Brown Opening Statement At Banking Committee ... - Senate

THE WALL STREET JOURNAL:Bitcoin’s Price Zooms Ahead of U.S. Senate Hearing

THE WALL STREET JOURNAL:Bitcoin’s Price Zooms Ahead of U.S. Senate Hearing submitted by doctorrecommendedmus to Bitcoin [link] [comments]

Complete Guide to All r/neoliberal Flair Personalities [J-L]

Please see the first post [A-I] for more info about this post. Unfortunately, post character limit is 40k, so I will have to break this into multiple posts linked here:

[A-I]

[J-L]

[M-P]

[Q-Z]


James Heckman
1944 – Present Born: United States Resides: United States
· Professor in Economics at the University of Chicago. Professor at the Harris Graduate School of Public Policy Studies. Director of the Center for the Economics of Human Development (CEHD). Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. Heckman is also a Professor of Law at ‘the Law School’, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research.
· In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics.
· As of February 2019 (according to RePEc), he is the next most influential economist in the world behind Daniel McFadden.
· Heckman has received numerous awards for his work, including the John Bates Clark Medal of the American Economic Association in 1983, the 2005 and 2007 Dennis Aigner Award for Applied Econometrics from the Journal of Econometrics, the 2005 Jacob Mincer Award for Lifetime Achievement in Labor Economics, the 2005 Ulysses Medal from the University College Dublin, the 2007 Theodore W. Schultz Award from the American Agricultural Economics Association, the Gold Medal of the President of the Italian Republic awarded by the International Scientific Committee of the Pio Manzú Centre in 2008, the Distinguished Contributions to Public Policy for Children Award from the Society for Research in Child Development in 2009, the 2014 Frisch Medal from the Econometric Society, the 2014 Spirit of Erikson Award from the Erikson Institute, and the 2016 Dan David Prize for Combating Poverty from Tel Aviv University.
“The best way to improve the American workforce in the 21st century is to invest in early childhood education, to ensure that even the most disadvantaged children have the opportunity to succeed alongside their more advantaged peers”

Janet Yellen
1945 – Present Born: United States Resides: United States
· Successor to Ben Bernanke, serving as the Chair of the Federal Reserve from 2014 to 2018, and as Vice Chair from 2010 to 2014, following her position as President and Chief Executive Officer of the Federal Reserve Bank of San Francisco. Yellen was also Chair of the White House Council of Economic Advisers under President Bill Clinton.
· Yellen is a Keynesian economist and advocates the use of monetary policy in stabilizing economic activity over the business cycle. She believes in the modern version of the Phillips curve, which originally was an observation about an inverse relationship between unemployment and inflation. In her 2010 nomination hearing for Vice Chair of the Federal Reserve Board of Governors, Yellen said, “The modern version of the Phillips curve model—relating movements in inflation to the degree of slack in the economy—has solid theoretical and empirical support.”
· Yellen is married to George Akerlof, another notable economist, Nobel Memorial Prize in Economic Sciences laureate, professor at Georgetown University and the University of California, Berkeley..
· In 2014, Yellen was named by Forbes as the second most powerful woman in the world. She was the highest ranking American on the list. In October 2015, Bloomberg Markets ranked her first in their annual list of the 50 most influential economists and policymakers. In October 2015, Sovereign Wealth Fund Institute ranked Yellen #1 in the Public Investor 100 list. In October 2010, she received the Adam Smith Award from the National Association for Business Economics (NABE).
“In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.”
“I'm just opposed to a pure inflation-only mandate in which the only thing a central bank cares about is inflation and not unemployment.”

Jared Polis
1975 – Present Born: United States Resides: United States
· 43rd governor of Colorado since January 2019. Polis served on the Colorado State Board of Education from 2001 to 2007 and was the United States Representative for Colorado's 2nd congressional district from 2009 to 2019.
· Polis is the first openly gay person and second openly LGBT person (after Kate Brown of Oregon) to be elected governor in the United States.
· In 2000 Polis founded the Jared Polis Foundation, whose mission is to “create opportunities for success by supporting educators, increasing access to technology, and strengthening our community.” Polis has also founded two charter schools.
· Polis was named Outstanding Philanthropist for the 2006 National Philanthropy Day in Colorado. He has received many awards, including the Boulder Daily Camera's 2007 Pacesetter Award in Education; the Kauffman Foundation Community Award; the Denver consul general of Mexico “Ohtli”; the Martin Luther King Jr. Colorado Humanitarian Award; and the Anti-Defamation League's inaugural Boulder Community Builder Award.
“Having alternative currencies is great, right, because, historically, government's had a monopoly on currency. At the end of the day, why should only politicians—either directly or indirectly—control the currency? We can reduce transaction cost, provide an alternative, and—look, I don't know whether it'll be Bitcoin or not—but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it. Let the market determine whether there's any value there or not.”

