature, and for damn sure, no 1-million BTC movements –] he adds at once. 'Don't answer, be silent […and definitely no more 20-screenshot blogposts!] What canst Thou say, indeed? I know too well what Thou wouldst say. And Thou hast no right to add anything to what Thou hadst said of old [in “Bitcoin: A Peer-to-Peer Electronic Cash System”]. Why, then, art Thou come to hinder us? For Thou hast come to hinder us, and Thou knowest that. But dost thou know what will be to-morrow? I know not who Thou art and care not to know whether it is Thou or only a semblance of Him, but to-morrow I shall condemn Thee and burn Thee at the stake as the worst of heretics. And the very people who have to-day kissed Thy feet, to-morrow at the faintest sign from me will rush to heap up the embers of Thy fire."
"And the Prisoner too is silent? Does He look at him and not say a word?"
"That's inevitable in any case," Ivan laughed again. "The old man has told Him He hasn't the right to add anything to what He has said[in the immutable White Paper]. One may say it is the most fundamental feature of [Bitcoin], in my opinion at least. 'All has been given by Thee to [Gavin],' they say, 'and all, therefore, is still in [Gavin]'s hands, and there is no need for Thee to come now at all. Thou must not meddle for the time, at least.' That's how they speak and write too – the [block size haters], at any rate. I have read it myself in the works of their theologians. 'Hast Thou the right to reveal to us one of the mysteries of that world from which Thou hast come [like the completely arbitrary selection of 1MB]?' my old man asks Him, and answers the question for Him. 'No, Thou hast not; that Thou mayest not add to what has been said of old, and mayest not take from men the freedom which Thou didst exalt when Thou wast on earth. Whatsoever Thou revealest anew will encroach on men's freedom of faith; for it will be manifest as a miracle, and the freedom of their faith was dearer to Thee than anything in those days fifteen hundred years ago. Didst Thou not often say then, "I will make you free"? But now Thou hast seen these "free" men,' the old man adds suddenly, with a pensive smile. 'Yes, we've paid dearly for it,' he goes on, looking sternly at Him, 'but at last we have completed that work in Thy name. For fifteen [months] we have been wrestling with Thy freedom, but now it is ended and over for good.[XT is dead. Classic is dead. Unlimited stillborn.] Dost Thou not believe that it's over for good? Thou lookest meekly at me and deignest not even to be wroth with me. But let me tell Thee that now, to-day, people are more persuaded than ever that they have perfect freedom, yet they have brought their freedom to us and laid it humbly at our feet. But that has been our doing. Was this what Thou didst? Was this Thy freedom?'"
"'The wise and dread spirit, the spirit of self-destruction and non-existence,' the old man goes on, great spirit talked with Thee in the wilderness.
And yet if there has ever been on earth a real stupendous miracle, it took place on that day, [October 31, 2008]. The statement [“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”] was itself the miracle. If it were possible to imagine simply for the sake of argument that those questions of the dread spirit[Jamie Dimon] had perished utterly from the books, and that we had to restore them and to invent them anew, and to do so had gathered together all the wise men of the earth – rulers, chief priests, learned men, philosophers, poets, [cypherpunks] – and had set them the task to invent[distributed ledgers again], such as would not only fit the occasion, but express in words, human phrases, the whole future history of the world and of humanity –dost Thou believe that all the wisdom of the earth united could have invented anything in depth and force equal to [“Double-spending is prevented with a peer-to-peer network; no mint or other trusted parties; participants can be anonymous; new coins are made from proof-of-work. Any needed rules and incentives can be enforced with this consensus mechanism.”] From those alone, from the miracle of their statement, we can see that we have here to do not with the fleeting human intelligence, but with the absolute and eternal. For in those the whole subsequent history of [payments, ownership registry, storage of wealth, identity, IoT] is, as it were, brought together into one whole, and foretold, and in them are united all the unsolved historical contradictions of [the legacy financial system]. At the time it could not be so clear, since the future was unknown; but now that fifteen hundred years have passed, we see that everything in those questions was so justly divined and foretold, and has been so truly fulfilled, that nothing can be added to [the arbitrary block size picked in 2010].
They will raise against Thee, and with which they will destroy Thy temple [Bitcoin]. Where Thy temple stood will rise new buildings [Ripple, Ethereum, Chain]; the terrible tower of Babel will be built again, and though, like the one of old, it will not be finished, yet Thou mightest have prevented that new tower…for they will come back to us after a thousand years of agony with their tower. They will seek us again, hidden underground in the catacombs, for we shall be again persecuted and tortured. They will find us and cry to us, "Feed us[megabytes], for those who have promised us fire from heaven haven't given it!" And then we shall finish building their tower, for he finishes the building who feeds them [real-time transaction confirmations]. And we alone shall feed them in Thy name, declaring falsely that it is in Thy name. Oh, never, never can they feed themselves without [more than 1MB]! No, science will give them [other blockchains] so long as they remain free. In the end they will lay their freedom at our feet, and say to us, "Make us your slaves, but feed us [block space]."
But man seeks to worship what is established beyond dispute [– like signing the freakin’ Genesis block!!!], so that all men would agree at once to worship it. For these pitiful creatures are concerned not only to find what one or the other can worship, but to find community of worship is the chief misery of every man individually and of all humanity from the beginning of time. For the sake of common worship they've slain each other with [personal, vindictive campaigns and DDoS attacks]. They have set up gods and challenged one another, "Put away your gods [XT, Classic, Unlimited] and come and worship ours, or we will kill you and your gods!" And so it will be to the end of the world, even when gods disappear from the earth.
When the Inquisitor ceased speaking he waited some time for his [Satoshi] to answer him. His silence weighed down upon him. The old man longed for him to say something, however bitter and terrible. But He suddenly approached the old man in silence and softly [blogged “I’m Sorry…And goodbye.”] That was all his answer. The old man shuddered. His lips moved. He went to the door, opened it, and said to Him: 'Go, and come no more... come not at all, never, never!' And he let Him out into the dark alleys of the town. [Craig Wright] went away."
"And the old man?"
"The [Block Size] Inquisitors adhere to their idea [– artificially limiting the block size – even if it] destroys Thy temple [Bitcoin]. Where Thy temple stood will rise new buildings [Ripple, Etherium, Chain, DAH, et al]; the terrible tower of Babel will be built again…."
Dan Morehead San Francisco May 26, 2016
submitted by pumpingbutts to Buttcoin [link] [comments]

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