الشرح المفصل لأحسن مواقع للاستثمار في Bitcoin التعلم ...

StableCoin

This subreddit is dedicated to inform and discuss the revolutionary cryptocurrency Stablecoin.
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Detailed Explanation Of Bitcoin's Role In The Central Bank's Fight Against Failing Loans (CLOs)

Detailed Explanation Of Bitcoin's Role In The Central Bank's Fight Against Failing Loans (CLOs) submitted by nugget_alex to CryptoMarkets [link] [comments]

Detailed Explanation Of Bitcoin's Role In The Central Bank's Fight Against Failing Loans (CLOs)

Detailed Explanation Of Bitcoin's Role In The Central Bank's Fight Against Failing Loans (CLOs) submitted by nugget_alex to Bitcoin [link] [comments]

BITCOIN BEN TalksS DIVI and Litecoin and More With NICK From DIVI. Listen to the detailed explanation of How DIVI intends to control Inflation every year.

BITCOIN BEN TalksS DIVI and Litecoin and More With NICK From DIVI. Listen to the detailed explanation of How DIVI intends to control Inflation every year. submitted by Domithra to altcoin_news [link] [comments]

BITCOIN BEN TalksS DIVI and Litecoin and More With NICK From DIVI. Listen to the detailed explanation of How DIVI intends to control Inflation every year.

BITCOIN BEN TalksS DIVI and Litecoin and More With NICK From DIVI. Listen to the detailed explanation of How DIVI intends to control Inflation every year. submitted by Domithra to Crypto_Currency_News [link] [comments]

BITCOIN BEN TalksS DIVI and Litecoin and More With NICK From DIVI. Listen to the detailed explanation of How DIVI intends to control Inflation every year.

submitted by cryptoallbot to cryptoall [link] [comments]

Finally, here is the FAQ from Blockstream, written by CTO Gregory Maxwell /u/nullc himself, providing a clear and simple (but factual and detailed) explanation of how "a hard fork can cause users to lose funds" - helping to increase public awareness on how to safely use (and upgrade) Bitcoin!

https://np.reddit.com/btc/comments/4kwr35/repost_from_17_january_2016_austin_hill/d3iezj8
Hardforks can cause people to lose funds.
~ nullc
There you have it folks! 7 words! That's all he wrote!
Further comments from me (ydtm):
Losing funds during a hard fork would of course be a major disaster for anyone.
So I'm very pleased to be able to confirm that Blockstream finally seems to be putting together an effective communications campaign to raise public awareness on how to safely use (and upgrade) Bitcoin.
At the link above they have published a very clear and detailed easy-to-read online factual guide or "FAQ" explaining "how hard forks cause users to lose their funds".
To ensure the utmost technical accuracy, the above link containing their FAQ on "how hard forks can cause users to lose funds" has been written by none other than the CTO of Blocsktream himself, Gregory Maxwell nullc - whom we have all learned to trust and respect as he wages his brave crusade to cripple the Bitcoin network through artificial capacity bottlenecks, driving developer talent and investor capital away from Bitcoin and into the welcoming arms of the the growing alt-coin community.
For your convenience, Blockstream published their FAQ on "how hard forks can cause users to lose funds" online (repeating the link one more time here because it's really, really important) in a prominent place to ensure maximum readership and awareness: in a massively downvoted hidden sub-thread on a reddit forum, filled with comments pointing out that Blockstream's so-called "arguments" in this case are, once again, their usual trademark mush-mouthed mish-mash of content-free self-serving FUD, equivocation, and plausible deniability.
So we must once again congratulate Blockstream on their highly professional and successful development and communications strategies ...
... by preventing Bitcoin from ever hard-forking to get a simple capacity upgrade the way its inventor intended.
submitted by ydtm to btc [link] [comments]

I don't understand the idea of tainted coin & clean coin in bitcoin,since bitcoin is a virtual currency,how on earth can it get tainted,because we are not physically touching it like fiat currency,please I need a detailed explanation on this .

submitted by marinesouths to darknet [link] [comments]

cnLedger on Twitter: "With Chinese #bitcoin exchanges asking detailed explanations/proof of customers' fund sources & withdraw destinations, we expect #bitcoin withdraws from major exchanges become available soon."

cnLedger on Twitter: submitted by BobsBurgers3Bitcoin to btc [link] [comments]

A detailed explanation of mining Cryptocurrencies - Bitcoins/Ethereum etc., for Newbies/ameteurs.

This is the thread for everyone (non-Tech) guys to know how to mine cryptocurrencies like Bitcoins, Ethereum etc., in a detailed manner. The information about the same is very cluttered over the web at present. I hope this would help everyone to understand and start-off in a clear manner. I would request the community to help out everyone out here reading this post.
submitted by Darisa to etherscan [link] [comments]

cnLedger on Twitter: "With Chinese #bitcoin exchanges asking detailed explanations/proof of customers' fund sources & withdraw destinations, we expect #bitcoin withdraws from major exchanges become available soon."

cnLedger on Twitter: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Looking for a detailed explanation of how nodes, miners, and wallets flag for bigger blocks and what determines the outcome. Can't find it anywhere on Bitcoinunlimited.com. Thanks in advance /r/bitcoin_unlimited

Looking for a detailed explanation of how nodes, miners, and wallets flag for bigger blocks and what determines the outcome. Can't find it anywhere on Bitcoinunlimited.com. Thanks in advance /bitcoin_unlimited submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Finally, here is the FAQ from Blockstream, written by CTO Gregory Maxwell /u/nullc himself, providing a clear and simple (but factual and detailed) explanation of how "a hard fork can cause users to lose funds" - helping to increase public awareness on how to safely use (and upgrade) Bitcoin! /r/btc

Finally, here is the FAQ from Blockstream, written by CTO Gregory Maxwell nullc himself, providing a clear and simple (but factual and detailed) explanation of how submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Need some explanation for the taxation of bitcoin in the UK. P.S need particular details, not the common stuff.

In the United States, bitcoin is treated as an item of property and is subject to property tax. Whereas in the United Kingdom, bitcoin is treated as private money and is subject to value added tax, corporate tax, income tax and capital gains tax. Since bitcoin is property in the US, when lost or stolen, there are deductions available. Does it mean that when taxed under UK laws, bitcoin cannot be subject to any deductions or exemptions because it is not property but money? If loss deduction is possible, what is the limit? What about when bitcoin is given as a gift/donated - what is the proper way of taxation? According to the HMRC, A taxpayer who mines bitcoins and receives income from that activity is: “outside the scope of VAT on the basis that the activity does not constitute an economic activity for VAT purposes because there is an insufficient link between any services provided and any consideration received.” Then how is the income from mining taxed?
Thank you for the replies.
submitted by katikit to BitcoinUK [link] [comments]

03-11 22:43 - 'Need help with explanation of bitcoin core "transaction details"' (self.Bitcoin) by /u/howuxagu removed from /r/Bitcoin within 54-64min

'''
It's the that time of year where I'm trying to gather together and understand all my transactions. A large portion of this was very straightforward, but I have since run into my Satoshi's Dice income, and I'm confused.
Satoshi's Dice worked (maybe still is around?) by sending a bet to an address coupled to a specific chance of winning. What I can't figure out is how they sent the coin back to me.
I was easily able to identify the sending and receive transactions, but the associated details do not make sense to me. I somehow received winnings back, but I never gave them an address to send it to? How does that work exactly? The transaction details look sort of like this:
Status: XYZ confirmations
Date: 5/17/13 20:21
Credit: 0.XYZ BTC
Net amount: +0.01337565 BTC
Transaction ID:
Transaction total size: 437 bytes
Output index: 0
There are no "from" and "to" lines, nor a "credit" line like I have for every other transaction.
What's going on here? Is there some sort of built-in way through which you "bet" and received back coin without explicitly giving a receive address?
Unrelated, but I am curious how other people accounted for this type of activity when they filed. I think Im just counting up all the gains and discarding the losses, seems the most straightforward thing to do.
Any and all help appreciated here, thanks.
'''
Need help with explanation of bitcoin core "transaction details"
Go1dfish undelete link
unreddit undelete link
Author: howuxagu
submitted by removalbot to removalbot [link] [comments]

Need help with explanation of bitcoin core "transaction details" /r/Bitcoin

Need help with explanation of bitcoin core submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Raoul Pal and Michael Saylor's Bitcoin vs Ethereum analysis is deeply flawed, and here is why.