Jeff Bezos
1964 – Present Born: United States Resides: United States
· Best known as the founder, CEO, and president of Amazon, Bezos is an American internet and aerospace entrepreneur, media proprietor, and investor. The first centi-billionaire on the Forbes wealth index, Bezos was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. In September 2018, Forbes described him as “far richer than anyone else on the planet” as he added $1.8 billion to his net worth when Amazon became the second company in history to reach a market cap of $1 trillion.
· Bezos supported the electoral campaigns of U.S. senators Patty Murray and Maria Cantwell, two Democratic U.S. senators from Washington. He has also supported U.S. representative John Conyers, as well as Patrick Leahy and Spencer Abraham, U.S. senators serving on committees dealing with Internet-related issues.
· Bezos has supported the legalization of same-sex marriage, and in 2012 contributed $2.5 million to a group supporting a yes vote on Washington Referendum 74, which affirmed same-sex marriage.
· After the 2016 presidential election, Bezos was invited to join Donald Trump's Defense Innovation Advisory Board, an advisory council to improve the technology used by the Defense Department. Bezos declined the offer without further comment.
· In September 2018, Business Insider reported that Bezos was the only one of the top five billionaires in the world who had not signed the Giving Pledge, an initiative created by Bill Gates and Warren Buffett that encourage wealthy people to give away their wealth.
“Percentage margins don't matter. What matters always is dollar margins: the actual dollar amount. Companies are valued not on their percentage margins, but on how many dollars they actually make, and a multiple of that.”
“We have the resources to build room for a trillion humans in this solar system, and when we have a trillion humans, we'll have a thousand Einsteins and a thousand Mozarts. It will be a way more interesting place to live.”

Jens Weidmann
1968 – Present Born: Germany Resides: Germany
· German economist and president of the Deutsche Bundesbank. Chairman of the Board of the Bank for International Settlements. From 1997 to 1999, Weidmann worked at the International Monetary Fund. In 2006, he began serving as Head of Division IV (Economic and Financial Policy) in the Federal Chancellery. He was the chief negotiator of the Federal Republic of Germany for both the summits of the G8 and the G20. He was given the 2016 Medal for Extraordinary Merits for Bavaria in a United Europe.
· Weidmann was involved in a series of major decisions in response to the financial crisis in Germany and Europe: preventing the meltdown of the bank Hypo Real Estate, guaranteeing German deposits and implementing a rescue programme for the banking system, piecing together two fiscal-stimulus programmes, and setting up the Greek bail-out package and the European Financial Stability Facility (EFSF).
· In a 2011 speech, Weidmann criticized the errors and “many years of wrong developments” of the European Monetary Union (EMU) peripheral states, particularly the wasted opportunity represented by their “disproportionate investment in private home-building, high government spending or private consumption”. In May, 2012, Weidmann's stance was characterized by US economist and columnist Paul Krugman as amounting to wanting to destroy the Euro. In 2016, Weidmann dismissed deflation in light of the European Central Bank's current stimulus program, pointing out the healthy condition of the German economy and that the euro area is not that bad off.
“I share the concerns regarding monetary policy that is too loose for too long. … As you know I have concerns about granting emergency liquidity on account of the fact that the banks are not doing everything to improve their liquidity situation.”

Jerome Powell
1953 – Present Born: United States Resides: United States
· Current Chair of the Federal Reserve, nominated by Trump. Powell has faced substantial and repeated criticism from Trump after his confirmation. The Senate Banking Committee approved Powell's nomination in a 22–1 vote, with Senator Elizabeth Warren casting the lone dissenting vote.
· Powell briefly served as Under Secretary of the Treasury for Domestic Finance under George H. W. Bush in 1992. He has served as a member of the Federal Reserve Board of Governors since 2012. He is the first Chair of the Federal Reserve since 1987 not to hold a Ph.D. degree in Economics.
· Powell has described the Fed's role as nonpartisan and apolitical. Trump has criticized Powell for not massively lowering federal interest rates and instituting quantitative easing.
· The Bloomberg Intelligence Fed Spectrometer rated Powell as neutral (not dove nor hawk). Powell has been a skeptic of round 3 of quantitative easing, initiated in 2012, although he did vote in favor of implementation.
· Powell stated that higher capital and liquidity requirements and stress tests have made the financial system safer and must be preserved. However, he also stated that the Volcker Rule should be re-written to exclude smaller banks. Powell supports ample amounts of private capital to support housing finance activities.
“The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.”

John Cochrane
1957 – Present Born: United States Resides: United States
· Senior Fellow of the Hoover Institution at Stanford University and economist, specializing in financial economics and macroeconomics.
· The central idea of Cochrane's research is that macroeconomics and finance should be linked, and a comprehensive theory needs to explain both 1.) how, given the observed prices and financial returns, households and firms decide on consumption, investment, and financing; and 2.) how, in equilibrium, prices and financial returns are determined by households and firms decisions.
· Cochrane is the author of ‘Asset Pricing,’ a widely used textbook in graduate courses on asset pricing. According to his own words, the organizing principle of the book is that everything can be traced back to specializations of a single equation: the basic pricing equation. Cochrane received the TIAA-CREF Institute Paul A. Samuelson Award for this book.
“Regulators and politicians aren’t nitwits. The libertarian argument that regulation is so dumb — which it surely is — misses the point that it is enacted by really smart people. The fact that the regulatory state is an ideal tool for the entrenchment of political power was surely not missed by its architects.”

