Bitcoin Investors – Keep Your Eyes on Inheritance Tax ...

Bitcoin mentioned around Reddit: Two heterosexual Irish men marry to avoid inheritance tax on house /r/news

Bitcoin mentioned around Reddit: Two heterosexual Irish men marry to avoid inheritance tax on house /news submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Why we need to think more carefully about what money is and how it works

Most of us have overlooked a fundamental problem that is currently causing an insurmountable obstacle to building a fairer and more sustainable world. We are very familiar with the thing in question, but its problematic nature has been hidden from us by a powerful illusion. We think the problem is capitalism, but capitalism is just the logical outcome of aggregate human decisions about how to manage money. The fundamental problem is money itself, or more specifically general purpose money and the international free market which allows you to sell a chunk of rainforest and use the money to buy a soft drink factory. (You can use the same sort of money to sell anything and buy anything, anywhere in the world, and until recently there was no alternative at all. Bitcoin is now an alternative, but is not quite what we are looking for.) The illusion is that because market prices are free, and nobody is forced into a transaction, those prices must be fair – that the exchange is equitable. The truth is that the way the general money globalised free market system works means that even though the prices are freely determined, there is still an unequal flow of natural resources from poor parts of the world to rich parts. This means the poor parts will always remain poor, and resources will continue to accumulate in the large, unsustainable cities in rich countries. In other words, unless we re-invent money, we cannot overturn capitalism, and that means we can't build a sustainable civilisation.
Why does this matter? What use is it realising that general purpose money is at the root of our problems when we know that the rich and powerful people who run this world will do everything in their power to prevent the existing world system being reformed? They aren't just going to agree to get rid of general purpose money and economic globalisation. It's like asking them to stop pursuing growth: they can't even imagine how to do it, and don't want to. So how does this offer us a way forwards?
Answer: because the two things in question – our monetary system and globalisation – look like being among the first casualties of collapse. Globalisation is already going into reverse (see brexit, Trump's protectionism) and our fiat money system is heading towards a debt/inflation implosion.
It looks highly likely that the scenario going forwards will be of increasing monetary and economic chaos. Fiat money systems have collapsed many times before, but never a global system of fiat currencies floating against each other. But regardless of how may fiat currencies collapse, or how high the price of gold goes in dollars, it is not clear what the system would be replaced with. Can we just go back to the gold standard? It is possible, but people will be desperately looking for other solutions, and the people in power might also be getting desperate.
So what could replace it? What is needed is a new sort of complementary money system which both
(a) addresses the immediate economic problems of people suffering from symptoms of economic and general collapse and
(b) provides a long-term framework around which a new sort of economy can emerge – an economy which is adapted to deglobalisation and degrowth.
I have been searching for answers to this question for some time, and have now found what I was looking for. It is explained in this recently published academic book, and this paper by the same professor of economic anthropology (Alf Hornborg). The answer is the creation of a new sort of money, but it is critically important exactly how this is done. Local currencies like the Bristol Pound do not challenge globalisation. What we need is a new sort of national currency. This currency would be issued as a UBI, but only usable to buy products and services originating within an adjustable radius. This would enable a new economy to emerge. It actually resists globalisation and promotes the growth of a new sort of economy where sustainability is built on local resources and local economic activity. It would also reverse the trend of population moving from poor rural areas and towns, to cities. It would revitalise the “left behind” parts of the western world, and put the brakes on the relentless flow of natural resources and “embodied cheap labour” from the poor parts of the world to the rich parts. It would set the whole system moving towards a more sustainable and fairer state.
This may sound unrealistic, but please give it a chance. I believe it offers a way forwards that can
(a) unite disparate factions trying to provoke systemic change, including eco-marxists, greens, posthumanists and anti-globalist supporters of “populist nationalism”. The only people who really stand to lose are the supporters of global big business and the 1%.
(b) offers a realistic alternative to a money system heading towards collapse, and to which currently no other realistic alternative is being proposed.
In other words, this offers a realistic way forwards not just right now but through much of the early stages of collapse. It is likely to become both politically and economically viable within the forseeable future. It does, though, require some elements of the left to abandon its globalist ideals. It will have to embrace a new sort of nationalism. And it will require various groups who are doing very well out of the current economic system to realise that it is doomed.
Here is an FAQ (from the paper).
What is a complementary currency? It is a form of money that can be used alongside regular money.
What is the fundamental goal of this proposal? The two most fundamental goals motivating this proposal are to insulate local human subsistence and livelihood from the vicissitudes of national and international economic cycles and financial speculation, and to provide tangible and attractive incentives for people to live and consume more sustainably. It also seeks to provide authorities with a means to employ social security expenditures to channel consumption in sustainable directions and encourage economic diversity and community resilience at the local level.
Why should the state administrate the reform? The nation is currently the most encompassing political entity capable of administrating an economic reform of this nature. Ideally it is also subservient to the democratic decisions of its population. The current proposal is envisaged as an option for European nations, but would seem equally advantageous for countries anywhere. If successfully implemented within a particular nation or set of nations, the system can be expected to be emulated by others. Whereas earlier experiments with alternative currencies have generally been local, bottom-up initiatives, a state-supported program offers advantages for long-term success. Rather than an informal, marginal movement connected to particular identities and transient social networks, persisting only as long as the enthusiasm of its founders, the complementary currency advocated here is formalized, efficacious, and lastingly fundamental to everyone's economy.
How is local use defined and monitored? The complementary currency (CC) can only be used to purchase goods and services that are produced within a given geographical radius of the point of purchase. This radius can be defined in terms of kilometers of transport, and it can vary between different nations and regions depending on circumstances. A fairly simple way of distinguishing local from non-local commodities would be to label them according to transport distance, much as is currently done regarding, for instance, organic production methods or "fair trade." Such transport certification would of course imply different labelling in different locales.
How is the complementary currency distributed? A practical way of organizing distribution would be to provide each citizen with a plastic card which is electronically charged each month with the sum of CC allotted to him or her.
Who are included in the category of citizens? A monthly CC is provided to all inhabitants of a nation who have received official residence permits.
What does basic income mean? Basic income is distributed without any requirements or duties to be fulfilled by the recipients. The sum of CC paid to an individual each month can be determined in relation to the currency's purchasing power and to the individual's age. The guiding principle should be that the sum provided to each adult should be sufficient to enable basic existence, and that the sum provided for each child should correspond to the additional household expenses it represents.
Why would people want to use their CC rather than regular money? As the sum of CC provided each month would correspond to purchases representing a claim on his or her regular budget, the basic income would liberate a part of each person's regular income and thus amount to substantial purchasing power, albeit restricted only to local purchases. The basic income in CC would reduce a person's dependence on wage labor and the risks currently associated with unemployment. It would encourage social cooperation and a vitalization of community.
Why would businesses want to accept payment in CC? Business entrepreneurs can be expected to respond rapidly to the radically expanded demand for local products and services, which would provide opportunities for a diverse range of local niche markets. Whether they receive all or only a part of their income in the form of CC, they can choose to use some of it to purchase tax-free local labor or other inputs, and to request to have some of it converted by the authorities to regular currency (see next point).
How is conversion of CC into regular currency organized? Entrepreneurs would be granted the right to convert some of their CC into regular currency at exchange rates set by the authorities.The exchange rate between the two currencies can be calibrated so as to compensate the authorities for loss of tax revenue and to balance the in- and outflows of CC to the state. The rate would thus amount to a tool for determining the extent to which the CC is recirculated in the local economy, or returned to the state. This is important in order to avoid inflation in the CC sector.
Would there be interest on sums of CC owned or loaned? There would be no interest accruing on a sum of CC, whether a surplus accumulating in an account or a loan extended.
How would saving and loaning of CC be organized? The formal granting of credit in CC would be managed by state authorities and follow the principle of full reserve banking, so that quantities of CC loaned would never exceed the quantities saved by the population as a whole.
Would the circulation of CC be subjected to taxation? No.
Why would authorities want to encourage tax-free local economies? Given the beneficial social and ecological consequences of this reform, it is assumed that nation states will represent the general interests of their electorates and thus promote it. Particularly in a situation with rising fiscal deficits, unemployment, health care, and social security expenditures, the proposed reform would alleviate financial pressure on governments. It would also reduce the rising costs of transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. In short, the rising costs and diminishing returns on current strategies for economic growth can be expected to encourage politicians to consider proposals such as this, as a means of avoiding escalating debt or even bankruptcy.
How would the state's expenditures in CC be financed? As suggested above, much of these expenditures would be balanced by the reduced costs for social security, health care, transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. As these savings may take time to materialize, however, states can choose to make a proportion of their social security payments (pensions, unemployment insurance, family allowance, etc.) in the form of CC. As between a third and half of some nations' annual budgets are committed to social security, this represents a significant option for financing the reform, requiring no corresponding tax levies.
What are the differences between this CC and the many experiments with local currencies? This proposal should not be confused with the notion, or with the practical operation, of local currencies, as it does not imply different currencies in different locales but one national,complementary currency for local use. Nor is it locally initiated and promoted in opposition to theregular currency, but centrally endorsed and administrated as an accepted complement to it. Most importantly, the alternative currency can only be used to purchase products and services originating from within a given geographical range, a restriction which is not implemented in experiments with Local Exchange Trading Systems (LETS). Finally, the CC is provided as a basic income to all residents of a nation, rather than only earned in proportion to the extent to which a person has made him- or herself useful in the local economy.
What would the ecological benefits be? The reform would radically reduce the demand for long-distance transport, the production of greenhouse gas emissions, consumption of energy and materials, and losses of foodstuffs through overproduction, storage, and transport. It would increase recycling of nutrients and packaging materials, which means decreasing leakage of nutrients and less garbage. It would reduce agricultural intensification, increase biodiversity, and decrease ecological degradation and vulnerability.
What would the societal benefits be? The reform would increase local cooperation, decrease social marginalization and addiction problems, provide more physical exercise, improve psycho-social and physical health, and increase food security and general community resilience. It would decrease the number of traffic accidents, provide fresher and healthier food with less preservatives, and improved contact between producers and consumers.
What would the long-term consequences be for the economy? The reform would no doubt generate radical transformations of the economy, as is precisely the intention. There would be a significant shift of dominance from transnational corporations founded on financial speculation and trade in industrially produced foodstuffs, fuels, and other internationally transported goods to locally diverse producers and services geared to sustainable livelihoods. This would be a democratic consequence of consumer power, rather than of legislation. Through a relatively simple transformation of the conditions for market rationality, governments can encourage new and more sustainable patterns of consumer behavior. In contrast to much of the drastic and often traumatic economic change of the past two centuries, these changes would be democratic and sustainable and would improve local and national resilience.
Why should society want to encourage people to refrain from formal employment? It is increasingly recognized that full or high employment cannot be a goal in itself, particularly if it implies escalating environmental degradation and energy and material throughput. Well-founded calls are thus currently made for degrowth, i.e. a reduction in the rate of production of goods and services that are conventionally quantified by economists as constitutive of GDP. Whether formal unemployment is the result of financial decline, technological development, or intentional policy for sustainability, no modern nation can be expected to leave its citizens economically unsupported. To subsist on basic income is undoubtedly more edifying than receiving unemployment insurance; the CC system encourages useful community cooperation and creative activities rather than destructive behavior that may damage a person's health.
Why should people receive an income without working? As observed above, modern nations will provide for their citizens whether they are formally employed or not. The incentive to find employment should ideally not be propelled only by economic imperatives, but more by the desire to maintain a given identity and to contribute creatively to society. Personal liberty would be enhanced by a reform which makes it possible for people to choose to spend (some of) their time on creative activities that are not remunerated on the formal market, and to accept the tradeoff implied by a somewhat lower economic standard. People can also be expected to devote a greater proportion of their time to community cooperation, earning additional CC, which means that they will contribute more to society – and experience less marginalization – than the currently unemployed.
Would savings in CC be inheritable? No.
How would transport distances of products and services be controlled? It is reasonable to expect the authorities to establish a special agency for monitoring and controlling transport distances. It seems unlikely that entrepreneurs would attempt to cheat the system by presenting distantly produced goods as locally produced, as we can expect income in regular currency generally to be preferable to income in CC. Such attempts would also entail transport costs which should make the cargo less competitive in relation to genuinely local produce, suggesting that the logic of local market mechanisms would by and large obviate the problem.
How would differences in local conditions (such as climate, soils, and urbanism) be dealt with?It is unavoidable that there would be significant variation between different locales in terms of the conditions for producing different kinds of goods. This means that relative local prices in CC for agiven product can be expected to vary from place to place. This may in turn mean that consumption patterns will vary somewhat between locales, which is predictable and not necessarily a problem. Generally speaking, a localization of resource flows can be expected to result in a more diverse pattern of calibration to local resource endowments, as in premodern contexts. The proposed system allows for considerable flexibility in terms of the geographical definition of what is categorized as local, depending on such conditions. In a fertile agricultural region, the radius for local produce may be defined, for instance, as 20 km, whereas in a less fertile or urban area, it may be 50 km. People living in urban centers are faced with a particular challenge. The reform would encourage an increased production of foodstuffs within and in the vicinity of urban areas, which in the long run may also affect urban planning. People might also choose to move to the countryside, where the range of subsistence goods that can be purchased with CC will tend to be greater. In the long run, the reform can be expected to encourage a better fit between the distribution of resources (such as agricultural land) and demography. This is fully in line with the intention of reducing long-distance transports of necessities.
What would the consequences be if people converted resources from one currency sphere into products or services sold in another? It seems unfeasible to monitor and regulate the use of distant imports (such as machinery and fuels) in producing produce for local markets, but as production for local markets is remunerated in CC, this should constitute a disincentive to invest regular money in such production processes. Production for local consumption can thus be expected to rely mostly – and increasingly – on local labor and other resource inputs.

submitted by anthropoz to sustainability [link] [comments]

A realistic way forwards (long, but I believe important)

