A Chairman at World Economic Forumhttps://www.weforum.org/people/glenn-h-hutchins/https://archive.is/kubAYGlenn Hutchins is chairman of North Island and a co-founder of Silver Lake, the global leader in technology investing. He is a director of both AT&T and NASDAQ OMX; a director of the Federal Reserve Bank of New York; vice chairman of both the Brookings Institution and the Economic Club of New York; and a member of the Executive Committee of the New York Presbyterian Hospital. He is an owner and member of the Executive Committee of the Boston Celtics basketball team. Mr. Hutchins is a director of the Harvard Management Company, which is responsible for the Harvard University endowment, and co-chairman of the University’s capital campaign. He is also a board member of the Center for American Progress as well as a Fellow of the American Academy of Arts and Sciences. Previously, Mr. Hutchins served President Clinton in both the transition and the White House as a special advisor on economic and health-care policy. He was also previously chairman of the board of SunGard Data Systems, Inc. and Instinet, Inc. Mr. Hutchins and his wife, Debbie, founded the Hutchins Family Foundation which, among other projects, has created the Hutchins Center for African and African-American Research at Harvard University, which is chaired by Mr. Hutchins; the Hutchins Center on Fiscal and Monetary Policy at The Brookings Institution; and the Chronic Fatigue Initiative, which conducts basic research into the cause of chronic fatigue syndrome.
Advisory Board Larry Summers
Born in New Haven, Connecticut, Summers became a professor of economics at Harvard University in 1983. He left Harvard in 1991, working as the Chief Economist at the World Bank from 1991 to 1993. In 1993, Summers was appointed Undersecretary for International Affairs of the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury. While working for the Clinton administration Summers played a leading role in the American response to the 1994 economic crisis in Mexico, the 1997 Asian financial crisis, and the Russian financial crisis. He was also influential in the American advised privatization of the economies of the post-Soviet states, and in the deregulation of the U.S financial system, including the repeal of the Glass-Steagall Act.
Following the end of Clinton's term, Summers served as the 27th President of Harvard University from 2001 to 2006. Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty, which resulted in large part from Summers's conflict with Cornel West, financial conflict of interest questions regarding his relationship with Andrei Shleifer, and a 2005 speech in which he suggested that the under-representation of women in science and engineering could be due to a "different availability of aptitude at the high end," and less to patterns of discrimination and socialization.
After his departure from Harvard, Summers worked as a managing partner at the hedge fund D. E. Shaw & Co., and as a freelance speaker at other financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, Merrill Lynch and Lehman Brothers. Summers rejoined public service during the Obama administration, serving as the Director of the White House United States National Economic Council for President Barack Obama from January 2009 until November 2010, where he emerged as a key economic decision-maker in the Obama administration's response to the Great Recession. After his departure from the NEC in December 2010, Summers has worked in the private sector and as a columnist in major newspapers. In mid-2013, his name was widely floated as the potential successor to Ben Bernanke as the Chairman of the Federal Reserve, though after pushback from the left, Obama eventually nominated Federal Reserve Vice-Chairwoman Janet Yellen for the position.
DCG of course is an investor in both Blockstream and BTCC. DCG's money comes from:
Bain Capital Group
New York Life
Novel TMT Ventures
Solon Mack Capital
The Whittemore Collection
HCM International Co
DCG also owns Coindesk. BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core. The Bitfury Group Leadership to Present at Clinton Global Initiative (https://archive.is/MWKee) Full Video (Begins at 32:00) “The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.” Bitfury Lightning Implementation
ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
Former Chairman and CEO of Accenture in India
He has worked with numerous clients in Banking, Investment and Financial services - General Atlantic, Goldman Sachs, Warbug Pincus, JP Morgan Chase, Visa, Citi Ventures, Baird Capital, Norges Bank, UBS, AXA and has advised World Bank, IDB, ADB, USAID and other multi-lateral agencies over the last 20 years on country strategy and investments across Asia and Latin America.