John Keynes (John Maynard Keynes, 1st Baron Keynes)
1883 – 1946 Born: England Died: England
· British economist, whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles, and was one of the most influential economists of the 20th century. Widely considered the founder of modern macroeconomics, his ideas are the basis for the school of thought known as Keynesian economics, and its various offshoots. Keynes was a lifelong member of the Liberal Party, which until the 1920s had been one of the two main political parties in the United Kingdom.
· During the 1930s Great Depression, Keynes challenged the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions.
· Keynes's influence started to wane in the 1970s, his ideas challenged by those who disputed the ability of government to favorably regulate the business cycle with fiscal policy. However, the advent of the global financial crisis of 2007–2008 sparked a resurgence in Keynesian thought. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments.
· Keynes was vice-chairman of the Marie Stopes Society which provided birth control education and campaigned against job discrimination against women and unequal pay. He was an outspoken critic of laws against homosexuality. Keynes thought that the pursuit of money for its own sake was a pathological condition, and that the proper aim of work is to provide leisure. He wanted shorter working hours and longer holidays for all. Keynes was ultimately a successful investor, building up a private fortune.
“How can I accept the Communist doctrine, which sets up as its bible, above and beyond criticism, an obsolete textbook which I know not only to be scientifically erroneous but without interest or application to the modern world? How can I adopt a creed which, preferring the mud to the fish, exalts the boorish proletariat above the bourgeoisie and the intelligentsia, who with all their faults, are the quality of life and surely carry the seeds of all human achievement? Even if we need a religion, how can we find it in the turbid rubbish of the red bookshop? It is hard for an educated, decent, intelligent son of Western Europe to find his ideals here, unless he has first suffered some strange and horrid process of conversion which has changed all his values.”

John Locke
1632 – 1704 Born: England Died: England
· Known as the “Father of Liberalism,” Locke was an English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers. His work greatly affected the development of epistemology and political philosophy. His writings influenced Voltaire and Jean-Jacques Rousseau, many Scottish Enlightenment thinkers, as well as the American revolutionaries. His contributions to classical republicanism and liberal theory are reflected in the United States Declaration of Independence.
· Locke's political theory was founded on social contract theory. Social contract arguments typically posit that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to the authority (of the ruler, or to the decision of a majority) in exchange for protection of their remaining rights or maintenance of the social order.
· Locke advocated for governmental separation of powers and believed that revolution is not only a right but an obligation in some circumstances. Locke was vehemently opposed to slavery, calling it “vile and miserable … directly opposite to the generous Temper and Courage of our Nation.”
· Locke uses the word “property” in both broad and narrow senses. In a broad sense, it covers a wide range of human interests and aspirations; more narrowly, it refers to material goods. He argues that property is a natural right and it is derived from labour aand that the individual ownership of goods and property is justified by the labour exerted to produce those goods
· According to Locke, unused property is wasteful and an offence against nature, but, with the introduction of “durable” goods, men could exchange their excessive perishable goods for goods that would last longer and thus not offend the natural law. In his view, the introduction of money marks the culmination of this process, making possible the unlimited accumulation of property without causing waste through spoilage.
“The power of the legislative, being derived from the people by a positive voluntary grant and institution, can be no other than what that positive grant conveyed, which being only to make laws, and not to make legislators, the legislative can have no power to transfer their authority of making laws, and place it in other hands.”
“No man in civil society can be exempted from the laws of it: for if any man may do what he thinks fit, and there be no appeal on earth, for redress or security against any harm he shall do; I ask, whether he be not perfectly still in the state of nature, and so can be no part or member of that civil society; unless any one will say, the state of nature and civil society are one and the same thing, which I have never yet found any one so great a patron of anarchy as to affirm.”

John Mill (John Stuart Mill a.k.a. J. S. Mill)
1806 – 1873 Born: England Died: France
· John Stuart Mill was arguably the most influential English speaking philosopher of the nineteenth century. He was a naturalist, a utilitarian, and a liberal, whose work explores the consequences of a thoroughgoing empiricist outlook. In doing so, he sought to combine the best of eighteenth-century Enlightenment thinking with newly emerging currents of nineteenth-century Romantic and historical philosophy. His most important works include System of Logic (1843), On Liberty (1859), Utilitarianism (1861) and An Examination of Sir William Hamilton’s Philosophy (1865).
· Mill's conception of liberty justified the freedom of the individual in opposition to unlimited state and social control. A member of the Liberal Party and author of the early feminist work The Subjection of Women (in which he also condemned slavery), he was also the second Member of Parliament to call for women's suffrage after Henry Hunt in 1832.
· Mill, an employee for the British East India Company from 1823 to 1858, argued in support of what he called a “benevolent despotism” with regard to the colonies. Mill argued that “To suppose that the same international customs, and the same rules of international morality, can obtain between one civilized nation and another, and between civilized nations and barbarians, is a grave error. ... To characterize any conduct whatever towards a barbarous people as a violation of the law of nations, only shows that he who so speaks has never considered the subject.”
· John Stuart Mill believed in the philosophy of Utilitarianism, which he described as the principle that holds “that actions are right in the proportion as they tend to promote happiness [intended pleasure, and the absence of pain], wrong as they tend to produce the reverse of happiness [pain, and the privation of pleasure].” Mill asserts that even when we value virtues for selfish reasons we are in fact cherishing them as a part of our happiness.
· Mill's early economic philosophy was one of free markets. However, he accepted interventions in the economy, such as a tax on alcohol, if there were sufficient utilitarian grounds. Mill originally believed that “equality of taxation” meant “equality of sacrifice” and that progressive taxation penalized those who worked harder and saved more. Given an equal tax rate regardless of income, Mill agreed that inheritance should be taxed.
· His main objection of socialism was on that of what he saw its destruction of competition. According to Mill, a socialist society would only be attainable through the provision of basic education for all, promoting economic democracy instead of capitalism, in the manner of substituting capitalist businesses with worker cooperatives.
· Mill's major work on political democracy defends two fundamental principles at slight odds with each other: extensive participation by citizens and enlightened competence of rulers. He believed that the incompetence of the masses could eventually be overcome if they were given a chance to take part in politics, especially at the local level.
· Mill is one of the few political philosophers ever to serve in government as an elected official. In his three years in Parliament, he was more willing to compromise than the “radical” principles expressed in his writing would lead one to expect.
“He who knows only his own side of the case knows little of that. His reasons may be good, and no one may have been able to refute them. But if he is equally unable to refute the reasons on the opposite side, if he does not so much as know what they are, he has no ground for preferring either opinion... Nor is it enough that he should hear the opinions of adversaries from his own teachers, presented as they state them, and accompanied by what they offer as refutations. He must be able to hear them from persons who actually believe them...he must know them in their most plausible and persuasive form.”
“The only freedom which deserves the name is that of pursuing our own good in our own way, so long as we do not attempt to deprive others of theirs, or impede their efforts to obtain it. Each is the proper guardian of his own health, whether bodily, or mental or spiritual. Mankind are greater gainers by suffering each other to live as seems good to themselves, than by compelling each to live as seems good to the rest.”