Regarding the Bitcoin vs Ethereum narrative
Allocating capital in Bitcoin but not in Ethereum is a bet that the planned road-map for Ethereum will not be successfully implemented and/or its economic properties will not function as designed once the final phase of ETH 2.0 goes live. The combination of PoS, sharding and EIP-1559 will allow for a monetary policy that can sustain the system with zero, possibly negative, issuance. Detailed explanations of how this is possible has been documented through numerous interviews and blogs with developers and pundits. We also must take into consideration that even if the issuance is above zero, the returns from staking Ether must be accounted to compare the long-term holding value proposition against something like Bitcoin. If the staking rewards provide ~3% annual returns and issuance is ~2% then the equivalent issuance for a PoW protocol would be ~-1% (this will never happen in the Bitcoin protocol).
Addressing the claim that Ether is not money
The narrative that Ether is not money because the Ethereum protocol is not designed to exclusively function as money is akin to saying that the Internet is not a good emailing system because it is not exclusively designed to transmit emails. This type of narrative is trying to restrict the definition of money by suggesting that its underlying protocol should not have functionality that extends beyond the conventional way we think of it. The reality is that Ethereum is much better suited for a digital economy - Ether is its native monetary asset. The ability to issue other forms of digital assets and execute computer logic in a trustless unified system with a natively defined monetary asset encompasses all the fundamental building blocks of a future digital economy. This is a future where monetary, financial and information systems can take advantage of the inclusiveness, permissionless and trustless aspects that are central to the Bitcoin value proposition.
The Ethereum protocol is designed to do a lot of wonderful things, but it costs money to operate the network and that cost must be covered by something of value that can be easily liquidated or exchanged into other things of value.... otherwise known as money. The idea that Ether is more akin to oil than gold/money just because the price metric for computations is called "gas" falls apart under scrutiny. Ether is strictly used as a monetary incentive. It is not magically burned to propel a fictitious machine that runs the network... the computers that run the Ethereum network run under the same physical principles from the ones of Bitcoin - they consume energy and someone has to pay for it. It just so happens that the monetary rewards and cost of transactions operating the Ethereum network are done exclusively in Ether, and therefore it serves as a monetary base. In addition, Ether has been used as the monetary base for the acquisition of other digital assets during their ICO phase. Lastly, Paypal has revealed they will be including Ether as a means of payment for online merchants. Saying that Ether is not money is like saying the sky isn't blue.
Additional thoughts
  1. The combination of staking, EIP-1559 and sharding will allow ETH to reduce issuance ahead of Bitcoin's schedule. It is very likely going to allow for sustainable zero issuance which is something that is still up in the air for Bitcoin.
  2. The switch from PoW to PoS will dramatically reduce the operational cost of the network while incentivizing ownership of Ether. The reduction in operational cost is a huge factor contributing to a sustainable monetary policy.
  3. The true soundness of Ether as a store of wealth needs to account for the returns from staking. That means that even if the nominal issuance remained higher than Bitcoin, it could still a better investment when you account for the staking returns.
  4. Ethereum can operate as an entire financial system. It allows for issuance of new tokens and it can operate autonomously as a digital assets exchange... so that means that it can be an exchange for tokenized FIAT currencies, cryptocurrencies, tokenized securities and commodities. Think of a global market for stocks, commodities, future contracts and derivatives.
  5. The integration with digital assets is done natively in one network. Ethereum serves as a native monetary asset with sound properties. Tokenized bitcoins would not only significantly reduce security (value would be lost if EITHER network is compromised) it also makes little sense if Ethereum's soundness (staking - issuance) is superior to Bitcoin.
  6. There are a gazillion more use cases for Ethereum that would benefit from having a natively defined monetary asset.
  7. Ultimately Bitcoin might serve as digital gold as a hedge against Ethereum. So they can coexist, but they are still competing with each other in terms of building value. Every investor who is getting into cryptocurrencies should be asking what assets to buy and why. Money allocated to Bitcoin cannot be allocated to Ethereum and vice-versa.
submitted by TheWierdGuy to ethereum [link] [comments]

Raoul Pal and Michael Saylor's Bitcoin vs Ethereum analysis is deeply flawed... here is why.

Regarding the Bitcoin vs Ethereum narrative
Allocating capital in Bitcoin but not in Ethereum is a bet that the planned road-map for Ethereum will not be successfully implemented and/or its economic properties will not function as designed once the final phase of ETH 2.0 goes live. The combination of PoS, sharding and EIP-1559 will allow for a monetary policy that can sustain the system with zero, possibly negative, issuance. Detailed explanations of how this is possible has been documented through numerous interviews and blogs with developers and pundits. We also must take into consideration that even if the issuance is above zero, the returns from staking Ether must be accounted to compare the long-term holding value proposition against something like Bitcoin. If the staking rewards provide ~3% annual returns and issuance is ~2% then the equivalent issuance for a PoW protocol would be ~-1% (this will never happen in the Bitcoin protocol).
Addressing the claim that Ether is not money
The narrative that Ether is not money because the Ethereum protocol is not designed to exclusively function as money is akin to saying that the Internet is not a good emailing system because it is not exclusively designed to transmit emails. This type of narrative is trying to restrict the definition of money by suggesting that its underlying protocol should not have functionality that extends beyond the conventional way we think of it. The reality is that Ethereum is much better suited for a digital economy - Ether is its native monetary asset. The ability to issue other forms of digital assets and execute computer logic in a trustless unified system with a natively defined monetary asset encompasses all the fundamental building blocks of a future digital economy. This is a future where monetary, financial and information systems can take advantage of the inclusiveness, permissionless and trustless aspects that are central to the Bitcoin value proposition.
The Ethereum protocol is designed to do a lot of wonderful things, but it costs money to operate the network and that cost must be covered by something of value that can be easily liquidated or exchanged into other things of value.... otherwise known as money. The idea that Ether is more akin to oil than gold/money just because the price metric for computations is called "gas" falls apart under scrutiny. Ether is strictly used as a monetary incentive. It is not magically burned to propel a fictitious machine that runs the network... the computers that run the Ethereum network run under the same physical principles from the ones of Bitcoin - they consume energy and someone has to pay for it. It just so happens that the monetary rewards and cost of transactions operating the Ethereum network are done exclusively in Ether, and therefore it serves as a monetary base. In addition, Ether has been used as the monetary base for the acquisition of other digital assets during their ICO phase. Lastly, Paypal has revealed they will be including Ether as a means of payment for online merchants. Saying that Ether is not money is like saying the sky isn't blue.
Additional thoughts
  1. The combination of staking, EIP-1559 and sharding will allow ETH to reduce issuance ahead of Bitcoin's schedule. It is very likely going to allow for sustainable zero issuance which is something that is still up in the air for Bitcoin.
  2. The switch from PoW to PoS will dramatically reduce the operational cost of the network while incentivizing ownership of Ether. The reduction in operational cost is a huge factor contributing to a sustainable monetary policy.
  3. The true soundness of Ether as a store of wealth needs to account for the returns from staking. That means that even if the nominal issuance remained higher than Bitcoin, it could still a better investment when you account for the staking returns.
  4. Ethereum can operate as an entire financial system. It allows for issuance of new tokens and it can operate autonomously as a digital assets exchange... so that means that it can be an exchange for tokenized FIAT currencies, cryptocurrencies, tokenized securities and commodities. Think of a global market for stocks, commodities, future contracts and derivatives.
  5. The integration with digital assets is done natively in one network. Ethereum serves as a native monetary asset with sound properties. Tokenized bitcoins would not only significantly reduce security (value would be lost if EITHER network is compromised) it also makes little sense if Ethereum's soundness (staking - issuance) is superior to Bitcoin.
  6. There are a gazillion more use cases for Ethereum that would benefit from having a natively defined monetary asset.
  7. Ultimately Bitcoin might serve as digital gold as a hedge against Ethereum. So they can coexist, but they are still competing with each other in terms of building value. Every investor who is getting into cryptocurrencies should be asking what assets to buy and why. Money allocated to Bitcoin cannot be allocated to Ethereum and vice-versa.
submitted by TheWierdGuy to ethtrader [link] [comments]

Who can legally use Atari Token?