From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
From 2000-2007, President of InterPro Global in Maryland
From 2011-2012, Director of VibbleTV in Columbia, Maryland
From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire) Bitfury Board of Directors Robert R Dykes
Former CFO at Juniper Networks from 2005-2007, which had an NSA backdoor added to router software.
Greg Maxwell spent “several years at Mozilla”, leaving in August 2014
The other board members include two Bitfury founders, and an investor. Bitfury Advisory Board James Newsome
Ex-chairman of CFTC
Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
Criticisms: -- In his 'Planet of Slums' Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful. https://www.theguardian.com/business/2000/sep/11/imf.commenthttp://www.slate.com/articles/news_and_politics/hey_wait_a_minute/2005/01/the_de_soto_delusion.html
Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy.http://live.worldbank.org/node/8468https://archive.is/raDHA
Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado.http://m.state.gov/md160354.htmhttps://www.newamerica.org/our-people/tomicah-tillemann/https://archive.is/u2yF0
Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Speaking to Clinton Global IntiativePrior to working at Edelman, my career has included serving as Deputy White House Press Secretary and Special Assistant to President Obama, Director of Public Affairs for the Office of the Director of National Intelligence, Director of Communications for the Senate Commerce, Science and Transportation Committee and its then Chairman Senator Rockefeller, Traveling Press Director for Secretary Hillary Clinton’s 2008 Presidential campaign, and Director of Communications for Secretary Madeleine K. Albright and her consulting firm, The Albright Group, LLC.https://medium.com/@jamieelizabethsmith/why-i-believe-in-the-blockchain-b19bf2014fab
Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain.https://www.linkedin.com/in/brianfordehttps://archive.is/WjEGU
Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 (http://i.imgur.com/1SxyneJ.png):We have identified three major challenge areas related to innovation in financial servicesthat will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
Excerpt: BitFury - www.bitfury.com - The Bitfury Group develops and delivers software and hardware solutions for businesses, governments, organisations and individuals who want to securely move an asset across the Blockchain.
What if cryptocurrency was originally a Federal Reserve experiment?
So I saw a FOIA request to the NSA about bitcoin the other day. Perhaps a more appropriate recipient would have been the Fed. Here's my story on how it would have gone down. Back in 2009, some bright spark at the Fed went to then Chairman Ben Bernanke and told him about the wonders of Austrian economics and how terrible it was that the US left the gold standard - that Austrian economics would fix the country's economic woes. Ben, a dyed-in-the-wool Keynesian, scoffed at the lad and told him that currency backed by a deflationary asset, or even a deflationary currency itself, would invariable fail. It would lead to even more of the inequality that the Occupy Wall Streeters, audible due to some protest outside, were protesting. Forget the 1% - it would be more like the 0.001% and the rest would be serfs. The young central banker - still with his newly minted MBA - still didn't get it, and secretly, even Ben thought that it would be interesting to see an Austrian economic experiment in action. And the root would be to start with a currency that would be finite in supply, like the barbarous relic those Austrians praised so much. But how to do it? To make any public attribution to the Fed for dabbling in such fringe economic theory would be a disaster, and make him an even worse joke amongst his buddies at the next BIS meeting - they were already calling him "helicopter Ben", after all. No, it would need to be secret. The Fed, as a non-government entity, didn't really operate classification systems in the same way as the federal government. So Ben told his protégé to adopt a fictitious identity instead, and put together a whitepaper outlining the functions of a new digital currency. The founder's name would be Satoshi Nakamoto - after all, wasn't everything futuristic out of Japan nowadays? - and the currency's name would be Bitcoin. It would have everything Mises would have dreamed of. It would be decentralised, it would have limited supply, and anyone could be their own bank instead of relying on those wicked banks that made up the Fed. It would also be highly anonymous, because Austrian economists and liberatarianism were pretty much entwined and besides, if it failed in a public way, he didn't want it leading back to him. "Let use see", thought Bernanke, "if such a things takes off, and if the public accepts it." Uptake was slow initially, and predictably, the new coin was primarily used for drug trafficking, sex crimes, and other detestable behaviour on the dark web. Reminded of the arguments he was using to eliminate cash, Bernanke was pleased. Around two years into the project, Satoshi, working from the bowels of the Federal