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Congratulation! LT is now officially launched on the BiKi Exchange🤩
https://preview.redd.it/3h7cgv0vxok41.jpg?width=720&format=pjpg&auto=webp&s=05dbedff064c805c0e0f23cbc10eabfff50b5351 Different from the traditional financial market, the blockchain industry has a lower entry threshold, so there is a fully competitive market between exchanges. The one who doesn’t be reformed will be the first to fail. As the most powerful part in attracting money, the top exchanges actively expand its territory to form a monopoly position, while the latecomers struggle to survive in the cracks. The industry competition of the exchanges is far more brutal than expected.
I. Continuous BiKi Events, leading the Industry Innovation
The young exchanges group, represented by BiKi, has successfully broken the Matthew effect during the exchanges’ battle last year. Nowadays BiKi is working hard to change the competitive pattern of the industry through differentiated innovation. 1、Ecological Investment BiKi Foundationstrategically invested in Xuebi Exchange, and opened the IEO of the platform token XB, with the maximum increase value of 8 times, detonated the market enthusiasm to lead the IEO outlet this year. BiKi has increased the market share of the exchange industry through horizontal investment. Meanwhile, BiKi will also spend 10 million dollars for the vertical investment to support 10 excellent blockchain entrepreneurial teams, and form upstream and downstream synergy based on the BiKi ecology. 2、New Developments in Derivatives BiKi has launched leveraged ETF in derivatives that offer the convenience the same as spot trading and yield three times higher than it, removing the risk of overloading contracts in risk control. It means that BiKi has entered a new era in the cryptographic derivatives market and is closer to the goal of becoming a financial center in the blockchain industry. https://preview.redd.it/fj3eaqnzxok41.png?width=2858&format=png&auto=webp&s=9aeadab0453cbd4f33264b1cbfc3f371c9a14ab8 3、The New Subscription Style Except for innovation in strategy and business, BiKi keeps making efforts in the digital asset market, opening the subscription for Polkadot ecological project, and endows BiKi users with more rights. The strategic cooperation between BiKi and Polkadot, the top project in blockchain, indicates that the overall strength of BiKi is close to the industry head. BiKi understands that users are following the asset and has made asset development a top priority. While laying out the ecology of the header project, BiKi also searches for popular assets, such as the LT launched in BiKi this time.
II. Lemon Token(LT)is now launched on the BiKi Exchange
According to the website, BiKi has opened the LT withdrawal and the LT/USDT transaction pair on March 4, 15:00 (GMT +8). https://preview.redd.it/wkdtu5f2yok41.png?width=1550&format=png&auto=webp&s=20cc61084a5ffdaed7e0fb2d5099d63b7782c059 1、About Lemon Game Lemon Game is a community-based game distribution and trading platform launched by a Russian game developer. Players can download games, buy games, recommend games, review games, buy and sell digital goods, participate in mining games, play with global players, and jointly discover and create blockchain games. LT is the equity token of Lemon game with a total of 1 billion amount and the trading intermediary between users during the operation of its games, which adopted the “PoW+PoS” consensus mechanism. LT holders can enjoy several participating interests including profit sharing, platform buyback, mining by gaming or mining machine and IGO. LT can also be used as transaction fee gas and platform access. 2、Highlights of Lemon Game 1) Trillion-level blockchain game circuit The market size of the game industry in China is around 230 billion. And the blockchain game field will be at least a trillion-level market if the transaction and benefit distribution attributes of blockchain are added. 2) Million-level User Scale Lemon Game is a new blockchain gaming platform with a 4-year community base and over 1.2 million registered users in China, Russia, North America, Japan, and South Korea. https://preview.redd.it/qrr1q2l4yok41.jpg?width=886&format=pjpg&auto=webp&s=2e1d80b697259cb52c8632634e096dd3c93b60b0 3) Top Industry Resources Lemon Game was launched by many institutions, including the Russian gaming alliance Gameskills, the bitcoin mining platform BitLuck, the digital currency social ecosystem LoMoStar, blockchain consultancies, and the digital currency exchange JiamiX. Besides, Gameskills has partnered with 35 gaming companies in Russia and more than 100 globally. Members of the eco-alliance include the world’s largest H5 gaming foundation Egretia Foundation, digital currency exchange Xstar, SWFT Blockchain Foundation, the leading blockchain technology provider GDO Exchange Alliance and professional global digital currency market data provider SOSOLX. 4) The Top Gaming IP：SAILING SAILING is a leading project jointly created by Lemon Game Ecological Fund and Russian game producer BRUNO(BRUNO Game Studio) and promoted by the black sail community. SAILING itself is a world-famous top IP and a global best-selling animation, which has a very large scale of fanatical fans around the world and strong self-propagation ability. https://preview.redd.it/u8o91909yok41.jpg?width=732&format=pjpg&auto=webp&s=103992c1a3f59c9870779cda4eb7fe50557cfd4b
III. BiKi continues to explore popular projects
The exchange’s innovation is not through the model but the discovery and empowerment of popular projects, bringing value to community users, which is the core competitiveness in the future, and also the inevitable way for the exchange to accumulate public praise and improve its brand. BiKi will continue to launch popular projects and provide more value for the industry and users. Contact Us: Website:www.lemongame.io Twitter:@Lemongame_world Telegram:t.me/lemontoken_en Youtube:lemongame
[US-OH] [H] Gigantic Lot of 3mg, 6mg, Hardware & Accessories. RTA's, Mods, CVC, Cloudberry, Bird E-Juice, Dinner Lady...a whole lot more. [W] Paypal, Bitcoin, Litecoin