So the blockchain thing keeps coming up, but all the explanations are super vague and hand-wavey.
I looked-over those PDFs PowerDubs posted the other day. I still cannot figure out how this is even hypothetically supposed to work.
One proposed use is for a future online casino. Crypto casinos already exist, and they are shady. The largest bitcoin casino's CEO goes by the pseudonym "wetsuit". I assume he doesn't use his real name because of, you know, all the crime involved.
So what's Atari's plan? If Atari is selling a tool for transmitting money for gambling, this is a wire-fraud risk. If Americans try and use this token, Atari will have to function as a financial institute in compliance with US law. The obscure bank Atari has partnered with may or may not exist, but it won't hold up to scrutiny either way. Maybe some other countries are more lax about this, but a lot are even more strict. So who, exactly, will legally be allowed to use this token?
The other major purpose is for in-app purchases. If Atari lets users cash-out in-app currencies, this basically turns EVERY GAME into a gambling game. Game companies don't want to be fined for running money laundering operations, so they don't usually make it easy to cash-out in-app currency. "Blockchain" doesn't change this. If reputable companies don't want this, why would they work with Atari? Why would Atari even offer this?
There are other proposed uses as well. None of these ambitious plans amount to anything unless the token has some value in "fiat". Game industry workers still need to pay rent and buy groceries, wherever they live. Workers don't want to be payed in coupons they can only spend on overpriced app stores like RobotCache.
The whitepaper even says something about Atari Token helping people without internet access. Sure Jan. If Facebook couldn't figure this out with Libra, what hope does Atari have?
Again, who will legally be allowed to use this token for its proposed purpose? How does being on the blockchain actually benefit anyone?
submitted by ComradeSnuggles to AtariVCS [link] [comments]

Books about unsolved mysteries, cryptids, aliens, etc?

I'm looking for something a little bit more specific than what the title says, actually.
I want books that not only give a detailed account of something mysterious/unsolved, but proposes explanations for the mystery. The mystery doesn't even have to be supernatural-- it could just be something like "who is the inventor of bitcoin?" or "Who was DB Cooper?"
For a better idea of what I mean, check out the YouTube channel Lemmino, or the cryptozoology playlist from Trey the Explainer.
HOWEVER, I AM NOT INTERESTED IN CONSPIRACY THEORIES.
An example of something I am not interested in is Ancient Aliens. They tend to put the cart before the horse and explain mysterious situations in such a way that the implication is "aliens did it."
I am interested, but less interested, in collections of mysteries which do not offer an explanation.
Recommendations?
submitted by Squishiimuffin to booksuggestions [link] [comments]

[Table] IAmA dark web expert, investigative journalist and true crime author. I’ve met dark web kingpins in far flung prisons and delved the murky depths of child predator forums. I’ve written six books and over a dozen Casefile podcast episodes. AMA (part 1/2)