John Rawls
1921 – 2002 Born: United States Died: United States
· Liberal American moral and political philosopher who received both the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, who acclaimed Rawls for having “helped a whole generation of learned Americans revive their faith in democracy itself.” He is frequently cited by the courts of law in the United States and Canada.
· Rawls's most discussed work is his theory of a just liberal society, called justice as fairness. Rawls first wrote about this theory in his book A Theory of Justice. Rawls spoke much about the desire for a well-ordered society; a society of free and equal persons cooperating on fair terms of social cooperation.
· Rawls’s most important principle (the Liberty Principal) states that every individual has an equal right to basic liberties. Rawls believes that “personal property” constitutes a basic liberty, but an absolute right to unlimited private property is not.
· Rawls's argument for his principles of social justice uses a thought experiment called the “original position”, in which people select what kind of society they would choose to live under if they did not know which social position they would personally occupy.
“Justice is the first virtue of social institutions, as truth is of systems of thought. A theory however elegant and economical must be rejected or revised if it is untrue; likewise laws and institutions no matter how efficient and well-arranged must be reformed or abolished if they are unjust. Each person possesses an inviolability founded on justice that even the welfare of society as a whole cannot override. For this reason justice denies that the loss of freedom for some is made right by a greater good shared by others. It does not allow that the sacrifices imposed on a few are outweighed by the larger sum of advantages enjoyed by many. Therefore in a just society the liberties of equal citizenship are taken as settled; the rights secured by justice are not subject to political bargaining or to the calculus of social interests.”

Joseph Nye
1937 – Present Born: United States Resides: United States
· American political scientist and co-founder of the international relations theory of neoliberalism (a theory concerned first and foremost with absolute gains rather than relative gains to other states), developed in the 1977 book Power and Interdependence. He is noted for his notion of “smart power” (“the ability to combine hard and soft power into a successful strategy”), which became a popular phrase with the Clinton and Obama Administrations.
· Secretary of State John Kerry appointed Nye to the Foreign Affairs Policy Board in 2014. In 2014, Nye was awarded the Order of the Rising Sun, Gold and Silver Star in recognition of his “contribution to the development of studies on Japan-U.S. security and to the promotion of the mutual understanding between Japan and the United States.”
· From 1977 to 1979, Nye was Deputy to the Undersecretary of State for Security Assistance, Science, and Technology and chaired the National Security Council Group on Nonproliferation of Nuclear Weapons. In recognition of his service, he was awarded the State Department's Distinguished Honor Award in 1979. In 1993 and 1994, he was Chairman of the National Intelligence Council, which coordinates intelligence estimates for the President, and was awarded the Intelligence Community's Distinguished Service Medal. In the Clinton Administration from 1994 to 1995, Nye served as Assistant Secretary of Defense for International Security Affairs, and was awarded the Department's Distinguished Service Medal with Oak Leaf Cluster. Nye was considered by many to be the preferred choice for National Security Advisor in the 2004 presidential campaign of John Kerry.
· Nye has been a member of the Harvard faculty since 1964. He is a fellow of the American Academy of Arts & Sciences and a foreign fellow of The British Academy. Nye is also a member of the American Academy of Diplomacy. The 2011 TRIP survey of over 1700 international relations scholars ranks Joe Nye as the sixth most influential scholar in the field of international relations in the past twenty years. He was also ranked as most influential in American foreign policy. In 2011, Foreign Policy magazine named him to its list of top global thinkers. In September 2014, Foreign Policy reported that the international relations scholars and policymakers both ranked Nye as one of the most influential scholars.
“When you can get others to admire your ideals and to want what you want, you do not have to spend as much on sticks and carrots to move them in your direction. Seduction is always more effective than coercion, and many values like democracy, human rights, and individual opportunities are deeply seductive.”