All purchased in 2017. I simply have purchased stupid amounts of everything. This list compiles a lot of juice (separated by 3mg and 6mg) and some hardware that I have. Most of this I have never used because I bought in other large lots from this same sub :-) I know the juice is extremely fair priced, but if anything seems way off on some of the hardware, just PM me and we can work it out. Please note that this post will generate a boatload of messages. I assure you that I will sell in the order the messages are received! If it takes me a few minutes to respond, please know I will get there shortly. If you spend $40 or more, I will cover shipping. Otherwise, please add $4 for shipping. If you are buying a whole bunch, PM me and we will work out a deal. I will also give 5% off for Bitcoin or Litecoin payment. If paying via Paypal G&S, please add in the fees. Thanks everybody! Verification Pics: http://imgur.com/a/9P6vF Hardware Pics: http://imgur.com/a/YYNy2 3mg Pics: http://imgur.com/a/GGkaC 6mg Pics: http://imgur.com/a/EyHod HARDWARE: 4 Bay Charger: $7 SOLD Large Coil Master Case: $10 SOLD HDConcepts Vape Stand: $14 Demon Killer Coils (24 coils): $6 Drip Tip Lot: $12 TANKS: Unopened Moonshot RTA: $13 - Pending payment Griffin 25mm RTA Black w/ Frosted Glass: $10 SOLD Griffin 25mm RTA Mini SS w/ ALL Accessories Like New: $12 SOLD Augvape Boreas RTA w/ Extra Tip and Accessories: $14 Wotofo Lush Plus 24mm RDA SS in Box w/ Extras: $14 MODS: Fuchai 200W TC Baby Blue: $20 SOLD ITaste MVP 3.0 Starter Kit, Well Used: $15 SOLD Hana Modz DNA 30 Clone: $15 Miscellaneous Lot - $35: http://imgur.com/a/xBjK8 This has some things in it that I am not too aware of. I know there is a Smok Telescoping Mod, a white velocity RDA clone, Derringer clone, Vicious Ant Cyclone, Herakles Subtank, Horizon Arctic w. extra coils, Hammer Mod? I don't know much about these items so maybe there is something of good value in here. 3mg Liquid: • Naked 100: o Chill Lemon Lime (Green Lime) w/Can – 56ml - $9 • Magnetic Rocks by Vape 7 Daze – 55ml - $9 • Sodalicious: o Lime Cream – 60ml - $8 • Bird E-Juice: o Sublime – 26ml - $5 o Carrot Cake – 30ml - $5 • Adirondack: SOLD o Cascade – 22ml - $5 SOLD o Cayuga – 28ml - $6 SOLD • Cloudberry: o Peach Mango – 25ml - $5 o Strawberry Kiwi – 22ml - $5 •BX Vapor: o Honey Suckle My Cuke – 5ml - $1 • Mitten Vapors: o Beachwater – 30ml - $4 o Baja Splash – 27ml - $4 o Red Code – 22ml - $3.50 • E-Liquid Wonderland: o Beetle Juice – 60ml - $5 o Wolf’s Blood – 60ml - $5 • Northland Vapors: o Raspberry Crème Brulee – 30ml - $4 o Generally Fruity – 27ml - $4 o Jungle No. 4 – 25ml - $4 o Pink Lemonade – 23ml - $3.50 • Blue Dot Vapors: o Key West – 10ml - $1 o Black Cow – 8ml - $0.75 o Convicted Melons – 8ml - $0.75 o Gentlemen Juice – 7ml - $0.75 • Crescent City Clouds: o Neutral Ground (Pineapple Sherbet) – 2x120ml - $9 each • Pinup Vapors - Sophia – 2x30ml - $4 each • Om Vapors: o The Balance – 57ml - $5 o Spectrum – 30ml - $3.50 • TBD Liquids: o Pineapple Peach Smoothie – 25ml - $3 • Fruity Lemonade by VapeTek – 120ml - $7 • Ectoplasm by Fuzion Vapor – 26ml - $4 • Madtown Vapor: o Mandarine Pineapple – 15ml - $2 o Tutti Frutti – 15ml - $2 o Fluffy Pineapple – 15ml - $2 o Blue Lemon Candy – 10ml - $1 • Crystal Smurf by Vapergate – 35ml - $5 • Solar Harvest by King of the Cloud – 30ml - $5 • Aunt Sally by No Name Craft Ejuice – 30ml - $5 • Frisco by Blue Label Elixir – 28ml - $4 • The Hotel Lobby by Teleos – 28ml - $4 • Lumina by Cape Fear – 15ml - $2 • Yellowberry Road by Possum Trot – 15ml - $2 • Black & Blue Lemon Bruiser* – 13ml - $1.50 • Very Cherry by Vape Belly’s – 11ml - $1 • Bomb Sauce: o Prime Lime – 10ml - $1 o Sink of Swim – 10ml - $1 • Oasis Vape: o 4 Fathers (+1 Shot) – 15ml - $1.50 o Gummi Peach (+1 Shot) – 22ml - $2 o Tart Lemon Candy – 10ml - $1 o Tart Lemon Candy (+1 Shot) – 10ml - $1 o Tiger’s Blood – 9ml - $0.75 o Tiger’s Blood (+1 Shot) – 12ml - $1 • Vape Wild: o Murica – 30ml - $3 6mg : • Dinner Lady: Lemon Tart - 55ml - $8 SOLD • Level-Up Vapor: o Dual Wield - 13ml - $2 o 60FPS - 15ml - $2 • The Sauce LA: o 1922 - 120ml - $10 o The Pier - 119ml - $10 o Get Your Kicks - 100ml - $8 o Passion Fruit Cooler - 119ml - $10 o Ace - 120ml - $10 o XXX - 60ml - $5 • Propaganda, The Hype Series: o Cotton Candy - 30ml - $5 o Blue Slushee - 50ml - $8 • IVC Nillionaire Line: o Grapefruit - 19ml - $4 o Mango - 20ml - $4 o Raspberry- 16ml - $3.50 •Lost Arts Slotter Pop: o OGB - 10ml - $2 • Mitten Vapor: Pinky - 12ml - $2 • Vapergate: Smurfette - 10ml - $2 • Taffy Man: o Berry - 29ml - $4 o Tru4Blu - 27ml - $4 • No Name Craft EJuice: SPF15 (Pineapple & Strawberry) - 26ml - $4 • Ice Cream Man: Da Bomb Pop - 10ml - $2 • Holy Grail Elixir: Berry Confused - 12ml - $2
[US-OH] [H] Gigantic Lot of 3mg, 6mg, Hardware & Accessories. RTA's, CVC, Cloudberry, Bird E-Juice [W] Paypal, Bitcoin, Litecoin
*Pictures updated for this post to show what is remaining! All purchased in 2017. I simply have purchased stupid amounts of juice. This list compiles a lot of juice (separated by 3mg and 6mg) and some hardware that I have. Most of this I have never used because I bought in other large lots from this same sub :-) I know the juice is extremely fair priced, but if anything seems way off on some of the hardware, just PM me and we can work it out. Please note that this post will generate a boatload of messages. I assure you that I will sell in the order the messages are received! If it takes me a few minutes to respond, please know I will get there shortly. If you spend $40 or more, I will cover shipping. Otherwise, please add $4 for shipping. If you are buying a whole bunch, PM me and we will work out a deal. I will also give 5% off for Bitcoin or Litecoin payment. If paying via Paypal G&S, please add in the fees. Thanks everybody! Pics: https://imgur.com/a/pq3gs HARDWARE: HDConcepts Vape Stand: $14 SOLD Demon Killer Coils (24 coils): $6 SOLD Drip Tip Lot: $12 SOLD TANKS: Augvape Boreas RTA w/ Extra Tip and Accessories: $14 Wotofo Lush Plus 24mm RDA SS in Box w/ Extras: $14 MODS: Fuchai 200W TC Baby Blue: $20 SOLD ITaste MVP 3.0 Starter Kit, Well Used: $15 SOLD Hana Modz DNA 30 Clone: $15 Miscellaneous Lot - $35: http://imgur.com/a/xBjK8 This has some things in it that I am not too aware of. I know there is a Smok Telescoping Mod, a white velocity RDA clone, Derringer clone, Vicious Ant Cyclone, Herakles Subtank, Horizon Arctic w. extra coils, Hammer Mod? I don't know much about these items so maybe there is something of good value in here. 3mg Liquid: • Naked 100: o Chill Lemon Lime (Green Lime) w/Can – 56ml - $9 • Magnetic Rocks by Vape 7 Daze – 55ml - $9 • Sodalicious: o Lime Cream – 60ml - $8 • Bird E-Juice: o Sublime – 26ml - $5 o Carrot Cake – 30ml - $5 • Adirondack: SOLD o Cascade – 22ml - $5 SOLD o Cayuga – 28ml - $6 SOLD • Cloudberry: o Peach Mango – 25ml - $5 o Strawberry Kiwi – 22ml - $5 •BX Vapor: o Honey Suckle My Cuke – 5ml - $1 • Mitten Vapors: o Beachwater – 30ml - $4 o Baja Splash – 27ml - $4 o Red Code – 22ml - $3.50 • E-Liquid Wonderland: o Beetle Juice – 60ml - $5 o Wolf’s Blood – 60ml - $5 • Northland Vapors: o Raspberry Crème Brulee – 30ml - $4 o Generally Fruity – 27ml - $4 o Jungle No. 4 – 25ml - $4 o Pink Lemonade – 23ml - $3.50 • Blue Dot Vapors: o Key West – 10ml - $1 o Black Cow – 8ml - $0.75 o Convicted Melons – 8ml - $0.75 o Gentlemen Juice – 7ml - $0.75 • Crescent City Clouds: o Neutral Ground (Pineapple Sherbet) – 2x120ml - $9 each • Pinup Vapors - Sophia – 2x30ml - $4 each • Om Vapors: o The Balance – 57ml - $5 o Spectrum – 30ml - $3.50 • TBD Liquids: o Pineapple Peach Smoothie – 25ml - $3 • Fruity Lemonade by VapeTek – 120ml - $7 SOLD • Ectoplasm by Fuzion Vapor – 26ml - $4 SOLD • Madtown Vapor: o Mandarine Pineapple – 15ml - $2 o Tutti Frutti – 15ml - $2 o Fluffy Pineapple – 15ml - $2 o Blue Lemon Candy – 10ml - $1 SOLD • Crystal Smurf by Vapergate – 35ml - $5 • Solar Harvest by King of the Cloud – 30ml - $5 • Aunt Sally by No Name Craft Ejuice – 30ml - $5 • Frisco by Blue Label Elixir – 28ml - $4 • The Hotel Lobby by Teleos – 28ml - $4 • Lumina by Cape Fear – 15ml - $2 • Yellowberry Road by Possum Trot – 15ml - $2 Black & Blue Lemon Bruiser* – 13ml - $1.50 • Very Cherry by Vape Belly’s – 11ml - $1 • Bomb Sauce: o Prime Lime – 10ml - $1 SOLD o Sink of Swim – 10ml - $1 SOLD • Oasis Vape: o 4 Fathers (+1 Shot) – 15ml - $1.50 o Gummi Peach (+1 Shot) – 22ml - $2 o Tart Lemon Candy – 10ml - $1 o Tart Lemon Candy (+1 Shot) – 10ml - $1 o Tiger’s Blood – 9ml - $0.75 o Tiger’s Blood (+1 Shot) – 12ml - $1 • Vape Wild: o Murica – 30ml - $3 6mg : • Dinner Lady: Lemon Tart - 55ml - $8 SOLD • Level-Up Vapor: o Dual Wield - 13ml - $2 o 60FPS - 15ml - $2 • The Sauce LA: o 1922 - 120ml - $10 o The Pier - 119ml - $10 o Get Your Kicks - 100ml - $8 o Passion Fruit Cooler - 119ml - $10 o Ace - 120ml - $10 o XXX - 60ml - $5 • Propaganda, The Hype Series: o Cotton Candy - 30ml - $5 o Blue Slushee - 50ml - $8 • IVC Nillionaire Line: o Grapefruit - 19ml - $4 o Mango - 20ml - $4 o Raspberry- 16ml - $3.50 •Lost Arts Slotter Pop: o OGB - 10ml - $2 • Mitten Vapor: Pinky - 12ml - $2 • Vapergate: Smurfette - 10ml - $2 • Taffy Man: o Berry - 29ml - $4 o Tru4Blu - 27ml - $4 • No Name Craft EJuice: SPF15 (Pineapple & Strawberry) - 26ml - $4 • Ice Cream Man: Da Bomb Pop - 10ml - $2 • Holy Grail Elixir: Berry Confused - 12ml - $2
The low interest rates are a response to the expansion of credit. This sets off the inflationary boom which ends as money begins being priced to actual conditions. Optimistic investments 'above' the actual conditions suffer when the credit expansion ends or even inflects.
You do realise that Ramstein Airbase is where your critically wounded soldiers get their emergency care right? Also, you also realise that Germany hosts your drones communication operating in the mid east?
So.. Germany has provided a base to fly USA drones. Your right, my bad USA can pay for 90% of Europe protection, tax our products, buy 70% gas from Russia and 50% oil from Russia while we protect them. Makes sense to me now. Thanks for the clarification.
Firstly, US is paying for no one's protection. What the Nato treaty entails is that each nation pledges to spend 2%of their budget to defence. It is like everyone bring a plate of food to a potluck. You are not spending a single dime into Nato. Also, do note that no one told you to go full retard buy getting 11 aircraft carriers, and spend trillions invading Afghanistan or Iraq. That is on you, not them. Finally, Germany, France and Europe in general could well protect themselves from Russia should they choose. They have the know how, the tech, the money and the population as well. Russia is weaker than Germany, not the other way round. Germany have plenty of allies even if you pull out. You should really use your brain and stop watching Fox news once in a whilem
How did Russia take Ukraine so easy? Because Russia controls their gas and oil supply. They shut off their supply, a week before they walked right across the boarder. Ohh guess what, Russia controls 50% of Germany oil, and 70% of their gas. I wonder where this is headed. France can't defend themselves, they can't even defend the streets of Paris because of the Muslim grooming gangs. And lastly how many countries paid 2%? I strongly suggest you read your history books, before insulting others it is not justifying your point of view. God bless.
Are you seriously comparing Western Europe with Ukraine? Really? Are you that desperate in your argument? France can't defend themselves? Really? What about their nukes? How stupid can you get? Grooming gangs? Really? In that case i say the US is also weak because you can't even protect your kids from getting massacred yearly. Kindergarten kids being shot wantonly and there is shit all you idios can do about it. You cant even go to a concert in Vegas without being shot at. How about that? Also, Germany is not as dependent of Russian gas supplies as they could easily ship them in from the mid East or Canada if need be. You heard about this thing called super LNG ships, right? Then again, Fox watching Trumptards like you wouldn't even comprehend my arguments. You are really that stupid.