Source | Guestbook
Note: Some answers were repetitive, but were not edited out.
Questions Answers
Have you ever gotten into legal trouble by exploring the dark places of the internet? Like, "sorry, officer, I was only surfing drug markets and child molester forums for my next journalism piece..." Do you worry about that? Do you have to take extra steps to protect yourself? I'm very careful not to go anywhere that it is illegal to visit. You will hear loads of stories about how easy it is to "stumble upon" child porn, but the fact is that those sites usually have names like "Preteen cuties" so you know exactly what they are, and in order to access them you have to register. So you have to make a very deliberate choice to log into them. I have no interest whatsoever in viewing any child abuse material, so I don't go into those places. When I was researching The Darkest Web, I went to the discussion forums that didn't allow any images (though they did link to sites that did), and even there I turned off images.
As for the drugs, weapons etc, there is nothing illegal about surfing them and looking around.
I do get a bit nervous every time I visit the US, especially when I was invited to a "friendly" lunch with Homeland Security once (it was reasonably friendly as it turns out, it was also terrifying)
the below is a reply to the above
Why did homeland security want to talk to you? They said it was about the murder-for-hire stuff, but some of the questions leaned toward something else
Is there anything that really concerns you about the dark web? Some of the things already discussed are beyond barbaric and that is only the stuff that has been found out about and been picked up by the media and your fantastic work. Do you think the public should expect worse and more horrific revelations from the dark web or is it just "more of the same" for lack of a better term and do you think the authorities are getting better in shutting this inhumanity down and catching the people responsible? I am definitely not against people taking back their online privacy and I actually think that buying drugs from the darknet markets is a safer and more sensible option than buying them from the dodgy dealer down the road. However the one thing that is really disturbing is that the dark web has provided a place for child predators to find each other and form communities where they support and egg each other on. Imagine a few years ago, someone who was into hurtcore could never tell anyone else and would be unlikely to ever come across another person with the same perversions. Now it is as simple as finding the relevant site on the dark web. When there are suddenly hundreds of people who all think and act in the same way, it normlalizes what they are doing.
One of the guys who got caught, Matthew Falder, was a sadist who used to crowdsource "ideas" for torturing the children and teens he was blackmailing into doing heinous things for him online. But apparently he was a "normal" intelligent popular guy
the below is a reply to the above
But how does everyone participate in those illegal sites without getting caught? You said in other comments that you tried to stay away from underaged sites because they were illegal. Can't they be tracked down, even with tor and a vpn? The thing that I don't understand is that even on the dark web people say you should stay away from illegal sites, but how are pedos not getting caught? they are getting caught, but the way they are getting caught is through painstaking detective work, looking for clues in photos, befriending them online and getting them to reveal things about themselves (what is known as social engineering). It takes a long time and many resources.
I say don't go there because (a) it is illegal and (b) you really shouldn't want to go there
Iirc you attended the trial of the person behind the horrific hurt core website that was exposed a few years back. I was wondering if there was anything in particular that happened during the trial that particularly shocked or horrified you that isn't really public knowledge or talked about? Reactions from the judge or perpetrator during the trial etc. As I remember it the guy was a fairly young loner who lived with his parents but would probably never have been expected to be behind the horrific vile things which he was found to be. Also, how did you get into investigative journalism/writing? I wrote in one of the other replies above about the little mute girl that has stayed with me. Also, at the insistence of the prosecution, the judge had to watch "Daisy's Destruction" which was a video of torture of a toddler. He put it off for two days and when he came back he was white. He didn't have the sound on, which is considered the worst part, but he still looked shell-shocked. I don't envy him.
I'll cut'n'paste re your last question: I was in London, working for one of the most conservative law firms in the world when the Global Financial Crisis hit. I liked the job but it struck me when people were losing their livelihoods that I was working for the bad guys. I'd always wanted to be a writer so when I came back to Australia I quit law and enrolled in a writing course planning to be a novelist, but I discovered I was better at journalism. I first wrote for newspapers here about Silk Road and it grew from there
the below is a reply to the above
Thanks for the reply.. that really must've been horrific for all involved from investigation to trial and for all of the victims (apart from the scum responsible of course). I guess it would be naive to assume that the end of this site did anything other than drive this depraved community even further underground. That is the part which is really scary to me but I suppose all we can do is have faith that the authorities are always close on the tail. Thank you for your work on reporting on this and raising this stuff more into the public consciousness and making people more aware of what kind of evil still lurks. It was the most disturbing two days of my life, made all the worse because they read out hours of interactions from the site where the children still had not been identified or the predators caught.
Hurt2theCore was not the last site of its kind and there are still hurtcore sites to this day on the dark web. The one hopeful thing is that there are international task forces that seem to work together really well (unlike when it comes to drugs and every law enforcement agency wants to take the lead and they all withhold info from each other). There are a lot of resources allocated to identifying predators and their victims. Sometimes this has involved some very controversial tactics, such as taking over the sites and letting them run, so that they can use social engineering techniques to identify those who are using the sites and who are actually abusing children
the below is another reply to the original answer
So daisy's destruction is real? Was it referred to by that name court? I always thought it was a myth Yes, Daisy's Destruction is real, it was referred to by name in court and the judge had to watch the 12 minutes of it that were hosted on Hurt2theCore.
The "myth" part is that it shows a murder. The toddler, Daisy, lived, though she suffered such horrific injuries she will never be able to bear children. Hopefully she was young enough that she will grow up without the memory.
However, Scully did murder at least one child, whose body was found under the floorboards of his house. it is not known whether he filmed her murder as no video evidence of it has come to light.
the below is a reply to the above
Thanks for answering. I actually watched a really good video on Hurt2theCore on youtube once, I think it was by a guy called Nexpo. It was really detailed and informative about the whole case - I forgot those details. Thanks again for replying, this AMA is really informative! I think I recall that one, it was from a few years ago.
An excellent podcast that came out recently is "Hunting Warhead", highly recommend a listen. It is a tough listen, but exceptionally well-told and respectfully handled
How do you detach yourself from your work? I'm an investigator for a law firm and I've had a lot of difficult working on wrongful death cases recently. Also, how did you first end up getting published? Any tips for people interested in that field? Thanks! I don't detach. When I was researching hurtcore, it was harrowing and affected me deeply. Writing that part of the book was a very slow process because I just couldn't be in that headspace for very long at a time. Once the book was written I didn't go back there.
I already had a reputation as a blogger and a freelance journalist when i pitched my book on Silk Road. I got an agent and it was auctioned off, with Pan MacMillan getting the rights. At the time, Silk Road was still going strong, and the book I wrote was about this new frontier of drug dealing that was changing the world. I was writing it "from the inside" as I had been an active part of the community for two years. However, right as I submitted the final manuscript to my publisher, Silk Road was busted and Ross Ulbricht arrested, so i had to quickly change the narrative to a "Rise and Fall" thing!
How many times have you approached law enforcement with information and how many times has the approach resulted in action? and... are there times where you know something nefarious is happening but history and the evidence at hand tells you it's not worth the effort? There is no point in approaching law enforcement to say "I have come across this site". If I've found it, you can guarantee law enforcement has found it as well.
The only time I've approached law enforcement was when I had information that they did not, which was when a friendly hacker provided me with a back door into the Besa Mafia murder-for-hire site. I got to see all the messages and orders etc. Of course LE knew about the site, but they did not have the details of the people who had hits taken out on them. We tried desperately to tell police in several countries that real people had paid real money to have other real people killed, but they just weren't interested. We sounded like crazy people talking about dark web hitmen, who were scams anyway and nobody was dead, so why should they be interested? They became much more engaged when one of the people WE HAD PREVIOUSLY TOLD THEM ABOUT later turned up dead
the below is a reply to the above
By law enforcement, do you mean only local or else the big agencies? I feel like I wouldn't tell my local police department because they wouldn't really know what to do. It would have to the the bigger agencies. FBI in US. NCA in UK. AFP in Australia. Nobody was very interested, although the FBI did visit at least one of the targets to let her know she was a target. She still wound up dead
What are some of the most prevalent uses of the dark web that AREN'T all shady and nefarious? We might be getting into semantics here, but people use Tor, which is the most possible darknet that is used to access the dark web, just for private browsing and ensuring that commercial interests aren't following them everywhere to bombard them with ads for some thing they looked up.
Some of the news organizations have a dark web presence so that whistleblowers can upload information safely. Even the CIA has a site on the dark web so that people can anonymously tip off matters of national security.
Other than that, there are just forums, where you don't have to worry that every single stupid thing you post will be saved in posterity forever, to be trotted out years later when you run for congress or something
After everything you've seen, does anything surprise you anymore or are you just numb to it at this point? Do you think there should be more education/exposure about the dark web than there is now or would that just be counter-productive as people would just find another place to hide? I'm curious to hear any favourite stories about the Psychonauts. I am not numb and I hope I never become numb. I really don't visit the horrible dark places very often, unless I'm researching something specific, and even then I don't look at pictures or videos. Most of the crime is pretty benign - I'm not fazed by people wanting a safer way to buy drugs.
I think there needs to be ongoing discussions about online activity and its misuse in general, but most crime still happens on the clearnet. The dark web is not nearly as large or prevalent as people fear.
For a long time, a dealer provided free LSD to anyone who wanted it for personal use (ie not sale) and to any organizations who were doing psychedelic therapy.
One psychonaut got busted and spent time in prison... only he still had bitcoin in a wallet and by the time he was released he was a millionaire. He would have just spent it on drugs otherwise :)
