FreddyJCarter @FreddyJCarter – eToro

A Look at DCG & Bitfury's Incestuous Ties With the U.S. Government

Peter Todd Tweet in 2014: https://archive.is/vKZ9C
[email protected] I gotta say, looks really bad legally how Austin Hill's been negotiating deals w/ pools/etc. to get control of hashing power.
Board of Digital Currency Group
Glenn Hutchins
Advisory Board
Larry Summers
DCG of course is an investor in both Blockstream and BTCC.
DCG's money comes from:
DCG also owns Coindesk.
BTCC and Bitfury are the only two large mining pools who are outspoken in their support of Bitcoin Core.
The Bitfury Group Leadership to Present at Clinton Global Initiative (https://archive.is/MWKee)
Full Video (Begins at 32:00)
“The Bitfury Group is proud to be the world’s leading full service Blockchain technology company, we are deeply honored to represent this innovation to an audience of extremely dedicated game-changers, and we look forward to highlighting our company’s groundbreaking ‘Blockchain for global good’ work at such an important event, said Smith. “From the White House to the Blockchain, I know this technology has the power to deliver inclusion and opportunity to millions, if not billions, of people around the world and I am so grateful to work for a company focused on such a principled vision.”
Bitfury Lightning Implementation
  • In partnership with a French firm called ACINQ (http://acinq.co)
  • ACINQ is a subsidiary of the larger ACINQ Financial Services
  • CoinTelegraph: Bitfury Lightning Network Successfully Tested With French Bitcoin Company
  • TEAM: https://archive.is/Q5CNU
  • ACINQ’s US Headquarters is in Vienna, Virginia, a small town of only 16,000. Why would a global financial firm choose to locate here? -- Feeder community into Washington, D.C. Has an orange line metro stop. -- Located in Fairfax County, VA. -- The US Federal Government is the #2 largest employer -- Booz Allen Hamilton (NSA front company) is #6 largest employer -- In fact, most of the top employers in Fairfax County are either US Federal Gov’t or companies that provide services to Federal Government -- The county is home to the headquarters of intelligence agencies such as the Central Intelligence Agency, National Geospatial-Intelligence Agency, and National Reconnaissance Office, as well as the National Counterterrorism Center and Office of the Director of National Intelligence.
Chairman: Avinash Vashistha
CEO: Chaman Baid
CSO: Nandan Setlur
  • https://www.linkedin.com/in/nandansetlur https://archive.is/wp3L0
  • From 1986-1993 he worked for Information Management Consultants (imc) Ltd as a Technical Consultant with various federal government agencies. McLean, Virginia
  • 1993-2000 Technical Consultant for Freddie Mac, in McLean Virginia
  • From 2000-2007, President of InterPro Global in Maryland
  • From 2011-2012, Director of VibbleTV in Columbia, Maryland
  • From 2008-Present has been Executive Director at ACINQ and Managing Partner at Vine Management, both in Vienna, Virginia.
BitFury Enhances Its Advisory Board by Adding Former CFTC Chairman Dr. James Newsome and Renowned Global Thought Leader and President of the Institute for Liberty and Democracy Hernando de Soto (Businesswire)
Bitfury Board of Directors
Robert R Dykes
The other board members include two Bitfury founders, and an investor.
Bitfury Advisory Board
James Newsome
  • Ex-chairman of CFTC
  • Dr. Newsome was nominated by President Clinton and confirmed by the Senate to be at first a Commissioner and later a Chairman of CFTC. As Chairman, Newsome guided the regulation of the nation’s futures markets. Additionally, Newsome led the CFTC’s regulatory implementation of the Commodity Futures Modernization Act of 2000 (CFMA). He also served as one of four members of the President’s Working Group for Financial Markets, along with the Secretary of the Treasury and the Chairmen of the Federal Reserve and the SEC. In 2004, Newsome assumed the role of President and Chief Executive Officer of the New York Mercantile Exchange (NYMEX) where he managed daily operations of the largest physical derivatives exchange in the world. Dr. Newsome is presently a founding partner of Delta Strategy Group, a full-service government affairs firm based in Washington, DC.
Hernando de Soto
  • Hernando de Soto heads the Institute for Liberty and Democracy, named by The Economist one of the two most important think tanks in the world. In the last 30 years, he and his colleagues at the ILD have been involved in designing and implementing legal reform programs to empower the poor in Africa, Asia, Latin America, the Middle East, and former Soviet nations by granting them access to the same property and business rights that the majority of people in developed countries have through the institutions and tools needed to exercise those rights and freedoms. Mr. de Soto also co-chaired with former US Secretary of State Madeleine Albright the Commission on Legal Empowerment of the Poor, and currently serves as honorary co-chair on various boards and organizations, including the World Justice Project. He is the author of “The Other Path: the Economic Answer to Terrorism”, and his seminal work “The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.”
  • Frequent attendee at Davos World Economic Forum
  • Frequent Speaker @ Clinton Global Initiative http://www.dailymotion.com/video/x2ytfrs https://archive.is/MWKee
  • Criticisms: -- In his 'Planet of Slums'[104] Mike Davis argues that de Soto, who Davis calls 'the global guru of neo-liberal populism', is essentially promoting what the statist left in South America and India has always promoted—individual land titling. Davis argues that titling is the incorporation into the formal economy of cities, which benefits more wealthy squatters but is disastrous for poorer squatters, and especially tenants who simply cannot afford incorporation into the fully commodified formal economy. -- An article by Madeleine Bunting for The Guardian (UK) claimed that de Soto's suggestions would in some circumstances cause more harm than benefit, and referred to The Mystery of Capital as "an elaborate smokescreen" used to obscure the issue of the power of the globalized elite. She cited de Soto's employment history as evidence of his bias in favor of the powerful. https://www.theguardian.com/business/2000/sep/11/imf.comment http://www.slate.com/articles/news_and_politics/hey_wait_a_minute/2005/01/the_de_soto_delusion.html
Tomicah Tilleman
  • https://en.wikipedia.org/wiki/Tomicah_Tillemann
  • Dr. Tomicah Tillemann is Director of the Bretton Woods II initiative. The initiative brings together a variety of long-term investors, with the goal of committing 1% of their assets to social impact investment and using investments as leverage to encourage global good governance. Tillemann served at the U.S. State Department in 2010 as the Senior Advisor on Civil Society and Emerging Democracies to Secretary Hillary Clinton and Secretary John Kerry. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Tillemann received his B.A. magna cum laude from Yale University. He holds a Ph.D. with distinction from the School for Advanced International Studies at Johns Hopkins University (SAIS) where he also served as a graduate level instructor in American foreign policy. http://live.worldbank.org/node/8468 https://archive.is/raDHA
  • Secretary Clinton appointed Tomicah Tillemann, Ph.D. as the State Department’s Senior Advisor for Civil Society and Emerging Democracies in October 2010. He continues his service under Secretary Kerry.
  • Mr. Tillemann and his team operate like venture capitalists, identifying ideas that can strengthen new democracies and civil society, and then bring together the talent, technology and resources needed to translate promising concepts into successful diplomacy. He and his team have developed over 20 major initiatives on behalf of the President and Secretary of State.
  • Mr. Tillemann came to the State Department as a speechwriter to Secretary Clinton in March 2009 and collaborated with her on over 200 speeches. Earlier, he worked for the Senate Foreign Relations Committee, where he was the principal policy advisor on Europe and Eurasia to Committee Chairmen, Senators Joe Biden and John Kerry. He also facilitated the work of the Senate's Subcommittee on European Affairs, then chaired by Senator Barack Obama. Mr. Tillemann’s other professional experience includes work with the White House Office of Media Affairs and five U.S. Senate and Congressional campaigns. He was a reporter with Reuters New Media and hosted a commercial radio program in Denver, Colorado. http://m.state.gov/md160354.htm https://www.newamerica.org/our-people/tomicah-tillemann/ https://archive.is/u2yF0
  • Director of “Bretton Woods II” initiative at New America Foundation Bretton Woods was an international summit that led to the creation of the IMF and the IBRD, one of five members of The World Bank
Jamie Smith
Jason Weinstein
Paul Brody (no longer appears on site, and his LinkedIn has no mention of Bitfury, but he is mentioned in a Press Release
  • https://www.linkedin.com/in/pbrody
  • Ernst & Young since 2015 as “Americas Strategy Leader”, “Global Innovation Leader”, and “Solution Leader”
  • Prior to E&Y, he was an executive at IBM since 2002
New America Foundation
Muskoka Group
[note: this is worthy of much more research]
  • https://www.bloomberg.com/news/articles/2016-08-29/blockchain-s-backers-embark-on-campaign-to-improve-its-image
  • Don Tapscott, co-author of the book “Blockchain Revolution,” hosted the meeting with his son and co-author Alex Tapscott at his family’s summer compound in Lake of Bays, Ontario. The group included some of blockchain’s biggest backers, including people with ties to IBM and JPMorgan. They considered ways to improve the governance and oversight of the technology behind the digital currency bitcoin as a way to fuel the industry’s growth. They included Jim Zemlin, executive director of the Linux Foundation; Brian Behlendorf, executive director of the Hyperledger Project, a blockchain supporter group that includes International Business Machines Corp., Airbus Group SE and JPMorgan Chase & Co.; and Ana Lopes, board member of the World Wide Web Foundation. Participants with blockchain industry ties include former deputy White House press secretary Jamie Smith, now chief global communications officer of BitFury Group Ltd., and Joseph Lubin, founder of startup Consensus Systems.
Blockchain Delegation Attends Democratic National Convention https://archive.is/k16Nu
Attendees:
Jamie Smith — The Bitfury Group & Blockchain Trust Accelerator Tomicah Tillemann— New America Foundation & Blockchain Trust Accelerator Alex Tapscott— co-author: Blockchain Revolution Brian Forde — MIT, Digital Currency Initiative
Brian Forde
  • Was the founding director of the MIT Digital Currency Initiative -Left his 4 year post as White House Senior Advisor for Mobile and Data Innovation to go directly to the MIT DCI
  • Brian Forde has spent more than a decade at the nexus of technology, entrepreneurship, and public policy. He is currently the Director of Digital Currency at the MIT Media Lab where he leads efforts to mainstream digital currencies like Bitcoin through research, and incubation of high-impact applications of the emerging technology. Most recently he was the Senior Advisor for Mobile and Data Innovation at the White House where he spearheaded efforts to leverage emerging technologies to address the President’s most critical national priorities. Prior to his work at the White House, Brian founded one of the largest phone companies in Nicaragua after serving as a business and technology volunteer in the Peace Corps. In recognition of his work, Brian was named a Young Global Leader by the World Economic Forum and one of the ten most influential people in bitcoin and blockchain. https://www.linkedin.com/in/brianforde https://archive.is/WjEGU
Alex Tapscott
World Economic Forum
  • Strategic Partners: https://www.weforum.org/about/strategic-partners
  • Includes Accenture (See Avinash Vashistha), Allianz, Deloitte (Scaling Bitcoin platinum sponsor, Blockstream Partner), Citigroup, Bain & Company (parent of Bain Capital, DCG investor), Dalian Wanda Group (working on blockchain technology), Ernst & Young (see Paul Brody), HSBC (Li-Ka Shing, Blockstream investor, used to be Deputy Chairman of HSBC), IBM, KPMG International, Mastercard (DCG Investor), PwC (Blockstream partner, also sponsor of Scaling Bitcoin)
  • Future of Financial Services Report [PDF] The word “blockchain” is mentioned once in this document, on page 23 (http://i.imgur.com/1SxyneJ.png): We have identified three major challenge areas related to innovation in financial services that will require multi-stakeholder collaboration to be addressed effectively. We are launching a project stream related to each area, with the goal of enabling tangible impact.... Decentralised systems, such as the blockchain protocol, threaten to disintermediate almost every process in financial services
  • The Steering Group who authored the report is a who’s who of the global financial elite. (Pages 4 & 5) http://i.imgur.com/fmYc1bO.png http://i.imgur.com/331FaX6.png
Bitfury Washington DC Office
Washington DC Office 600 Pennsylvania Avenue Suite 300 Washington, D.C. 20003
http://bitfury.com/contacts https://archive.is/ugvII
Bitfury Chosen for Ernst & Young Blockchain Startup Challenge
Deloitte Unveils Plan to Build Blockchain-Based Digital Bank http://www.consultancy.uk/news/12237/deloitte-unveils-plan-to-build-blockchain-based-digital-bank https://archive.is/UJ8Q5
submitted by 5zh8FoCiZ to btc [link] [comments]