Building at 20th Street and Constitutional Avenue, alerted his boss that one of the fellow developers in the Bitcoin project - Gavin Andreson - was going to give a talk at the CIA. "Shit," thought Bernanke. Whilst the project itself had cost the Fed virtually nothing, and so wouldn't appear on any public balance sheets he had to present to either the public or Congress, having the CIA, or worse, the NSA, get wind of the project and being able to finger the Fed for conducting economic games with public cash - or even selling unregistered securities - would risk either public exposure, potentially costing him the chairmanship, or blackmail material, perhaps for some off-the-book funds they needed for their operations. "Shut it down." Ben instructed. Satoshi explained that allow he could withdraw from the project, he could not "shut down" Bitcoin itself. It was running on too many nodes now, and the price was rising on specialist exchanges that had been set up. Some website that apparently was previously used for trading Magic the Gathering cards, could you believe it. What a joke. The Fed chairman sighed, and then glanced at the Bitcoin wallet Satoshi had brought up on the computer for him. One million BTC, just shy of 5% of the total supply. He could just sell it all and kill the market dead, but he decided to leave it. After all, the experiment wasn't necessarily over. What would happen if we did surrender everything to market forces? he wondered - though he anticipated the outcome - a massive pump and dump similar to dotcom stocks, beanie babies, tulips, the South Sea bubble, junk bonds, and many more besides. He decided to bury the seed key on a golden plate amongst the gold bullion below the NY Fed. After all, Bitcoin was deflationary. If it was digital gold, as a new breed of anarcho-capitalists were telling everyone on the internet, surely it deserved to be stored here? And that was the end of the Fed's involvement. They still wait, they still watch, mining comedy GODL along with buttcoin from underneath a portrait of John Maynard Keynes.
Just called Fidelity Investments re: my 401K - mentioned bitcoin, got very nervous laughter
Was discussing a 401k adjustment with one of the guys at Fidelity, and he asks me "So, in order to gauge how you want to invest your money, tell me how you feel about the stock market..." I reply with "Well, banks and the market kinda suck, but they're a necessary evil, until something like bitcoin comes along and blows them all away." Fidelity guy laughed very loudly at first, then I said "Have you seen the growth in the value of bitcoin?" And then he got quiet, and said "Yeah... I have. It's a joke... it'll never go anywhere." I mentioned that Ben Bernanke talked to Congress about it last week, and that it's got attention at that level from the Senate. He laughed again, but it was the laugh of someone in denial - not self-assured at all this time. One thing's for sure, it's going to be very interesting in the next year or so....
Millennials are earning 20% less than boomers did at the same age in life... (19 points, 8 comments)
Does marketing make society better off, or is it rent seeking? (12 points, 3 comments)
The Interstate Commerce Act of 1887 regulated the railroads, forced consistent cargo rates and eliminated price discrimination between long and short haul fares. Would it be fair to describe the law as enforcing a kind of "rail neutrality"? What was the impact of the law? (8 points, 1 comment)
What if instead of a ban on plastic grocery bags, there was just an extreme tax? (8 points, 20 comments)
What are some examples of natural monopolies that exist or would exist without government intervention? (7 points, 25 comments)
In the 50's a single person in the US with a decent job requiring little or even no education could provide a comfortable home, education for their children, etc etc by themselves. Why were they paid so much or why hasn't that pay transitioned to 2017? (9 points, 9 comments)
Best behavioral economics textbook? (7 points, 5 comments)
Will US debt be a problem in the future? (7 points, 13 comments)
Books/sources on Public Choice theory? (6 points, 2 comments)
How to help third world countries? Why is foreign aid controversial among economists? (6 points, 10 comments)
Does the U.S. have a different definition than the rest of the world, in regards to what exactly "Middle Class" is? (13 points, 14 comments)
What are some fictional books that appears to have a realistic running economy- looking for books where one would later go back and say, "Hey maybe this happened because of ----" (10 points, 0 comments)
What are some economic indicators of corruption? (9 points, 7 comments)
Does anyone have a source that compares the income of every nation's lowest quintile? (8 points, 0 comments)
How is it that there are modern nations with more income inequality than the Roman Empire (based on a study published by Cambridge) (6 points, 12 comments)
Is unilateral free trade as beneficial as bi/multilateral free trade agreements? Are there greater costs to it compared with other free trade arrangements? [x-post from /AskSocialScience] (11 points, 5 comments)