I know law enforcement has to delve into the predator side of the dark web. With what you've seen do you think it should be mandatory or an industry standard that law enforcement officials seek professional help? I couldn't imagine investigating that daily and not thinking less of humanity at some point. I'm pretty sure they do. I worked for Legal Aid for a while, and i know there were pretty strict rules in place for the lawyers who had to defend child abusers.
When I was at the trial for Lux, owner of Hurt2theCore, I met a cop whose job it was to watch all the videos and befriend the predators in an attempt to get them to slip up and reveal something of themselves. She said she had a little filing cabinet in her brain where she put all that stuff, and that making an arrest made it all worthwhile. She had made several arrests personally. She was a sex offender's worst nightmare :)
What’s one of your personal favorite investigations and what made it unique for you? By far the Besa Mafia murder-for-hire case. What made it unique was that, first, I was provided a back door into the Besa Mafia site by a friendly hacker, so i had information that nobody else had. But then I became "friends" for want of a better word with the owner of the site, Yura. Besa Mafia, of course, was not killing anyone, but Yura made a LOT of money scamming would-be murderers out of their money. We entered into a weird relationship over the years where i would report on his activities and he would try every trick under the sun to stop me from doing so, so that he could keep scamming people. He even offered me a job, helping him, because he had become so busy. He also provided me with names and details of people who had hits taken out on them so I could pass them on to law enforcement.
It all became horribly real when one of the people who had a hit put out of them wound up dead. It wasn't Yura of course, but the guy had paid him $13K before giving up on the site and doing it himself. The thing was WE HAD TOLD THE FBI about the hit and the $13K and they visited the victim, but then put it into the too-hard basket when she couldn't think who might have paid that much to kill her.
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Wow. That’s actually pretty cool. Reminds me of an old saying. “Keep your friends close, but your enemies closer.” It's a seriously bizarre relationship. When I was hired as a consultant by CBS for a 48 Hours expose on dark web hitmen, he actually agreed to meet me in London. But he thought that CBS was going to advertise his site as the real deal and he got excited and sent them details of two people who had hits put out on them. CBS sent them straight to the police and very shortly after two arrests were made and it was all over the news, where they called his site a scam. Yura got so pissed about it, he never turned up to our meeting. They had even hired an Academy Award-nominated master of disguise makeup artist to disguise him!
are "red rooms" actually a prevalent thing, or just a widespread misconception or rumor? I ask in part because it's very easy to see, for instance, Mexican cartels dismembering people alive, etc, just on the clearnet. Hell, a couple days ago I saw a video posted of a cartel member cutting out a dude's heart while the guy was alive, and he ATE it. He fucking ATE it. So it seems plausible... The most popular myth of all is Red Rooms, where people – usually women – are tortured to death live on camera while those who have paid to watch type in torture commands in a chat box. Think the movie Hostel, with webcams. In this sense these have never been proven to exist. I get where you are coming from with the cartels, and the recent news item where they found those shipping containers set up with torture rooms freaked me out and made me wonder!
There is some truth to this rumour, but the execution is not like you see in the movies. Most notably, because it involves children, not adults abused on demand for paying pedophiles, but not to the point of death
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The news about those shipping containers really made me speculate, since for every one person who gets caught doing something evil, there must be at least several more people who are very honed in their 'profession' doing the same evil deeds and worse, yet who evade being captured for decades. Anyway, based on morbid things I've seen, karma comes around eventually... I know, right? It really freaked me out, and then when I read that they already had intended victims for them but the police got to them first and put them in protected custody.. IMAGINE SEEING THOSE PICTURES AND KNOWING YOU WERE SUPPOSED TO BE IN THEM!! I would retire to a deserted island somewhere
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Your line of work could easily result in something like C-PTSD down the road a little ways. I have a morbid curiosity, and have seen worse than those shipping containers had to offer. I'm sure you have as well. So one more question from you, if you don't mind: what are some proactive approaches to mental health you take to safeguard your sanity? A lot of wine. Cuddle my dog
Hi, there! This has been fascinating to read; thank you so much for sharing! I'm curious: why do you think so many people who don't want to engage with disgusting and illegal content like hurtcore find it so interesting to read about? Do you have any insight into your readership and the ethics associated with reading about these kind of topics? I think morbid fascination with the dark is exceedingly common - just look at how many people can't get enough about serial killers! In some ways it is probably a self-defense mechanism - the vast majority of true-crime readers are women. People like to be armed with knowledge. We also like to be spooked and scared.
As for my books, I don't really go into much gory detail, but the horror still shines through
Out of all 9-5 jobs out there, why this? What’s your motive? I got disenchanted by being a lawyer and I had wanted to be an author since childhood. The lawyering put me in a strong enough financial position that I could quit to do a uni course for a couple of years. My plan was to become a best-selling novelist, but my first chick-lit novel was nothing special. However, during the course, I found I did really well at journalism and was soon making a living as a freelance journo before I finished the course. My first major feature was on the Silk Road drugs market, which I had discovered thanks to a friend who was using it. Once I got in there I became fascinated by everything about it and started contacting the owner, users, vendors etc asking for stories (I was upfront about who I was). I began the first serious dark web blog - allthingsvice.com - and also became the go-to freelancer for Australian dark web stories. Then I pitched my first book and got a healthy advance for it.
I like working for myself, working from home and delving into things. Right now I have my dream job (though it wouldn't hurt to pay a bit more. I'm certainly not making anywhere near what I used to make lawyering, but I make enough to get by and I live pretty simply)
Did you ever do any writing on Brian Farrell and his role in Silk Road 2.0? I was Brian's cellmate for all of 2017 at Sheridan Federal Prison and heard all of his crazy stories. Was just curious as to the validity of them all. DoctorClu! I did write briefly about him in Silk Road, but it wasn't all positive. I remember being frustrated by the shitshow that was Silk Road 2.0 in the beginning, right after SR1 shut and when DPR2 took off and Defcon got all dramatic. It settled down after a bit and lasted a year, when it was revealed THEY HAD A FUCKING UNDERCOVER HOMELAND SECURITY OFFICER ON STAFF THE WHOLE TIME. But yeah, anyhow, they are probably true. I'd love to hear them :)
Was there ever something on the dark web that made you surprised ( in a good way) and smile ? So many things. Back in the day of the original Silk Road, I became obsessed with the forums, the people behind it, the intelligent discourse about the War on Drugs and philosophy. I found it amusing that drug dealers ran sales and giveaways. There were book clubs and movie clubs.
One of the most important people from that era was Dr Fernando Cauevilla, who became a member of Silk Road as "DoctorX". He was a real doctor who provided genuine, free, non-judgmental advice about drug use to the members of the site. It was quite an amazing time.
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Did Ulbricht get taken down the way we were told in the news? What happened to all the Bitcoins? His arrest went down the way we were told in the news. How they located the server has never been disclosed (other than a fanciful explanation that NOBODY could believe). This explanation may be tested if Variety Jones runs a Fourth Amendment argument at his trial
The bitcoin in the wallet on Ross' computer was auctioned off by the Feds. He may have other bitcoin wallets stashed somewhere but nobody knows
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Book/movie clubs on the silk road? Yeah, they would set reading and then everyone would come back and discuss the book, or they would have a time when everyone watched the same movie at the same time and chatted about it in real time
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Haha that's amazing! I don't suppose you remember any of the books in question? They used to be a lot of philosophy books, especially on agorism. A Lodging of Wayfaring Men was one of the books. I remember V for Vendetta on a movie night
You don't seem to be pushing your most recent project and you're actually answering all the questions people ask, so I've got ask...are you some sort of government plant meant to destabilize reddit? This isn't how AMAs are supposed to work. You come in, you half ass a few questions, hawk whatever you're here to hawk, and then leave after 20 minutes. That's how it's done. lol I'm a genuine redditor from way back, and I love talking about the stuff I do. I did find that after I answered a question in an AskReddit thread a while back that blew up, the sales followed. But that was organic and I don't think you can force it to happen - Reddit can spot that a mile awy
What are some of the best things about the dark web? And can anyone get on it? Things you can buy that you can’t buy normally online? I really enjoy some of the forums, especially the psychonaut forums where people who like to trip on psychedelics get together and talk drugs and philosophy. There's a real "be kind to one another" vibe.
Getting on the dark web is easy, but not getting scammed when buying things takes a lot of homework. Yes, you can buy most things, but the most popular things are drugs and digital goods, i.e. things that depend on repeat custom and are easily transferable from seller to buyer
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[deleted] You're doing the Good Work my man. I'd give you one of those awards if i knew how
What would you define the word "Safe" when it come to the internet (both www and dark web) world and are there any tips that I should follow to keep myself safe? It really depends on what YOU mean by safe. Tor, which is the darknet that provides access to the dark web will keep you safe from prying eyes and surveillance.
If you mean keep your information safe, the old-fashioned advice is to never reuse your password and to enable 2-Factor authentication wherever you can. Your information is quite likely somewhere on the dark web thanks to high-profile hacks of major organizations, but provided you don't re-use usernames and passwords, you really don't have to worry too much about it.
If you mean keeping yourself and/or any kid safe from predators, the only thing is to ensure you are educated about the approaches and methods they use.
Has Covid affected the Dark Web in any real way? Also I just read through all of the post comments, what incredible story’s. I would totally buy a book about the Silk Road or Yaru! re covid on the dark web, here's some notes I made for an interview I did recently:
* when Trump first hyped hydroxychloroquine as a potential miracle cure for COVID-19, drug dealers on the dark web seized on the claim.
* Listings quickly popped up on the most popular darknet markets
* A vendor on Whitehouse Market sells 100 Pills for $90, calling it a “Miracle Drug For Coronavirus” and suggesting buyers purchase in bulk to sell at a mark-up locally.
* Another makes the dubious claim “This drug will help people to beat Corona Virus” There are 11 listings on Empire Market currently, although more than half are from the one seller, who is a well-known and trusted vendor on the site.
* There were also people claiming to be selling infected blood or plasma of recovered COVID victims