[Tuesday, November 20 2018] Germany ends all arms sales to Saudi Arabia; In a new study, researchers have shown that dogs possess some 'metacognitive' abilities; Gunman opens fire at Mercy Hospital, wounds at least 4; Bitcoin plunges 15% to $4,200, a new low for the year

/worldnews

/news

/UpliftingNews

  • speckz
    Israeli scientists develop implanted organs that won’t be rejected - Breakthrough development uses a patient's own stomach cells, cutting the risk of an immune response to implanted organs.
    Comments || Link

/nottheonion

/science

  • Wagamaga
    [Title Post] In a new study, researchers have shown that dogs possess some 'metacognitive' abilities -- specifically, they are aware of when they do not have enough information to solve a problem and will actively seek more information.
    Comments || Link

/gadgets

/medicine

/business

/AskReddit

  • Callmedave1
    What’s the most “are you really that stupid” thing you’ve ever heard ?
    Comments
  • AbovetheIine
    People who have been shot, what are some things that movies don't portray correctly?
    Comments

/todayilearned

  • Lithide
    TIL an actor in Nazi Germany lost his job for being Jewish. He went to the Alps, grew a beard, and dyed all his hair by bathing in diluted hydrogen. He returned to the stage claiming to be a self-taught peasant actor and was praised by the Nazis as "proof of the superiority of Aryan blood."
    Comments || Link
  • CipherInTheKnow
    TIL that Detroit has the worst 911 response time in America, with police & EMS taking over an hour to show up. In 2013, despite numerous 911 calls, police arrived 90 minutes later to find Stacey Hightower had been murdered by an intruder. Her mother sued the city of Detroit, but they were bankrupt.
    Comments || Link
  • CaptainStarMilk
    TIL the world record for the loudest thing ever shouted belongs to an Irish teacher who shouted the word "quiet" at 121 decibels, the equivalent of a jet engine.
    Comments || Link

/Cooking

/food

/Baking

  • biscuitsandgravybaby
    I am usually not the best baker but today I made 2 pumpkin logs, 100% from scratch. I roasted and puréed the pumpkin myself (never again!)They have an orange and cinnamon cream cheese filling and are officially the first thing I’ve baked that I’m proud of.
    Comments || Link

/Art

/OldSchoolCool

  • Justsoinsane
    Freddy Mercury and Queen performing in front of 120,000 fans for their their final concert together. Knebworth Park, Hertfordshire, 1986.
    Comments || Link

/pics

/gifs

/oddlysatisfying

/interestingasfuck

/aww

/Awwducational

  • AlpineCorbett
    Blue Penguins are the smallest type of penguin. Adults reach only 12-13in tall. Owing to their small size and bright color they are often called Fairy Penguins.
    Comments || Link

Something New

Everyday we’ll feature a selected small subreddit and its top content. It's a fun way to include and celebrate smaller subreddits.

Today's subreddit is...