How much contribution does healthcare make to health outcomes in the US compared with other factors like lifestyle, diet, environment, etc.? How does the US's mix of factors compare to those of other developed countries? (10 points, 2 comments)
In the US, certain localities have short-run reduced employment prospects due to positive productivity shocks (automation, trade, etc.). What frictions/market failures prevent workers in these places from retraining themselves and moving away? (10 points, 6 comments)
Is market power as little a problem (and anti-trust as ineffective at promoting consumer welfare) as depicted in this Econtalk podcast with Don Bourdreaux? (7 points, 10 comments)
How might relatively low income localities mitigate the effects of a high national minimum wage? (5 points, 9 comments)
/memenomics posts aside, is Ben Bernanke really a hero? Did the Fed save us from something much worse during the recession? How bad would it have been if the Fed acted as poorly and lamely as it did before/during the Great Depression? (35 points, 5 comments)
/memenomics posts aside, is Ben Bernanke really a hero? Did the Fed save us from something much worse during the recession? How bad would it have been if the Fed acted as poorly and lamely as it did before/during the Great Depression? by PM_ME_MESSY_BUNS (35 points, 5 comments)
What parts of Friedman's "The Role of Monetary Policy" are now part of the economic consensus? by papermarioguy02 (33 points, 1 comment)
Maybe a dumb question but, If we're so good at producing efficiently why can't more people live in a single income? by thebshwckr (30 points, 33 comments)
My friend recently published this - help me prank him by gosick (30 points, 11 comments)
If major countries go to war, what happens to their debt obligations? by Alethean (30 points, 3 comments)
I am tired of reading a whole lot of theoretical nonsense about a fee market for Bitcoin. It is economic gobbldegook. Some people are saying that capitalism and price discovery only work in a market situation. This is rubbish. Imagine the following conversation - At the bank. Question, how much to send $100 to Australia. Answer, well it depends on how busy the network is. If we are busy it will cost you more if we are not busy then it will cost you less. You name an amount and we will see if it works. At the hairdresser. Question, how much for a haircut. Answer, well $20 is usually enough but just a minute while I see if someone wants to pay more, if they do you will have to pay more too or wait. At Western Union. Question, how much do you charge to send $50 to my impoverished friend in The Philippines. Answer, well if lots of people want to send $50 to the Philippines it will cost you a bit more. You have to guess and if it doesn't work, just pay a bit more and eventually it will work. At the lawyers office. Question, how much do you charge to notarize this statement. Answer sometimes $10 and sometime $15. If you want to be sure then pay me $20 or if you want to save money pay me $5 but if you pay $5 I might not do it till next week or maybe I just won't do it at all. At the Credit Card office. What are your fees on each transaction. Answer. That's up to you but if you don't pay enough we won't accept your transaction. Question, well how much is enough. Answer, I don't know it depends on how busy we are. Clearly in all the cases above a fees market is not practical. What happens is the business sets a fee that enables them to make a profit, yet remain competitive and declares it up front. Any other approach would not be accepted by the vast majority of people. I agree eventually Bitcoin fees will have to rise to keep the network secure. Trying to establish a fees market, particularly while the mining rewards are so high seems like a waste of time and energy. As mining rewards reduce, fees should rise by voluntary consensus of the providers (miners) to a level that is sufficient to keep the market secure. When I first used Bitcoin the consensus was that the fee should be 0.001. Later this changed to 0.0001. There was no market to decide this consensus, just common sense as the value of bitcoin increased. Now my wallet tells me that 0.0001 fee will be included or if I want a higher priority then I can choose 0.0002. Great simple to understand and easy to execute. If miners decide they need 0.05 to make it worth their while then they should say so. I can then decide to use bitcoin or swift or credit cards or whatever. There is already a very efficient bitcoin market and that is the one that decides what the price of a bitcoin is. In the same way as the stock market decides what the price of a stock is. However my stockbroker charges a published fee to do the transaction. He is not stupid enough to try and establish a secondary market for his own fees. If he did, I would find a new stockbroker. I am a firm believer that Economics is at best a soft science and at worst a load of cow faeces. I tend to the cow faeces end of the spectrum. The world economy has been totally screwed up by Economists with models that are never accurate and do not reflect reality. Chief screw ups being Alan Greenspan, Ben Bernanke and Janet Yellen. Let's not let people like that screw up bitcoin.