Most of us have overlooked a fundamental problem that is currently causing an insurmountable obstacle to building a fairer and more sustainable world. We are very familiar with the thing in question, but its problematic nature has been hidden from us by a powerful illusion. We think the problem is capitalism, but capitalism is just the logical outcome of aggregate human decisions about how to manage money. The fundamental problem is money itself, or more specifically general purpose money and the international free market which allows you to sell a chunk of rainforest and use the money to buy a soft drink factory. (You can use the same sort of money to sell anything and buy anything, anywhere in the world, and until recently there was no alternative at all. Bitcoin is now an alternative, but is not quite what we are looking for.) The illusion is that because market prices are free, and nobody is forced into a transaction, those prices must be fair – that the exchange is equitable. The truth is that the way the general money globalised free market system works means that even though the prices are freely determined, there is still an unequal flow of natural resources from poor parts of the world to rich parts. This means the poor parts will always remain poor, and resources will continue to accumulate in the large, unsustainable cities in rich countries. In other words, unless we re-invent money, we cannot overturn capitalism, and that means we can't build a sustainable civilisation.
Why does this matter? What use is it realising that general purpose money is at the root of our problems when we know that the rich and powerful people who run this world will do everything in their power to prevent the existing world system being reformed? They aren't just going to agree to get rid of general purpose money and economic globalisation. It's like asking them to stop pursuing growth: they can't even imagine how to do it, and don't want to. So how does this offer us a way forwards?
Answer: because the two things in question – our monetary system and globalisation – look like being among the first casualties of collapse. Globalisation is already going into reverse (see brexit, Trump's protectionism) and our fiat money system is heading towards a debt/inflation implosion.
It looks highly likely that the scenario going forwards will be of increasing monetary and economic chaos. Fiat money systems have collapsed many times before, but never a global system of fiat currencies floating against each other. But regardless of how may fiat currencies collapse, or how high the price of gold goes in dollars, it is not clear what the system would be replaced with. Can we just go back to the gold standard? It is possible, but people will be desperately looking for other solutions, and the people in power might also be getting desperate.
So what could replace it? What is needed is a new sort of complementary money system which both
(a) addresses the immediate economic problems of people suffering from symptoms of economic and general collapse and
(b) provides a long-term framework around which a new sort of economy can emerge – an economy which is adapted to deglobalisation and degrowth.
I have been searching for answers to this question for some time, and have now found what I was looking for. It is explained in this recently published academic book, and this paper by the same professor of economic anthropology (Alf Hornborg). The answer is the creation of a new sort of money, but it is critically important exactly how this is done. Local currencies like the Bristol Pound do not challenge globalisation. What we need is a new sort of national currency. This currency would be issued as a UBI, but only usable to buy products and services originating within an adjustable radius. This would enable a new economy to emerge. It actually resists globalisation and promotes the growth of a new sort of economy where sustainability is built on local resources and local economic activity. It would also reverse the trend of population moving from poor rural areas and towns, to cities. It would revitalise the “left behind” parts of the western world, and put the brakes on the relentless flow of natural resources and “embodied cheap labour” from the poor parts of the world to the rich parts. It would set the whole system moving towards a more sustainable and fairer state.
This may sound unrealistic, but please give it a chance. I believe it offers a way forwards that can
(a) unite disparate factions trying to provoke systemic change, including eco-marxists, greens, posthumanists and anti-globalist supporters of “populist nationalism”, as well as large numbers of confused and worried "ordinary" people. The only people who really stand to lose are the supporters of global big business and the 1%.
(b) offers a realistic alternative to a money system heading towards collapse, and to which currently no other realistic alternative is being proposed.
In other words, this offers a realistic way forwards not just right now but through much of the early stages of collapse. It is likely to become both politically and economically viable within the forseeable future. It does, though, require some elements of the left to abandon its globalist ideals. It will have to embrace a new sort of nationalism. And it will require various groups who are doing very well out of the current economic system to realise that it is doomed.
Here is an FAQ (from the paper).
What is a complementary currency? It is a form of money that can be used alongside regular money.
What is the fundamental goal of this proposal? The two most fundamental goals motivating this proposal are to insulate local human subsistence and livelihood from the vicissitudes of national and international economic cycles and financial speculation, and to provide tangible and attractive incentives for people to live and consume more sustainably. It also seeks to provide authorities with a means to employ social security expenditures to channel consumption in sustainable directions and encourage economic diversity and community resilience at the local level.
Why should the state administrate the reform? The nation is currently the most encompassing political entity capable of administrating an economic reform of this nature. Ideally it is also subservient to the democratic decisions of its population. The current proposal is envisaged as an option for European nations, but would seem equally advantageous for countries anywhere. If successfully implemented within a particular nation or set of nations, the system can be expected to be emulated by others. Whereas earlier experiments with alternative currencies have generally been local, bottom-up initiatives, a state-supported program offers advantages for long-term success. Rather than an informal, marginal movement connected to particular identities and transient social networks, persisting only as long as the enthusiasm of its founders, the complementary currency advocated here is formalized, efficacious, and lastingly fundamental to everyone's economy.
How is local use defined and monitored? The complementary currency (CC) can only be used to purchase goods and services that are produced within a given geographical radius of the point of purchase. This radius can be defined in terms of kilometers of transport, and it can vary between different nations and regions depending on circumstances. A fairly simple way of distinguishing local from non-local commodities would be to label them according to transport distance, much as is currently done regarding, for instance, organic production methods or "fair trade." Such transport certification would of course imply different labelling in different locales.
How is the complementary currency distributed? A practical way of organizing distribution would be to provide each citizen with a plastic card which is electronically charged each month with the sum of CC allotted to him or her.
Who are included in the category of citizens? A monthly CC is provided to all inhabitants of a nation who have received official residence permits.
What does basic income mean? Basic income is distributed without any requirements or duties to be fulfilled by the recipients. The sum of CC paid to an individual each month can be determined in relation to the currency's purchasing power and to the individual's age. The guiding principle should be that the sum provided to each adult should be sufficient to enable basic existence, and that the sum provided for each child should correspond to the additional household expenses it represents.
Why would people want to use their CC rather than regular money? As the sum of CC provided each month would correspond to purchases representing a claim on his or her regular budget, the basic income would liberate a part of each person's regular income and thus amount to substantial purchasing power, albeit restricted only to local purchases. The basic income in CC would reduce a person's dependence on wage labor and the risks currently associated with unemployment. It would encourage social cooperation and a vitalization of community.
Why would businesses want to accept payment in CC? Business entrepreneurs can be expected to respond rapidly to the radically expanded demand for local products and services, which would provide opportunities for a diverse range of local niche markets. Whether they receive all or only a part of their income in the form of CC, they can choose to use some of it to purchase tax-free local labor or other inputs, and to request to have some of it converted by the authorities to regular currency (see next point).
How is conversion of CC into regular currency organized? Entrepreneurs would be granted the right to convert some of their CC into regular currency at exchange rates set by the authorities.The exchange rate between the two currencies can be calibrated so as to compensate the authorities for loss of tax revenue and to balance the in- and outflows of CC to the state. The rate would thus amount to a tool for determining the extent to which the CC is recirculated in the local economy, or returned to the state. This is important in order to avoid inflation in the CC sector.
Would there be interest on sums of CC owned or loaned? There would be no interest accruing on a sum of CC, whether a surplus accumulating in an account or a loan extended.
How would saving and loaning of CC be organized? The formal granting of credit in CC would be managed by state authorities and follow the principle of full reserve banking, so that quantities of CC loaned would never exceed the quantities saved by the population as a whole.
Would the circulation of CC be subjected to taxation? No.
Why would authorities want to encourage tax-free local economies? Given the beneficial social and ecological consequences of this reform, it is assumed that nation states will represent the general interests of their electorates and thus promote it. Particularly in a situation with rising fiscal deficits, unemployment, health care, and social security expenditures, the proposed reform would alleviate financial pressure on governments. It would also reduce the rising costs of transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. In short, the rising costs and diminishing returns on current strategies for economic growth can be expected to encourage politicians to consider proposals such as this, as a means of avoiding escalating debt or even bankruptcy.
How would the state's expenditures in CC be financed? As suggested above, much of these expenditures would be balanced by the reduced costs for social security, health care, transport infrastructure, environmental protection, carbon offsetting, and climate change adaptation. As these savings may take time to materialize, however, states can choose to make a proportion of their social security payments (pensions, unemployment insurance, family allowance, etc.) in the form of CC. As between a third and half of some nations' annual budgets are committed to social security, this represents a significant option for financing the reform, requiring no corresponding tax levies.
What are the differences between this CC and the many experiments with local currencies? This proposal should not be confused with the notion, or with the practical operation, of local currencies, as it does not imply different currencies in different locales but one national,complementary currency for local use. Nor is it locally initiated and promoted in opposition to theregular currency, but centrally endorsed and administrated as an accepted complement to it. Most importantly, the alternative currency can only be used to purchase products and services originating from within a given geographical range, a restriction which is not implemented in experiments with Local Exchange Trading Systems (LETS). Finally, the CC is provided as a basic income to all residents of a nation, rather than only earned in proportion to the extent to which a person has made him- or herself useful in the local economy.
What would the ecological benefits be? The reform would radically reduce the demand for long-distance transport, the production of greenhouse gas emissions, consumption of energy and materials, and losses of foodstuffs through overproduction, storage, and transport. It would increase recycling of nutrients and packaging materials, which means decreasing leakage of nutrients and less garbage. It would reduce agricultural intensification, increase biodiversity, and decrease ecological degradation and vulnerability.
What would the societal benefits be? The reform would increase local cooperation, decrease social marginalization and addiction problems, provide more physical exercise, improve psycho-social and physical health, and increase food security and general community resilience. It would decrease the number of traffic accidents, provide fresher and healthier food with less preservatives, and improved contact between producers and consumers.
What would the long-term consequences be for the economy? The reform would no doubt generate radical transformations of the economy, as is precisely the intention. There would be a significant shift of dominance from transnational corporations founded on financial speculation and trade in industrially produced foodstuffs, fuels, and other internationally transported goods to locally diverse producers and services geared to sustainable livelihoods. This would be a democratic consequence of consumer power, rather than of legislation. Through a relatively simple transformation of the conditions for market rationality, governments can encourage new and more sustainable patterns of consumer behavior. In contrast to much of the drastic and often traumatic economic change of the past two centuries, these changes would be democratic and sustainable and would improve local and national resilience.
Why should society want to encourage people to refrain from formal employment? It is increasingly recognized that full or high employment cannot be a goal in itself, particularly if it implies escalating environmental degradation and energy and material throughput. Well-founded calls are thus currently made for degrowth, i.e. a reduction in the rate of production of goods and services that are conventionally quantified by economists as constitutive of GDP. Whether formal unemployment is the result of financial decline, technological development, or intentional policy for sustainability, no modern nation can be expected to leave its citizens economically unsupported. To subsist on basic income is undoubtedly more edifying than receiving unemployment insurance; the CC system encourages useful community cooperation and creative activities rather than destructive behavior that may damage a person's health.
Why should people receive an income without working? As observed above, modern nations will provide for their citizens whether they are formally employed or not. The incentive to find employment should ideally not be propelled only by economic imperatives, but more by the desire to maintain a given identity and to contribute creatively to society. Personal liberty would be enhanced by a reform which makes it possible for people to choose to spend (some of) their time on creative activities that are not remunerated on the formal market, and to accept the tradeoff implied by a somewhat lower economic standard. People can also be expected to devote a greater proportion of their time to community cooperation, earning additional CC, which means that they will contribute more to society – and experience less marginalization – than the currently unemployed.
Would savings in CC be inheritable? No.
How would transport distances of products and services be controlled? It is reasonable to expect the authorities to establish a special agency for monitoring and controlling transport distances. It seems unlikely that entrepreneurs would attempt to cheat the system by presenting distantly produced goods as locally produced, as we can expect income in regular currency generally to be preferable to income in CC. Such attempts would also entail transport costs which should make the cargo less competitive in relation to genuinely local produce, suggesting that the logic of local market mechanisms would by and large obviate the problem.
How would differences in local conditions (such as climate, soils, and urbanism) be dealt with? It is unavoidable that there would be significant variation between different locales in terms of the conditions for producing different kinds of goods. This means that relative local prices in CC for agiven product can be expected to vary from place to place. This may in turn mean that consumption patterns will vary somewhat between locales, which is predictable and not necessarily a problem. Generally speaking, a localization of resource flows can be expected to result in a more diverse pattern of calibration to local resource endowments, as in premodern contexts. The proposed system allows for considerable flexibility in terms of the geographical definition of what is categorized as local, depending on such conditions. In a fertile agricultural region, the radius for local produce may be defined, for instance, as 20 km, whereas in a less fertile or urban area, it may be 50 km. People living in urban centers are faced with a particular challenge. The reform would encourage an increased production of foodstuffs within and in the vicinity of urban areas, which in the long run may also affect urban planning. People might also choose to move to the countryside, where the range of subsistence goods that can be purchased with CC will tend to be greater. In the long run, the reform can be expected to encourage a better fit between the distribution of resources (such as agricultural land) and demography. This is fully in line with the intention of reducing long-distance transports of necessities.
What would the consequences be if people converted resources from one currency sphere into products or services sold in another? It seems unfeasible to monitor and regulate the use of distant imports (such as machinery and fuels) in producing produce for local markets, but as production for local markets is remunerated in CC, this should constitute a disincentive to invest regular money in such production processes. Production for local consumption can thus be expected to rely mostly – and increasingly – on local labor and other resource inputs.
submitted by anthropoz to ExtinctionRebellion [link] [comments]