/holdmycatnip

Its top 3 all time posts
submitted by kaunis to tldr [link] [comments]

[26 Frights-inspired] The Tip of the Iceberg

Background here
"Mike?" He and Lefty had received a Skype call from a mysterious guy wearing an Anonymous mask. "I know what you're up to. I boosted a flash drive and a bunch of hard-copy documents from a government facility, and I'm sending you a teaser for free. If you want the rest, it'll be two bitcoin."
A window popped up for a download on the computer. 7.8 gigabyte .zip file, structured into 26 directories named after the letters of the military alphabet. "Each folder contains one or more projects you might find interesting; I've only included one per letter. You'll have to pay to get the rest."
Mike and Lefty had been afraid that even Animus was just the start of it, and this massive data dump all but confirmed their worst fears.
It wasn't just Freddy's and Baby's; they'd known that for months. And it wasn't just the mysterious Animus organization either. Nope, Animus was just one sliver of the project. A readme.txt file indicated that these 26 folders were scans of documents and photos that had been, ahem, "liberated" from a US government facility.
The 26 directories were each named after a letter of the NATO phonetic alphabet, from Alfa to Zulu. Using an invitation-only Facebook group, Mike, Lefty, and a couple of their friends set about attempting to determine what each letter represented. Eventually, they had a working list based on the documents that they were able to find. The easiest to track down was "Papa." The name referenced Pennsylvania, where some of the earliest known experiments were conducted, as well as Portsmouth - the industrial park out of which Animus had its New England operations - and Animus itself. The others were more tentative, but they implied that they had only discovered one twenty-sixth of the American deep state's involvement in grave ethics violations, and many of them had names that were subtle references to their subject matter.
The next one that they focused on was Charlie. "That's me!" Lefty squealed with excitement. They were horrified to reveal that it was in fact about their great-uncle Charles, who served the US during World War II and even survived a notorious Japanese POW camp before slipping into PTSD and hanging himself from the rafters of his detached garage in '49.
Alfa - Appears to denote a facility located in Alpharetta, Georgia. Photos show that it was a daycare or school of some sort.
Bravo - A joint US-Brazilian government project dating to the military dictatorship, possibly (based on the pictures shown) involving observation of and experiments on uncontacted Amerindian tribes in the deep Amazon.
Charlie - Photos show a high school identified as Charlotte's great-uncle (Charles)' alma mater, as well as detailed information on his life and his role as a [REDACTED] during the Second World War.
Delta - This folder has two sub-folders. Delta-1 appears to be set in the Niger Delta region of Nigeria. No further details were included in the folder. Delta-2 appears to be related to the Tuskegee syphilis study as well as other unethical experiments on African Americans in the segregated South.
Echo - Appears to be a codename for Operation Gladio, with which the US worked to support far-right elements in Cold War Europe, such as the "echoes" of fascism.
Foxtrot - Insufficient information to specifically identify a location, but the scanned documents hint at a project that involved the use of art and music (particularly jazz and rock) to promote US interests.
Golf - A network of top-secret detention facilities throughout American allies, many violating local laws. These appear to include Guantánamo Bay. Connections to golfing are vague, although some interrogations appear to have occurred inside a country club in Pakistan.
Hotel - Unethical human experiments on prisoners in California.
India - Infiltration of Tibetan Buddhist minorities in India and Nepal as well as other studies with mysticism in Eastern religions (Buddhism, Hinduism, and Sufi Islam). Some information also on advanced physics and space travel as well as a profile of Indian-American astronaut Kalpana Chawla, who died on the Columbia.
Juliett - Appears to involve La Cosa Nostra (the Italian mafia). Further details weren't included in the sampler.
Kilo - Two subfolders. The first appears to discuss, via cryptic codes, allegations of CIA cocaine trafficking. Extensive documentation of the US-built Mayaguana airport in the eastern Bahamas. The second presents a roadmap for dismantling the Israeli labor movement and includes a highly unethical study on the dynamics of Israeli kibbutzim, apparently using bugs located within children's toys. One of the toys resembles a Freddy plush.
Lima - Two subfolders. The first appears to relate to former Peruvian leader Alberto Fujimori. The second appears to suggest US involvement in the South American Dirty War.
Mike - Surveillance, from bugged microphones to NSA internet logging. Texts that appear to be from Mark Zuckerberg were found within the folder, as were detailed information including names and dates of birth of over 12,000 Facebook users.
November - Two subfolders. The first includes detailed specifications for US voting machines. The second includes extensive documentation of the Novena neighborhood in Singapore. It is unclear what the US government would have with Novena, although one photo has been identified as the home of a Singaporean parliamentarian for the ruling party during the late 1980s.
Oscar - Two subfolders. The first contains extensive documentation of the public and private life of American film star and center-left activist [REDACTED]. The second contains extremely detailed surveillance of actor, conservative activist, and president Ronald Reagan, including photographs of family dinners and of the future president's son Ron sleeping in bed.
Papa - Animus.
Quebec - Allan Memorial Institute, Montreal. CIA mind-control experiments.
Romeo - Only a few files were included in the free sampler that Lefty and Michael received, but it appears to involve cooperation with the Japanese yakuza, similar to Juliett.
Sierra - Two subfolders. The first discusses experimentation with genetically engineered fertilizers as well as defoliants such as Agent Orange. The second contains extremely detailed information on the workings of environmentalist organization Sierra Club.
Tango - Three subfolders. The first involves attempts to reach out to Nazi fugitives in Argentina, Uruguay, and Brazil. The second describes extremely detailed relations with Russia and China and placing pro-US capitalists within both the Russian and Chinese hierarchies between the 1970s and 1990s as well as manipulation of the Russian and Chinese economies to ensure that American capital always wins. The third is empty except for a single scanned page discussing "energy sources from beyond the grave."
Uniform - Two subfolders. The first describes unethical chemical experiments on American soldiers during the first Gulf War. The second discusses the manipulation of satellites and GPS systems to make "targeted individuals" disappear.
Victor - Rigging elections in Turkey during the 1960s-1990s.
Whiskey - Contains very detailed intel on the decline of the British empire and on anti-colonial movements within.
X-ray - Two subfolders. The first contains a very detailed description of ties between US government officials and the current (as of 2018) Xi Jinping administration in China. The second is focused on nuclear experiments and military bases on Bikini Atoll in France and the British Indian Ocean Territory.
Yankee - Popular culture and social media manipulation. Appears to contain biographical information on New England-based cosmic horror author HP Lovecraft, founder of the Cthulhu Mythos and inspiration of Stephen King, as well as detailed specifications of King's home in Maine and New England-based media campaigns unrelated to horror fiction.
Zulu - Clandestine support, including arms trafficking, for the apartheid regime. Apparent unethical anthropological studies on Khoisan bushmen.
submitted by 19djafoij02 to fivenightsatfreddys [link] [comments]

TERA CRYPTO CURRENCY PROJECT

TERA is an open source and collaborative project. It means everyone can view and eventually modify its source code for hehis own needs. And it also means anyone is welcome to integrate its working community. The Tera community works to develop, deploy and maintain Tera nodes and decentralized applications that are part of the TERA Network.
The TERA technology serves the cryptocurrency concepts, trying to design a modern coins and contracts blockchain application : fast block generation, high transaction throughput and user-friendly application. It was officialy launched on 30th of June 2018 on the bitcointalk forum.
[Yuriy Ivanov](mailto:[email protected]) is the founder and core developer of the project. The Tera community is more familiar with the alias « vtools ».

USER FRIENDLY APPLICATION

In the aim to make this crypto currency project more friendly to end-users, some interesting innovations have been implemented in regards to the first generation of crpyto currency applications. The bitcoin and its thousands of child or fork, required a good level of IT skills in order to manage all the application chain from its own : from miners and its hardware, through stratum servers, proxies, to blockchain nodes. The Tera project intend to go one step further regarding crypto currency features integration into a single application : once installed, an efficient web application is available on localhost on port 8080. Then, any web browser supporting javascript may be able to access this application and to operate fully the Tera node.