(NB: typos mine; crappy OCR software. If anyone wants to see the Eliott Wave he's discussing and I'll make it available.) Bitcoin Bubble or Bitcoin Breakthrough? How about both? by Elliott Prechter December 20, 2013 in the Elliott Wave Theorist EWT discussed Bitcoin for the first time in August 2010, when the currency traded at six cents. As far as we know, EWI was the first financial publisher to discuss it. Bitcoin was unknown to the general public and off private investors’ radar. Even the earliest adopters did not take it as seriously as they should have. The most notable example of this is the man who paid 10,000 BTC for a pizza. This pizza purchase is now famous (https://bitcointalk.org/index.php?topic=l37.0), and many continue to track its price in USD terms via the “Bitcoin Pizza Index," which recently hit an all-time high of over S12 million. Fast forward to today, and the currency is regularly featured in financial news and social media. Bitcoin Magazine has become popular, Congress is holding hearings on the currency, Germany has defined its role in finance, China is ruling on its legality, and the business world is adopting it. The most prominent business to embrace Bitcoin is Virgin Galactic, one of the many creations of billionaire Richard Branson (http://www.cnbc.com/id/101220710). EWT readers were prepared for all this. When Bitcoin was still in the shadows, the August 2012 issue said,
Presuming bitcoin succeeds as the world’s best currency-and I believe it will-it should rise many more multiples in value over the years. -EWT, August 2012
The big question on the minds of investors is not what Bitcoin has achieved, but should they buy Bitcoins now? It’s amusing that so many people ignored Bitcoin upon hearing about it in 20 1 0, but now that its price has gone up 20,000 times, they want to invest. Notwithstanding the currency’s potential, this shift in attitude is a signal saying now is not the time to buy. Let’s look at four areas of evidence: 1) Optimism is off the charts. Past issues of The Elliott Wave Financial Forecast discussed people selling their homes and borrowing money to invest in Bitcoins. That was near the peak of wave Now the desire to buy has grown even more extreme. Bloggers are calling for Bitcoin to reach S1 million. . .soon. One young investor borrowed a million dollars from his father and without his knowledge invested it in Bitcoin (https://bitcointalk.org/index.php?topic=359228.0). The other day I walked into a convenience store wearing a Bitcoin T-shirt, and the owner asked me if he should invest now. I felt like I was living in 1929. 2) Investors have recently been rushing to buy a rash of 95 (at last count; see https://bitcointalk. org/index.php?topic=l34179.0) new clones of Bitcoin that have recently emerged: Litecoin, Namecoin, Zerocoin, BBQCoin, PPcoin, PrimeCoin, NovaCoin, FeatherCoin, TerraCoin, Devcoin, Megacoin, Mincoin, DigitalCoin, Anoncoin, Worldcoin, Freicoin, IxCoin... and more. (That they are clones is obvious from the lack of imagination in naming.) This rush of clones is reminiscent of the South Sea bubble of 1720 and the dot-com mania of 1999, when shares of zero-profit, copycat companies (and even fake ones) sold like hotcakes. Virtually every week now, the Bitcoin code is forked into a new coin that investors bid up. lt’s as if buyers feel the world will run out of cryptocurrency, which in fact is infinitely and freely duplicable. 3) The Elliott wave pattern from Bitcoin’s inception shows five waves up. The December ll Short Term Update noted that a major top was potentially in place: The peak [in Bitcoin] came 10 days after U.S. officials, ranging from an assistant attorney general with the Department of Justice to Fed Chairman Ben Bernanke, “spoke approvingly of the potential of virtual currencies." So, here again, the government is getting on board at the very tail end ofa long rise. Since we posted that comment, Bitcoin has fallen an additional 40%, bringing it down nearly 60% from its all-time high. Will this prove to be just another brief, sharp correction or something larger? Take a look at the completed impulse pattern shown in Figure 3. The structure begins very near the inception of the currency three-plus years ago, when it was selling for a penny. Notice that wave @ is a triangle (see text, p.49), which typically comes in the fourth-wave position. Wave a thrust, carried to the all-time high of S 1242 on November 29. The reversal from that point should mark the start of the largest bear market to date in the currency. This forecast is