* The infected blood stuff is just bullshit IMO Just because something is listed doesn’t mean it is genuinely for sale
* There's been some claims to be selling vaccines
* At the beginning there were also loads of listings for PPE
* some just used it as a marketing tactic - “fight off the virus with edible cannabis” or “relax with Xanax” and others as an excuse to raise their prices
* However, sales are low compared to sales of other drugs on the site, so it is difficult to say whether it’s something that will really catch on
* It didn’t take long for complaints to come in and market owners to clamp down on anything claiming to be a miracle cure or vaccine
* users were discouraging other users from profiting off the pandemic and requested markets provide health and safety information
* All the major markets forbid anything being sold as a cure for COVID. They flagged keywords and vendors would be told to take any listings down. They also put out PSAs telling people not to buy
* Monopoly: threatened to ban and.. “You are about to ingest drugs from a stranger on the internet - under no circumstances should you trust any vendor that is using COVID-19 as a marketing tool to peddle already questionable goods”
* It was a business decision. They don’t want anything that will attract attention or that might cause desperate people who wouldn’t normally use the DNMs to find their way there
* The idea behind DNMs generally is educated and responsible drug use. They really don’t want people dying - bad publicity and no repeat custom
* However the dark web is rife with scammers and people willing to prey on the desperate so there are still scams out there
* The only way I could ever see it becoming a thing is if there is a well-known potential cure/vaccine that is not being made widely available and could plausibly find its way onto the black market
Hi Eileen :) My question is about how you construct your Casefile episodes - I assume there is an extensive amount of outlining but do you write the final draft like a script specifically thinking about his voice? And about how long are they as far as - for example - does one hour equal 50-60 pages? Thank you. I initially write them as if I'm writing an article or book, but then go back and edit them to be read out and yes, when I do that, I do have his voice in my head lol. One episode is usually around 12,000 words. It then goes to another editor who edits the episode to be even more "casefileaa' before it finally goes to Casey
Have you been exposed to things in your investigations that have made you second-guess what you do? If so, what has made you keep going back? i've definitely had days where I question everything, but to be honest, I don't really hang around the horrible really dark places much. I did delve into the child predator forums when I was writing The Darkest Web, but I don't make it a habit to go there. The psychonauts are much more friendly
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To continue with that- have you clicked images, links that make you a suspect in certain scenarios? Oh absolutely. Sometimes I go to a "Fresh Onion" site, which is a site that crawls all the .onion addresses (dark web URLs end in .onion rather than .com, org etc) and alerts you to any new ones. Sometimes they don't have any description, so you take a big risk clicking on any of those. The most dangerous button on the dark web is the "Random Onion" button, so I avoid that.
I'm pretty careful about what I click, but the moment something looks questionable I nope the fuck right out of there
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Have you ever felt that you may be a suspect whether it be ok a drug site, a pedo site, etc. Have you ever been contacted by someone regarding your surfing habits? Well my actual surfing habits are protected by Tor, which means they are hidden from prying eyes, so no I haven't been contacted about them. I am very open on the dark web about who I am and what I'm doing there - I use the name OzFreelancer on all of the markets and forums. I don't go to the sites that host child abuse images - you can't un-see that shit and I don't need it in my head.
As noted in another reply, I was contacted by Homeland Security on one of my visits to the US and taken for a "friendly" lunch.
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Psychonauts are more friendly than most people. Something about regular mind altering experiences makes you want to be less of a cunt. Yeah, I call The Majestic Garden a little corner of sunshine and rainbows on the dark web :)
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More about The Majestic Garden please? What is grown there? It's a place where people talk about and source psychedelics - most notably LSD, the 2C family, DMT and MDMA. Talk about and sourcing harder drugs is forbidden. In fact the admins snuck in an autocorrect so that any time someone wrote the word "cocaine" it would post as "a raging hardon" :D
Do you fear that seeing all this stuff might turn you emotionally blunt? I'm not watching any of this stuff on purpose (even the clearnet stuff), because I fear that the more you see of it, the more normal it gets, and ultimately, the more it will fuck you up. To quote the movie 8mm... "If you dance with the devil, the devil don't change. The devil changes you." No, I can't even watch "3 Guys 1 Hammer" in its entirety, let alone look at the really dark materials on the dark web. When I was researching The Darkest Web, going into the predator forums did the opposite of making me blunt. It was the shortest section of the book but took the longest to write because it was so emotionally draining
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I have to ask, what is "3 Guys 1 Hammer"? It's a video of two teenagers murdering an innocent man with a hammer that went viral on the gore sites of the regular internet. It's truly horrible.
The teens killed over 20 people. I wrote about them in my book Psycho.com (excuse the plug)
I heard somewhere that you foster dogs. Is that something you do to counter all the terrible humans you encounter in your research - everyone knows how dogs are better than people. How many dogs have you fostered and which one was your favourite? After my dog died I knew I didn't want to have another dog as I wanted to travel more. So I thought fostering dogs would be the answer as you give them love for a few weeks and then they go to their forever home. My first foster, Roy, was a big fat failure and now he lives here and sleeps in our bed and is the most spoiled dog alive
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Did you then just decide to quit travelling? I don't know anything about Roy, but I already think I love him. Nah, he has family he can stay with when I go away, but any major travelling has been thwarted by COVID for now anyway. I'm in a hard lockdown city.
And I'm sure Roy would love you too, u/suckmyhugedong
Given how much you know about the dark web, what kind of crazy awful nightmares have you had? This could be a really good one. Thank you Probably the worst thing was delving into the forums where child predators gathered. I never looked at any videos or photos, but just seeing their discussions sickened me. The one thing that keeps coming back to me came out of the sentencing hearing that I attended of Lux, owner of Hurt2theCore, considered the most heinous website in history. In court they read out a conversation between him and an abuser who made videos of torture of the mute disabled child in his care. They were joking "at least she won't be able to tell anyone" . the abuser wasn't caught, at least by that stage
As an indie author, how have you sourced freelancers? Did you seek out those that have specific expertise or did you work with editors from your time as a traditionally published author? I learned to do everything myself before I started outsourcing.
I work with a professional editor who happens to be a friend of mine from back when we did a writing course together. I've been doing my own covers, but now that I have some royalties coming in, I've engaged a professional cover artist from Reedsy to develop a brand and more professional-looking covers for me. It is the hardest thing to find people you really want to work with and who are in budget.
I still haven't got the hang of email lists, newsletters or a website - they are all in a total mess at the moment and I'd love to find someone who can do them, but again it is that problem of finding the right person who is within budget
is it true that most of the internet is in the "dark web"? if so about how much percent is it? By far the biggest myth is that it 10x larger than the Internet. I mean, this should be common sense anyway, but it gets propagated by tabloid media all the time. It stems a lot from people using the terms "deep web" and "dark web" interchangably when they are different things.
The statement that 90% (or thereabouts) of the internet is hidden is true, and it is called the deep web (not the dark web). The 90% that is hidden is all those pages you won’t get to using google or any other search engines. There’s nothing scary about that – in fact it works in your favour.
The easiest example is your bank. The bank’s major page is available to anyone who searches the web (part of the 10%, also known as the “clearweb”). But once you log in, all those pages you can access that contain your personal details? Not searchable on google. Each one of those pages is part of the 90% of the deep web. Business and government intranets also make up part of the deep web. Honestly, it’s nothing to worry about.
The dark web – the hidden services available through Tor and other anonymising programs – makes up a tiny fraction of the deep web. A really, really tiny fraction. It is infinitely smaller than the clearweb.
Do you think human trafficking happens on the dark web? Last year (I think) there was a really bizarre story here in the UK about a model who was supposedly kidnapped to order, drugged and transported overseas by a group called "Black Death". The official story is that BD doesn't exist, and the kidnapper was a fantasist. Is it likely that humans are bought and sold into slavery over the dark web? There are no slick websites with auctions for slaves on the dark web, but I have no doubt that human traffickers use dark web encryption to communicate.
(here comes the second plug for the thread) - I wrote about the kidnap of Chloe Ayling and the Black Death Group in Murder on the Dark Web
What ever happened to the plural of mongoose storyline? it seems like after he was arrested in the united states, his case just fizzled away. did you ever find out any more information about yuri after he cancelled the interview with a news program? what happened with peter scully's case? i read that there was a fire where a lot of evidence against him was held and it all went up in smoke. are there any character and/or personality storylines that you feel haven't been told or are still a complete mystery? eg. tony76 1. He is still in the MCC in NY and awaiting trial. It has taken a long time because he had terrabytes of information to go through and things would have slowed down due to covid. I understand he is running the Fouth Amendment argument that Ulbricht probably should have run in the first place
2. I last heard from Yura just a few weeks ago. He is still scamming. There are some more programs in the works about him
3. Yes there was a very convenient fire, but he still got sentenced to life and i hope he rots in hell
4. I am madly curious to know what is happening with the extradition of James Ellingson, aka “MarijuanaIsMyMuse”, aka "redandwhite", MAYBE aka Tony76. I would LOVE to know that full story!
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Wow, this shit is a blast from the past. I used to love following the darknetmarket drama. Did you write about PoM and tony76 in one of your books? Ever since reddit shut down /darknetmarket I've been out of the loop. Yes, I wrote about them in The Darkest Web
I was in touch with PoM/Mongoose when he went on a posting rampage on MyPlanetGanja, then visited him in Bangkok prison several times. Wrote all about it :)
This may have been answered by a previous post pertaining to native language barriers to specific sites on the dark web, but in your investigations, did you come across content/pages/forums from warzones? Middle East, Burma, Afghanistan, etc? If yes, what was the most memorable bit? There are loads of sites in foreign languages, but it is too difficult for me (a one-language numpty) to attempt to translate through AI, and it is not worth hiring a translator when they could just turn out to be Cat Facts
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A criticism of the article "Six monetarist errors: why emission won't feed inflation"