MINING A CRYPTO CURRENCY

MINING CONCEPT

The mining activity consist in calling a mathematical procedure we can’t predict the result before we run it. But we intend to obtain a very specific result, which usually consist in a certain number of 0 as the first chars before any random answer. If we found the nonce (a random object) combined with the transaction data and the coin algorithm that produce such result, we’ll have solve a transaction block and we’ll get a reward for that. Thanks to this work, the transaction listed in the block will be added to the blockchain and anyone will be able to check our work. That’s the concept of ‘proof of work’ allowing anyone to replay the mathematical procedure with the nonce discovered by the node that solved the block and to confirm block inclusion into the blockchain.

POLITICAL AND ETHICAL CONSIDERATIONS

The Tera project is young. It will have to face the same problems is facing today the Bitcoin platform :
Any Crypto Currency Project with the goal its money and contracts to be used as any other historical money or service contract has to consider its political and ethical usage. Processes have to be imagined, designed and implemented in order to be able to fight against extortion, corruption and illegal activities threating crypto-currency development.

FAST BLOCK GENERATION AND HIGH THROUGHPUT

CLASSIC CRYPTO CURRENCY FEATURES

wallet, accounts, payments, mining, node settings and utilities, blockchain explorer and utilities…

DECENTRALIZED APP CATALOGUE

d-app : forum, stock exchange, payment plugins for third party platform, …

TECHNOLOGY DEPENDENCIES

Tera is entirely written in Java) over the NodeJS library as functional layer in order to take advantages of a robust and high level library designed to allow large and effective network node management.
The miner part is imported from an external repository and is written in C in order to get the best performances for this module.
Tera is actually officially supported on Linux and Windows.
If you start mining Tera thanks to this article, you can add my account 188131 as advisor to yours. On simple demand I’ll refund you half of the extra coins generated for advisors when you’ll solve blocks (@freddy#8516 on discord).

MINING TERA

Mining Tera has one major design constraint : you need one public IP per Tera node or miner. Yet, you can easily mine it on a computer desktop at home. The mining algorithm has been designed in order to be GPU resistant. In order to mine Tera coin you’ll need a multi-core processor (2 minimum) and some RAM, between 1 and 4GB per process that will mine. The mining reward level depends of the « power » used to solve a block (Top Tera Miners).

COST AND USAGE CONSIDERATIONS

There is two main cost centers in order to mine a crypto currency :
  1. the cost of the hardware and the energy required to make a huge amount of mathematical operations connected to the blockchain network through the Internet,
  2. the human cost in order to deploy, maintain and keep running miners and blockchain nodes.
As the speculation actually drives the value of crypto currencies, it is not possible to answer if the mining activity is profitable or not. Moreover, hardware, energy and human costs are not the same around the globe. To appreciate if mining a crypto currency is profitable we should take all indirect costs : nature cost (for hardware and energy production), human cost (coins and contracts usage, social rights of blockchain workers).

Original: https://freddy.linuxtribe.frecherche-et-developpement/blockchain-cryptocurrency-mining/tera-crypto-currency-project/
Author: Freddy Frouin, [email protected].
submitted by Terafoundation to u/Terafoundation [link] [comments]

[Sunday, 25. November]

World News

Parliament has used its legal powers to seize internal Facebook documents in an extraordinary attempt to hold the US social media giant to account after chief executive Mark Zuckerberg repeatedly refused to answer MPs’ questions.
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95-year-old charged as accessory to 36,000 deaths at Nazi concentration camp
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Jamal Khashoggi killing: Finland, Denmark, Germany halt arms sales to Saudi Arabia
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All news, US and international.

Man killed by cops during Alabama mall shooting had a permit: Actual shooter remains at large
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Airlines face crack down on use of 'exploitative' algorithm that splits up families on flights
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U.K. military head says Russia poses an even bigger threat than the Islamic State
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Science

Scientists have developed catalysts that can convert carbon dioxide – the main cause of global warming – into plastics, fabrics, resins and other products. The discovery, based on the chemistry of artificial photosynthesis, is detailed in the journal Energy & Environmental Science.
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A study has found social network bots actually target and pursue individual influencers. Bots tend to generate negative content aimed at polarizing highly influential human users to exacerbate social conflict
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Effects of childhood trauma may be passed on through sperm in humans
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Technology

Bitcoin sinks below $4,000 as the crypto market takes another hefty beating
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An all-electric mini-airliner that can go 621 miles on one charge and replace many of the turboprops and light jets in use now—flying almost as far and almost as fast but for a fraction of the running costs—could be in service within three years.
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LinkedIn violated data protection by using 18 million email addresses of non-members to buy targeted ads on Facebook.
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Sadly, this is not the Onion.

AI Mistakes Bus-Side Ad for Famous CEO, Charges Her With Jaywalking
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Young Scots say not drinking alcohol holds back their career
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Brazilian woman laced vagina with poison to kill husband
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Ask Reddit...

What unsolved mystery has absolutely no plausible explanation?
Comments
What's a fucked up movie everybody should watch?
Comments
Airport security personnel of Reddit, what is the weirdest thing you have seen inside the passengers' luggage?
Comments

Sysadmin

Thank you for the Office365 Admin android app..
Comments
"Well, go unplug one of the VM tanks, if you don't believe me" - put my money where my mouth was, won :D
Comments
Some needlessly angry and probably wrong thoughts about Microsoft licensing
Comments

Microsoft SQL Server

Print book in color or black and white?
Comments

PowerShell

Has anyone made an application out of powershell? If so, what was it?
Comments
Change the cluster size of a volume.
Comments
PS and Excel: I have a solution to share and an extremely odd probelm
Comments

Functional 3D Printing

My last project: remote radio transmitter.
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Solder Fume Extractor and Helping Hands
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Added a height adjustable base to my microscope. Slide locked with 3d printed screw. I spent some time getting it right.
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Data Is Beautiful

[OC] Is someone compensating? Avg Country Penis Size vs Country's Tallest Building
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[OC] Friends TV Series - Most Distinguishing Words of The Main Cast
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SHA-1 Graph Visualization [OC]
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Today I Learned (TIL)

TIL that Steve Jobs often went to his biological father's Mediterranean restaurant in San Jose and even shook his hand. At the time, his dad didn't know that Jobs was the baby he gave away for adoption, and Jobs didn't know that he was his father.
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TIL there is only one person registered as a "Rectal Teaching Assistant" in the UK, traveling the country offering his anus to be examined by trainee doctors. He has since lost his job to a robot anus.
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TIL that "Zohnerism", the use of true fact(s) to lead a scientifically ignorant public to a false conclusion, was coined after 14yr old Nathan Zohner convinced his classmates to join in on banning the ''dangerous chemical dihydrogen monoxide'' (water) from school for an experiment about gullibility.
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So many books, so little time

Do you guys remember Artemis Fowl?
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Who here has read The Legend of Drizzt series? I've been waiting and waiting on them to make it into a movie or a series like on HBO or something.
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I got new books!
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OldSchoolCool: History's cool kids, looking fantastic

Clint Eastwood at home in Sherman Oaks, California, (1960's).
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Rest in Peace Freddie Mercury, September 5th 1946-November 24th 1991. We miss you.
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My grandfather and great-grandmother in 1941. He always wanted to be a pilot in the Air Force but wasn’t allowed to because of his colorblindness.
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aviation

No idea when or where this was but found it in my Dads old shit
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Sexy Corsair right there
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It’s the small things that make you happy (Groundspeed)
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Reddit Pics

After being married for 6 years and being dirt poor for 5 of them, my wife and I bought our first Christmas tree and couldn’t wait to put it up. It’s a small accomplishment, but a welcome one.
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Damn, if that isn't an amazing view..
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The Queen trying not to laugh after being pranked by her husband, Prince Phillip, who has dressed as a guard of the Palace.
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.gifs - funny, animated gifs for your viewing pleasure

Oops, I overslept
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Most beautiful duck
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The best Before/After
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A subreddit for cute and cuddly pictures

22 years and counting.
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I remember the first time I ever looked into your eyes and felt my entire world flip.
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Don’t touch our kids!
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submitted by DangerDylan to DangerDylanTLDR [link] [comments]

[Tuesday, 06. November]

World News

Anti-vaccine movement spreading ‘fake news’ online and putting children at risk, England’s top doctor warns
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Emmanuel Macron calls for creation of a ‘true European army’ to defend against Russia and the US
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U.S. soybean sales to China down 94% thanks to Trump trade war
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All news, US and international.