Karl Popper
1902 – 1994 Born: Austria-Hungary Died: England
· Karl Popper is generally regarded as one of the greatest philosophers of science of the 20th century. He was a self-professed critical-rationalist, a dedicated opponent of all forms of scepticism, conventionalism, and relativism in science and in human affairs generally and a committed advocate and staunch defender of the ‘Open Society’.
· In ‘The Open Society and Its Enemies’ and ‘The Poverty of Historicism’, Popper developed a critique of historicism and a defense of the “Open Society”. Popper considered historicism to be the theory that history develops inexorably and necessarily according to knowable general laws towards a determinate end. He argued that this view is the principal theoretical presupposition underpinning most forms of authoritarianism and totalitarianism. He argued that historicism is founded upon mistaken assumptions regarding the nature of scientific law and prediction. Since the growth of human knowledge is a causal factor in the evolution of human history, and since “no society can predict, scientifically, its own future states of knowledge”, it follows, he argued, that there can be no predictive science of human history. For Popper, metaphysical and historical indeterminism go hand in hand.
· Popper is known for his vigorous defense of liberal democracy and the principles of social criticism that he believed made a flourishing open society possible. His political philosophy embraced ideas from major democratic political ideologies, including socialism/social democracy, libertarianism/classical liberalism and conservatism, and attempted to reconcile them.
“Unlimited tolerance must lead to the disappearance of tolerance. If we extend unlimited tolerance even to those who are intolerant, if we are not prepared to defend a tolerant society against the onslaught of the intolerant, then the tolerant will be destroyed, and tolerance with them. In this formulation, I do not imply, for instance, that we should always suppress the utterance of intolerant philosophies; as long as we can counter them by rational argument and keep them in check by public opinion, suppression would certainly be most unwise. But we should claim the right to suppress them if necessary even by force; for it may easily turn out that they are not prepared to meet us on the level of rational argument, but begin by denouncing all argument; they may forbid their followers to listen to rational argument, because it is deceptive, and teach them to answer arguments by the use of their fists or pistols. We should therefore claim, in the name of tolerance, the right not to tolerate the intolerant. We should claim that any movement preaching intolerance places itself outside the law, and we should consider incitement to intolerance and persecution as criminal, in the same way as we should consider incitement to murder, or to kidnapping, or to the revival of the slave trade, as criminal.”

Lawrence Summers
1954 – Present Born: United States Resides: United States
· American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, Treasury Secretary 1999–2001, and former director of the National Economic Council for President Obama (2009–2010). Summers served as the 27th President of Harvard University from 2001 to 2006. Current professor and director of the Mossavar-Rahmani Center for Business and Government at Harvard's Kennedy School of Government.
· As a researcher, Summers has made important contributions in many areas of economics, primarily public finance, labor economics, financial economics, and macroeconomics. Summers has also worked in international economics, economic demography, economic history and development economics.[ He received the John Bates Clark Medal in 1993 from the American Economic Association. In 1987, he was the first social scientist to win the Alan T. Waterman Award from the National Science Foundation. Summers is also a member of the National Academy of Sciences.
· In 1983, at age 28, Summers became one of the youngest tenured professors in Harvard's history. In 2006, Summers resigned as Harvard's president in the wake of a no-confidence vote by Harvard faculty. Summers viewed his beliefs on why science and engineering had an under-representation of women to be a large part in the vote, saying, “There is a great deal of absurd political correctness. Now, I'm somebody who believes very strongly in diversity, who resists racism in all of its many incarnations, who thinks that there is a great deal that's unjust in American society that needs to be combated, but it seems to be that there is a kind of creeping totalitarianism in terms of what kind of ideas are acceptable and are debatable on college campuses.”
· As the World Bank's Vice President of Development Economics and Chief Economist, Summers played a role in designing strategies to aid developing countries, worked on the bank's loan committee, guided the bank's research and statistics operations, and guided external training programs. The World Bank's official site reports that Summer's research included an “influential” report that demonstrated a very high return from investments in educating girls in developing nations. According to The Economist, Summers was “often at the centre of heated debates” about economic policy, to an extent exceptional for the history of the World Bank in recent decades.
· In 1999 Summers endorsed the Gramm–Leach–Bliley Act which removed the separation between investment and commercial banks. In February 2009, Summers quoted John Maynard Keynes, saying “When circumstances change, I change my opinion”, reflecting both on the failures of Wall Street deregulation and his new leadership role in the government bailout.
submitted by learnactreform to neoliberal [link] [comments]

r/Bitcoin recap - December 2017

Hi Bitcoiners!
I’m back with the twelfth monthly Bitcoin news recap. (Yes I'll keep doing these in 2018)
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best), memeless overview of what happened in bitcoin over the past month.
You can find recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in December 2017
Thanks all for being part of the ride, it's been a great year for Bitcoin. Happy new year to you and I hope we can make 2018 even better!
submitted by SamWouters to Bitcoin [link] [comments]

Subreddit Stats: Bitcoin posts from 2018-10-09 to 2018-10-16 19:41 PDT

Period: 7.10 days
Submissions Comments
Total 765 10226
Rate (per day) 107.80 1494.28
Unique Redditors 596 3440
Combined Score 31658 33963