Epic Cash AMA Recap with CryptoDiffer Community

CryptoDiffer team Hello, everyone! We are glad to meet here: Max Freeman (@maxfreeman4), Project Lead at Epic Cash Yoga Dude (@Yogadude), PR&Marketing at Epic Cash Xenolink (@Xenolink), Advisor at Epic Cash
Max Freeman Project Lead at Epic Cash Thanks Max, we are excited to be here!
Yoga Dude PR&Marketing at Epic Cash Hello Everyone! Thank you for having us here!
Xenolink Advisor at Epic Cash Thank you to the CryptoDiffer team and CryptoDiffer community for hosting us!
CryptoDiffer team Let`s start from the first introduction question: Q1: Can you introduce yourself to the community? What is your background and how did you join Epic Cash?
Yoga Dude PR&Marketing at Epic Cash
Hello! My background is Marketing and Business Development, I’ve been in crypto since 2011 started with Bitcoin, then Monero in 2014, Ethereum in 2015 and at some point Doge for fun and profit. I joined Epic Cash team in September 2019 handling PR and Marketing.
I saw in Epic Cash what was missing in my previous cryptos — things that were missing in Bitcoin and Monero especially.
Xenolink Advisor at Epic Cash
Hello Cryptodiffer Community, I am not an original co-founder nor am I a developer for the Epic Cash project. I am however a community member that is involved in helping scale this project to higher levels. One of the many beauties of Epic Cash is that every single member in the community has the opportunity to be part of EPIC’s team, it can be from development all the way to content producing. Epic Cash is a community driven project. The true Core Team of Epic Cash is our community. I believe a community that is the Core Team is truly powerful. EPIC Cash has one of the freshest and strongest communities I have seen in quite a while. Which is one of the reasons why I became involved in this project. Epic displayed some of the most self community produced content I have seen in a project. I’m actually a doctor of medicine but in terms of my experience in crypto, I have been involved in the industry since 2012 beginning with mining Litecoin. Since then I have been doing deep dive analysis on different projects, investing, and building a network in crypto that I will utilize to help connect and scale Epic in every way I can. To give some credit to those people in my network that have been a part of helping give Epic exposure, I would like to give a special thanks to u/Tetsugan and u/Saurabhblr. Tetsugan has been doing a lot of work for the Japanese community to penetrate the Japanese market, and Japan has already developed a growing interest in Epic. Daku Sarabh the owner and creator of Crypto Daku Robinhooders, I would like to thank him and his community for giving us one of our first large AMA’s, which he has supported our project early and given us a free AMA. Many more to thank but can’t be disclosed. Also thank you to all the Epic Community leaders, developers, and Content producers!
Max Freeman Project Lead at Epic Cash
I’m Max Freeman, which stands for “Maximum Freedom for Mankind”. I started working on the ideas that would become Epic in 2018. I fell in love with Bitcoin in 2017 but realized that it needs privacy at the base layer, fungibility, better scalability in order to go to the next level.
CryptoDiffer team
Really interesting backgrounds I must admit, pleasure to see the team that clearly has one vision of the project by being completely decentralized:)
Q2: Can you briefly describe what is Epic Cash in 3–5 sentences? What technology stands behind Epic Cash and why it’s better than the existing one?
Max Freeman Project Lead at Epic Cash
I’d like to highlight the differences between Epic and the two highest-valued privacy coin projects, Monero and Zcash. XMR has always-on privacy like Epic does, but at a cost: Its blockchain is over 20x more data intensive than Epic, which limits its possibilities for scalability. Epic’s blockchain is small and light enough to run a full node on cell phones, something that is in our product road map. ZEC by comparison can’t run on low end devices because of its zero knowledge based approach, and only 1% of transactions are fully private. Epic is simply newer, more advanced technology than prior networks thanks to Mimblewimble
We will also add more algorithms to widen the range of hardware that can participate in mining. For example, cell phones and tablets based around ARM chips. Millions of people can mine Epic that can’t mine Bitcoin, and that will help grow the network rapidly.
There are some great short videos on our YouTube channel https://www.youtube.com/channel/UCQBFfksJlM97rgrplLRwNUg/videos
that explain why we believe we have created something truly special here.
Our core architecture derives from Grin, so we are fortunate to benefit on an ongoing basis from their considerable development efforts. We are focused on making our currency truly usable and widely available, beyond a store of value and becoming a true medium of exchange.
Yoga Dude PR&Marketing at Epic Cash
Well we all have our views, but in a nutshell, we offer things that were missing in the previous cryptos. We have sound fiscal emission schedule matching Bitcoin, but we are vastly more private and faster. Our blockchain is lighter than Bitcoin or Monero and our tech is more scalable. Also, we are unique in that we are mineable with CPUs and GPUs as well as ASICs, giving the broadest population the ability to mine Epic Cash. Plus, you can’t forget FUNGIBILITY 🙂 we are big on that — since you can’t have true privacy without fungibility.
Also, please understand, we have HUGE respect to all the cryptos that came before us, we learned a lot from them, and thanks to their mistakes we evolved.
Xenolink Advisor at Epic Cash
To add on, what also makes Epic Cash unique is the ability to decentralize the mining using a tri-algo model of Random X (CPU), Progpow (GPU), and Cuckoo (ASIC) for an ability to do hybrid mining. I believe this is an issue we can see today in Bitcoin having centralized mining and the average user has a costly barrier of entry.
To follow up on this one in my opinion one of the things we adopted that we have seen success for , in example Bitcoin and Monero, is a strong community driven coin. I believe having a community driven coin will provide a more organic atmosphere especially when starting with No ICO, or Premine with a fair distribution model for everyone.
CryptoDiffer team
Q3: What are the major milestones Epic Cash has achieved so far? Maybe you can share with us some exciting plans for future weeks/months?
Yoga Dude PR&Marketing at Epic Cash
Since we went live in September of 2019, we attracted a very large community of users, miners, investors and contributors from across the world. Epic Cash is a very international project with white papers translated into over 30 languages. We are very much a community driven project; this is very evident from our content and the amount of translations in our white papers and in our social media content.
We are constantly working on improving our usability, security and privacy, as well as getting our message and philosophy out into the world to achieve mass adoption. We have a lot of exciting plans for our project, the plan is to make Epic Cash into something that is More than Money.
You can tell I am the Marketing guy since my message is less about the actual tech and more about the usability and use cases for Epic Cash, I think our Team and Community have a great mix of technical, practical, social and fiscal experiences. Since we opened our YouTube channels content for community submissions, we have seen our content translated into Spanish, French, German, Polish, Chinese, Japanese, Arabic, Russian, and other languages
Max Freeman Project Lead at Epic Cash
Our future development roadmap will be published soon and includes 4 tracks:
Usability
Mining
Core Protocol
Ecosystem Development
Core Protocol
Epic Server 2.9.0 — this release improves the difficulty adjustment and is aimed at making block emission closer to the target 60 seconds, particularly reducing the incidence of extremely short and long blocks — Status: In Development (Testing) Anticipated Release: June 2020
Epic Server 3.0.0 — this completes the rebase to Grin 3.0.0 and serves as the prerequisite to some important functional building blocks for the future of the ecosystem. Specifically, sending via Tor (which eliminates the need to open ports), proof of payment (useful for certain dex applications e.g. Bisq), and our native mobile app. Status: In Development (Testing) Anticipated Release: Fall 2020
Non-Interactive Transactions — this will enhance usability by enabling “fire and forget” send-to-address functionality that users are accustomed to from most cryptocurrencies. Status: Drawing Board Anticipated Release: n/a
Scaling Options — when blocks start becoming full, how will we increase capacity? Two obvious options are increasing the block size, as well as a Lightning Network-style Layer 2 structure. Status: Drawing Board Anticipated Release: n/a
Confidential Assets — Similar to Raven, Tari, and Beam, the ability to create independently tradable assets that ride on the Epic Blockchain. Status: Drawing Board Anticipated Release: n/a
Usability
GUI Wallet 2.0 — Restore from seed words and various usability enhancements — Status: Needs Assessment Anticipated Release: Fall 2020
Mobile App — Native mobile experience for iOS and Android. Status: In Development (Testing) Anticipated Release: Winter 2020
Telegram Integration — Anonymous payments over the Telegram network, bot functionality for groups. Status: Drawing Board Anticipated Release: n/a
Mining
RandomX on ARM — Our 4th PoW algorithm, this will enable tablets, cell phones, and low power devices such as Raspberry Pi to participate in mining. Status: Needs Assessment Anticipated Release: n/a
The economics of mining Epic are extremely compelling for countries that have free or extremely cheap electricity, since anyone with an ordinary PC can mine. Individual people around the world can simply run the miner and earn meaningful money (imagine Venezuela for example), something that has not been possible since the very early days of Bitcoin.
Ecosystem Development
Atomic Swaps — Connecting Epic to other blockchains in a trustless way, starting with ETH so that Epic can trade on DeFi infrastructure such as Uniswap, Kyber, etc. Status: Drawing Board Anticipated Release: n/a
Xenolink Advisor at Epic Cash
From the Community aspect, we have been further developing our community international reach. We have been seeing an increase in interest from South America, China, Russia, Japan, Italy, and the Philippines. We are working on targeting more countries. We truly aim to be a decentralized project that is open to everyone worldwide.
CryptoDiffer team
Great, thank you for your answers, we now can move to community questions part!
Cryptodiffer Community
You have 3 mining algorithms, the question is: how do they not compete with each other? Is there any benefit of mining on the GPU and CPU if someone is mining on the ASIC?
Max Freeman Project Lead at Epic Cash
The block selection is deterministic, so that every 100 blocks, 60% are for RandomX (CPU), 38% for ProgPow (GPU), and 2% for Cuckoo (ASIC) — the policy is flexible so that we can have as many algorithms with any percentages we want. The goal is to make the most decentralized and resilient network possible, and with that in mind we are excited to work on enabling tablets and cell phones to mine, since that opens it up to millions of people that otherwise can’t take part.
Cryptodiffer Community
To Run a project smoothly, Funding is very important, From where does the Funding/revenue come from?
Xenolink Advisor at Epic Cash
Yes, early on this was realized and in order to scale a project funds are indeed needed. Epic Cash did not start with any funding and no ICO and was organically genesis mined with no pre-mine. Epic cash is also a nonprofit community driven project similar to Monero. There is no profit-driven entity in the picture. To overcome the revenue issue Epic Cash setup a development fund tax that decreases 1% every year until 2028 when Epic Cash reaches singularity with Bitcoin emissions. Currently it is at 7.77%. This will help support the scaling of the project.
Cryptodiffer Community
Hi! In your experience working also with MONERO can you please clarify which are those identified problems that EPIC CASH aims to develop and resolve? What’s the main advantage that EPIC CASH has over MONERO? Thank you!
Yoga Dude PR&Marketing at Epic Cash
First, I must admit that I am still a huge fan and HODLer of Monero. That said:
✅ our blockchain is MUCH lighter than Monero’s
✅ our transaction processing speed is much faster
✅ our address-less blockchain is more private
✅ Epic Cash can be mined with CPU (RandomX) GPU (ProgPow) and Cuckoo, whereas Monero migrated to RandomX and currently only mineable with CPU
Cryptodiffer Community
  1. the feature ‘Cut Through’ deletes old data, how is it decided which data will be deletes, and what are the consequences of it for the platform and therefore the users?
  2. On your website I see links to download Epic wallet and mining software for Linux,Windows and MacOs, I am a user of android, is there a version for me, or does it have a release date?
Max Freeman Project Lead at Epic Cash
  1. This is one of the most exciting features of Mimblewimble, which is its extraordinary ability to compress blockchain data. In Bitcoin, the entire history of a coin must be replayed every time it is spent, and comprehensive details are permanently stored in the blockchain. Epic discards spent transaction inputs and consolidates outputs, storing neither addresses or amounts, only a tiny kernel to allow sender and receiver to prove their transaction.
  2. The Vitex mobile app is great for today, and we have a native mobile app for iOS and Android in the works as well.
Cryptodiffer Community
$EPIC Have total Supply of 21,000,000 EPIC , is there any burning plan? Or Buyback program to maintain $EPIC price in the future?
Who is Epic Biggest competitors?
And what’s makes epic better than competitors?
Xenolink Advisor at Epic Cash
We respect the older generation coins like Bitcoin. But we have learned that the supply economics of Bitcoin is very sound. Until today we can witness how the Bitcoin is being adopted institutionally and by retail. We match the 21 million BTC supply economics because it is an inelastic fixed model which makes the long-term economics very sound. To have an elastic model of burning tokens or printing tokens will not have a solid economic future. Take for example the USD which is an inflating supply. In terms of competitors we look at everyone in crypto with respect and also learn from everyone. If we had to compare to other Mimblewimble tech coins, Grin is an inelastic forever inflating supply which in the long term is not sound economics. Beam however is an inelastic model but is formed as a corporation. The fair distribution is not there because of the permanent revenue model setup for them. Epic Cash a non-profit development tax fund model for scaling purposes that will disappear by 2028’s singularity.
Cryptodiffer Community
What your plans in place for global expansion, are you focusing on only market at this time? Or focus on building and developing or getting customers and users, or partnerships?
Yoga Dude PR&Marketing at Epic Cash
Since we are a community project, we have many developers, in addition to the core team.
Our plans for Global expansion are simple — we have advocates in different regions addressing their audiences in their native languages. We are growing organically, by explaining our ideology and usability. The idea is to grow beyond needing a fiat bridge for crypto use, but to rather replace fiat with our borderless, private and fungible crypto so people can use it to get goods and services without using banks.
We are not limiting ourselves to one particular demographic — Epic Cash is a valid solution for the gamers, investors, techie and non techie people, and the unbanked.
Cryptodiffer Community
EPIC confidential coin! Did you have any problems with the regulators? And there will be no problems with listing on centralized exchanges?
Xenolink Advisor at Epic Cash
In terms of structure, we are carefully set up to minimize these concerns. Without a company or investors in the picture, and having raised no funds, there is little scope to attack in terms of securities laws. Bitcoin and Ethereum are widely acknowledged as acceptable, and we follow in their well-established footprints in that respect. Centralized exchanges already trade other privacy coins, so we don’t see this as much of an issue either. In general, decentralized p2p exchange options are more interesting than today’s centralized platforms. They are more censorship resistant, secure, and privacy-protecting. As the technology gets better, they should continue to gain market share and that’s why we’re proud to be partnered with Vitex, whose exchange and mobile app work very well.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Max Freeman Project Lead at Epic Cash
Because our blockchain is so light (only 1.16gb currently, and grows very slowly) it is naturally well suited to become a decentralized mobile money standard because people can run a full node on their phone, guaranteeing the security of their funds. Scalability in Bitcoin requires complicated and compromised workarounds such as Lightning Network and light clients, and these problems are solved in Epic.
With our forthcoming Mobile Mining app, hundreds of millions of cell phones and tablets will be able to easily join the network. People can quickly and cheaply send money to one another, fulfilling the long-envisioned promise of P2P electronic cash.