U.S. regulator demands companies take action to halt 'robocalls'
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Former Nazi SS camp guard, 94, goes on trial in Germany
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After almost 13 years of being wrongly convicted and imprisoned for murder, a Miami man is freed after an investigation made by twenty college journalism students.
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Science

Energy cost of 'mining' bitcoin more than twice that of copper or gold: New research reveals that cryptocurrencies require far more electricity per-dollar than it takes to mine most real metals
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Air pollution linked to autism: study. The study found that exposure to fine particles (PM2.5) from vehicle exhausts, industrial emissions and other sources of outdoor pollution increased the risk of developing autism spectrum disorder (ASD) by up to 78%.
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Deforestation in Malaysia has brought humans and mosquitoes closer together, making it "ground zero for the next malaria menace"
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Technology

Amazon employees hope to confront Jeff Bezos about law enforcement deals at an all-staff meeting - The ‘We Won’t Build It” group sent a letter to the CEO this summer decrying the company’s relationships with police.
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Voting machine manual instructed election officials to use weak passwords.
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The Unresolved Issue of Verizon Throttling Santa Clara’s Fire Department Shows Why ISPs Need Rules
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Sadly, this is not the Onion.

Guy Fawkes event in King's Point shut down for being actual dumpster fire
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Under Armour employees no longer allowed to expense strip club visits
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Man Reunited With Pet Snake He Accidentally Donated to Fort Worth Goodwill
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Ask Reddit...

Men of Reddit, what are the little things that attract you to someone that they would never guess you find cute, sexy, etc?
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Reddit, what's a good mobile game that's not filled with cancerous amounts of micro-transactions?
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What trend was popular when you were a kid that you thought, “man this will be popular forever. Surely this will never be dated!!”?
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Sysadmin

u/harritaco made the news!
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PSA: New SSD Encryption Exploit (Can affect Bitlocker too!)
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Tools & Info for SysAdmins - Network Tools, SysAdmin Book, Data Centre Podcast Etc
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Microsoft SQL Server

SQL as a data analysis tool
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PowerShell

Exporting to your clipboard as html
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Need to download 1 million files via web requests and wants to speed up the process - what are my options?
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Push powershell scripts and configuration from central server
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Functional 3D Printing

Thought it belongs here
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Made this for my NATO bands
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3D printed Prosthesis Cosmetic Cover - Discrete Design [Creality CR 10]
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Data Is Beautiful

[OC] US Population Projections by age through 2060
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Most representative country flag per continent [OC]
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[OC] My train journeys in the Netherlands since 2015
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Today I Learned (TIL)

TIL that in 1983 the head of a woman was found in a peat bog in England. A man assumed it belonged to his wife, who he had murdered and dumped in the bog in 1961, and made a full confession. The remains were dated and discovered to be 1750 years old. The man was still convicted of his wife's murder.
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TIL That ants are self aware. In an experiment researchers painted blue dots onto ants bodies, and presented them with a mirror. 23 out of 24 tried scratching the dot, indicating that the ants could see the dots on themselves.
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TIL that Superman was originally a vigilante fighter and in one instance was fired upon by the National Guard after he destroyed a slum to force the government to build better housing for the poor. He was also often depicted using lethal force and attacking wife beaters, profiteers, and lynch mobs.
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So many books, so little time

Anyone else think the Bartimaeus trilogy is criminally underrated?
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Please reread your high school book lists.
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Just finished Steinbecks East of Eden
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OldSchoolCool: History's cool kids, looking fantastic

Young Freddie Mercury in his school in Bombay, Circa 1960
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Florence Ilott in 1934 becoming the first person to run across Westminster Bridge within the twelve chimes of Big Ben
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American Women voting for the 1st time - 1920
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aviation

Basic forces of flight explained
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Beautiful morning at Heathrow
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This airline's only plane.
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Reddit Pics

Grandpa is so Happy that Sam's is carrying potato's from his small farm in Idaho, he went to the store and bought a bag himself.
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This student sat under a tent in the windy rain and cold all day today in Brooklyn to help people find out if and where they can vote tomorrow. I asked him who he was working for, he said himself. This is what democracy is all about.
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Someone skipped the class where they told you that 50 years ago this wouldn’t have been a family either
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.gifs - funny, animated gifs for your viewing pleasure

Prancing wolves slipmat.
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Animating a Soda Can
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I did some timelapses of inversion clouds
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A subreddit for cute and cuddly pictures

According to his owner, "He constantly thinks the screen door is closed, so we have to pretend to open it for him to come inside."
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Beautiful autumn, beautiful cat
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He wanted to be "a shirt" for Halloween
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submitted by DangerDylan to DangerDylanTLDR [link] [comments]

[Friday, August 11 2017] China kills AI chatbots after they start praising US, criticising communists; NASA plans to review atomic rocket program; Amazon May Take On Ticketmaster With New Event-Ticketing Business; What will be the "turns out cigarettes are bad for us" of our generation?

/WorldNews

/News

/nottheonion

  • [deleted user]
    Knife robber tries to rob Glasgow shop but is beaten with mop, tries to rob nearby shop and is beaten with mop again
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/science

  • sataky
    Hallucinations arise when the brain gives more weight to its expectations and beliefs about the world than to the sensory evidence it receives
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/space

  • TampaRay
    The Russian Mayak satellite failed to deploy its reflective sail that would have placed it among the brightest objects in the night sky
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  • Portis403
    [Title Post] NASA plans to review atomic rocket program
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/technology

/dataisbeautiful

/AskReddit

  • Walbricks
    [Title Post] What will be the "turns out cigarettes are bad for us" of our generation?
    Comments
  • KlvrDissident
    If you were a dictator what is the pettiest thing that would be punishable by death?
    Comments

/TodayILearned

  • danishwar
    TIL that in Japan, Hiroshima Peace Flame has been burned continuously since it was lit in 1964, and will remain lit until all nuclear bombs on the planet are destroyed and the planet is free from the threat of nuclear annihilation
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/IAmA

  • VincereStarcraft
    2.5 years ago we had no idea how to make a game. Yesterday we launched Fictorum, a game we had a successful Kickstarter and was on the top sellers list of Steam. We are Scraping Bottom Games AUA!
    Comments

/food

/OldSchoolCool

  • gdbailey
    My grandmother turned 98 this week. This is her in her full nursing uniform during WWII.
    Comments || Link

/pics

/photoshopbattles

/gifs

/wholesomegifs

  • attheisstt
    Man Who Saved 669 Children During The Holocaust Has No Idea They’re Around Him On Live Television Show.
    Comments || Link

/videos

/oddlysatisfying

/MildlyInteresting

/interestingasfuck

/MostBeautiful

/EarthPorn

  • B1G_M00se
    Interior Alaska, end of summer. [OC] [5000x3200]
    Comments || Link
  • Andromeda321
    Went canoe camping for the first time ever in Algonquin Provincial Park, Ontario, Canada. Rained a ton but this sunset made it all worthwhile [320x568]
    Comments || Link

/HistoryPorn

/Aww

Something New

Reddit is HUGE with 1,128,024 subreddits. This number is updated daily!
Everyday we’ll feature a random, small subreddit and its top content. It's a fun way to include and celebrate smaller subreddits.