The stupidity and ignorance of some Americans are just breath taking. France can't defend themselves? That really took the cake. If they have a vague idea that France has a UN Security Council seat they probably thought they were there because they could cook well or something. Stupid is stupid does.
Which they are going to keep selling us.... This isn't complicated people. The tariffs are just to make a point... you trade fair with us, you trade freely with us, we'll do the same for you. Trump is NOT WRONG that non-tariff barriers against our products put us at an unfair disadvantage. Comparative advantage and free trade are great, you people... so let's put those ideas into actual fair practice. The point of raising tariffs isn't to have more tariffs forever... it's just to actually shake things up and get broad international reductions in tariffs... which is what will happen. 2 years from now, the US will have lower tariffs on imports overall than it did 2 years ago... and it will be thanks to Donald Trump being willing to flex our muscles and get the rest of the world to respect us and reciprocally lower their own trade barriers to fair levels.
Gilead is nearly bankrupting states with their cure for hepC Medicine is a special breed since the vast majority comes from public dollars and then through lobbied monopolies that we grant to companies they can charge through the sky
Logic is useless without empiricism, isn't it? Seems to me that there is only best method to seeking truth, and that is the inductive method. Does the following hold as analogous to your argument? There are a certain number of birds in flight at this very instant on Earth. It is improbable that we possess the means to measure the number of birds in flight at any instant with absolute accuracy. Therefore we cannot develop a useful hypothesis regarding the number of birds. If this is the logic of your argument that empiricism cannot provide useful and testable hypotheses for economic matters, then I dont believe you have a very solid argument.
No, that's not analogous. The analogous argument for economics would be: Hey I think I've figured out how to estimate the numbers of birds in the sky, and now I'm going to use that estimate to control their movement.
Even in our quantitative economic studies we are basic it mostly on the fact that certain factors won't change - ceteris paribus (all things being constant). Economics is boiled down to how humans organise our scarce resources. Humans do not always act logically; economys are complex and multi layered not every factor can be mapped; and we our cultures all impact how how individual economies work. Simply put any quantitative research in macroeconomics is really just a theory that might work if we exclude 60% of all unpredictable factors and try to calculate for the 40%. It works sometimes but classical economics works best because we accept we cant make predictions and policies so lets just not try and hope the market organises itself.
Yes, I understand that there are many factors. It is exactly the same in any other scientific discipline. There are no such things as exact values in chemistry or physics, there are only accepted values. And, there are situations where the traditional math breaks down. PV=NRT starts to break down if gases start to act not ideal like at high temperatures or if their collisions become elastic. But still, PV=NRT or c=wavelength x frequency are still useful models of what the relationships are between different things are. I must say that I being a little harsh on the person that I was responding to previously. I am aware that there are Austrians that are perfectly happy to incorporate quantitative studies into their analyses, and that they call themselves Austrians to simply that their work has caused them to favor free markets and small government. I don't really have an issue with these people.
why? if i say "as an american, i think this story is made up and trump is the greatest" you probably wanna know my political affiliations, that i'm not some guy with special insight as a member of that nation, i'm just politically-motivated to lie on reddit. that's all
Because your economical/political ideologies don't make you right or wrong. If you say "as an american, i think this story is made up and trump is the greatest", but back your arguments up with credible data/sources, then your contribution adds to the discussion. If the sources are rubbish, then you point out the flaws in OPs sources and go on from there. This is why comments asking for sources are pretty useful, because people who are full of shit tend to not be able to provide them or just link to rubbish (the odd blog post or something).
You are assuming that I'm defending him, when I'm not. All I'm saying is that attacking his political beliefs doesn't make him wrong. By labeling him as a conservative, all you're doing is leading people who have the same bias as him to believe him and people who lean the other way will not believe what he's saying. In the meantime, (I think) most people here are smart enough to not take "being portuguese" as an authority on all things Portugal and expect some sort of source for his claims. I will read (but, depending on the arguments, probably not respond) to any replies to this, as I think I've made my point clear enough and don't think there's much to be added to this discussion.
They’re not smart enough because they believed him and upvoted him even tho he provided no evidence Why are you singling me out for this is all I’m wondering. Guy makes a claim and doesn’t support it. I say “don’t believe everything you read on Reddit, this guy is politically biased and hasn’t offered evidence” Seems like you should be directing your posts to that islamophobic bigot
I will give it to you, I only shared my personal bias, it's quite frustrating to me to see opinions/articles saying how well Portugal is doing, it's enabling bad politics here. And I'm not a conservative, I'm a minarchist/libertarian and yes I've criticized Islam (not Muslims), if that makes me a bigot, I don't know why, people criticize Christianity all the time and never heard anyone be called a bigot or cristianiphobic for it...
Yeah, well, if you could convince younger people to vote during every election then maybe the politicians would pay attention to their concerns. As it stands now, young voters can't be counted on. Old people vote. All. The. Time.
Now, I'm just curious, but does this have to do with the civil responsibility instilled in the greatest generation (oldest voters probably) or is it because of the age? Like will baby boomers vote as much as the greatest generation when they are aging into their mid-60s/70s? Tldr do you vote more because you're retired or bc of the civil duty instilled your generation?
Probably a bit of everything. Also more life experience which includes decades of local to federal politicians passing bills that you disagree with. I'm only in my 30s and have watched myself and peers go from only really "caring" about presidential or governor elections to voting to even in every local election. I really don't think it's a pride thing but more that people begin to realize more and more that they must vote to try to keep the things they want the same or to change things they dislike and voting is the easiest way to do it.
It’s supposed to be a criticism, reflecting what actually ends up happening with such policies instead of using the nice terms created by their proponents. Not being the word supply-side economists would like to use doesn’t make it invalid.
My answer won't be liked, but I'll say it anyway. It's because civic education was purposefully altered, diluted, and largely removed from the school system... and it was done on purpose for exactly this reason.
Yeah, young people have among the lowest voter turnout rate. If they voted at the rate of people (especially white men) over 50 a lot of the state legislatures and Congress would look different than it does today.
at least in my HS there was a required civics/government class for your senior year. AP Gov theoretically just aims the material at the test. In practice, this just means the best teachers teach AP Gov.
This would mostly help government, finance, and other white collar professions. Retail, healthcare, restaurants, etc. are working on all other federal holidays. What will make election day any different?
To be honest, I’m in my late 20s, went to college without the help of family/friends, worked hard to pay it off, have found a job in my field without too many obstacles, am about 70% of the way towards putting a downpayment on a house. 15/20 of my friends are doing just as well. My sisters are doing just as well. What the fuck is everyone talking about when they cry about opportunity in 2018?