As an investor, it’s important to ask a few key questions. Bitcoin Standard tokenomics of disinflation and a fixed supply are well proven over a decade now. We follow this model exactly, with a permanently synchronized supply from 2028, and 4 emission halvings from now until then, with our first one in about two weeks. Beyond that, we can apply some simple logical tests. What is more valuable, money that can only be used in some cases (censorable Bitcoin based on a lack of fungibility) or money that can be used universally? (fungible Epic based on always-on privacy by default). Epic is also poised to be a more decentralized and therefore resilient network because of wider participation in mining. Epic is designed to be Bitcoin++ Privacy, Fungibility, Scalability
Cryptodiffer Community
Q1. What are advantages for choosing three mining algorithms RandomX+, ProgPow and CuckAToo31+ ?
Q2. Beam and Grin use MimbleWimble protocol, so what are difference for Epic? All of you will be friends for partners or competitors?
Max Freeman Project Lead at Epic Cash
RandomX and ProgPow are designed to use the entirety of a CPU / GPU’s unique processing capabilities in a way that other types of hardware don’t work as well. You can run RandomX on a GPU but it doesn’t work nearly as well as a much cheaper CPU, for example. Cuckoo is a “memory hard” algorithm that widens the range of companies that can produce the hardware.
Grin and Beam are great projects and we’ve learned a lot from them. We inherited our first codebase from Grin’s excellent Rust design, which is a better language for community participation than C++ that Beam currently uses.
Functionally, Mimblewimble is similar across the 3 coins, with standard Confidential Transactions, CoinJoin, Dandelion++, Schnorr Signatures and other advanced features. Grin is primarily ASIC-targeted, Beam is GPU-targeted, and Epic is multi-hardware.
The biggest differences though are in tokenomics and project structure. Grin has permanent inflation of 60 coins per block with no halvings, which means steady erosion of value over time due to new supply pressure. It also lacks a steady funding model, making future development in jeopardy, particularly as the per coin price falls. Beam has a for-profit model with heavy early inflation and a high developer tax. Epic builds on the strengths of these earlier mimblewimble projects and addresses the parts that could be improved.
Cryptodiffer Community Some privacy coin has scalability issues! How Epic cash will solve scalability issues? Why you choose randomX consensus algorithem?
Xenolink Advisor at Epic Cash
Fungibility means that you can’t distinguish one unit of currency from another, in example Gold. Fungibility has recently become a hot issue as people have been noticing Bitcoins being locked up by exchanges which may of had a nefarious history which are called Tainted Coins. In example coins that have been involved in a hack, darknet market transactions, or even processing coin through a mixer. Today we can already see freshly mined Bitcoins being sold at a premium price to avoid the fungibility problem Bitcoin carries today. Bitcoin can be tracked by chainalysis and is not a fungible cryptocurrency. One of the features that Epic has is privacy with added fungibility, because of Mimblewimble technology, Epic has no addresses recorded and therefore nothing can be tracked by chainalysis. Below I provide a link of an example of what the lack of fungibility is resulting in today with Bitcoin. One of the reasons why we chose the Random X algo. is because of the easy barrier of entry and also to further decentralize the mining. Random X algo can be mined on old computers or laptops. We also have 2 other algos Progpow (GPU), and Cuckoo (ASIC) to create a wider decentralization of mining methods for Epic.
Cryptodiffer Community
I’m a newbie in crypto and blockchain so how will Epic Cash team target and educate people who don’t know about blockchain and crypto?
What is the uniqueness of Epic Cash that cannot be found in other project that´s been released so far ?
Yoga Dude Pr&Marketing at Epic Cash
Actually, while we have our white paper translated into over 30 languages, we are more focused on explaining our uses and advantages rather than cold specs. Our tech is solid, but we not get hung up on pure tech talk which most casual users do not need to or care to understand. As long as our fundamentals and tech are secure and user friendly our primary goal is to educate about use cases and market potential.
The uniqueness of Epic Cash is its amalgamation of “whats good” in other cryptos. We use Mimblewimble for privacy and anonymity. Our blockchain is much lighter than our competitors. We are the only Mimblewimble crypto to use a unique cocktail of mining algorithms allowing to be mined by casual miners with gaming rigs and laptops, while remaining friendly to GPU and CPU farmers.
The “uniqueness” is learning from the mistakes of those who came before us, we evolved and learned, which is why our privacy is better, we are faster, we are fungible, we offer diverse mining and so on. We are the best blend — thats powerful and unique
Cryptodiffer Community
Can you share EPIC’s vision for decentralized finance (DEFI)? What features do EPIC have to support DEFI?
Yoga Dude PR&Marketing at Epic Cash
We view Epic as ideally suited to be the decentralized digital reserve asset of the new Private Internet of Money that’s emerging. At a technology level, atomic swaps can be created to build liquidity bridges so that wrapped Epic tokens (like WBTC, WETH) can trade on other networks as ERC20, BEP2, NEP5, VIP180, Algorand and so on. There is more Bitcoin value locked on Ethereum than in Lightning Network, so we will similarly integrate Epic so that it can trade on networks such as Uniswap, Kyber, and so on.
Longer term, if there is market demand for it, thanks to Scriptless Script functionality our blockchain has, we can build “Confidential Assets” (which Raven, Tari, and Beam are all also working on) that enable people to create tokenized assets in a private way.
Cryptodiffer Community
If you could choose one celebrity to promote Epic-cash, who that would be?
Max Freeman Project Lead at Epic Cash
I am a firm believer that the strength of the project lies in allowing community members to become their own celebrities, if their content is good enough the community will propel them to celebrity status. Organic celebrities with small but loyal following are vastly more beneficial than big name professional shills with inflated but non caring audiences.
I remember the early days of Apple when an enthusiastic dude named Guy Kawasaki became Apple Evangelist, he was literally going around stores that sold Apple and visited user groups and Evangelized his belief in Apple. This guy became a Legend and helped Apple become what it is today.
Epic Cash will have its OWN Celebrities
Cryptodiffer Community
How does $EPIC solve scalability of transactions? Current blockchains face issues with scalability a lot, how does $EPIC creates a solution to it?
Xenolink Advisor at Epic Cash
Epic Cash is utilizing Mimblewimble technology. Besides the privacy & fungibility aspect of the tech. There is the scalability features of it. It is implemented into Epic by transaction cut-through. Which means it allows nodes to remove all intermediate transactions, thus significantly reducing the blockchain size without affecting its validation. Mimblewimble also does not use addresses like a BTC address, and amount of transactions are also not recorded. One problem Monero and Bitcoin are facing now is scalability. It is evident today that data is getting more expensive and that will be a problem in the long run for those coins. Epic is 90% lighter and more scalable compared to Monero and Bitcoin.
Cryptodiffer Community
what are the ways that Epic Cash generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Max Freeman Project Lead at Epic Cash
There is a block subsidy of 7.77% that declines 1.11% per year until 0, where it stays after that. As a nonprofit community effort, this extremely modest amount goes much further than in other projects, which often take 20, 30, even 50+ % of the coin supply. We believe that this ongoing funding model best aligns the long term incentives for all participants and balances the compromises between the ends of the centralized/decentralized spectrum of choices that any project must make.
Cryptodiffer Community
Q1 : What are your major goals to archive in the next 3–4 years?
Q2 : What are your plans to expand and gain more adoption?
Yoga Dude Pr&Marketing at Epic Cash
Max already talked about our technical plans and goals in his roadmap. Allow me to talk more about the non technical 😁
We are aiming for broader reach in the non technical more mainstream community — this is a big challenge but we believe it is doable. By offering simpler ways to mine Epic Cash (with smart phones for example), and by doing more education we will achieve the holy grail of crypto — moving past the fiat bridges and getting Epic Cash to be accepted as means of payment for goods and services. We will accomplish this by working with regional advocacy groups, community interaction, off-line promotional activities and diverse social media targeting.
Cryptodiffer Community
It seems to me that EpicCash will have its first Halving, right? Why a halving so soon?
Is a mobile version feasible?
Max Freeman Project Lead at Epic Cash
Our supply emission catches up to that of Bitcoin’s first 19 years after 8 years in Epic, so that requires more frequent halvings. Today’s block emission is 16, next up are 8, 4, 2, and then finally 0.15625. After that, the supply of Epic and that of BTC stay synchronized until maxing out at 21m coins in 2140.
Today we have a mobile wallet through the Vitex app, a native mobile wallet coming, and are working on mobile mining.
Cryptodiffer Community
What markets will you add after that?
Yoga Dude PR&Marketing at Epic Cash
Well, we are aiming to have ALL markets
Epic Cash in its final iteration will be usable by everyone everywhere regardless of their technical expertise. We are not limiting ourselves to the technocrats, one of our main goals is to help the billions of unbanked. We want everyone to be able to mine, buy, and most of all USE Epic Cash — gamers, farmers, soccer moms, students, retirees, everyone really — even bankers (well once we defeat the banking industry)
We will continue building on the multilingual diversity of our global community adding support and advocacy groups in more countries in more languages.
Epic Cash is More than Money and its for Everyone.
Cryptodiffer Community
Almost, all cryptocurrencies are decentralized & no-one knows who owns that cryptocurrencies ! then also, why Privacy is needed? hats the advantages of Private coins?
Max Freeman Project Lead at Epic Cash
With a public transparent blockchain such as Bitcoin, you are permanently posting a detailed history of your money movements open for anyone to see (not just legitimate authorities, either!) — It would be considered crazy to post your credit card or bank statements to Twitter, but that’s what is happening every time you send a transaction that is not private. This excellent video from community contributor Spencer Lambert https://www.youtube.com/watch?v=0blbfmvCq\_4 explains better than I can.
Privacy is not just for criminals, it’s for everyone. Do you want your landlord to increase the rent when he sees that you get a raise? Your insurance company to raise your healthcare costs because they see you buying too much ice cream? If you’re a business, do you want your employees to see how much money their coworkers make? Do you want your competitors to trace your supplier and customer relationships? Of course not. By privacy being default for everyone, cryptocurrency can be used in a much wider range of situations without unacceptable compromises.
Cryptodiffer Community
What are the main utility and real-life usage of the #EPIC As an investor, why should we invest in the #EPIC project as a long-term investment?
Xenolink Advisor at Epic Cash
Epic Cash can be used as a Private and Fungible store of value, medium of exchange, and unit of account. As Epic Cash grows and becomes adopted it can be compared to how Bitcoin and Monero is used and adopted as well. As Epic is adopted by the masses, it can be accepted as a medium of exchange for store owners and as fungible payments without the worry of having money that is tainted. Epic Cash as a store of value may be a good long term aspect of investment to consider. Epic Cash carries an inelastic fixed supply economic model of 21 million coins. There will be 5 halvings which this month of June will be our first halving of epic. From a block reward of 16 Epic reduced to 8. If we look at BTC’s price action and history of their halvings it has been proven and show that there has been an increase in value due to the scarcity and from halvings a reduction of # of BTC’s mined per block. An inelastic supply model like Bitcoin provides proof of the circulating supply compared to the total supply by the history of it’s Price action which is evident in long term charts since the birth of Bitcoin. EPIC Plans to have 5 halvings before the year 2028 to match the emissions of Bitcoin which we call the singularity event. Below is a chart displaying our halvings model approaching singularity. Once bitcoin and cryptocurrency becomes adopted mainstream, the fungibility problem will be more noticed by the general public. Privacy coins and the features of fungibility/scalability will most likely be sought over. Right now a majority of people believe that all cryptocurrency is fungible. However, that is not true. We can already see Chainalysis confirming that they can trace and track and even for other well-known privacy coins today such as Z-Cash.
Cryptodiffer Community
  1. You aim to reach support from a global community, what are your plans to get spanish speakers involved into Epic Cash? And emerging markets like the african
  2. How am I secure I won’t be affected by receiving tainted money?
Max Freeman Project Lead at Epic Cash
Native speakers from our community are working to raise awareness in key markets such as mining in Argentina and Venezuela for Spanish (Roberto Navarro called Epic “the holy grail of cryptocurrency” and Ethiopia and certain North African countries that have the lowest electricity costs in the world. Remittances between USA and Latin American countries are expensive and slow, so Epic is also perfect for people to send money back home as well.
Cryptodiffer Community
Do EPICs in 2020 focus more on research and coding, or on sales and implementation?
Yoga Dude PR&Marketing at Epic Cash
We will definitely continue to work on research and coding, with emphasis on improved accessibility (especially via smartphones) usability, security and privacy.
In terms of financial infrastructure will continuing to add exchanges both KYC and non KYC.
Big part of our plans is in ongoing Marketing and PR outreach. The idea is to make Epic Cash a viral sensation of sorts. If we can get Epic Cash adopters to spread the word and tell their family, coworkers and friends about Epic Cash — there will be no stopping us and to help that happen we have a growing army of content creators, and supporters.
Everyone with skin in the game gets the benefit of advancing the cause.
Folks also, this isn’t an answer to the question but an example of a real-world Epic Cash content —
https://www.youtube.com/watch?v=XtAVEqKGgqY
a challenge from one of our content creators to beat his 21 pull ups and get 100 epics! This has not been claimed yet — people need to step up 🙂 and to help that I will match another 100 Epic Cash to the first person to beat this
Cryptodiffer Community
I was watching some videos explaining how to send and receive transactions in EpicCash, which consists of ports and sending links, my question is why this is so, which, for now, looks complex?
Let’s talk about the economic model, can EpicCash comply with the concept of value reserve?
Max Freeman Project Lead at Epic Cash
In V3, which is coming later this summer, Epic can be sent over Tor, which eliminates this issue of port opening, even though using tools like ngrok.io, it’s not necessarily as painful as directly configuring the router ports. Early Lightning Network had this issue as well and it’s something we have a plan to address via research into non-interactive transactions. “Fire and Forget” payments to an address, as people are used to in Bitcoin, is coming to Epic and we’re excited to develop functionality that other advanced mimblewimble coins don’t yet have. We are committed to constant improvement in usability and utility, to make our money system the ease of use leader.
We are involved in the project (anyone can join the Freeman Family) because we believe that simply by choosing to use a form of money that better aligns with our ideals, that we can make a positive change in the world. Some of my thoughts about how I got involved are here: https://medium.com/epic-cash/the-freeman-family-e3b9c3b3f166
Max Freeman Project Lead at Epic Cash
Huge thanks to our friends Maks and Vladyslav, we welcome everyone to come say hi at one of our friendly communities. It is extremely early in this journey, our market cap is only 0.5m right now, whereas the 3 other mimblewimble coins are at $20m, $30m and $100m respectively. Epic is a historic opportunity to follow in the footsteps of legends such as Bitcoin and Monero, and we hope to become the first Top 5 privacy coin project.
Xenolink Advisor at Epic Cash
Would like to Thank the Cryptodiffer Team and the Cryptodiffer community for hosting us and also engaging with us to learn more about Epic. If anyone else has more questions and wants to know more about EPIC , can find us at our telegram channel at https://t.me/EpicCash .
Yoga Dude Pr&Marketing at Epic Cash
Thank you, CryptoDiffer Team, and this wonderful Community!!!
Cryptodiffer TEAM
Thank you everyone for taking your time and asking great questions
Thank you for your time, it was an insightful session
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My wife (32F) is threatening to leave me if I (30M) don't get what she considers help for my depression. This isn't the first time she has threatened to leave me.