Today's random subreddit is…

/SneakyBackgroundFeet

This subreddit is for posting / x-posting photos whereby the submitter focused on the main subject of the image but captured a foot or feet in the background as well.
Its top 3 all time posts:
submitted by kaunis to tldr [link] [comments]

[Table] I am Antony Davies, associate professor of Economics at Duquesne University, columnist, and sometime tech entrepreneur. AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-05-22
Link to submission (Has self-text)
Link to my post
Questions Answers
What say you about the Austrian School of Economics? As an econometrics guy, you don't seem to have that in common, but you have seemingly come to largely the same conclusions, i.e. free markets, free trade, etc. I am new to Austrian economics. I got all the way through undergraduate and PhD work and had never heard of Hayek, Mises, or Rand. When I finally heard the Austrian perspective, I was amazed -- using philosophical tools, the Austrians reach the same conclusions that I reached using econometric tools. I believe economics should be taught, at the undergraduate level, from an Austrian perspective. The graphs and equations that populate the standard undergraduate texts speak only to small subset of students. The Austrian approach, however, speaks to a broad audience and provides a solid intuitive understanding of economics that is very difficult to get from a picture.
What specific public policy change in the US do you think would most benefit society in the short and long term? What the US needs to do is something like the following (I've run the numbers, so what I'm about to say is approximately correct)...
(1) Cut federal spending by 10%. If you want to avoid cutting something (e.g., Social Security), then cut something else by more, but the total must come out to a 10% cut. (2) Hold spending constant (no adjustments for inflation) for four years. (3) At the end of year 5, we'll have a balanced budget. From that point forward, the growth in government spending must not exceed the growth in real GDP.
Why would getting a balanced budget help us in the short term? The problem is the debt. As it continues to grow, we approach a point at which the interest payments eat so much of our tax revenue that there is little money left to do the things government needs to do.
Balancing the budget would cause the debt to stop growing.
The CBO estimates that in the next decade, interest payments as a percent of GDP will be no higher than it was during the Bush years. Tell me again why getting a balanced budget will help us in the short term? I've done an analysis of historical CBO forecasts. Of the available 170+ times they have forecasted, they overestimate tax revenues 75% of the time, underestimate spending 80% of the time, and underestimate the debt 90% of the time.
Thank you for all the work you do over at Learn Liberty and for doing this AMA. I don't agree. Sometimes, the economy is like a tube of toothpaste. The government can push down on one end and all that happens is that the other end bulges. In this case, there is no question that the bailout saved jobs in Detroit and saved us the immediate pain of car companies and their suppliers and finaciers going bankrupt.
Today, the conventional wisdom seems to be that the financial and automotive industry bailouts bailouts averted an even worse crisis and saved us from an awful depression. However, what the bailout ultimately did was to keep a large chunk of our scarce resources tied up in industries that have demonstrated their inability to use those resources in the best possible way. So, a decade or two or three from now, we're going to be right back to the dealing with the same problem because we didn't address the disease. We addressed the symptom.
What is your position on the bailouts? And what do you believe would have happened if they had not been implemented? Think of it as a law of conservation of economic pain. The government can't make the pain of wasted resources go away -- it can only shift the pain to the future.
I've seen some of your videos concerning the national debt/budget deficits. What's your prediction on the outcome? Will we see any policy changes before it's 'too late'? And what does it look like when it is, in fact, 'too late'? High inflation? Hyperinflation/currency crisis? A major change in the way government works? I'll give you my personal prediction, though I'm not yet comfortable enough in it to write about it in the press.
I predict the following sequence of events: (1) The economy begins to pick up and the Fed, fearing inflation, starts to let interest rates rise; (2) The federal government -- the largest borrower in the U.S. -- can't afford higher interest payments, so it puts pressure on the Fed to hold interest rates low; (3) Some compromise is reached and the result is a mix of some increase in interest rates and some inflation; (4) Let simmer for a while; (5) Government spending reaches a point that there is no option left by monetizing the deficit (i.e., the Fed prints money to fund deficit spending); (6) The dollar ceases to be the global reserve currency; (7) We start to talk about replacing the dollar with a New Dollar.
As a liberal type of guy I often look at talk of hyperinflation and debt crises in general as a lot of hot air. However, I also understand theoretically how extreme debt can cause a number of problematic issues, including high levels of inflation. What are some real world examples of Western/Industrialized economies that succumbed (or almost succumbed) to hyperinflation in the post-WWII era? Think of borrowing and saving as moving consumption and income across time. When I borrow, what I am really doing is consuming now money I will earn in the future. When I save, what I am really doing is consuming later money I earn now.
When a country does this, it is transferring the consumption and income of the taxpayers across time. So, by accumulating $16 trillion in debt, what the US has really done is to take $16 trillion of consumption away from future taxpayers and give it to today's taxpayers. IMHO, that's an extreme example of taxation without representation.
How would you look at the returns on that $16 trillion dollar consumption? Like surely our military spending, infrastructure or any spending now, has a return for the citizens down the road. You are correct, sometimes it is better to borrow and buy things now because the benefit we get from having the things now outweighs the cost of paying for them later. For an individual, college loans are a good example. For a country, military spending is probably a good example. There are probably others.
There is a serious difference, however, between the decision the individual faces and the decision the country faces. The individual compares the benefit of consuming now to the cost of paying later and judges whether to borrow or to save. At a country level, we can't do the same thing because the people who borrow are not the people who are paying back. It would be like your neighbor deciding whether he should borrow to buy a new car, knowing that he would be able to use the force of law to require you to pay back the money he borrowed.
Professor Davies, Thanks for taking time to do this AMA! What do you think current Federal monetary policy & financial law says about citizenship in America today? Duties? Expectations? Allowed Behavior? It seems to me that the duty of an American citizen is to respect other people's property rights (I use the term "property" broadly to include not just people's objects but their lives and well-beings). To that end, anyone who is willing to come here and so live should be considered a citizen.
If you could automatically remove one United states policy what would it be and why? Also if you could make one United states policy what would it be and why? As a homerun, I would remove the Commerce Clause and the Necessary and Proper Clause. As a second best, I'd repeal the 17th Amendment so that Senators would be appointed by the state legislatures. A third idea I've been wondering about recently is how things would be different if the states appointed the Supreme Court Justices -- e.g., election by the fifty state governors.
A freshman econ major here, just so you know. I've noticed in some of your articles you've been critical of Obama's economic policies, notably his stimulus package. However, it seems you fail to address some of the benefits of the stimulus, such as its investment in human capital and the effect it had on aggregate demand and consequently the recession as a whole. Taking these into account, doesn't it lend some merit to Obama's decision? Furthermore, do you believe that the economy would be better off now if Obama had gone with austerity instead? The question is never does a policy have positive effects (which is the way politicians describe policies), but rather, do the positive effects of a policy outweigh the negative effects of that policy. I tell my students that economists don't care about individuals. What I mean by that is, economic policy is not designed for individuals but for the economy as a whole. So, when an economist thinks about policy, he has to think about the effect on the economy as a whole.
If people measured one's preferred form of governance on a scale of 0 to 100 (0= anarchy, 100= dictatorship), what would be your number? My preference is 0, though I could live comfortably with the 1 to 10 range.
On a scale of one to ten, how dumb are you? On a scale of one to ten, how badly do you need me to pay your phone bill this month?
Do you think that financial crisis like the fall of the banks is an intrinsic part of a growth based economy, or was that just a hiccup that we can fix? And if we can fix it, what steps should we take to make sure that doesn't happen again? The financial crisis was very much the result of government intervention. Since the 1970s, Congress has been pressuring banks to extend loans to low-income and risky borrowers. The banks (because they had to bear the cost of failed loans) largely resisted. That all changed when Congress ordered Fannie Mae and Freddie Mac to ramp-up.
The way it is supposed to work is that banks have a profit motive to loan money and a loss motive to avoid loaning money to people who won't pay it back.