Moshe said that there is “absolutely no doubt” in his mind that the majority of assets will one day run on a tokenized system. “I’m 100 percent committed to not only buying into that prophecy, but also making it happen.” However, “I don’t want to say that everything will be tokenized,” he added. “There’s a fallacy in the environment that we’re seeing today, which is that people don’t [ask themselves] a very important question–the question is, ‘why blockchain? Companies come out, and they just don’t ask themselves: ‘why are we using blockchain?’” Moshe explained that this is important to ask because as blockchain technology stands at this present moment, “[blockchain] is harder to work with [than existing systems]. It’s onerous. It’s very hard to find developers who can work in Solidity and actually build complicated systems.” “There are latency objectives that are not being met,” he said. “There are throughput objectives that are not being met. There are a lot of reasons–there are more reasons not to use blockchain, and just to build your own system…it’ll work better, cheaper, faster that way than to build a blockchain-based system. “I think people today are not asking themselves enough: ‘what am I doing that actually requires blockchain, that if I don’t use blockchain then I can’t build my business model the way I want to do it? I think that’s really lost on everybody.
Blackmoon is Focused on Tokenization of Assets with ‘Intrinsic Value’
“When we look at what Blackmoon is doing,” Moshe said, “we have to “split up the ‘money-pie’ of the world into two different facets: financial products that expire and those things that don’t. If you look at the things that don’t expire, you’re really only looking at two slices: you’re looking at equities and currency. Everything else has an expiration on it.” “That differential is really where things get their value from. When you look at equity and currency–I call them inflatable objects, because they get their value through inflation–if the price goes higher, everybody makes money. Whereas those things that expire, they gain their value intrinsically through decay.” “So, Blackmoon is tokenizing fund investments–those things that have intrinsic value,” he explained. “Now, hedge funds are in this weird gray area in that border between those things that expire and those that don’t. Because ultimately, you’re buying equity in a hedge fund as a fractional owner of that fund. But the truth is that because I can create and redeem my investment, and I can bring money into the fund and out of the fund, grants [the fund] intrinsic value. “So it’s not only expiration that grants things intrinsic value–it’s also redemption,” he said. “Those are the products that Blackmoon is focused on. He said that this is what sets Blackmoon apart from other blockchain-based platforms for asset tokenization. “When you think of a lot of the other tokenization platforms that are working in a similar regulatory environment…they are all focused on equity-based issuances, whereas Blackmoon is more focused on intrinsically-valued issuances.”
Asset Tokenization is the ‘Second Wave’ of Blockchain’s Journey to the Mainstream
“When it comes to the tokenization of financial instruments,” he continued, “I just see it as the second wave of blockchain mainstreaming itself. The first wave really comes from idea that the whitepaper of Bitcoin showed the world that you can create a digital object that is not copyable, and by maintaining that standard of non-duplication from a digital object standard–one that’s internet-based–I think that shows everybody that you can create a denominator of value…and that denominator is fixed, or at least, it’s controlled. “The next wave (that we’re seeing right now) is the idea of tokenization.” However, “there’s something lost on everybody as it relates to blockchain and finance, in that when you think of creativity as a programmer technologist–most companies (like social networks and what not) can be creative as they want. ‘What should we do? What would be a useful experience for our users?’” “Everybody comes up with all these wacky ideas, and then they roll it back, and they self-regulate about what [they] should not do. A good example would be Facebook not allowing porn–they could do it if they wanted to, but they don’t for self-regulatory purposes because of the brand’s protection or whatnot. “I think that within the financial arena, it’s the exact opposite,” he said. “You have this toolbox with all this functionality on the technical side, but we’re having to squeeze it into a box–it’s a square peg in a round hole that doesn’t really fit. More importantly, we have more functionality than the box of regulation allows.” He argued that this is what’s holding the industry back. “So, it’s very limiting, meaning that we’re starting to use blockchain with a straitjacket. However, “I see that as an opportunity, because I realize that we’ve brought it to the edge of what the financial arena of regulatory compliance allows us to, and then as that box expands–which it will–we’ll just be ready. It’ll be immediately applicable.”
"[Bitcoin] is a techno tour de force." - Bill Gates, Founder of Microsoft "You can't stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust" - John McAfee, Founder of McAfee “It's money 2.0, a huge huge huge deal.” - Chamath Palihapitiya, Previous head of AOL instant messenger “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - Tyler Winklevoss, Co-creator of Facebook “Entire classes of bugs are missing.” - Dan Kaminsky, Security Penetration Expert for Cisco and Avaya “There are 3 eras of currency: Commodity based, politically based, and now, math based.” - Chris Dixon, Co-founder of Hunch now owned by Ebay, Co-founder of SiteAdvisor now owned by McAfee “Right now Bitcoin feels like the Internet before the browser.” - Wences Casares, Founder of Banco Lemon, aquired by Banco do Brazil, Won Xbox game of the year for his game Assault Heroes "Bitcoin will do to banks what email did to the postal industry" - Rick Falkvinge, Founder of the Swedish pirate party "Bitcoin may be the TCP/IP of money." - Paul Buchheit, Creator of Gmail “ I think the fact that within the bitcoin universe an algorithm replaces the functions of [the government] … is actually pretty cool. I am a big fan of Bitcoin” - Al Gore, 45th Vice President of the United States "I am very intrigued by Bitcoin. It has all the signs. Paradigm shift, hackers love it, yet it's derided as a toy. Just like microcomputers." - Paul Graham, Creator of Yahoo Store “I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world." - Peter Thiel, Co-Founder of Paypal "I really like Bitcoin. I own Bitcoins. It's a store of value, a distributed ledger. It's a great place to put assets, especially in places like Argentina with 40 percent inflation, where $1 today is worth 60 cents in a year, and a government's currency does not hold value. It's also a good investment vehicle if you have an appetite for risk. But it won't be a currency until volatility slows down." - David Marcus, CEO of Paypal “"[Virtual Currencies] may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.” " - Ben Bernanke, Chairman of the Federal Reserve "Virgin Galactic is a bold entrepreneurial technology. It's driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency." - Sir Richard Branson, Founder of Virgin Records, Virgin Galactic, and 400+ other businesses "So bitcoin is cyber snob currency..." - William Shatner, Actor known for lead role in Star Trek TOS "Bitcoin actually has the balance and incentives right, and that is why it is starting to take off" - Julian Assange, Founder of Wikileaks "[Bitcoin] is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets." - Kim Dotcom, CEO of MegaUpload "Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value" - Eric Schmidt, CEO of Google Any more you know? Put them in the comments! For each of these I found someone who's name or role in a company is generally known by the public who had something to say about Bitcoin.