in tune with the anticipated bear market in the broader stock averages, which have strongly correlated with Bitcoin’s pattern. The chart is in log scale to show the returns one would have achieved in each impulse leg of the pattern. Wave Q) achieved a stunning 3 19ox gain. Wave ® achieved 59.3% (a Fibonacci 3/5) of the gain of wave Q). Wave ® (measured from the low of wave @) achieved 39.3% (a Fibonacci 2/5) of the gain of wave (D and 66.3% (a Fibonacci 2/3) of the gain of wave Therefore, while each upward move has been large, each successive wave has been decelerating in log terms relative to past waves, in each case by a Fibonacci multiple. Also notice that Bitcoin trades more like a commodity than a stock, with its blow-off tops and extended fifih waves. Most of the gain since early 20 12 has been within (5) of ® and the final wave all of which is probable retracement territory. 4) Most people involved in this mania seem oblivious to Bitcoin’s fundamentals. In my experience, raising these issues publicly earns scorn for spreading “FUD.” But there is a good reason-now widely ignored-that Bitcoin is beta software. Our August 2010 piece explained how Bitcoin operates, but it’s worth revisiting some details to understand just how out-of-touch investor expectations are with the reality of Bitcoin technology. Specifically, let's examine the limitations of Bitcoin’s blockchain. The blockchain is the heart of Bitcoin. In its simplest form, the blockchain is a public ledger of all transactions that happen in the Bitcoin network. Each block is composed of individual records that track the ownership of each coin. The transactions “fit” together cryptographically. A block is created about once every 10 minutes by the network. Each block is then cryptographically linked to the previous blocks in the chain, forming a history of all transactions that-to Bitcoin’s credit-cannot be forged. To the extent that Bitcoin currency is real, it could be said that the blockchain is the Bitcoin currency. Yet the core problem with the blockchain is that it grows over time and must be shared by every fiill Bitcoin node. Today it is nearing 13 GB in size. Now, 13 GB doesn't sound too large, but at the current rates of exponential growth the blockchain is projected to become over a terabyte in size in just three years. What's more, the amount of accompanying data required to handle just a fraction of Visa-level traffic would overwhelm even the fastest Internet connections. This technical hurdle makes the “Bitcoin is going to a million” commentary seem premature. The hope for Bitcoin’s future lies in its open-source nature, allowing it to be improved, and Moore’s Law. Moore’s Law is colloquially used to signify the exponential increases in computer-hardware efficiency over time, including network capacity. But Moore’s law-which calls for a doubling of computer speed every two years-has hit a snag in recent years: the rate of improvement in performance has dramatically slowed, causing many experts to call for the end of the operation of Moore’s law. (For the record, Moore’s Law was never intended to refer to computer hardware performance, but the media have confused the term to the point where it is now generally used in this context. Originally, it was intended to refer to the increase in the number of transistors that are packed into microchips.) The past four years have been an exciting ride for Bitcoin. But the evidence says the Bitcoin bull market is done for now. It would be best to put Bitcoin out of your mind for the duration of the deflationary wave that is curling toward the financial world. Due to the psychology surrounding Bitcoin, as well as its correlation with the stock indices, it is too risky to buy now. Due to its open-source nature, however, Bitcoin’s infrastructure should continue to improve over the years. For the long run, I agree with Roger Ver, the CEO of memory dealers and one of Bitcoin’s earliest adopters, who recently said, “It is just getting started." But one could have said that about the U.S. stock market in 1966. It would have been visionary only if you were patient and willing to hold through a very deep valley. Our position is that Bitcoin will never again sell for 6 cents, as it did when EWT first wrote it up. But there will be another time to buy it for relative peanuts alongside stocks, real-estate, gold and silver. When the time comes, no one will be interested. Elliott Prechter's primary task at EWI is working on EWA VES, our in-house artificial intelligence softwarefor analyzing Elliott waves.