Here's how it did work. Banks would lend money to people. FM and FM would immediately buy the mortgages from the banks. End result: The banks had still had a profit motive to loan money to people, but they no longer had the loss motive to avoid loaning money to risky people. By purchasing the loans, FM and FM took the risk away from the banks. Since FM and FM were backed by the US government, that risk got foisted on taxpayers.
The end result was predictable. Notice that the problem wasn't greed. Banks were greedy before. The problem was that the government removed the penalty for greed (loan defaults) so as to encourage banks to make loans that they otherwise would not have made.
What do you think about the role of "Bitcoin" in society? Bitcoin is absolutely the right idea. It is an easily stored and exchanged currency that can't be inflated. It also has the astoundingly beautiful property of being untraceable. If bitcoin (or something like it) takes hold, it will be a huge blow to government controls everywhere.
As far as I know, it isn't strictly untraceable. Also, the exchange rates can still wildly fluctuate, as we have recently seen with the popping of a bitcoin bubble. How do we know that it is the value of the bitcoin that is wildly fluctuating or the value of the dollar? :)
Do you view taxation as a necessary evil? Wow. That's a hard question. Any tax that pays for something that could otherwise be provided by the private sector is probably an evil tax. So, school taxes are evil. Transportation taxes are probably evil.
So, I suppose the question boils down to, "is there anything the government does that could otherwise be provided by the private sector?" I don't know. I think of myself as a "soft anarchist." By that, I mean, while I'm not ready to say that we can survive without government, I haven't yet heard a compelling argument as to why we do need government.
Do you count the national defense as something that could otherwise be provided by the private sector? Private companies already can fulfill many if not most functions of our military. Probably not. However, the "we need government because we need national defense" argument ends up being circular. (1) I need government because I need an army. (2) But, I only need an army to protect me from your army. (3) You are able to have an army because you have a government. Conclusion: The purpose of government is to protect you from government.
What would you say is the book that everyone should read to understand economics? I always recommend The Armchair Economist (Landsburg, Freedom Press) and Eat the Rich (O'Rourke). The former can be read as individual chapters; the latter is a narrative. Both are excellent.
Will the dollar collapse? And if so, when and why? Also, what are your thoughts on the origin of natural rights?? Most explanations I've read from people like Locke tend to explain it through God which seems like a cop out to me. There are good arguments for the origin of natural rights that don't invoke God. Being a theist, I find the ones that do invoke God more satisfying. I find the philosophical discussion fascinating, but I'm not adept enough to be able to reproduce it.
1) Do you think Keynesian multipliers ever exceed 1? I haven't done the calculations myself, but I've seen estimates in studies that range all the way down to less than one. I'm not a fan of the multiplier, but in its defense, it has been abused by politicians. Politicians quote Keynes' prescription for increasing government spending so as to spur economic growth. But they don't quote Keynes' next statement which is, after the economy picks up, return government spending to its original level.
2) What are your thoughts on the Chicago School vs. the Austrian School? I dislike the idea of "schools." It gives the impression of mutually exclusive sets. There's a lot in the "Chicago school" that is good, so too in the "Austrian school." There's also error in both. My tendency is to approach economics from the Austrian school because the Austrians begin with a first principle (people own themselves), and then construct subsequent principles by applying logic to the first principle. I like that approach.
3) There is quite a bit of derision in the /Economics sub about the Austrian school as being outdated and not quantifiable. What would you say in response to that criticism? I disagree. My training is in econometrics and I find a wealth of quantifiable stuff in Austrian economics.
Do you think cutting entitlement spending could ever be politically viable? There seems to be entire blocks of voters who base their entire vote on 'don't touch my medicare'. The interesting thing here is that whether it becomes politically viable is moot. We are going to reach a point (my guess is not sooner than 5 years nor later than 20) at which it becomes mathematically impossible to continue entitlement spending as it is now. At that point, it won't matter whether there is a political will to cut spending any more than it matters whether there is a political will for gravity to pull downward.
What single math principle would you want all politicians to understand? I believe the problem isn't understanding but communication. I would want no politician to offer something to voters without clearly defining the costs. For example, to ask, "Do you want the government to provide you with health insurance?" is (to many people) a no-brainer. But the question doesn't capture the reality of what's being asked. What's really being asked is, "Do you want the government to provide you with health insurance in exchange for lower quality health care and increased unemployment?"
What got you into economics? My mother. She told me to study it. Always listen to your mothers.
What is the most mind-blowing economic fact/theory that you know? Link to www.antolin-davies.com
Have any post WWII Western/post-industrial economies collapsed as a result of debt or inflation? Not to my knowledge, though Cyprus and Greece might become the first examples.
Hello Dr. Davies, what are your thoughts on the Gold Standard? Any system that holds the supply of money relatively constant is good. It doesn't have to be gold. A water standard or a land standard might work just as well. Many advocates of the gold standard go awry when they claim that we need a gold standard because gold is inherently valuable and we need something with inherent value to back the dollar.
This is incorrect. The reason a gold-backed dollar has value isn't because it is backed by gold. It has value because you can hand it to a bartender and he'll give you a beer.
Would prosecuting the ring leaders of the biggest banks, or breaking the too big to fail banks up have a significant impact on the economy? Or is Holder just lying...again? The ring leaders were Congress and the Federal Reserve. Absolutely, banks were acting like corner drug pushers. But it was Congress and the Fed that were the drug cartel.
Do you think the national debt can be repaid without heavy inflation to reduce its effective size? No. For the moment, it is political impossible. In about five or ten years, it will become mathematically impossible.
Which economic school do you lean towards more? Chicago? Austrian? Austrian -- no question.
Whose your favorite George Mason Economic Professor and why? Rob Raffety. He adjuncts in the law school and was a student of mine as an undergrad.
What do you like best about your job? Variety. It's most of the joy of being self-employed without the risk. Probably only half of the educating I do now is done in the classroom. The rest is via videos, opeds, invited lectures, and venues like this. It's gotten even more interesting in the past couple of years as people seem to be waking up to classical liberal thought.
Regarding public policy, what is your stance on immigration? What is your utopia with respect to immigration, and then what kinds of reforms should Congress seek that are practical with today's government and/or society? Peaceful people should be allowed to cross boarders freely. Immigration is really a violation of your economic freedom. Suppose I own a house and a person from Mexico wants to buy it. Were it not for immigration law, we could come to an agreement and freely transact the exchange. When the government prevents the person from coming into the country, it has the same effect as telling me to whom I can and cannot sell my property.
If you had the chance to scrap our tax system, would you? what system would you go to? Absolutely. I'd replace it with an 18% consumption tax -- no exceptions. I'd also accompany it with a Constitutional amendment requiring a balanced budget. Historically, regardless of tax rates, the government collects total revenue equal to about 18% of GDP. So this tax would generate the same revenue as the government has now. The balanced budget amendment would force politicians to make tradeoffs among spending rather than tradeoffs between spending and tax increases.
What is your response to criticisms of the Austrian School of economics? Also, should children be a part of the free market? Do infants have self-ownership? I would also like to know if you have any responses to this or this. To my knowledge, no philosophical system has yet been able to deal with the "children" question. A philosopher friend of mine once said that parents don't own children, they own the right to parent the children. The way I explain it to my own children is that I make for them the decisions I believe they would make for themselves if they had my knowledge and experience.
Professor I have a question for you. I'm Braziliand and we have a conditional assistance program. We don't give welfare to everyone, in fact the only welfare people get is through work, but we do have free healthcare. Technically, you don't have free healthcare. Rather than paying hospitals for healthcare, you pay the government and the government pays the hospitals.
Anyway we have a program that distributes between 20-80 dollars per family below the poverty line, which is substantial for many of them, and costs a bit more than our outrageous senate. I'm usually skeptical of inequality concerns though not of poverty concerns. No one every died of inequality, but far too many people die of poverty.