(be gentle, it's my first RI attempt, :P; I hope I can make justice to the subject, this is my layman understanding of many macro subjects which may be flawed...I hope you can illuminate me if I have fallen short of a good RI)
Introduction
So, today a heterodox leaning Argentinian newspaper, Ambito Financiero, published an article criticizing monetarism called "Six monetarist errors: why emission won't feed inflation". I find it doesn't properly address monetarism, confuses it with other "economic schools" for whatever the term is worth today and it may be misleading, so I was inspired to write a refutation and share it with all of you.
In some ways criticizing monetarism is more of a historical discussion given the mainstream has changed since then. Stuff like New Keynesian models are the bleeding edge, not Milton Friedman style monetarism. It's more of a symptom that Argentinian political culture is kind of stuck in the 70s on economics that this things keep being discussed.
Before getting to the meat of the argument, it's good to have in mind some common definitions about money supply measures (specifically, MB, M1 and M2). These definitions apply to US but one can find analogous stuff for other countries.
Argentina, for the lack of access to credit given its economic mismanagement and a government income decrease because of the recession, is monetizing deficits way more than before (like half of the budget, apparently, it's money financed) yet we have seen some disinflation (worth mentioning there are widespread price freezes since a few months ago). The author reasons that monetary phenomena cannot explain inflation properly and that other explanations are needed and condemns monetarism. Here are the six points he makes:
1.Is it a mechanical rule?
This way, we can ask by symmetry: if a certainty exists that when emission increases, inflation increases, the reverse should happen when emission becomes negative, obtaining negative inflation. Nonetheless, we know this happens: prices have an easier time increasing and a lot of rigidity decreasing. So the identity between emission and inflation is not like that, deflation almost never exists and the price movement rhythm cannot be controlled remotely only with money quantity. There is no mechanical relationship between one thing and the other.
First, the low hanging fruit: deflation is not that uncommon, for those of you that live in US and Europe it should be obvious given the difficulties central banks had to achieve their targets, but even Argentina has seen deflation during its depression 20 years ago.
Second, we have to be careful with what we mean by emission. A statement of quantity theory of money (extracted from "Money Growth and Inflation: How Long is the Long-Run?") would say:
Inflation occurs when the average level of prices increases. Individual price increases in and of themselves do not equal inflation, but an overall pattern of price increases does. The price level observed in the economy is that which leads the quantity of money supplied to equal the quantity of money demanded. The quantity of money supplied is largely controlled by the [central bank]. When the supply of money increases or decreases, the price level must adjust to equate the quantity of money demanded throughout the economy with the quantity of money supplied. The quantity of money demanded depends not only on the price level but also on the level of real income, as measured by real gross domestic product (GDP), and a variety of other factors including the level of interest rates and technological advances such as the invention of automated teller machines. Money demand is widely thought to increase roughly proportionally with the price level and with real income. That is, if prices go up by 10 percent, or if real income increases by 10 percent, empirical evidence suggests people want to hold 10 percent more money. When the money supply grows faster than the money demand associated with rising real incomes and other factors, the price level must rise to equate supply and demand. That is, inflation occurs. This situation is often referred to as too many dollars chasing too few goods. Note that this theory does not predict that any money-supply growth will lead to inflation—only that part of money supply growth that exceeds the increase in money demand associated with rising real GDP (holding the other factors constant).
So it's not mere emission, but money supply growing faster than money demand which we should consider. So negative emission is not necessary condition for deflation in this theory.
It's worth mentioning that the relationship with prices is observed for a broad measure of money (M2) and after a lag. From the same source of this excerpt one can observe in Fig. 3a the correlation between inflation and money growth for US becomes stronger the longer data is averaged. Price rigidities don't have to change this long term relationship per se.
But what about causality and Argentina? This neat paper shows regressions in two historical periods: 1976-1989 and 1991-2001. The same relationship between M2 and inflation is observed, stronger in the first, highly inflationary period and weaker in the second, more stable, period. The regressions a 1-1 relationship in the high inflation period but deviates a bit in the low inflation period (yet the relationship is still there). Granger causality, as interpreted in the paper, shows prices caused money growth in the high inflation period (arguably because spending was monetized) while the reverse was true for the more stable period.
So one can argue that there is a mechanical relationship, albeit one that is more complicated than simple QTOM theory. The relationship is complicated too for low inflation economies, it gets more relevant the higher inflation is.
Another point the author makes is that liquidity trap is often ignored. I'll ignore the fact that you need specific conditions for the liquidity trap to be relevant to Argentina and address the point. Worth noting that while market monetarists (not exactly old fashioned monetarists) prefer alternative explanations for monetary policy with very low interest rates, this phenomena has a good monetary basis, as explained by Krugman in his famous japanese liquidity trap paper and his NYT blog (See this and this for some relevant articles). The simplified version is that while inflation may follow M2 growth with all the qualifiers needed, central banks may find difficulties targeting inflation when interest rates are low and agents are used to credible inflation targets. Central banks can change MB, not M2 and in normal times is good enough, but at those times M2 is out of control and "credibly irresponsible" policies are needed to return to normal (a more detailed explanation can be found in that paper I just linked, go for it if you are still curious).
It's not like monetary policy is not good, it's that central banks have to do very unconventional stuff to achieve in a low interest rate environment. It's still an open problem but given symmetric inflation targeting policies are becoming more popular I'm optimistic.
2 - Has inflation one or many causes?
In Argentina we know that the main determinant of inflation is dollar price increases. On that, economic concentration of key markets, utility price adjustments, fuel prices, distributive struggles, external commodity values, expectatives, productive disequilibrium, world interest rates, the economic cycle, stationality and external sector restrictions act on it too.
Let's see a simple example: during Macri's government since mid 2017 to 2019 emission was practically null, but when in 2018 the dollar value doubled, inflation doubled too (it went from 24% to 48% in 2018) and it went up again a year later. We see here that the empirical validity of monetarist theory was absent.
For the first paragraph, one could try to run econometric tests for all those variables, at least from my layman perspective. But given that it doesn't pass the smell test (has any country used that in its favor ignoring monetary policy? Also, I have shown there is at least some evidence for the money-price relationship before), I'll try to address what happened in Macri's government and if monetarism (or at least some reasonable extension of it) cannot account for it.
For a complete description of macroeconomic policy on that period, Sturzenegger account is a good one (even if a bit unreliable given he was the central banker for that government and he is considered to have been a failure). The short version is that central banks uses bonds to manage monetary policy and absorb money; given the history of defaults for the country, the Argentinian Central Bank (BCRA) uses its own peso denominated bonds instead of using treasury bonds. At that time period, the BCRA still financed the treasury but the amount got reduced. Also, it emitted pesos to buy dollar reserves, then sterilized them, maybe risking credibility further.
Near the end of 2017 it was evident the government had limited appetite for budget cuts, it had kind of abandoned its inflation target regime and the classic problem of fiscal dominance emerged, as it's shown in the classic "Unpleasant monetarist arithmetic" paper by Wallace and Sargent. Monetary policy gets less effective when the real value of bonds falls, and raising interest rates may be counterproductive in that environment. Rational expectations are needed to complement QTOM.
So, given that Argentina promised to go nowhere with reform, it was expected that money financing would increase at some point in the future and BCRA bonds were dumped in 2018 and 2019 as their value was perceived to have decreased, and so peso demand decreased. It's not that the dollar value increased and inflation followed, but instead that peso demand fell suddenly!
The IMF deal asked for MB growth to be null or almost null but that doesn't say a lot about M2 (which it's the relevant variable here). Without credible policies, the peso demand keeps falling because bonds are dumped even more (see 2019 for a hilariously brutal example of that).
It's not emission per se, but rather that it doesn't adjust properly to peso demand (which is falling). That doesn't mean increasing interest rates is enough to achieve it, following Wallace and Sargent model.
This is less a strict proof that a monetary phenomenon is involved and more stating that the author hasn't shown any problem with that, there are reasonable models for this situation. It doesn't look like an clear empirical failure to me yet.
3 - Of what we are talking about when we talk about emission?
The author mentions many money measures (M0, M1, M2) but it doesn't address it meaningfully as I tried to do above. It feels more like a rhetorical device because there is no point here except "this stuff exists".
Also, it's worth pointing that there are actual criticisms to make to Friedman on those grounds. He failed to forecast US inflation at some points when he switched to M1 instead of using M2, although he later reverted that. Monetarism kind of "failed" there (it also "failed" in the sense that modern central banks don't use money, but instead interest rates as their main tool; "failed" because despite being outdated, it was influential to modern central banking). This is often brought to this kind of discussions like if economics hasn't moved beyond that. For an account of Friedman thoughts on monetary policies and his failures, see this.
4 - Why do many countries print and inflation doesn't increase there?
There is a mention about the japanese situation in the 90s (the liquidity trap) which I have addressed.
The author mentions that many countries "printed" like crazy during the pandemic, and he says:
Monetarism apologists answer, when confronted with those grave empirical problems that happen in "serious countries", that the population "trusts" their monetary authorities, even increasing the money demand in those place despite the emission. Curious, though, it's an appeal to "trust" implying that the relationship between emission and inflation is not objective, but subjective and cultural: an appreciation that abandons mechanicism and the basic certainty of monetarism, because evaluations and diagnostics, many times ideologic, contextual or historical intervene..
That's just a restatement of applying rational expectations to central bank operations. I don't see a problem with that. Rational expectations is not magic, it's an assessment of future earnings by economic actors. Humans may not 100% rational but central banking somehow works on many countries. You cannot just say that people are ideologues and let it at that. What's your model?
Worth noting the author shills for bitcoin a bit in this section, for more cringe.
5 - Are we talking of a physical science or a social science?
Again, a vague mention of rational expectations ("populists and pro market politicians could do the same policies with different results because of how agents respond ideologically and expectatives") without handling the subject meaningfully. It criticizes universal macroeconomic rules that apply everywhere (this is often used to dismiss evidence from other countries uncritically more than as a meaningful point).
6 - How limits work?
The last question to monetarism allows to recognize it something: effectively we can think on a type of vinculation between emission and inflation in extreme conditions. That means, with no monetary rule, no government has the need of taxes but instead can emit and spend all it needs without consequence. We know it's not like that: no government can print infinitely without undesirable effects.
Ok, good disclaimer, but given what he wrote before, what's the mechanism which causes money printing to be inflationary at some point? It was rejected before but now it seems that it exists. What was even the point of the article?
Now, the problem is thinking monetarism on its extremes: without emission we have inflation sometimes, on others we have no inflation with emission, we know that if we have negative emission that doesn't guarantees us negative inflation, but that if emission is radically uncontrolled there will economic effects.
As I wrote above, that's not what monetarism (even on it's simpler form) says, nor a consequence of it. You can see some deviations in low inflation environment but it's not really Argentina's current situation.
Let's add other problems: the elastic question between money and prices is not evident. Neither is time lags in which can work or be neutral. So the question is the limit cases for monetarism which has some reason but some difficulty in explaining them: by which and it what moments rules work and in which it doesn't.
I find the time lag thing to be a red herring. You can observe empirically and not having a proper short/middle run model doesn't invalidate QTOM in the long run. While it may be that increasing interest rates or freezing MB is not effective, that's less a problem of the theory and more a problem of policy implementation.
Conclusion:
I find that the article doesn't truly get monetarism to begin with (see the points it makes about emission and money demand), neither how it's implemented in practice, nor seems to be aware of more modern theories that, while put money on the background, don't necessarily invalidate it (rational expectation ideas, and eventually New Keynesian stuff which addresses stuff like liquidity traps properly).
There are proper criticisms to be made to Friedman old ideas but he still was a relevant man in his time and the economic community has moved on to new, better theories that have some debt to it. I feel most economic discussion about monetarism in Argentina is a strawman of mainstream economics or an attack on Austrians more than genuine points ("monetarism" is used as a shorthand for those who think inflation is a monetary phenomenon more than referring to Friedman and his disciples per se).
submitted by Neronoah to badeconomics [link] [comments]