Explanation All achievements listed below are permanent upon accomplishment and stack. Achievements earned years ago are still valid today. Mining achievements Solo miner Mined a valid block all by yourself. CPU miner Earned at least 1 BTC using just your CPU to mine. Creative miner Built your own custom mining rig composed of graphics cards. Lazy miner Earned at least 1 BTC in dividend from investment in mining stocks. Virtuous miner Earned at least 1 BTC by mining in a pool that processes transactions with below standard transaction fees, thus helping out people whose transactions would otherwise get stuck. Price stabilizer achievements Silk road stabilizer Bought when the price dropped during the Silk road crash. Fork fighter Bought during the 11/12 march 2013 blockchain fork. Ponzi plunge protector Bought during the August 2012 pirateat40 Ponzi scheme collapse associated price crash. Holder Helped preserve the value of Bitcoin by not selling any Bitcoin in the six month period following the 266 dollar peak. Only valid for people who actually had any Bitcoin before the peak. Superholder Helped preserve the value of Bitcoin by not selling any Bitcoin in the six month period following the 2011 peak. Only valid for people who actually had any Bitcoin before the peak. Popularizer achievements Mother Theresa Gave away at least 1 BTC in donations and tips, expecting nothing in return. Shopaholic Spend at least 1 BTC on items not directly Bitcoin related. Businessman Sold at least 1 BTC worth of items not directly Bitcoin related using Bitcoin. Spreading the seed Sold at least 1 BTC through local Bitcoins. Bitcoin hoarder achievements Bitcoin hoarder achievements are permanent upon achievement, even if you later let go of your Bitcoin. Club Bitcoin Own at least 1 BTC. Fabulous Five Own at least 5 BTC. Interested investor Own at least 100 dollar worth of Bitcoin. Serious speculator Own at least 1000 dollar worth of Bitcoin. I did it for the children Invest at least 10.000 dollar in Bitcoin, on behalf of other people. Number of achievements unlocked 0 - You are literally Ben Bernanke. 1 - You may be new. 2 - You have a serious interest in Bitcoin. 3 - You have a serious interest in Bitcoin, and probably a serious stake in its success as well. 4 - You have a serious interest and stake in Bitcoin, and are likely partly responsible for its success. 5 - You have helped make Bitcoin the success it is today. 6-9 - You are likely a developer, early adapter or institutional investor. 10+ - You are literally Satoshi Nakamoto.