This is going to be a long post.
I met my wife online 8 years ago. We lived across the country from each other and kept a long distance relationship going well, and go the opportunity to see each other every few months for weeks at a time. We would fall asleep on Skype together every night, text each other throughout the day, and phone each other when we had time to talk or wanted to play games together. In 2013 after a year and a half of dating I asked her to marry me and she said yes.
I was overjoyed! I had spent my highschool years as the guy that everyone avoided because my mother had been sending me to therapy for over 10 years for issues that may have been real at the time of my childhood, but regressed as I grew into adulthood. I would routinely take a cocktail of 8 different medications in the morning and before bed, and my friends are the time would better describe me as a zombie over a functional human being. I had issues holding conversation, would regularly space out, could not perform sexually, and could not get good grades in college. After I got married to my wife, we got an apartment together, and I stopped my medication cold turkey of my own volition.
I was a new man, I no longer any of my previous issues and I felt free and full of life. I never resented my mother because she only had my best interests in mind, and was not doing sending me to therapy and keeping me medicated for her own peace of mind. My parents gave me a great life growing up and gave me everything I ever wanted, being from an upper class household, they bought me a brand new car for college, anything I wanted growing up, and would support me financially on almost anything I wanted within reason. My college was fully paid for and I went to one of the best private schools in the area while growing up. I had been to every continent in the world, visited tons of grand architecture and theme parks, and seen so many wonderful things, and I was looking forward to sharing that life with my new wife.
My wife did not have the upbringing I did. She was the second oldest of 6 children. Growing up, she did not get any luxury. From having to work a summer job to buy her own school supplies and clothes, to dealing with an elder brother that sexually assaulted her every month while her parents slept, to a junkie father that would work odd jobs only to get money to get high, and a mother that worked 3 jobs to keep a roof over her children's head, her child hood was not easy. Her parents got divorced when she was 17, after being together for 23 years. Her father never gave her any love despite her efforts, she would regularly make love notes and lunches for him growing up, only to find them crumpled up and thrown in the trash and never responded to. Her elder brother would force her to give him oral at least a few times a month from the age of 15-16 while everyone in the house was asleep. Her father left and had no contact with her since she was 19, only showing back up in her life for our wedding, just to disappear again. He hasn't spoken to her in 4 years now.
Before we got married, I flew out to meet her, and we packed up everything she owned and put it in her car. We drove 2900 miles across the US to move her into our house with my parents, and after we got married, my parents paid for us to get an apartment near their house. We were so happy! After we moved in together after getting married, we both were young, only 23 and 25. We worked fast food and don't have a lot of money, surviving on only a hundred dollars of food a month. But, because we were together, everything was ok.
Or so I thought. My wife has constantly struggled with insecurity since we got married. We made sure when we got married that we would keep our finances separate. She was a bad money manager and didn't want to "ruin me" like she had ruined herself. She would break down sometimes for no reason begging me not to leave her, and I have never done anything to make it seem like I was. My parents decided that since I had gotten married and was doing OK, they were going to give me part of my inheritance up front. I took this money to pay off all our debt, I paid off half her student loans, and I would take care of any issues that came up for her that she couldn't handle without complaint. She crashed her car, I helped her buy a new one, she couldn't pay a bill, no problem, I've got her covered. Anything she felt she couldn't handle, I was always right there to support her.
Near the end of our first year together, my wife for some reason had reached the end of her rope. If we didn't move out of the big city where she didn't have any friends or know how to get anywhere, she was going to leave me. It wasn't me, but she said was devastatingly homesick, and said she couldn't live here any longer. She had made a real home away from her parents at her college town, and her best friend of 6 years lived there, who had supported her through thick and thin. Despite my aversion to this at first, I could tell that moving back home where her best friend lived and what was familiar to her was important. After 2 weeks of talking about it, I agreed to move with her back to what she considered home. My parents were planning to move around this time as well, as they no longer had any children and we're looking to downsize their home. So, for her, I left my hometown of 25 years, and all my friends that I grew up with.
My parents gave me money for us to buy our first house, and another 30 thousand on top. My wife and I found a nice 3 bedroom, 2 bathroom single family home, and bought it outright with cash. Because there was money left over, we used that for moving costs, and I began searching for a job I knew I would enjoy, while living off the interest on my savings. We were working on having a child and I knew that a kid was going to be expensive, so I was trying to make sure we had the money to support our child, and I could still make my wife happy.
In 2015, 2 years after we moved into our house, my wife said she was going to leave me again. Despite her only ever needing to pay her bills (she had gotten herself into more credit card debt), despite her crashing another car and me paying a $5,000 down payment to buy her another new one (she had to get a loan out), despite me spending time with her every night and never going anywhere without her, taking her on trips and little date nights to make her happy, she was threatening to leave again. A month after her telling me this, my father passed away from early onset Alzheimer's. I was having a rough few months.
We were having trouble conceiving and she was having severe body confidence issues. She was convinced that before I left her for someone else, she was going to have to leave me. Since we had gotten married, she had gained over 100 pounds, and I had never made an issue about it, other than showing concern for her health (her family has a history of diabetes and heart disease). She said that despite me continuing to support her in all her hobbies (she likes dancing and volunteering at the pet shelter), me not having a job was stressing her out because she wasn't sure that I could keep helping her. Despite my reassurances, she believed that I was going to leave her for someone better, and that she needed to leave before I did. No re-assurance I gave her would stop her from believing that I was going to be gone the next time she came home from work.
She started self harming. When she was younger, she frequently thought that the reason that her mother was never around, her father left, her brother abused her, was all her fault. Hurting herself made her feel like she was being punished, and that her sins were being forgiven. Her church growing up was very abusive. They would make people stand up in front of the entire congregation and "confess" their sins in front of everyone. When she had premarital sex with her first boyfriend, she almost killed herself after when her mother found out and made her "confess" to the congregation. She hospitalized herself with a suicide attempt after this happened, and has never respected her mother since.
I called up our PCP and told her that my wife dseperately needed help. After an appointment, blood work, and a CT scan for the issues with concieving, she was diagnosed with Severe Depression, Insulin Resistance, and PCOS. She was put on medication and around this time I had found a job, so I told her that she could cut back on her hours and I would start helping her with her bills. We also started looking for a therapist for her. She started going to the therapist and she seemed a lot happier. We were having fun with friends again, and she felt like the happy, bubbly woman I married again.
In early 2016, we got great news! We were pregnant! Because I was making enough money at the time to pay her bills and mine, she was able to only work 20 hours a week through her pregnancy, and then her job gave her 6 months leave when the baby was due. While she was a few months along, she unfortunately got into another car accident, and so again, I helped her buy a new care, this time a minivan, because she wanted it for our kids. She was going to pay for it again, because she said she was tired of me paying for everything for her again. I have no issues with this as I never have, because whenever I try to pay for something, she doesn't let me.
When we had our child, I had saved up enough money to start my own business. Using the money I had saved, I started up a computer system building company, and servicing the local area, I was able to be home a lot more than working my job, and still make the same amount of money. The business started doing extremely well, and I hired a few employees and a friend of mine to work for me, letting me spend more time with my wife and newborn daughter.
Then, we started having problems again. My wife was in a lot of credit card debt from not managing her money ($30,000), and she had been hiding it from me. She was having issues breastfeeding our kid and would break down for hours at a time over not being able to do it. She was diagnosed with post-partum depression and started going to a different therapist. I wasn't making enough money for paying for our insurance, electrical, car payments, taxes and the credit card debt she had built up. I was upset, but it's extremely uncharacteristic for me to get mad about money, because I have always had money. I offered to use our house savings (we were saving up for a bigger house to have more kids) and pay off her debt again. She said no.
She decided she was going work full time again. I helped her get a debt consolidation loan for her cards, and she began working full time while I took care of our daughter.
This was in the beginning of 2017.
Towards the middle of 2017, our life was going great. My business had taken off, and I was making $10,000 dollars profit a month. I had gotten early in on cryptocurrency back in 2013, and was riding high on the bull run from Bitcoin. My company made crypto mining machines due to having a ton of stock from system building, and we were selling those for record amounts. My wife had cut down to part time because I could afford the extra to help her bills, and she could spend more time with me and our daughter. Things couldn't of been better.
Then in 2018, the crypto market crashed. My cryptocurrency that had been worth almost $500k crashed down to $60k of value in the span of a month and a half. I had to start selling it to pay off debt the company had taken on to expand, or else it was going to hurt me more. But I kept holding onto the majority of it.
I kept my business running, but things were winding down because the crypto run was over. We were operating on razor thin margins. In May of 2018, I stopped paying myself while still running the business to make sure I could keep paying my employees. I was still getting a stipend from investments every month in the amount of a few thousand, so I could afford to not pay myself. I was still taking care of my daughter, but my wife had to go back up to full time. I started looking for jobs, figuring with my 2 associates degrees and my master degree, I could get a good job easy.
In the beginning of 2019, I found out my wife had gotten another $25,000 of credit card debt she was hiding from me. She was eating out daily, bringing home for us to eat, and telling me she was making enough money to afford it. She was now up to almost $45,000 of debt, not including her car. I was upset. I told her she can't keep spending money like we have millions. My business wasn't going well, and we needed to cut back our spending so we can get a bigger house to have another kid like she wants. She broke down again.
She admitted she had a money management issue. She locked all her credit cards up in the house safe, and she agreed to only spend money off her debit card.
Then, the trade wars hit. Our stock account took a huge hit, and because I didn't have strong hands, I sold, at a loss of almost $55,000 dollars. Our stock brokerage trading account that had almost 70k of assets was only worth around $15k dollars. I no longer had the money to cover paying off my wife's debt in an emergency.
In April of 2019, we just received our income taxes, due to my losses from last year, and reduced income, we were due back a large amount. I had unfortunately cut down the business to only myself working for it, as the company still had debt that was used a few years ago to expand to pay off. I still have kept the business operating, unable to pay myself for close to a year now, having to sell crypto to cover bills when business wasn't good enough.
The first day of May, I took this money and put it back in the stock market, but due to weak hands again, I lost 60% of it again before the markets rebounded. The trade wars had taken a ton of my wealth again. Our brokerage account was now worth less than $10k, and I withdrew the rest to put it into my checking account.
Over the past 6 months, I've had to sell off all my remaining cryptocurrency. I have none left. I have to continue running my business in it's dilapidated state, only making enough to pay the bills at the end of the month. I have gotten down to my last $5,000 in cash, and my monthly inheritance stipend, barely pays the bills for the house.
All of the money my wife makes goes to paying off her credit card debt, her student loans, and her car payment. When she comes home, she sits down and plays video games while letting our 3 year old run wild and destroy the house while I sleep. We are trying to potty train, but that's not going well, and when I'm sleeping, our daughter will routinely use the bathroom on the floor then smear it on the walls. My wife will not always notice, and I will wake up having to clean up shit off the walls.
I have been breaking down nonstop. I cannot handle the level of stress I have been having. I have interviewed for 12 jobs in the past 6 months, and not gotten hired. I have applied to over 30. I have lost over $100k of our savings in the past year alone. I never get to see my wife because when she is working, I have to take care of our daughter, and when she gets home, I have to sleep so I can make sure I'm able to work while they are sleeping, because I am unable to work while they're both awake. I make it a priority to make sure I spend a few hours with my wife and daughter a day, so they have time with me.
My wife has not been a responsible adult for months now. She doesn't do her small part of the chores, which is simply do the laundry every week. Every week I take out the trash, clean up the yard, do all the dishes, cook dinner daily, vacuum the house daily, clean up my daughters shit and piss off the floor daily, clean up the mess that my daughter makes when she's playing. We recently found out my daughter is going to need speech therapy. Our house looks like a disaster zone. Our PCP said the speech therapist will come to our house to make it a more "secure environment" for our daughter to get help in. I'm terrified that we're going to get social services called for the state of our house and lose our daughter, but I physically cannot keep up with keeping it clean by myself, because every time I clean something, something else gets destroyed because my wife doesn't watch our daughter.
My wife will throw trash on the floor in the house. She won't pick up dishes. She won't clean up the toys or help our daughter do that when I'm sleeping. There is shit caked on the wall in the nursery because almost every day I can't find it all and clean it all up when my daughter is awake.
I cracked. I cursed at her for the first time in my life. She broke down, she said she's been so stressed and she's trying. I understand how it is to be stressed, I'm stressed too, but I said we need to try harder for our daughter. I told her I don't want to lose her.
Then 2 weeks ago, a text sent late. I'm sure everyone heard about the Verizon bug where texts got send late. You can read about it https://www.theverge.com/2019/11/7/20953422/text-messages-delayed-received-overnight-valentines-day-delay
I had an old text get sent that said "Do you still need me?"
My wife thought I was going to commit suicide.
She said that if I don't get help she's going to leave me and take our daughter with her. She didn't believe me when I showed her the text issue. She says I've been having depression issues for months, and that she's been asking me to get help. She said her therapist has been telling her for months that I need to go get help, and that the idea to threaten to leave me was her THERAPIST'S IDEA, because that threat has MOTIVATED ME BEFORE. This made me extremely upset. I tell her the same thing I did every time, unless they are going to give me a well paying job or hand me a million dollars, therapy is not going to help me.
But I need advice. I love my wife. I have no reason to leave her. In the almost 8 years we've been married, I've never told her I was going to leave her. I pointed this out to her, she still says she can't trust me when I tell her that. I told her why am I being punished for her insecurity. I have done nothing but try to give her a great life. Yes, we've been having a hard time with money for the past year, and I've been very frustrated, but all couples have issues throughout their relationships. She says she doesn't want our daughter growing up hearing her daddy talk about suicide and her maybe hear that.
I'm just trying to figure out how to handle this. I have friends telling me I should leave her. I don't see why I should. I love my wife. I would never leave her, and I feel like now she needs help again. She has gotten happier in person or at least it seems so, but her therapist telling her to threaten me to make me take action seems like a flag for her therapist. But she likes her therapist and likely wouldn't listen if I asked her to find a new one. I asked her to get therapy when she was severely depressed because she didn't seem like the woman I fell in love with anymore. Maybe part of her has come back, but the woman I fell in love with wouldn't be so irresponsible with our daughter, and wouldn't ignore her chores like she does.
I just don't know what to do. I'm scheduled to see our PCP in Janurary for depression, but I don't think it's going to go like she expects, and she hasn't set any expectations of what she's expecting me to get out of this. She says I'm not the man she married any more, but of course I'm not when I'm broke and at the end of my rope with trying to find a job. I feel like anyone would be frustrated and upset if they were in the same position as me. Every day I wake up, work for my failing business that doesn't pay me, take care of my toddler while my wife works, and never get to do anything fun with my family because we have no money and no one will hire me.
I just don't know what to do. I don't want to lose my wife. I have sacrificed so much for her. I want to make her happy. I want my daughter to not have a broken family like my wife had and grow up happy. After her threatening to leave me again, it feels like she doesn't need me anymore. It hurts me severely that she can say that so easily after everything I have done for her. I know she is stressed, and I feel like her saying she's going to leave me helps her cope somehow. I'm resenting her still seeing the same therapist, giving her advice on her home life off my wife's singular perspective. I just don't know what to think anymore.
I want to make the people I love happy.
submitted by ThrowRALovemywife to relationship_advice [link] [comments]