My Techno thriller. Introducing Lew Ash, my protagonist.
Lewis Ash was drunk. “Well maybe not quite drunk.”, he mused fuzzily. He leaned over and inhaled deeply from the exquisite wine glass recently proffered with much ceremony by Henry, sommeliere at The Club, by far Lew's favorite restaurant in Seoul. He and Henry had a longstanding tradition. Henry would educate with the first bottle of the evening, tonight had been a brilliant Australian Shiraz whose dark brooding finish still lurked somewhere in the animal part of Lew's brain, but by bottle nine or ten Henry was uncorking wine for inebriation purposes only. Lew was currently on bottle six, “Maybe seven if I really think about it for a second,” he thought, “But there are three of us for dinner and so that's closer to two each. Plus Henry no doubt reserved a glass or two of the first bottle for his own enjoyment.” The thought of Henry reminded Lew of the glass in his hand. He took a long sip of the wine and swirled its thick texture around his mouth. He did have to hand it to Henry, the man certainly knew his wines. The Club cellar's contained thousands of bottles, all lovingly acquired and cared for by Henry and his staff of wine waiters. Henry regularly travelled the world's great wine regions, buying carefully for The Club's cellar, routinely acknowledged as one of the best in Asia. Lew had one year made the enormous error of offering to accompany Henry on a week long buying session in France. Hundreds of tastings and hours spent discussing the minutia of Grand Cru vintages and their progress gave Lew a vast appreciation for Henry's craft and a strong desire to never peek behind the curtains again. He swallowed his mouthful of wine and smiled with sincere gratitude at Henry. “I don't know how you do it Henry?”, in response to Henry's quizzical expression. Turning to his dining partners Lew began to fill them in on the understanding he and Henry had come to. “Henry here serves me his best wine first, cost be damned”, he paused, grinned and nodded approvingly to Henry who proceeded to fill the new set of glasses which had magically appeared in front of each diner, “But this bottle can cost no more than twenty bucks”, he took a somewhat larger mouthful of the wine which he casually noted was from some winery in Spain of which he had never heard, “And to my uneducated and somewhat intoxicated palate tastes even better than that first bottle. By the way Henry how much did that first one cost anyway?” A small glint flashed in Henry's eyes as he bowed slightly at Lew's side, his lithe body, elegant in a bespoke tuxedo a stark contrast to Lew's slightly puffy yet still powerful 90 kilos. “Mr. Ash sir”, Henry replied in his flat, Canadian accented English, “I will summon the manager with your account sir”, knowing full well Lew was only having fun in front of his guests. One guest, who had taken on the politest of sips from each offered vintage, was clearly getting annoyed with Lew. She, Nancy or Naomi or something, Lew was a little confused and really didn't care, was a bitter looking 40 something american from the accounting firm that handled Lew's finances. Every six months the esteemed firm sent out someone with forms to be signed and accounts and expenditures to review and approve. It was never the same person but over the last few years Lew had come to realize the accounting weenie came in two distinct flavors; either someone who embraced the long trip as a reward; these people Lew saw right away, signed their forms, and got one of his guys to make sure they had a good time in Seoul; or they were like the type across the table from him now. Nancy/Naomi had a thin, pinched yoga toned face that currently carried an expression that told the world she would rather be anywhere but here. “Of course she probably has that expression no matter where she is”, thought Lew and the thought of naked bony ass bent over with moans emanating from her sour lemon face caused Lew to start laughing. “Take it from the top”, he ordered. “He would make her go over the report one more time then put her out of her obvious misery and let her escape back to whatever cubicle hell she called home”. While she droned on about dividend yields, asset allocation rebalancing and tax strategies Lew sat back, sipped some more wine and remembered how, on the eve of his 45th birthday, he came to be here. In early 2010 Lew was working in Manchester England as a late 30's sales manager for a firm that supplied engineering samples and design advice to tech firms in the north of England. One of his junior sales guys, a hard working but somewhat naive 22 year old named Freddie, had granted credit to a start up company working on a new type of ATM machine. The firm was on Lew's list of problem credit accounts that Lew had to review and resolve first thing every morning. It was his least favorite part of the job, calling firms who couldn't or wouldn't pay their bills, to tell them parts that they expected that morning just were not going to ship without some cash changing hands. Some customers reacted with anger, blaming Lew and his disorganized and predatory firm for screwing things up; some were apologetic and resigned, some were enthusiastic and oblivious. Freddie's account, BTC Global Systems, a grand name for what was in actuality two software engineering students living in a Manchester University dorm, fell into the latter category. Their company, such as it was, owed a paltry four hundred pounds for some programmable logic parts that Freddie had allowed them to purchase on credit. That fateful morning Lew had had gotten one of the students, Laslo, on the phone. “Give me something” he remembered having said to the not so business savvy student who didn't realize that there was nothing Lew could really do to collect the debt. Even though the amount was small Lew was penalized a part of his bonus for every account that had to be written off and he was damned well going to get something from this guy. Laslo had obviously heard the anger in Lew's voice because later that afternoon he had appeared at Lew's drab suburban office and dropped off an envelope containing a USB drive and a brief note. That note, which Lew still carried with him in his wallet, had apologized for the inconvenience the outstanding bill had caused and offered up something called bitcoins in a proposed settlement of the account. Lew had read the note, thought briefly about calling the accounts department to let them know, then thrown the envelope into his desk drawer, a problem to be dealt with at some future time. Several years passed in a grey Manchester monotony. The unfortunate Freddie was let go during a wave of layoffs and the BTC Global Systems account and it's four hundred pound debt was written off and Lew's bonus dinged accordingly. At home Lew's wife of ten years had decided she could do better than a mid level sales rep who truthfully didn't really pay enough attention to her. Lew took her leaving in stride and when the divorce papers arrived he signed them, less sad than he thought he would be. It was Christmas 2012, and Lew was alone. His parents had died within months of each other a few years back and he had no siblings. His friends had offered him christmas dinners and holiday invites but he had been feeling restless and had decided on a whim to travel to the States and visit Las Vegas. It was in the back of the Thomas Cook 767 where the flight attendant handed him the Wall Street Journal where he read an article explaining the meteoric rise in value of a mysterious crypto currency known at Bitcoin. Lew had felt his heart literally stop as he read and reread the line about the current Bitcoin value of $13 US dollars. Lew had devoured the article and filled more than a few cocktail napkins with calculations. He had not been able to remember for the life of him how many bitcoins had been mentioned in Laslo's note but he had been sure it was in the thousands. He experienced a blur of a week in Las Vegas but could not wait to get back to Manchester and search for the usb drive that he was sure was still sitting at the bottom of his junk filled desk drawer. After landing Lew had rushed straight to his office where, on a cold and grey Sunday morning, Lew found the drive. It had been even better than he had been imaging. The twice blessed Laslo's note had said he hope that his payment of one hundred thousand bitcoins would be sufficient. Lew had remembered doing the math and realizing he was holding over a million dollars, then realizing he knew nothing about how to get use of the money, and, more importantly, the million dollar drive properly belonged Lew's employer. He had quickly