Link to en.wikipedia.org. I believe that every person has a moral obligation to care for the poor. But to coerce action is to remove the moral component. If a government forces its people to care for the poor, then you have indeed fed the poor, but the feeding is not a moral act since moral actions require free will.
As it turns out these people spend this money in their local environment, local stores, local markets, in the poorer neighborhoods. So, while I can think of several effective ways the government could use its coercive power to fight poverty, I could not say that any of them are legitmate.
Isn't this a legitimate tool for social mobility and a mini-stimulus package which does wonders for the people? I am quite fond of Hayek's theories but in my country we have such an absurd social inequality that initiatives like these make perfect sense to me. One effective way is a negative tax. That is, everyone pays a fixed percentage of their income and everyone receives a fixed check from the government. For example, suppose we all paid 10% of our incomes in tax and received $10,000 from the government. A person with no job would pay $0 in taxes and receive a $10,000 check. A person who earned $200,000 would pay $20,000 and receive a $10,000 check.
econometrics? I've just started a job in econometric modeling so I would love a good reference! The gold-standard is Econometrics by William Greene, but it is extremely heavy mathematically. You need a solid background in linear algebra to get through it.
What do you think of the transaction tax? specifically Link to thetransactiontax.org. One great danger with a tax like this is that if we don't amend the Constitution to get rid of the income tax at the same time that we enact a transactions tax, we will end up with both.
A potential problem is that a transactions tax (as opposed to a sales tax) might require the government to monitor transactions as opposed to sales. I'm not overly comfortable with that.
So let's say we must cut government spending. IMO we should cut off federal funding for states that vote against spending, since they want smaller government. This would probably start with farm subsidies to mid-western states like OK. The free market will provide America with enough food right? What would you cut first? If you're concerned that we won't have enough food because we aren't subsidizing farmers, fear not. We are already paying a lot for our food, but we pay in two forms. One is payment to the farmers when we buy stuff. The other is payment to the government so it can subsidize farmers. Without the subsidies, farmers would get less money from the government and so might have to charge us more. But we would not be paying the government to pay farmers and so our total cost might not be that different. IOW, removing subsidies is less about how. Much we pay farmers than how we pay farmers.
Glad to catch ya mr. davies! Just quick question: If America were to legalize every drug and regulate said drugs, how do you think this would effect the economy? Putting aside drugs that are instantly addictive (they are a problem because they call into question whether the person has freedom of choice), the government would spend a lot less because we wouldn't have a huge portion of our society locked up. Those people who are locked up for drug offenses would then be free to work -- that would be a huge increase in a valuable resource. All told, I believe that economic growth would accelerate.
What are your thoughts on Distributism? I don't know much about it. I understand that it derives from Catholic social thought. CST is often (IMHO) abused by statists. For example, the directive that we have a responsibility to care for the poor is usually interpretted as a call to government intervention. But the Church doesn't say the government has a responsibilty to care for the poor. It says we have a responsibility to care for the poor.
One way to find common ground between Catholic social thought and classical liberal thought is to think of CST not as recipe for how to fix society but as a description of how a fixed society would look.
As someone who just graduated with a bachelors in Economics/ Int'l Business, what do feel is the current atmosphere for new hires? Any specific sector standing out to you? I have an interview with a company in ATL this coming August. I tell my students that employers don't need you to know how to do things. They'll teach you what you need to do. Employers need you to know how to think clearly and communicate concisely. To that end, emphasize your skills in mathematics, statistics, logic, speaking, and writing, and you'll find employers across a broad range of industries will be interested in you.
Where are the checks and balances on deregulated capitalism? At what point does the free market and the desire to maximize profit influence unethical behavior that may impede on the personal liberties of others (i.e. prison profiteering, military contractors, disaster capitalism)? "Deregulated" is a misnomer. All industries are regulated. The question is whether they are regulated by consumers freely choosing to hand over their dollars for the things the industry produces, or regulated by bureaucrats and politicians.
Is it true that this year’s deficit is greater than the total taxable income of Americans earning more than $100,000? Not greater than their taxable income, but about equal to the amount of taxes they paid. This year's numbers are still in flux. I believe that last year's deficit was around $1.1 trillion. The latest breakdown of federal tax receipts by income group was for 2009. In that year, everyone earning $100,000 and up paid a combined (approximately) $1.2 trillion in federal income, payroll, capital gains, estate, etc. taxes.
I'm confused by your philosophy on too big to fail. You seem to think congress is to blame for our current economic crisis. But I see congress as more of a symptom of institutions being to big to fail. Congress is paralyzed because the institutions have become so powerful that they control congress. If the institutions were smaller they would not have as much clout over congress. Can you comment on this? I believe you have the causality backward. The problem isn't that institutions are so large that they can control Congress. The problem is that Congress has become so powerful that it is worth controlling.
What's your opinion on the Rogoff/Reinhart situation, and did it cause you to change your philosophy? I haven't read the paper. My understanding is that it was a calculation error that changed the results quantitatively but not qualitatively.
Who do you think was the most handsome economist in history? Lord Acton had a rockin beard. Jeffrey Tucker has a rockin tie.
Y...you think that it's a good idea to repeal the 17th amendment? The point (prior to the 17th) was to encourage separation of power between the federal government and the states by making the Senate answerable to the states.
Hello Mr.Davies, As someone who knows nothing about economics and business (I am a welder), what is the best way to break into such fields of work? Education is a must I assume, but are certain universities more valued? Which degrees or majors are more in demand? Are there specific things to learn, do, or specialize in to stand out? How do mentor ships work? How can I meet a mentor and build a relationship with them? Normally, you'd need a bachelors degree in economics at the least. Typically jobs that carry the title "economist" (as opposed to "analyst") require a minimum of a masters degree. If you want to try and break in without getting the formal degrees, you'd need to be extremely good at higher level statistics (e.g., I'd recommend two semesters of stats, one of econometrics, one of advanced econometrics), mathematics (e.g., minimum calculus II), and basic economic theory (e.g., intermediate micro, intermediate macro). Your writing skills would also have to be top notch. Without the degree, you'd also need a goodly piece of luck because it will be hard to convince an employer to take a chance.
Dr. Davies: Given the the United States has previously held a price floor on wages slightly higher than 30% of GDP/hour worked with no significant disemployment effects, (late 1960s) and Canadian minimum wages are currently in the 20-23% range, and yet manages a higher 16-64 employment rate than that of the United States, can you tell me if you believe that an increase in the minimum wage from 12% to 15%, as the President proposed, would have significant disemployment effects, and if so why? I don't know what "no significant disemployment effects" means. The right way to measure the effect of the minimum wage is to compare the unemployment rate at various points in time with the relative minimum wage (i.e., the minimum wage as a ratio of the average hourly wage) at those points in time.
You can see that comparison here: Link to www.antolin-davies.com
Why do you feel comparing the minimum wage to the average hourly wage is correct? Won't that make attempts to suppress wages generally appear as though the minimum wage is higher in real terms than it would otherwise be? It's the correct measure because what is important is the degree to which the minimum wage is distorting the price of labor. For example, if the average free market wage is $10 an hour, I would expect that a minimum wage of $11 an hour won't have much effect. However, if the average free market wage is $5 an hour, I would expect that a minimum wage of $11 an hour would have a huge effect. Conclusion: What matters is the ratio of the minimum wage to the average wage.
Why would you refer to the labour market, a market characterized by weak monopsony and employer-enforced information asymmetry, as a free market? You are correct. I am using the average market wage as a proxy for the free market wage. It's not perfect, but for our purposes isn't a bad proxy.
Is it pronounced "Du-shane" or "Dju-kane"? Du-Kane.
Is Grove City College a good school? I have no first hand knowledge of the college. I know some of their students and faculty and none has ever failed to impress me as good and intelligent.
I think he's saying that there is still an inflection point where debt/GDP ratio causes negative growth. It might not be at 90%, but it will certainly still exist at some point. You are correct.
Last updated: 2013-05-26 17:05 UTC
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