The Lemonade Stand: A (Head-canon) story of LibUnity

The Lemonade Stand: a LibUnity story
Allies:
Miles Clarence Pinnacle II: Sixteen-year-old heir to Pinnacle Products™, dashing, incredibly driven, lazier than a sack of bricks at anything NOT having to do with $$$, not Jewish, skipped a grade and won’t let anyone forget, dirty™ capitalist™ pig™, somehow likes every genre of music at the same time???, American™ dream, SO. FREAKIN. EXTRA., genuinely wants you to follow your dreams and be happy by spending your entire life acquiring wealth, somehow hasn’t gotten punched yet, “patron of the arts” because Salvator Mundi just sold for $450 mil, “buh-buh-buh-buh-BITCOIN!”, wants to be Elon Musk but unironically, raised by 4chan, “God says no, market sells yes”, duality of man, slacks, button-up shirt, vest, Rollie™, sunglasses, the most pretentious shoes you’ve ever seen
Leslie (couldn’t afford a middle name mate) Jones: “it’s shite being” British-American, one ethnically crooked tooth, can’t find a consistent ideology, Sex Pistols, petty theft, titty pills, anarchism, fan of the Sex Pistols, sailor mouth Victorian taste, likes incorrectly using British slang, listens to the Sex Pistols, “too nice :)”, makes a really good hummus because it’s not her native food, as “free range kid on free range food,” Oi!, 17 “but I’m not like those other wankers,” the same Sex Pistols shirt everyday even though it has a massive hole in the right arm-pit, always wears union jack bandana, two bits over a meter and a half “tall”, messy brown hair, flower skirt, did she mention she likes the Sex Pistols?, light brown eyes, worn-out chucks, bollocks
Mr. Miles Clarence Pinnacle I: America! capitalism, America! sport/s, America! my beautiful family, America! Pinnacle Products™, America!
Mrs. Julie Winter Pinnacle: “Sweety have you tried my homemade casserole? All the girls at Bible study loved it! Do you go to Bible study dear? Oh, you should join us next Sunday! Barbara does such a good job at leading discussion about ʰᵒʷ ᴶᵉˢᵘˢ ᵈᵒᵉˢⁿ'ᵗ ᵃᶜᵗᵘᵃˡˡʸ ᵐᵉᵃⁿ ᵃˡˡ ᵗʰᵉ ʳᵃᵈᶦᶜᵃˡ ᵗʰᶦⁿᵍˢ ʰᵉ ˢᵃʸˢ…
Belligerents:
l e m o n s, first quarter, moral ambiguity, U.S. housing market
Scene 1: Sunny American day in a sunny American neighborhood. Fourteen-year-old Miles Clarence Pinnacle II sets up a shabby lemonade stand (seriously Miles, a lemonade stand? Aren’t you a little too old for this?) (“Money’s money baby 😉”) across the street from a construction site, hawking his newest Pinnacle™ Product™ (or as I like to call it, his newest get-rich-quick scheme) (“Hate the man, not the hustle baby 😉”).
Whatever, let’s just see how the market reacts to his newest… hustle.
Miles: shouting with comical gesticulation Lemonade! Get your lemonade here! Nothing better after a hard day’s work than a nice, tall, refreshing glass of ice cold… ooo, hear those ice cubes tinkling it’s like straight out of a commercial people… and it’s so uh… refreshing, you wouldn’t believe me unless you tried it yourself! And just think gentlemen, this beverage, this… Pinnacle™ of refreshment can be yours, and only yours, for two small payments of $.50. Truly, this miracle of capitalism could only happen in a land as beautiful and free as the U. S. of A. Now, which one of you lucky gentlemen will be the first to try…
Construction worker: gathered around an Igloo™ water cooler Go home Miles, your lemonade sucks.
Miles: indignant Hey! My lemonade does not suck! It’s a Pinnacle™ Product™!
Construction worker: It’s watered down slop is what it is. I’d rather pay five bucks for water than a dollar for your crap.
Miles: dumps out half the glass Care to put your money where your mouth is?
Construction worker: raises his third cup of water Nah I’m good Miles. Got all the water I need for free.
Miles: grumbling Commie cheapskate.
Construction worker: laughs and returns to work
Miles: looking down the street for another other suckers customers. Notices a young “girl??” nonchalantly approaching and gestures they/them over Hey, hey, hey, you, kid!
“Girl” (maybe?): removes quem’s headphones Who, me?
Miles: Well I don’t see any other strapping young men…
Leslie: … women…
Miles: women this side of the sidewalk, do I?
Girl: looks around I… guess not?
Miles: puts his arm around her shoulder cause what’s personal space, right? You’re absolutely right! What’s your name kid?
Leslie: visibly uncomfortable, but Miles hasn’t gotten the customer satisfaction report yet Leslie.
Miles: Well my gender-ambiguous friend, you’ve just walked into the opportunity of a lifetime.
Leslie: playing along I have?
Miles: with dollar signs in his eyes Absolutely! You have the exclusive hono, of having the first glass of my patented™ home m… assembled! glass of Pinnacle Lemonade!™ A once in a lifetime opportunity that can be yours, and only yours, for one small payment of…
Leslie: curtly I’ll try it if you shut up.
Miles: silently steps aside and hands her a glass
Leslie: s i p p
Miles: impatiently Well? How is it? You love it? You love it don’t you? You love it so much you’re speechless.
Leslie: grimacing It tastes like, like…
Miles: the greatest thing you’ve ever…
Leslie: Shite.
Miles: the five stages of grief But, but… it’s a Pinnacle Product™…
Leslie: tosses it out Tastes like watered-down minute-maid mate.
Miles: tries it himself and promptly spits it out. Crashes like the housing market onto the stool, sighing dejectedly Huh…, maybe that’s why I haven’t made first quarter.
Leslie:
Miles: exploiting™ it I won’t be able to make my first bitcoin investment, and this venture capital failure will haunt my portfolio till the end of my days. My credit will take, I’ll be denied a car loan, potentially rendered homeless…
Leslie: rolls eyes anarchically
Miles: applying for an Oscar Well, thanks for the feedback. I guess I’ll go back to putting the depression in Depression, broke, friendless, hopeless…
Leslie: giving into ancap™ tears™ You know, I have a lemon tree in my backyard, I could bring you some fresh lemons to…
Miles: rebounding harder than post-WWII American economy Corner the organic market! Leslie you’re a genius! puts arm around her shoulder again Leslie, Leslie, Leslie, I’m so glad the invisible hand of the market that brought us here together today.
Leslie: economically confused It did?
Miles: As sure as Adam Smith’s law of supply and demand!
Leslie: Who’s Adam Smith?
Miles: … >:(
Leslie: backing away I’ll just, go get those lemons yea?
Miles: frozen like the national unemployment rate ha-ha economic memes so funny She doesn’t know who Adam Smith is. She’s as British as overpriced tea but doesn’t know who Adam Smith is. She probably doesn’t know anything about economics. reflects in smuggling and tax evasion No wonder we revolted.
Leslie: returns laden with lemons (try saying that three times fast) Ok! I’ve got them!
Miles: Now that’s what I call fast food!
Leslie: giggles, dropping all the l e m o n s Oh, sorry sorry!
Miles: scurrying to collect future profit No, that one’s on me, I’m a capital pun maker. I inherited it from my dad.
Leslie: collecting the lemons for common use It’s alright, at least it was funny.
Miles: getting kinda lost in your hazel eyes Leslie, ngl So, uh, wanna come inside and get these squeezed? I mean lemons, squeeze the lemons… you know what I mean.
Leslie: Do I?
Miles: leading her across the street Let’s hope not. C’mon, I’ll introduce you to the folks.
Scene 2: Basically, a Bed, Bath and Beyond kitchen catalog, complete with tiled floor, “Live Laugh Love” signs, and several wine bottles. It’s even got a Golden Retriever named Biscuit. But he’s a good boy yesh you are, yesh you are! Oh yea, and Mr. and Mrs. Pinnacle are here. They’re actually really cool people, if a little American.
Miles: barging through the front door with Leslie in tow Mom! Dad! I’m home!
Dad: putting down the Wall Street Journal Hey-hey-hey sport, how’s the lemonade stand going?”
Miles: with all the false confidence of a failing business We’re venturing into new markets!
Mom: wipes off hands on a dish rag Oh, and you brought a friend over! Would you care to introduce us Miles?
Miles: Oh yea, Mom, Dad this is Leslie, Leslie uh…
Leslie: extending her hand Jones, Leslie Jones. It’s nice to meet you sir, thanks for having me.
Dad: shakes her hand. Notices the Union Jack bandana around her neck and decides to get cultural Don’t mention it mate! We’re happy to have you, just don’t tax our tea am I right? laughs in protectionist economic policies.
Mom: Miles are you and the queen staying for lunch? Or tea, rather? winking at Leslie
Leslie: realizes that Americans have even less subtlety than she expected
Dad: Untaxed of course. laughs in Marshall Plan
Miles: Sorry mom, my partner and I gotta make first quarter.
Dad: First quarter, or the first quarter?
Leslie: chuckles
Dad: finger guns the one person who laughed at his dad joke
Miles: A-ha-ha-ha very funny dad. Just wait until ur next batch of Pinnacle Lemonade™ hits the market. Because you know what’s gonna happen? It’s gonna break the market. And you know why? Because it’s gonna be the best one yet. And you know why?
Dad: Because you attached more quality than name to a product?
Miles: gesturing between himself and Leslie because it was all his idea obviously, We’ve… got a secret ingredient.
Dad: Foreign labor?
Miles: No. I’m talking about the best marketing ploy since $.99, “organic.” Show ‘em your lemons Leslie.
Leslie: blushingly reveals “her” lemons
Dad: Wow, those look fresh, and more importantly, free. “Organic” could work, as long as you’re not false advertising our minute-maid again. Do you have a consistent supply?
Miles: We sure do, right partner?
Leslie: Uh… yea, we sure do.
Dad: getting those proud dad gears turnin’ Well then what’re you waiting for son, time is money!
Mom: Feel free to use the juicer Miles.
Miles: grabs the juicer then opens the back-door Thanks mom! Let’s go out back Leslie and get lemons juiced! (ok I’ll stop)
Mom: gushing as any mother of a friendless child would Oh! It was wonderful to meet you Leslie. You’re so striking I’m surprised I haven’t seen you in the neighborhood before. Do you live nearby?
Leslie: Uh yea I live around here yea.
Mom: Splendid! Then you simply must come to church with us this Sunday! The neighbors are coming over my signature homemade casserole™ and they have two boys you and Miles’ age that...
Leslie: briskly Sorry, my mom and I aren’t big on church.
Mom: without missing a beat That’s fine dear, you don’t have to be a believer to go. Why don’t you meet us here at 8 tomorrow, and we can take you with us?
Leslie: I don’t think…
Mom: places her arm around her shoulder, what’s with Americans and physical contact Splendid! Miles dear, you’ll be sure to introduce Leslie to Hans and Alexy tomorrow, won’t you?
Miles: It’s Oliksey mom, and no they’re weirdos.
Dad: We’re all Americans son.
Miles: Fine. But I don’t think they’re Leslie’s crowd, you know? They’re too… foreign.
Leslie: indignantly I can judge their character myself, thank you very much.
Dad: See that, everybody’s happy except you Miles. Now, don’t you have money to make?
Miles: sweeping her out the door C’mon Leslie let’s goooooo.
Leslie: flustered at Miles’ hand position You’d better watch those mitts chav!
Scene 3: The suburban boonies, an un-mowed backyard. Leslie’s lost count of how many trials and ERRORS Miles has put her through while trying to find the perfect cocktail. She wouldn’t be as pissed if there was actual alcohol in it, but they’re 14 and Miles wants to get into Yale, so he only drinks Old Fashioneds (as if).
Miles: handing Leslie a crystal glass new concoction… whaddya think?
Leslie: pushes the headphones further into her ears Christ, Miles. Do I have to try another one?
Miles: Oh, c’mon please! This one’s the money I’m tellin’ ya.
Leslie: That’s what you said about the last three piss jugs you had me drink.
Miles: All part of the capitalist process my dear. Now, if you please?
Leslie: takes the suspiciously presentable liquid Oh… bollocks.
Leslie: s i p p Hm. Hmm! This is really good! Doesn’t taste like shite this time, what happened?
Miles: Four-parts water, two-parts lemon-juice (not his), half part ice, half part sugar, half part mint, and a pinch, a PINCH of ginger. My dear Leslie I present to you, the first ever Pinnacle Beverages Lmt. Product, “The Mile High. Is what happened. 😊
Leslie: genuinely impressed This is really good Miles, and I’m not taking the piss I’d pay good money for this, and that means a lot coming from me.
Miles: dollars signs for pupils That’s all I needed to hear, which is why… kneels before her
Leslie: blushing like a Victorian aristocrat W-What’re you doing you nuttah!
Miles: takes her hand Leslie, I’m prepared to offer you 15, no, 20% stock in Pinnacle Beverages Lmt.™. We’ll make millions Leslie, millions with your organic stock and my technical know-how.
Mr. Pinnacle (inside): sees his son proposing to the punk queen Looks like he’s making more than a friend out there honey.
Leslie: looks away bashfully Oh yea um,… about that.
Miles: We’ll be on billboards across the country! Commercials on prime-time television! We’ll give Coca-Cola a run for their money, we’ll…!
Leslie: hesitantly Miles…
Miles: checking himself, but not for the right things No, no, you’re right. I shouldn’t get ahead of myself. You were an integral part of this operation and I shouldn’t undercut your contribution, which is why I’m preparing to offer you… retches excuse me, 25% of my company from this day forward. All for the small price of an endless supply of fresh lemons. extends his hand Well friend, what do you say?
Leslie: looks at his outstretched hand in guilt I… I can’t.
Miles: about to cry Please, please don’t make me say 30%, it’ll break my heart.
Leslie: I don’t care about your money, Miles.
Miles: Great! 5% then!
Leslie: shouting I stole the lemons Miles!
Mr. Pinnacle (inside): turning back to his coffee I’ll pretend I didn’t hear that.
Miles: incredulous Y-you’re right. This deal’s so good it’s basically stealing.
Leslie: NO Miles. I stole those lemons from a house down the street. My flat won’t let us grow stuff in our place, so I come here to… you know, bridge the gap.
Miles: pridefully You should’ve told me Leslie. Stealing violates the NAP, but lying violates our friendship.
Leslie: prejudicely Pfft. Morality comes easy to toffs living in a two-story house in the when you live in a two-story house in the burbs.
Miles: sincerely We weren’t born into money Leslie. My dad started as a door to door salesman before opening his own company with my mom. He pulled himself up by his bootstraps with wit, determination, and a modest business loan.
Leslie: rolls eyes impoverishly
Miles: I don’t know who you are, where you come from, your religion, your political ideology or any of that, and I don’t care. I wanna be your friend, and that should be enough.
Leslie: lowering her guard You’d be friends with a two-bit thief like me?
Miles: with reassuring confidence With a resourceful, unscrupulous marketing queen like you? As sure as Rothbard’s critique of central banking I would!
Leslie: Still don’t know what you’re on about but, spits into hand I swear by Sid Vicious’ guitar strings I’ll be your mate if you’ll be mine.
Miles: spits into his hand as well Deal. On one condition.
Leslie: What’s that?
Miles: No more stealing. Not when you’re with me. We’re a team now, and we help each other out right?
Leslie: Fine. Guess now that I’ve got stock in a major beverage company I can only go up from here.
Miles: Only pure profit from here partner!
Leslie: Then let’s shake on it.
Miles/Leslie (simultaneously): shaking hands At 20%, 30%.
Miles/Leslie: 15%, 25%.
Leslie: grips his hand You’re supposed to meet me halfway you greedy pig!
Miles: grips hers back You’re supposed to negotiate better you snotty welcher!
Leslie: grips him harder than the Federal Reserve Halfway Miles, before I unionize.
Miles: surrenders to worker’s rights Fiiiiiine, 20%, final offer.
Leslie: pops his knuckles
Miles: takes his hand back yelping ow ow ow ow ok ok, 25% 25%.
Leslie: smirks like the cocky Brit she is Pleasure doing business with you Miles.
Miles: nursing his credit card hand The pleasures all mine.
Leslie: Wait, if I can’t steal, how’re we gonna get more lemons?
Miles: Well, if we factor in the increased cost of production and labor, we have no choice but to double the price of lemonade then use the excess earnings to re-invest...
Leslie: gathering the remaining batches Yea, yea, yea I get it whatever let’s go.
Miles: watching her with non-economic curiosity Right behind you, friend.
Epilogue
Allies:
Ernst Hansel Gorbach: German-“Bavarian, but there’s only one Germany”-American, son of retired U.S. general and stay-at-home mother, “By the Kaiser!”, the most hardcore Lutheran you’ll ever meet, Aryan poster-boy, bit of a killjoy, surprisingly good singer, “Hitler was a cuck,” would simp for Wagner, slacks and tucked-in button-up shirt, 6’ 2”, “no hand-holding till marriage >:(,” 18, virgin (obviously), rugby, race-realist, HOI4, “wish I was home uniting the German tribes rn”
Belligerents:
Teenage insecurity
Scene 1: Back on the cruel streets of American suburbia.
Leslie: packing up the stand I can’t believe it.
Miles: flipping through the modest stack of money That capitalism works?
Leslie: No, that people bought lemonade for two quid.
Miles: Exactly!
Leslie: scoffs Selfish cock-up.
Miles: shrugs It’s not selfish if people buy it. Speaking of which, here’s your cut.
Leslie: counts it multiple times in disbelief (and poor math skills) Blimey, is this all for me?
Miles: It’s eighteen dollars, Leslie.
Leslie: That’s more than I’ve made all my life! I’m rightly chuffed I am, wait till my mum hears about this!
Miles: smiling I’m glad Leslie, thanks for doing this with me.
Leslie: returning the smile Happy to help Miles! Let me know if you ever wanna do… this… again.
Ernst Hansel Gorbach enters stage right.
Leslie: turns away bashfully after being rendered breathless by Aryan Prime
Ernst “Hans”el Gorbach: stops his bike in front of Miles Picking up the pieces of another failed venture, eh Miles?
Miles: Ackchyualy my dear Hanso, you just missed the opportunity of a lifetime. My newest creation was a tremendous success.
Hans: looking at the shabby remains of a shabby lemonade stand before finally noticing the weird flat-chest I’m sure it was Miles. Who’s your newest sucker partner?
Miles: Oh, this is Leslie, my business partner. Say hello, Leslie!
Leslie: turns around slowly, avoiding his gaze while robotically extending her hand H-hi.
Hans: gives her the once-over before gingerly shaking her dirty hand How do you do.
Leslie: turns away as her cheeks turn into a bed of roses
Miles: oblivious Hanso, I’m telling ya’ man. This stuff we made, perfection man, perfection.
Hans: authoritative snort Is that true, Leslie? Was the stuff actually good this time?
Leslie: Uh, y-yea. It was.
Hans: race realist eyebrow raise I see. Well, I guess I’ll have to try it some time.
Miles: You can try it after church tomorrow. You coming?
Hans: Yea, I’ll be there. Is your friend going too?
Miles: Nah, I don’t think…
Leslie: blurting I’ll be there!
Miles: socially confused But I thought you said…
Leslie: turns around That I wouldn’t miss it for the world? You bet your arse I did!
Hans: momentarily meets her eyes before casually turning away Right. Guess I’ll see you both there.
Miles: Yea, I guess you will. Coming for casserole afterwards?
Hans: getting back on his bike Sure.
Leslie: hot mess I’ll see you there too!
Hans: slow nod Cool. Catch you later Miles. It was good meeting you… uh?
Leslie: Leslie.
Hans: quietly Leslie. See you tomorrow.
submitted by thezeroinGod to Jreg [link] [comments]