Top Submitters' Top Submissions

  1. 4526 points, 1 submission: Alexsayzz
    1. Anti-crypto propaganda... promoted by American Express (4526 points, 513 comments)
  2. 2391 points, 2 submissions: MoonMan_666
    1. Someone just paid $0.10 to move $194M (29,999 BTC). Think about how powerful that is for a second. (2369 points, 380 comments)
    2. Dev sends Bitcoin without using the web or the power grid (22 points, 4 comments)
  3. 2077 points, 1 submission: _Logicrypto
    1. When your boss thanks you for staying late at work but you were just watching the Bitcoin price and lost track of time (2077 points, 69 comments)
  4. 1496 points, 1 submission: bitbug42
    1. ⚡Lightning Network at the Senate - Counterargument to Roubini's speech that Bitcoin can never scale to serve the planet (1496 points, 186 comments)
  5. 1417 points, 1 submission: opencoins
    1. Why sell and pay capital gains, why not wait for mass adoption? That's my motto. (1417 points, 244 comments)
  6. 1174 points, 1 submission: awertheim
    1. Took a while but finally part of the picture club (had to wait on the web browser update!) (1174 points, 127 comments)
  7. 853 points, 1 submission: Hodl_it
    1. Feeling good? (853 points, 215 comments)
  8. 833 points, 1 submission: cointastical
    1. Bitcoin ATM operator gets the $62,500 that police confiscated back (833 points, 110 comments)
  9. 802 points, 2 submissions: JandyJammer
    1. Congratulations US senators for understanding crypto better than this guy (748 points, 125 comments)
    2. How is Bitmex the biggest exchange... total joke. I hope their competitors crush them. (54 points, 49 comments)
  10. 704 points, 1 submission: lesbiansareoverrated
    1. ...in case you missed the laura shill burn today (704 points, 100 comments)
  11. 512 points, 5 submissions: castorfromtheva
    1. Mycelium wallet will FINALLY get segwit! "This month" as stated by Mycelium developers on 9 October 2018. Glad to hear! I am excited. (312 points, 136 comments)
    2. Just saw it on their website: Ledger Nano S 20% off, directly from manufacturer! For six days, starting today. Just in case you consider getting a hardware wallet. (146 points, 84 comments)
    3. Newsflash: Bitfinex Unveils ‘Distributed Banking Solution,’ Resumes Fiat Deposits (44 points, 8 comments)
    4. Binance Uganda Launch 80% Ready As Users Can Now Sign Up: Deposits & Trading Coming Soon (8 points, 1 comment)
    5. Article: "Cryptos at a turning point", trustnodes.com (2 points, 0 comments)
  12. 510 points, 4 submissions: eddieweng
    1. Someone moved 12,220 BTC ($82M) in block 545,877 (393 points, 180 comments)
    2. Someone moved 22,200 BTC ($139M) in block 545,243 (90 points, 38 comments)
    3. CoinMarketBull – CoinMarketCap, but with a different metric (26 points, 4 comments)
    4. holdernews - trending stories on bitcointalk (1 point, 0 comments)
  13. 387 points, 1 submission: StoneHammers
    1. We are three months away from Bitcoins 10 year anniversary. (387 points, 39 comments)
  14. 366 points, 3 submissions: TrackCoinMarket-com
    1. Citizens of Venezuela have turned to Bitcoin and gold farming in online games to survive the country’s economic collapse. (365 points, 60 comments)
    2. Zambian Central Bank Declares Bitcoin Is Not Legal Tender (1 point, 7 comments)
    3. Bitcoin is Maturing, Crypto Growth Surprisingly Positive Reveals Study (0 points, 3 comments)
  15. 358 points, 1 submission: musicfan39
    1. Bitcoin all-time price graph (Aug 2010 – Oct 2018) (358 points, 84 comments)
  16. 311 points, 5 submissions: TheGreatMuffin
    1. Bitfinex' statement on fiat deposits/withdrawals (tldr: fiat and crypto withdrawals working, fiat deposits temporarily paused) (103 points, 52 comments)
    2. Bitfinex suspends all fiat deposits, “expects the situation to normalize within a week” (78 points, 62 comments)
    3. Fidelity gives a nod to OG cypherpunks (mentioning Adam Back, Nick Szabo, David Chaum) and bitcoin's precursors in their newest blog post (78 points, 0 comments)
    4. full video of the US Senate hearing on cryptocurrency: with P. Van Valkenburgh and N. Roubini as witnesses (starts at minute 16) (31 points, 5 comments)
    5. Interview with one of the creators of the Samourai wallet (21 points, 1 comment)
  17. 305 points, 1 submission: 6maud
    1. Jamie Dimon: Bitcoin is a scam. Also Jamie Dimon: Let's file 20 blockchain patents so we don't miss out on this blockchain thing. facepalm (305 points, 93 comments)
  18. 274 points, 2 submissions: undertheradar48
    1. $6.9 trillion of assets just got access to the world of crypto! (169 points, 24 comments)
    2. 1.65 Million people are attending over 5,000 Bitcoin meetups around the world. Organic interest/curiosity is real! (105 points, 41 comments)
  19. 265 points, 1 submission: NoGooderr
    1. Shorters, are you okay? (265 points, 123 comments)
  20. 253 points, 5 submissions: _smudger_
    1. Bakkt CEO: We're About To See A Cryptocurrency Revolution (130 points, 29 comments)