A long long time ago I can still remember how The Bush expansion made me smile. I knew the unemployment rate Would safely stay near 4.8 And just a few were jobless for a while.... But Autumn- Oh Eight made me shiver With each statistic they'd deliver Bad news on the doorstep, The Fed would ease one more step. I can't remember if I cried When they put in Barack and his bride, But something touched me deep inside,. The day the market died.... So... Bye, bye to the G-D-P pie Bailed out Chevy, passed a levy, But the plan went awry. And good ole Ben would raise the money supply... Thinking this won't cause the dollar to die, This won't cause dollar to die... (etc) Oh did you read the book of Mao, And do you have faith in Keynes right now - If Obama tells you so? Now do you believe in stimulus? Investments for some solar bus With G-D-P expanding oh so slow....? Mike Lewis is in love with him... Cause he saw playing in the gym They both took off their shirt... The romance makes me hurt... I was a lonely teen objectivist, Never dreamed of operation twist, But I knew things would go to schist.... the day... the dollar died.... [REPEAT CHORUS] Now for four years we've been on our own, And Reid grows fat upon his throne, But that's not how it used to be. When the Gipper told the Red Premier "Just tear that wall down, do ya hear?" And his voice inspired you and me... But while Ron Reagan's health was down, Slick Willie stole the Bushes crown. The right way was adjourned... To "progress" we all turned. While Barack read Alinsky's tome And told us Kenya was his home... The right won Congress all alone Before the dollar died... [REPEAT CHORUS] Helter skelter impeachment swelter With "What IS IS" he tried to shelter... Eight miles high and falling fast... With the pepper pot he'd made his mess, She smoked cigars in her blue dress. But the Newt stood on the sidelines in a cast. Now the half-term air was filled with doom The Starr commission left the room... The Right got up to dance, But they never got the chance, When the elephants had left their cage, They faced the Democratic rage, But soon they'd usher Dubya's age To rise, the dollar tried.... We were singing... [Chorus] Oh, and there we sat to watch the race It looked like Al took second place, With no time left to vote again.... So Gore be nimble Gore be quick, Gore poked chads with a long green stick, Cause lawyers are the donkey's only friends... And as Scalia took the stage, The Times erupted in a rage, The Bushes were not burned. No verdict overturned. And as the stocks climbed up to record height And Greenspan's rates were never tight The subprime lenders would delight.... The day the dollar died... We were singing... [Chorus] I'm from a state that voted blue, Our debt repayment's overdue There's just no chance that we can pay. I went back to the sacred book Where Dagny visits John Galt's nook... But the Rand there said Bernanke must go away. And in the streets the hippies screamed, They Occupied, of Marx they dreamed. No Austrian was spoken, The markets all were broken. And the three men that we can't forget, Milt Friedman, Mises, and Fred Hayek... They bought some Bitcoin on the net The day the dollar died... They were singing. Bye bye to the G-D-P pie, Bailed out Chevy, passed a levy but the plan went awry, And good old Ben will raise the money supply, But he's gonna cause the dollar to die, Better vote for R-O-M-N-E-Y!
And today? As we check our screens, bitcoin trades for $4,319. That means the $30 grubstake in 2010 is now worth $42 million. That’s the beauty of ICOs, or initial coin offerings — similar to an IPO for a stock. “In the last month alone,” Lou tells us, “four cryptocurrency projects raised a staggering $660 million.” By day, Federal Reserve Chairman Ben Bernanke weighs dramatic acts to stabilize the U.S. economy. At home, he takes a more passive approach to finance. Bernanke’s 2009 financial disclosure shows that he mostly left his money where it has been: in no-frills annuities, U.S. Treasury securities and mutual funds. Speaking to Quartz, former Fed Chairman Ben Bernanke said that Bitcoin "has some serious problems." Bitcoin's value peaked at $1,147.25 on December 4 and crashed to a low of $177.28 just a few ... Ben Bernanke, the former Chairman of the Federal Reserve who toughed it out during the Great Recession, doesn’t thing too much about Bitcoin and cryptocurrencies in general. How porn links and Ben Bernanke snuck into Bitcoin's code by Steve Hargreaves and Stacy Cowley @CNNTech May 2, 2013: 7:11 PM ET The code on the left records a bitcoin transaction from July 2011.
Max Keiser - Bitcoin, Bernanke & Buffett London Real ...
Filmmaker and activist Bill Still joins Gary Franchi to weigh in on Ben Bernanke's recent statements on Bitcoin and also shares his thoughts on cryptocurrencies. This morning, the S&P 500 Index e-mini futures (ES-U3) are trading higher by 3.75 points to 1674.00 per contract. Traders and investors continue with the bullish tone as they bid the market higher ... ed Chairman Ben Bernanke gives a presentation at the annual American Economic Association meeting on the past, present and future of the changing Federal Reserve. He discusses the financial crisis ... BITCOIN vs RIPPLE ~ BEN BERNANKE & CENTRAL BANKS (SWELL CONFERENCE)( price bitcoin,crypto). ( price bitcoin,crypto) Thanks For Watching! Please subcribre Channel Top News. Stocks and gold retreat as the Federal Reserve shows reluctance for more stimulus.