Li Lihui, Former President of Bank of China: We are in a period of great opportunities for the development of blockchain technology and industrial innovation

Source: https://www.chainnews.com/articles/946394501375.htm
Source of this article: Sina Finance. This content is intended to convey more market information and does not constitute any investment advice.
Sina Finance News On November 29, 2019, the ReFinTech Financial Technology Summit was held at Beijing New World Hotel. Li Lihui, the head of the China Mutual Fund Association's blockchain team and former president of the Bank of China, attended and gave a speech. The topic of the speech was "National Strategy and Fiat Digital Currency."
Li Lihui said that digital currencies will play a central role in the global digital economy competition in the future, and it is necessary to step up research on feasible routes and implementation plans for the issuance of global digital currencies led by China. Digital finance is bound to further strengthen the globalization of finance. In the construction of the global system of digital finance, China should actively participate in and strive for the right to speak. It is necessary to strengthen international regulatory coordination, promote regulatory consensus, and establish a unified international regulatory standard for digital finance.

Blockchain technology architecture
Li Lihui pointed out that blockchain is an integrated innovation of multiple technologies and has the following four characteristics.
Chain block structure based on timestamp, it is difficult to tamper with the on-chain data; Real-time running system based on consensus algorithm, specified data can be shared; Based on self-rules of smart contracts, technical trust can be authenticated; Based on the end-to-end network of the encryption algorithm, the counterparties can choose each other.
According to different technical architectures, blockchain can be divided into 3 types.
The basic characteristics of the public blockchain architecture are: a decentralized distributed ledger that uses open read, write, and transaction permissions; a decentralized digital trust mechanism that uses consensus algorithms and encryption algorithms; and a virtual currency incentive mechanism that demonstrates work contribution and equity. .
The technical drawbacks of the public blockchain architecture are high hardware requirements and low transaction speed. If the public blockchain can break through the technical bottleneck of transaction speed and resource utilization efficiency, and achieve publicly recognized reliability, it may be able to expand the territory in social life and modern commerce.
The characteristic of the private blockchain architecture is that the distributed ledger is centralized, and the read, write, and transaction permissions must be approved by the "central" and subject to the constraints and restrictions of the "central". The digital trust mechanism of the private chain does not emphasize "going intermediary".
Private blockchain has the "centralization" feature of traditional information technology architecture, but uses blockchain technology such as distributed ledger, smart contracts, and encryption algorithms. Blockchain platforms are easy to integrate with existing information technology platforms and can establish bureaus Regional multi-dimensional interaction architecture improves data processing speed and quality.
Alliance blockchain can generally be regarded as a collection of private blockchains. It adopts a distributed, multi-center, intermediary architecture. Its basic characteristics are open-source, multi-center distributed ledger, limited license, limited authorization. Read, write, and transaction permissions, without emphasis on the digital trust mechanism of intermediaries.
Different from the traditional big center data architecture, the "central" status of the alliance chain may not be designated by the administration, but largely depends on the competitive results of technological advancement and service friendliness; "trust" can come from intermediaries and rely on tradition Credit model can also be technical trust without intermediary.
The characteristics of distributed, end-to-end, open source, and multi-center that the blockchain technology theoretically possesses are likely to restructure the technology architecture in a certain range and rebuild the business model in a certain range.
First, the distributed architecture and end-to-end network are helpful for the parallel transmission of information, the realization of information sharing, and the parallel control of control. In the scenario of many counterparties, many transaction links, long management chains, and high degree of discreteness, time-space folding And three-dimensional interactive business architecture to improve cooperation efficiency and operation efficiency.
Second, the chain block data structure, consensus mechanism, time stamp, and key technologies can help prevent tampering of the original data, control the risk of data leakage, and protect privacy and data security.
Third, smart contracts help to achieve differentiation and credibility of transaction rules, automate the execution of business processes, ensure the timeliness of transactions, avoid false transactions and repeated transactions, and reduce moral and operational risks to a certain extent.
In the field of finance, the application of the alliance's blockchain technology is likely to build a distributed ledger system in which large, medium and small financial institutions participate together, forming a technical platform for financial institutions to interconnect and interconnect, and to seamlessly link existing systems with innovative systems and realize financial The direct link between the service system and customers enables information sharing, product sharing, and service sharing to provide more efficient financial services.
The practice of blockchain technology development and application proves that in large-scale commercial applications, the alliance blockchain is most likely to become the mainstream architecture.

Central Bank Legal Digital Currency
Digital currencies with legal status, endorsement of state sovereignty, and subjects with issuance responsibility constitute legal digital currencies, or central bank digital currencies.
Central banks of many countries have long announced the launch of digital currency research and development. But regarding the basic structure of legal digital currency, countries are still demonstrating and have not yet made a choice.
The development of China's fiat digital currency lasted for 5 years, and there have recently been signs of preparation for issuance. According to the information disclosed by central bank officials, China's legal digital currency may be called DC / EP, Digital Currency / Electronic Payment, that is, digital currency and electronic payment.
First, adopt a two-tier operation delivery system to inherit the indirect issuance model. Applying digital technologies such as blockchain, fiat digital currencies can adopt the "central bank-public" direct issue model. In the direct issue model, the central bank can have the absolute power and ability to regulate the money market and can directly absorb public deposits, which will limit the initial credit capacity of commercial banks. If the indirect issuance model of the fiat currency "Central Bank-Commercial Bank-Public" is selected, it will inherit the current money market operation mechanism and monetary policy transmission mechanism.
The benefits of inheriting the current model are savings and robustness. First, it is not necessary to rebuild the financial infrastructure, which is conducive to saving investment; second, it is not necessary to restructure the currency issuance and management structure in addition to the old cloth, which is conducive to managing risks; third, it is not necessary to look forward and backward to connect different characteristics of the currency issuance model, which is conducive to stabilizing the market.
Second, adopt a parallel technical route and adhere to the central bank's central management model. Based on the judgment that "the existing blockchain technology cannot meet the high concurrent demand of the retail market in the super market", fiat digital currencies should remain technologically neutral and do not rely on a single technology. The central bank should adhere to a centralized management model to ensure the reliability of the monetary policy transmission mechanism, the efficiency of currency control, and prevent financial institutions from overspending.
Third, the "account loose coupling" method is adopted to replace the currency M0. Electronic payment tools such as WeChat Pay and Alipay use the "tight coupling of accounts" method. They need to be tied to a bank account and transfer value through the bank account. Under the real-name account management system, the need for anonymous payment cannot be realized. The fiat digital currency may adopt the method of "account loose coupling" plus electronic wallet, to achieve end-to-end value transfer from bank accounts, reduce the dependence of financial intermediaries on transaction links, and achieve controllable anonymous payments within the scope permitted by the central bank.
At present, the design of China's legal digital currency may be limited to replacing M0, that is, cash in circulation, rather than narrow money M1 and broad money M2. This depends on the judgment of the digital trends and potential market demand of China's M0, M1, and M2.
WeChat Pay and Alipay use digital technology to build mobile payment and living service platforms that use trust links as a link, breaking through the traditional payment model, and have achieved 1 billion straight-line links, ranking among the top 2 in global mobile payment platforms. WeChat Pay and Alipay dominated the retail payment market, with cash and ATM transactions significantly reduced, and bank cards became bundled account cards.
The legal digital currency in China's design can theoretically be separated from the network and from banks to perform value transfer. This is different from WeChat Pay and Alipay. But in the end, whether it can replace traditional currency forms, replace emerging electronic payment tools, and become the main currency form and main payment tool will be decided by the market: it is more convenient to use, the circulation cost is lower, and the public is willing to accept it, thereby forming an economic scale with commercial value .