    2. Our team, launch and advocacy – Bakkt Blog – Medium (104 points, 33 comments)
    3. Coinbase's Adam White is joining Bakkt as its COO - The Block (16 points, 1 comment)
    4. The Bright Side of the 2018 Bitcoin Bear Market – Wes Carlson – Medium (2 points, 0 comments)
    5. Analysis: ErisX & Bakkt Are All in on the Battle for Institutional Cash (1 point, 0 comments)
  21. 247 points, 1 submission: Fly115
    1. It would be impossible for every Fidelity brokerage customer to own even one Bitcoin. This is why Bitcoins are worth thousands of dollars, while a dollar is only worth one dollar (and only until next year when when it's worth 97 cents). - Erik Voorhees (247 points, 129 comments)
  22. 237 points, 1 submission: manfromnantucket1984
    1. Bear markets are for building! 🐻⚡ While the price is doing what it does, we continue to build the #LightningNetwork at the #LightningHackdayNYC in New York on October 27th/28th 2018. Speakers like Christian Decker, Matt Corallo and Peter Todd will take you down the rabbit hole. (237 points, 15 comments)
  23. 232 points, 1 submission: TheMidnightMatinee
    1. Guys lets rally and show your support for an BTC ETF! Here's why! (232 points, 63 comments)
  24. 231 points, 2 submissions: installeris
    1. Fidelity just made it easier for hedge funds and other pros to invest in cryptocurrencies (169 points, 36 comments)
    2. Nouriel Roubini has always been talking sh*t about Bitcoin. And he's always wrong. (62 points, 29 comments)
  25. 226 points, 1 submission: lewtr
    1. An easter egg in the Bitcoin genesis block code (226 points, 40 comments)
  26. 218 points, 1 submission: Unusual_Mountain
    1. Bitcoin as a safe haven from monetary policy can help keep governments and banks honest. It doesn't have to replace them. (218 points, 85 comments)
  27. 214 points, 1 submission: Mobilenewsflash
    1. Roubini (214 points, 50 comments)
  28. 212 points, 1 submission: CardCollector1
    1. Getting Started with BTCPay Server - Free and Open Source Bitcoin and Lightning Network payment processor (212 points, 75 comments)
  29. 201 points, 1 submission: yonstonston
    1. Sorry guys, i bought BTC yesterday... (201 points, 72 comments)
  30. 161 points, 2 submissions: linzex
    1. A Bitcoin Lesson From A Yogi Master (93 points, 6 comments)
    2. ChangeNow Exchange Accused of $70,000 Theft (68 points, 8 comments)
  31. 159 points, 3 submissions: zappadoing
    1. greetings from holidays - I thought I won't have to read anything about bitcoin this time... (130 points, 12 comments)
    2. Telegram down! Lots of Bitcoin-Groups not accessible. We need something decentralized. (19 points, 26 comments)
    3. Colleges Are Baffled by Bitcoin Donations (10 points, 0 comments)
  32. 159 points, 1 submission: Crevative
    1. Zimbabwe spirals into economic chaos as fears of another round of hyperinflation begin to spark - another fiat currency fails! (159 points, 20 comments)
  33. 147 points, 1 submission: lexihayes99
    1. Just wanted to remind people of a simpler time :) (147 points, 196 comments)
  34. 146 points, 1 submission: Rare_Ad
    1. Bitcoin was a tool that was born of the economic crisis some 10 years ago, does that mean another big recession or banking collapse could catapult it forward? (146 points, 87 comments)
  35. 146 points, 1 submission: vmrey
    1. Buda, the largest crypto exchange by volume in Chile, is one of the first to incorporate Lightning network. (146 points, 14 comments)
  36. 145 points, 1 submission: wwwdata
    1. I own crypto but not Bitcoin. (145 points, 243 comments)
  37. 141 points, 9 submissions: expertbit
    1. This E-Bike Accepts Payments With Bitcoin's Lightning Network (51 points, 3 comments)
    2. Bitcoin [BTC] transfers will become a lot faster with Liquid Network, says Jimmy Song (37 points, 58 comments)
    3. Top Universities Are Now Investing in Cryptocurrency Funds (18 points, 0 comments)
    4. Indian Exchange Unocoin Could Launch Crypto ATMs (17 points, 0 comments)
    5. Bitcoin Price Stability -- A Bullish Or Bearish Sign? (15 points, 1 comment)
    6. Don’t Underestimate China’s Power In Bitcoin (2 points, 3 comments)
    7. Bitcoin Price Analysis: Bulls Defend Yearly Support Amidst Wall Street Slump (1 point, 0 comments)
    8. Bitcoin Network Comes To A Standstill In China (0 points, 2 comments)
    9. Bitcoin Price Jumps by $600 to Reach One-Month High Above $6.9k (0 points, 0 comments)
  38. 137 points, 1 submission: diditmakesound
    1. Everyone still buying right now (137 points, 30 comments)
  39. 135 points, 1 submission: gattacibus
    1. POLONIEX suspends Bitcoin withdrawals (135 points, 86 comments)
  40. 129 points, 3 submissions: nopara73
    1. Wasabi Wallet added OSX support. Please consider testing it. (55 points, 25 comments)
    2. Scoring Bitcoin Wallets (38 points, 25 comments)
    3. A Technical Overview of Wasabi Wallet, Future Ideas, Plans and Strategy (36 points, 1 comment)