realized that barring Freddie, no one at his employer had any clue that the drive existed. Freddie was long gone, moved back to his local village, his time in the big city a barely remembered failure. His ex wife was well and truly gone and there was nothing really holding him back from just walking out the front door and never returning. Lew smiled to himself at the memory, nodded to Naomi/Nancy to keep going, and remembered back to those first few months after finding the drive. He had resigned his position, citing the need for a fresh start in a new city, and travelled to Seoul with the thumb drive never leaving his sight. He had booked an appointment with a law firm he had researched, paid them a retainer which had consumed most of his old life's savings, an iniated a slow transfer of bitcoins into dollar accounts held in a long list of international banks. Over the course of 2013 Lew's lawyers had sold about 10,000 bitcoins a month, at prices rainging from $100 per coin to the last tranche which the law firm, which now counted Lew as one of its most valued clients, which traded hands at an eye popping $1100 per coin. Lew's total haul from the drive had come to a shade over $50 million. His lawyers had done what they had been paid handsomely to do and Lew's money was legitimate, clean and accessible. He had paid tax to the local authorities and no one had raised any uncomfortable questions about the origin of Lew's sudden riches. The one meeting Lew had had with the Korean tax authorities had been conducted in an atmosphere of deference and politeness in the impressivley polished boardroom of Lew's respected law firm. The money was parceled up and invested around the world and despite Lew's best efforts, still continued to grow faster than Lew spent it. Naomi/Nancy was clearly coming to the end of her dissertation so Lew held up a finger to stop her. She trailed off as she realized he wasn't going to listen further. “What's the bottom line?”, he asked. “Humor me. If I sell everything and cash out what do I have?' Naomi/Nancy almost smiled as she swiped her tablet and turned the device toward Lew. The number at the bottom was $58 million and a few thousands change. Lew smiled, heaved himself out of the chair and swayed a little unsteadlily. “Life is good Naomi,” kind of hoping he had the name right. “Life is good.”
Markets and Price-Setting: Thoughts on information, created goods and services, fixed-supply commodities, financial instruments, and other market values behave
I've been reflecting on Paul Mason's Postcapitalism, particularly as concerns what he identifies as a hum-dinger of information goods: Information goods destroy the price formation mechanism based on scarcity. That's one of a few cases in which markets as price-setting mechanisms fail, or are subject to very high degrees of ambiguity. Four particular instances come to mind:
Information goods, as identified by Mason.
Existing products -- effectively the resale market.
Financial assets: goods whose price is predicated on scarcity and some ascribed basis for value.
Extractive goods: resources which are used faster than their replacement rates.
Each poses specific failures to usefully set a market price that corresponds to the true costs of production. What I'm posing here is more an exploration of aspects I've found, and still find, contradictory. I'm not claiming to have final answers, though I'm starting to land a few good leads.
On "natural prices"
While much lay discussion of economics holds that the market price is the fair price for a good or service, the question of what a "natural" or "fair" price has occupied a great deal of economic thought and discussion since the time of the Greeks. Adam Smith in Wealth of Nations proposed a definition which remains close to what's commonly accepted today -- a total cost of inputs, plus normal profits:
When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price.
The cases I'm considering here all violate this in one way or another. This is troubling as they're increasingly key to economic activity.
Information wants to be free.
-- John Perry Barlow In an efficient market, quality information is consistently undervalued. In this case: fixed costs of production are high, but marginal costs of production are low. It takes a lot of time and research to create a quality book, a piece of music, software, news reporting, pharmaceutical, chemical process, etc., but once developed the costs of manufacture are far, far less, effectively zero in many cases. That's one fundamental contradiction of the "knowledge economy". There's the further problem of Gresham's law as applied to information: cheap, low-quality information tends to drive out high-value, but expensive-to-produce information. Ask anyone in the news, broadcast, or publishing industries.
There are good cars and bad cars (which in America are known as "lemons").
-- George Akerloff, "The Market for Lemons" This is the second-hand market -- goods which are re-sold by an initial buyer, after initial purchase. Flea markets, swaps, Craigslist, consignment stores. And antique shops and auctions. The fundamental characteristic of each of these is that the good already exists. There is no production function. Price, instead, is effectively a motivator -- what does it take to convince the holder of a good to part with it? There's a Spanish folk saying I've only recently learned, its English translation "Buy from desperate people, and sell to newlyweds." In both cases, the supply and demand curves are shifted to the advantage of the middleman buying in the first instance and selling in the second. In some cases, there's an alternative to buying used: you can buy a new item or make one yourself. For many utilitarian goods (clothing, furniture, children's toys, used books or records), the second-hand market offers considerable savings over new or self-made. Keepsakes and mementos have highly asymmetric valuations: the holder usually ascribes a high sentimental value, while others may view the item as little more than clutter or "old junk". In this case it's typically unlikely for the piece to be sold -- the holder's valuation is higher than any potential buyer's, unless the former is desperate. Antiquities or fine arts, as opposed to personal mementos and keepsakes with high sentimental value pose a different situation: if it is the specific item in question and not a functionally equivalent replacement that is sought, then there is no ascribable production cost. You cannot make a "new" original Rembrandt, or Picasso, or Ming Dynasty vase, or piece of ancient Egyptian art. Price of such goods is entirely dependent on the demand for such products. It calls into question the entire concept of what a "natural price" of such a good is. This case is actually the genesis for this essay -- the example I had in mind was of a Stradivarius violin -- there are about 650 left in the world, largely manufactured between 1680 and 1700, and present market values range from hundreds of thousands to millions of dollars. This despite notable failures for blind listening tests to distinguish or prefer Strads over other instruments. While modern mass-produced violins can be had for as little as £80 new, more expensive hand-crafted instruments comparable in tonal quality to a Strad fetch about £15,000. That's still a considerable discount on the Strad -- by a factor of 200. The embodied labor?
It takes around 120 hours to make a violin, 150 hours for a viola and 300 hours for a cello.
That's an all-in £125/hr cost of labor, assuming labor is the principle input. Similarly, nearly indistinguishable art forgeries are fairly common, there's the case of "Jefferson's Bottles", literally an instance of new wine in old bottles. Or forgeries of antiques, antiquities, and the like. In all cases, the immediate quality of the forgeries is quite difficult to tell, though dating of materials by radioisotopic means usually manages to distinguish them. What's changed is the perception. What marketers call "selling the story". Or, quite bluntly: changing the demand curve for a product. Extant products fall into two general categories:
Those for which there is an imbued additional value -- above and beyond the intrinsic use-value of the product. These are products which tend to be either asset classes (if the ascribed value is widely shared) or keepsakes (where the ascribed value is personal -- "sentimental"). Goods with high sentimental value rarely sell -- the owner ascribes more worth than the market. Works serving as an asset class (specie or fiat currencies, precious metals, stocks, bonds, other financial instruments) have effectively no sentimental value.