Digital Economy National Strategy
The application of blockchain technology has extended to many fields such as digital finance, the Internet of Things, intelligent manufacturing, supply chain management, and digital asset trading. How to evaluate the current status of blockchain technology and industrial development? My opinion is that the underlying technology of the blockchain is not yet mature, and the technical bottlenecks of large-scale and reliable applications need to be broken. We are in the period of great opportunities for the development of blockchain technology and industrial innovation.
First, blockchain technology is still immature and bottlenecks need to be broken.
In the underlying technology, as a technology integration innovation, the basic components of the blockchain database, P2P peer-to-peer network, and cryptographic algorithms are relatively mature, but they must further meet the new requirements of integrated applications; new mechanisms such as consensus mechanisms and smart contracts Technology needs to be improved. Gartner, a technology consulting company, believes that it will take 5-10 years for blockchain technology to mature.
At present, large-scale applications of blockchain technology have not been implemented in various countries. China's blockchain technology research and development is committed to breaking through the bottleneck of large-scale reliable applications.
The first is private computing technology. Under the blockchain consensus mechanism, how to effectively shield sensitive information, improve signature technology, secure computing technology, encryption technology, trusted execution technology, etc., to ensure data security and digital link reliability.
The second is the authenticity supervision mechanism. How to ensure the authenticity and integrity of the data before the on-chain, when the blockchain technology is used to trace the source of various assets, a closed loop is truly formed to avoid information distortion and prevent speculation.
The third is smart contract technology. How to avoid technical loopholes in smart contracts, and achieve controllable business logic corrections and contract upgrades.
The fourth is key technology. Key security is the cornerstone of blockchain trust. In the unique technical structure of the private key, how to effectively prevent the private key from being stolen or deleted maliciously, and to remedy the loss and theft of the private key.
Fifth, integration of diversified technology platforms. How to optimize the multi-dimensional parallel interaction architecture to achieve efficient links between more participants; how to improve the quality and speed of data processing to achieve ultra-large-scale, high reliability, and high security requirements.
Second, implement the national strategy for the digital economy.
The attitudes and trends of developed countries on digital finance and digital economy deserve our attention.
The United States is concerned about digital financial market norms. The focus of US regulation is to regulate digital financial markets and prevent digital financial instruments from being used in illegal areas. In 2017, the U.S. Securities and Exchange Commission included ICOs under supervision, and the U.S. Commodity Futures Trading Commission approved the Chicago Options Exchange and the Chicago Mercantile Exchange to launch Bitcoin futures trading. In 2018, the United States Securities and Exchange Commission stated that the regulatory strategy for digital currencies is to use case law enforcement rather than a systematic interpretation of securities laws, and to carefully, orderly, and actively clarify regulatory principles and boundaries.
Germany and France are concerned about digital sovereignty. On October 29, 2019, Germany and France announced the "Gaia-X" project involving German and French core companies, which aims to build a secure and reliable data infrastructure for Europe. German Economy Minister Peter. Altmeyer said that this infrastructure will help us regain digital sovereignty and lay the foundation for a digital ecosystem. French Minister of Economy and Finance Bruno. Lemaire said the project will include data storage, data concentration and data sharing. German Chancellor Angela Merkel said that what worries me most is that most of the processing of industrial and consumer data is done by American companies, and a kind of dependency relationship is being formed. Merkel advocates taking a long-term view and digitizing the overall layout from as many European perspectives as possible.
We should implement the national strategy of the digital economy and maintain the security of the digital economy.
The first is to master autonomous and controllable technologies.
On the underlying technologies such as the blockchain consensus mechanism and smart contracts, China currently lacks independent property rights. Most of the application projects in China use the open source blockchain underlying platform for adaptive adjustment and development, and optimize from the number of concurrent users, throughput, response time, availability, security, etc., to meet business needs, to achieve identity authentication, privacy Protection, node management and other functions.
Extensive application of foreign open source programs may lead to technology dependence risks, and must comply with the jurisdiction and legal constraints of the place where the open source platform is registered, potentially hiding geopolitical risks. For example, the terms of use of the open source program GitHub clearly state that the use of GitHub must not violate export control or sanctions laws in the United States or other applicable jurisdictions.
We should vigorously support technological innovation and strive to master digital technology. Clarify digital technology and digital industry policies, grant tax and fee concessions to digital technology R & D enterprises and professionals, encourage digital technology R & D and application, national team plus private team, Chinese plus foreign capital, large, medium, small and micro. In the field, we have independent and controllable intellectual property rights and establish global competitive advantages in key areas of digital economy and digital finance.
The development of next-generation computing architecture should be intensified to ensure the fairness and correctness of mathematical algorithms, the privacy and reliability of data, the security of the entire process and the entire cycle of data, and the speed and efficiency of mathematical algorithms.
The second is to accelerate standardization and institutional innovation.
The International Organization for Standardization ISO has established a blockchain and distributed ledger technical committee to study 11 standards, including terminology, reference architecture, privacy and personal information protection, security risks and vulnerabilities. The International Telecommunication Union (ITU) has established a distributed ledger technology security-related problem group to study 10 standards, including security assurance, security threats, and security framework. The development of IEEE standards for the Institute of Electrical and Electronics Engineers is mainly focused on blockchain in the fields of IoT data management, digital asset management, government department applications, and cryptocurrencies.
China's blockchain financial standardization construction and institutional construction have just begun. We should pay close attention to improving the technical standards, security specifications, and certification review systems for blockchain finance. Clarify the legal definition of assets, clarify the contractual nature and effectiveness of smart contracts, and clarify the responsible subjects and their behavioral and regulatory standards in a distributed architecture.
Based on the healthy development of digital finance, China should speed up the construction of the digital financial system and step up efforts to formulate digital financial systems such as blockchain financial supervision, digital asset market supervision, digital currency supervision, and legal digital currency issuance. Make overall plans and gradually establish a digital trust mechanism.
Digital currency will occupy a core position in the future global digital economic competition. It is necessary to step up research on the feasible path and implementation plan for the issuance of China-led global digital currency. It is necessary to further explore the feasible path of China's legal digital currency, including alternative range selection, controllable anonymous scale, offline operation technology, and so on.
Digital finance is bound to further strengthen the globalization of finance. In the construction of the global system of digital finance, China should actively participate in and strive for the right to speak. It is necessary to strengthen international regulatory coordination, promote regulatory consensus, and establish a unified international regulatory standard for digital finance.
submitted by Yayowam to CryptoCurrency [link] [comments]

Why the beast is going to starve

Back in the 1950's, a computer took up an entire room. Today you have more processing power available to you than that, in the palm of your hand. Society has changed dramatically as a consequence, but we're still in the first stages of that transformation.
There are a few obvious developments you've noticed. You don't have to throw away old products any longer. Old furniture can be sold effectively on the internet, along with just about anything else you own. At the same time, television is transforming into a decentralized phenomenon. Youtube is a centralized platform, but content creation happens in a decentralized fashion. Jewelry and other artworks too are produced in a decentralized fashion, through platforms like Etsy. The hotel and taxi businesses are decentralized by AirBNB and Uber.
Currency took a little longer, because whereas the previous companies break through monopolies owned by other companies, decentralized currency means breaking through a monopoly that has remained in the hands of governments for thousands of years, a monopoly they have always violently defended. The first applications that allow people to develop their own currencies have come into existence in recent years, enabled by the fact that we have much faster internet connections today than we used to have and can program software through teams of volunteers around the world.
There are a few developments that grow out of this. The emergency of decentralized currency revolutionized the drug market, which had always been in the hands of governments too. You might argue I'm wrong, that governments don't control the drug market, but consider the simple case of a drug dealer who accumulates millions of dollars through his business. Where does the money end up eventually? In the hands of the state.
Governments don't genuinely want to shut down the drug trade, they wish to control it. Consider that in the Netherlands, the sale of cannabis is legal, whereas the production is illegal. This ensures the production remains profitable and you tend to find scandal after scandal of Dutch politicians who are caught growing hemp on their own property. It also gives rise to a demographic of wealthy young drug dealers without political connections or technological skills, whose assets can be relatively easily seized.
The darknet markets bring this phenomenon to an end, because the middle-men are removed from the process, while the proceeds remain in the hands of the drug dealers, as you generally can't seize somebody's cryptocurrency. Anonymous individuals post reviews there, to judge the quality of a substance, while dealers can't keep prices artificially high by murdering their competitors.
It's sometimes argued that cryptocurrencies can't deal with the massive volume of payments that people make. Visa handles 2,500 payments per second. Bitcoin can handle around seven payments per second. What's ignored in this equation however is that there's no reason for people to settle on one single protocol to carry out payments. There are an estimated 1500 cryptocurrencies. Assuming each of these could handle seven payments per second, you would find yourself able to easily take over the role of the major credit card companies. It's easy for people to switch from one currency to another, while payment providers can be used that accept payments in a wide range of currencies.
Under this scenario, governments as we know them cease to function. A government derives its revenue from the fact that people pay a variety of taxes: Income taxes, VAT taxes, inheritance taxes, dividend taxes, and so forth. If you don't pay those taxes, you're fined. However, if people can engage in financial transactions without the knowledge of their government, they have no reason to pay such taxes. A government might respond by raising taxes, but this merely increases the incentive for people to figure out ways to avoid paying taxes.
For a government, it ultimately won't be worth the effort to figure out how much money you should cough up if you're not rich. This is of course already true for most self-employed people, but if you work for a boss, the boss is the node in the network who is kept accountable. The problem in this equation is the fact that the kind of structures that involve bosses and employees are now suffering disruption. Cars can drive themselves, hotels are dying, as are newspapers and other old media.
You've seen it argued that the biggest taxi company has no cars, the biggest hotel company has no hotels etcetera, but these are intermediary stages. Uber is not the future, because Uber is a centralized structure. What Uber can do, a decentralized marketplace can do better and cheaper. Uber in practice has a median commission of 37% that you're paying. You're paying for codemonkeys in Sillicon Valley, where rents are expensive. A decentralized Uber can be developed by volunteers and hosted on people's computers. If it's significantly cheaper, it's inevitable it will take over.
It's easier to come up with a list of industries that will still exist as cash crops for the government in the future, than to come up with all the industries that won't be taxeable. People need to eat, so we will need farmland, which can be taxed. We will also have some form of factories, to produce the kind of products that people can't produce at home.
We have to consider the fact that those industries that still enable centralized control, are themselves going to shrink. The construction industry, depends on the fact that people need new buildings to live and work in. People increasingly work from home, while the population growth rate in Western nations is starting to shrink. In a similar manner, recycling leads to a decline in the need to find new metals. The transition to a digital economy, means that the production of paper will similarly shrink.
The food industry might seem like it can remain a viable source of control, but I wish to contest this assertion too. The nature of food production is going to change in the years ahead. Half our arable lan is used for meat production in one form or another. Meat production itself is an industry that's going to face significant disruption, with the emergence of lab-grown meat. The eventual outcome we can expect, is one where you can grow meat in a Petri dish in your own home, using some simple nutrient solutions. It's similarly worth noting that mushroom production is rising by around 8% per year. The cultivation of crops is geographically bound, thereby giving a government control. The cultivation of mushrooms doesn't depend on photosynthesis and thus doesn't hand the same kind of control that geographically bound food production offers.
The most revolutionary impact however, will be seen by the disappearance of our dependence on fossil fuels. Fossil fuels are condensed forms of energy found in certain geographical positions. They represent a sudden tremendous source of wealth for whatever organization happens to govern a plot of land upon their discovery. This leads to the emergence of regimes like those seen in the Arab peninsula today. What we are witnessing now is a transition to forms of energy that are not geographically bound to the degree that fossil fuels are. A solar panel can be moved and set up anywhere.
Most of the world's economic interactions, are only visible today because they depend on centralized intermediaries that can be observed by the government. In Europe today, seventy percent of GDP is derived from the service economy. How is a government going to observe and maintain control over that? Only one in nine drug groups in my country face prosecution, because the police are simply overwhelmed. How will they devote adequate resources to computer programmers who don't report their income, or people on welfare who rent out their apartment in Amsterdam? The reality remains that the economic incentives are shifting in a direction where governments lose control.
Of course the withering away of the state isn't going to be a transition that's in everyone's favor. A large segment of the population depends on the state in one form or another. The elderly receive medical care and pensions from the state. Ethnic and religious minorities depend upon government sanctioned tolerance. Consider the case recently, of an Asian American woman, who was upset because a guy wouldn't let her rent his appartment. AirBnB can ban such a user and happily will.
A decentralized marketplace on the other hand, has no genuine means to get rid of such a user, if most of the community stands by him. In a similar manner, it's impossible now to place effective economic sanctions on people who are controversial. Hatreon is a kind of Patreon for white nationalists, while Bitcoin is simialrly used to anonymously fund them. There is no government out there, nor any upset group of students blocking traffic, who can stop such a development.
I think this is ultimately a positive development. In a free marketplace of ideas, the truth will eventually come to the surface. If we compare our era with a few centuries ago, we see that the consensus of ideas has moved towards greater tolerance and equality. I can't think of any white nationalists who seriously advocate for the reestablishment of slavery. If your ideas are cruel or absurd, then through the free competition of ideas, they will ultimately be rendered obsolete. This is what happened to most religions, which are now little more than niche subcultures in the Western world, but managed to cause us tremendous misery until just a few decades ago.
"I disapprove of what you say, but I will defend to the death your right to say it." Is the founding ethos of Western Enlightenment era civilization. It is this mentality that brought us tremendous wealth and freedom. Today most people feel that it's dangerous to hold controversial opinions in colleges. However, there is no idea out there so dangerous that I would fear its open discussion.
Dangerous and destructive ideas were never spread through debates in classrooms and columns in newspapers. They were spread under the threat of physical violence. The Bolsheviks and Maoists took Russia and China through force before carrying out their genocides. The National Socialists, the adherents of Mohammed, the mongols under Genghis Khan, Columbus in the New World, they too took power, not through the tongue, but through the sword. It's those who silence the tongue under the threat of the sword whom you should fear, under all circumstances.
Consider what's thought to be the most dangerous idea today by some, transhumanism. By declaring transhumanism a dangerous idea, we encourage its suppression. The real dangerous idea however, is the idea that transhumanism is a dangerous idea. If you outlaw transhumanism, you are sentencing billions of people around the world to a fate of becoming prisoners in their own bodies. Through the medical technology available to us today, you've ensured that I'm likely to live to be around ninety years old. I've seen numerous examples of people who have gone blind, deaf and become too frail to walk, because of the decay of their bodies over the years before they reached that age.
I consider a fear of the kind of progress that would enable us to grow old in a healthy manner, to be a dangerous idea of its own. It's not a death sentence, it's a sentence to a kind of torture that would be illegal if we imposed it upon a prisoner. We don't impose blinding or the amputation of toes upon war criminals, we impose it upon our own parents when we declare succumbing to the forces of entropy to be a kind of moral obligation.
It's my belief that we're approaching a situation where government is going to wither away. Most people aren't ready for this transition, nor are we genuinely planning for this transition, it's simply happening to us in a spontaneous emergent manner. We can make this transition more smoothly, if we acknowledge the simple reality we're dealing with. Governments need to plan ahead for their own looming obsolescence. As an example of something useful governments can do, consider the experiment with people on welfare, who are allowed to earn additional income besides their welfare payments.
Unfortunately, it seems to me that the more likely outcome is going to be that government as a structure is going to violently attempt to cling onto the remnants of its decaying power. This is what every dying structure seems to do, there are few that genuinely go gently into that good night. The fossil fuel and tobacco industries set up disinformation campaigns, to convince people that maybe we're not faced with a genuine problem. The Polish central bank similarly set up a campaign, to spew fear about cryptocurrencies.
I want to end with a piece of advice, which is to take measures that allow you to prepare yourself for the abolition of government and most other centralized institutions. Unless you have a clear concrete plan on what you want to do with your life, rather than attending college and graduating with debt in hopes of finding some employer who acknowledges your state enforced credentials, teach yourself useful and relevant skills. My own job is entirely a product of skills I taught myself. You don't have to like doing it, but you can teach yourself how to code, photoshop or design ads in a matter of months. The college classroom is an outdated model of education. What I notice among friends and peers is that they're stuck working the same dead-end jobs they had while attending college, after graduating. That's in nobody's best interest, it represents years of your life that you wasted.
In addition to this, it's important to realize that the government simply won't be there to take care of you. If you expect to receive social security, if you work for an NGO, if you have a "social" occupation, if you depend in any form on this giant bureaucratic machine that's stuck with debts it can't pay off, expect to witness significant disruptions to your way of life. Ideally, you would look towards some form of self-employment, where you earn money by interacting with people and companies who earn money themselves. The current model of society, where a minority of the population pays taxes that are then distributed to a centralized institute that takes care of everyone else is proving to be unsustainable.
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Tax and legacy planning avoid inheritance tax IHT - YouTube

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