Swipe introduces Product Manual with New Products, Card Tiers, and more!

Swipe introduces Product Manual with New Products, Card Tiers, and more!

https://preview.redd.it/hvp70trukag51.png?width=700&format=png&auto=webp&s=390be8bbcb5fdea99a744cae0ff5b27853acf83a
Swipe is thrilled to announce that it has released a new “redefined” white paper under: Swipe Product Manual. The Swipe Product Manual was designed with simplicity in mind for easy and coherent descriptions of the Swipe ecosystem of products. White papers tend to be bulky, mixed with content that the average user will not digest and understand. The typical cryptocurrency buyer or person looking to get into cryptocurrency, are not too found of the technicals behind a protocol, but more how the protocol will work described in a way for a layman person. This is how Swipe believes in working towards mass adoption.
With this in mind, instead of filling our white papers with technical resources and explanations, we decided to take a different approach and go with a Product Manual style design. This will describe all of our current and future products that we have planned and the overall summary of each one. Technical descriptions and documentation will be made available, as required, per protocol as some will have API access for developers.
Please bare in mind that this is a working document and may be subject to improvements and/or changes.

Summary of Updates

Swipe Products Available Today

  • Swipe Wallet
  • Swipe Card
  • Swipe Issuing

Swipe Products Launching Soon

  • Swipe Pay
  • Swipe Credit
  • Swipe Savings
  • Swipe Decentralized Applications (Governance, Swap, Staking, SwipeFi)

Swipe Card New Tiers

  • Swipe Saffron — 0 SXP Stake
  • Swipe Sky — 300 SXP Stake
  • Swipe Steel — 3,000 SXP Stake
  • Swipe Saffron — 30,000 SXP Stake
The new Swipe Card Tiers will give users more options to select a card program that suits their needs and budgets.
Swipe is also excited to announce that our card programs now give up to 5% cash back in Bitcoin with benefits such as:
  • 100% Rewards Rebates on Amazon Prime, Apple Music, Spotify, Netflix, and Hulu memberships*
  • 10% Rewards Rebates on Starbucks, Uber, and Airbnb, and Travala.com*
The Swipe Product Manual can be viewed by clicking here or by going to https://sw.pe/ProductManual or downloading https://swipe.io/ProductManual.pdf to your desktop.

Swipe Token Upgrade

Swipe SXP Token will go through a token upgrade to a new v2 token contract on the Ethereum blockchain that will destroy and remove all admin keys and make the protocol fully decentralized with control through on-chain governance using SXP. This upgrade will also pave the way for use on the Swipe DApps which will be interconnected to the v2 token contract. This upgrade will require users to utilize an exchange, custodial wallet provider, or a swap tool we will release and open-source.
Swipe will provide a more detailed guide on the token upgrade and announce it on all of our social channels once ready.
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Stay up-to-date with all the latest news from Swipe
Website: https://swipe.io
Twitter: https://twitter.com/SwipeWallet
Facebook: https://facebook.com/Swipe
Instagram: https://instagram.com/Swipe
Medium: https://medium.com/Swipe
Telegram: https://t.me/SwipeWallet & https://t.me/Swipe
LinkedIn: https://www.linkedin.com/company/swipewallet
YouTube: https://youtube.com/SwipeWallet
submitted by SwipeWallet to Swipe_io [link] [comments]

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