Those for which the intrinsic value is the primary consideration. This is the class for which the economizing purchaser can save a great deal over buying new.
And finally, extant goods have the "lemon" problem, and in fact, in the form of the used-car market, are the basis for George Akerloff's "The Market for Lemons" paper noted in the epigraph for this section. In the case of established goods (e.g., antiquities and fine arts), the asymmetry detailed by Akerloff tends to be minimized. In the case of certain complex goods: automobiles and electronics certainly come to mind, concerns on the part of the buyer over the serviceability of the good in question tends to 1) keep prices depressed and 2) limit the number of quality items actually offered to market -- the seller knows that it will be unlikely to recapture the true value of a quality item.
Because that's where the money is.
-- Willie Sutton, on why he robbed banks. Here, you've almost the inverse situation of information goods: marginal cost of production is exceptionally high - - there's either a workfactor cost, or simply a finite supply (for numerous reasons, to be explored more). Will Rogers on land: they're not making it anymore. The asset value of precious metals is that their supply is (theoretically) constrained by the high costs of mining. Bitcoin is similar. But the intrinsic utility of the good is close to nil. A dollar bill has little intrinsic value, or, if you prefer, a $100 dollar bill. It's a piece of paper, ink, and anti-copyright features. The production cost is a factor of regulatory limits on production. Gold and silver have some utility, but this is generally less than is reflected in its exchange value. Diamonds are a case of induced scarcity, though with a few other twists which tends to inflate the retail value while affording virtually no resale value. The added value by virtue of being money is referred to as seigniorage:
the difference between the value of money and the cost to produce and distribute it.
What's key is the "story": not all rare things are valuable, but all valuable things are rare. The key to creating a market for a given asset class is to convince people that other people are convinced of the value. It's a bit of a circular definition. Some assets have value ascribed to them. I've previously discussed what gives money value, in particular the United States Dollar. There are five key aspects:
It is legal tender: debts incurred must be considered legally discharged when paid in dollars, at least within the United States.
It is the required form of payment of taxes. That is, some 40% of total US economic financial turnover is in the form of tax obligations.
It is the global reserve currency. International debt settlements are generally paid in U.S. dollars.
It is the global payment standard for petroleum. That's about $3.1 trillion in global payments again, creating a use for dollars by every oil-importing nation.
It is the basis of paying off debts denominated in dollars, including consumer, mortgage, educational, and other loans.
Buy land. They ain't making any more of the stuff.
-- Will Rogers Other asset classes are real, in the sense that they're tangible, with real estate being a classic example. In Smith's time, the value of land was largely based on the produce one could derive from it: crops, lumber, cattle, fish. Perhaps wind or water power. In urban economics one learns that the value of housing (whether rented or sold) is based on the earning potential and travel time associated with it -- generally housing costs fall as one moves further from an urban center. But a secondary factor of housing is as an investment, though as many critics has pointed out, the long-term performance isn't particularly good, the carrying costs are high, the asset can be highly illiquid (especially when it's carrying a mortgage valued more highly than the property itself). In some areas title may be difficult to establish -- Hernando de Soto and Niall Ferguson discuss this in their respective books The Mystery of Capital and The Ascent of Money in the context of South America, and the resulting difficulties and alternative conventions. One interesting conclusion is that surplus profits of labor (or of business) tend to be subsumed by increasing housing (or office / store-space) costs.
These are also consistently undervalued. Any resource that's being extracted or consumed at rates greater than its replenishment is effectively an extractive good. The typical examples are minerals and mining, and fossil fuels, but this can include other and nominally renewable resources: topsoil, freshwater, groundwater, rhinoceros horn, timber, topsoil, fisheries.... The market price is set by the access price: how much effort it takes to extract the resource, but not a depletion allowance for the fact that the removed unit(s) will not be restored. The latter is a suggestion of many authors, including Herman Daly. It's interesting to note cases of societies which were formerly based on extractive technologies which have run through the entire resource and have lost their former wealth. A classic instance is the island nation of Nauru, briefly the wealthiest nation on a per-capita income basis during the 1980s due to deposits of phosphate rock -- bird guano -- valuable as fertilizer. Its 9,000 inhabitants on 21 km2 now rely on revenues for running a detention center for the Australian government. It's also served as a tax haven and offered passports to foreign nationals. The export land model of Jeffrey Brown describes the dynamics of oil exporting nations as domestic consumption rises to exceed total extraction capacity. Some analysis of the Arab Spring revolves around falling oil extraction in Egypt, Syria, and Libya as contributory causes, though a prolonged drought in Syria has also been mentioned. Cataloging a list of other nations formerly based on exported natural resource wealth could prove illuminating.
Overconsumption of Luxury Goods
As a counterpoint, there are products obtained unsustainably for which the market price is high (though possibly still undervalued). Rhinoceros horn would be an example, whale meat, and tropical hardwoods others. Often within what's a globally small market -- rhino horn is largely valued in south-east Asia and China, whale meat in Japan -- there's a significant social signaling status (Veblen good) for the product. Paradoxically, price is itself a signifier of signaling value, and total quantity demanded, while in excess of replenishment factor, is such that increasing the cost of the good doesn't reduce overall demand (or at least not sufficiently to avoid exhaustion or extinction of the source). Arguably the price is still too low (there should be an extinction/exhaustion premium), but even with increasing prices due to scarcity, the market response is not rational. Moreover, the value ascribed these goods isn't intrinsic to their practical application but to social signalling status. That is: a cheaper replacement would be inferior simply on the basis that it's cheaper, and hence, a weaker signal.
Information vs. Assets
The most striking aspect of Mason's Postcapitalism lecture is his juxtaposition of information goods, in which scarcity drives prices to zero, and of financial assets, in which an ascribed value increases the worth of an asset above its intrinsic value. But more critically:
The key contradiction in modern capitalism is in this emerging contradiction between free socially produced abundant [information] goods, and a system of monopolies, banks, and governments who are forced, in order to survive, to behave desperately to maintain this information asymmetry.
That is: Facebook or other service providers retaining proprietary control, and often, secrecy, over their APIs. There's an intrinsic fight between the network, information goods, and the hierarchy, proprietary and material goods. I further see the need for the financial system to see ever further growth, and interest payments, which a largely information-based economy is unlikely to provide.
In summary ...
I don't want to title this section "conclusions" because, generally, I'm far from them. I do hope this proves useful (and not too personally embarrassing to me) for further discussion / exploration on where and how value is ascribed and attributed.
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