  41. 123 points, 1 submission: Big_Bluefin
    1. Live from Fremont Street in Las Vegas (123 points, 20 comments)
  42. 121 points, 1 submission: agustinf
    1. Latin American Exchange Buda.com adds Lightning Network payments for all. (121 points, 17 comments)
  43. 118 points, 2 submissions: TheCrunk1
    1. Fidelity launches new company for trading, storing cryptocurrencies (98 points, 26 comments)
    2. Binance launches fiat-to-crypto exchange in Uganda (20 points, 7 comments)
  44. 112 points, 1 submission: Thinkmoreaboutit
    1. "Over the weekend I sent a bitcoin transaction to a relay 12.6km away with no cell network or internet connection. Here's a tweetstorm about how I used @gotenna and @SamouraiWallet to do it" [email protected] (112 points, 20 comments)
  45. 111 points, 1 submission: Jackieknows
    1. When it comes to your coins, keep it quiet. – Trezor Blog (111 points, 10 comments)
  46. 110 points, 1 submission: 100ravp
    1. Someone solved the 310.00 BTC challenge (110 points, 87 comments)
  47. 110 points, 1 submission: loulan
    1. There was an attempt (110 points, 78 comments)
  48. 106 points, 1 submission: king-only
    1. Breez, a Lightning Network mobile client, is now fully open sourced (106 points, 19 comments)
  49. 101 points, 2 submissions: HodlingToTheMoon
    1. Websites using Joomla (second most popular platform after Wordpress), can now be enabled with Bitcoin payments - In less than 5 min! (98 points, 5 comments)
    2. Got business on your mind? Here are 7 easy and genuine ideas to start a Bitcoin-centric e-commerce store! (3 points, 0 comments)
  50. 98 points, 1 submission: ubunt2
    1. Fidelity Starts Crypto Unit to Serve Wall Street Customers (98 points, 4 comments)
  51. 97 points, 1 submission: CosmicHemorroid
    1. Lightning Powered E-bike #Reckless (97 points, 22 comments)
  52. 96 points, 3 submissions: DesignerAccount
    1. Bitcoin is all grown up! (83 points, 6 comments)
    2. [Bitcoin OpSec - Keep your coins safe] Detailed breakdown of sophisticated scam (12 points, 6 comments)
    3. Infographic - How do UTXOs work? (1 point, 0 comments)
  53. 96 points, 1 submission: bowlingfries
    1. Bitcoin kiosk in Portland OR weed dispensary (96 points, 21 comments)
  54. 94 points, 1 submission: nassimmontreal
    1. #roubinilovescrypto (94 points, 37 comments)
  55. 92 points, 2 submissions: ella11price
    1. Selling goods and items for Bitcoin should be easy. I built a marketplace similar to eBay so people can sell anything for crypto. This video explains it. (91 points, 63 comments)
    2. The best ways to earn bitcoin and cryptocurrency. Includes how to spot a scam (1 point, 0 comments)
  56. 91 points, 1 submission: ytcoinartist
    1. The Golden Pineapple, a 3D combination puzzle for all ages and free to play. Be the first to solve the final level and win 1 BTC, courtesy of The Pineapple Fund. http://pineapplearcade.net/arcade-game/pineapple (91 points, 25 comments)
  57. 89 points, 1 submission: Rachsuchtig
    1. An BTC ATM at Austria/Salzburg Shopping Arena, totally surprised to see (89 points, 11 comments)
  58. 87 points, 2 submissions: Ishan1121
    1. Bitcoin proves once again its the best way to transfer money! $194 million transferred for 10 cents. (87 points, 18 comments)
    2. Discussion: So Bitcoin rises as fake news on Binance delisting Tether (USDT) goes viral...removing Tether completley will affect the market positively? THoughts? (0 points, 6 comments)
  59. 87 points, 1 submission: Blixx87
    1. I finally figured it out! We have been forming a Dorito Pattern and it’s on it’s way to the cheese dip. (87 points, 49 comments)
  60. 86 points, 8 submissions: EffigyBoy
    1. Venezuelans Play RuneScape To Make Small Profit In Bitcoin (31 points, 4 comments)
    2. CFTC Chair On Bitcoin Expansion: "We Are Seeing More Institutional Movement Into This Area" (26 points, 0 comments)
    3. The Indian Government is Considering to Launch Its Own Cryptocurrency to Avoid Citizens Using Bitcoin (13 points, 14 comments)
    4. The Congress Is Groping In The Dark To Handle Cryptocurrencies. Bitcoin has come into the mainstream. (6 points, 0 comments)
    5. After Stock Markets Plunge Cryptocurrency Whale Dumps over 22 100 BTC (5 points, 11 comments)
    6. Scientific Journal 'Chaos' Favors Bitcoin – As stable as Oil and Dollar Markets (2 points, 1 comment)
    7. The First Physical Cryptocurrency Store in The U.S. Launches on October 20 (2 points, 1 comment)
    8. Omniex and Gemini Struck A Partnership to Support Institutional Investors (1 point, 0 comments)
  61. 85 points, 2 submissions: jakesonwu
    1. Release - Eclair v0.2-beta7 - Compatible with Bitcoin Core 0.17.0 (75 points, 8 comments)
    2. Lord Keynes Would Be Proud (10 points, 1 comment)
  62. 84 points, 2 submissions: renepickhardt
    1. ECDSA is not that bad: two-party signing without Schnorr or BLS (by Stepan Snigirev) (53 points, 7 comments)
    2. Last week in Lightning Network: A weekly collection of lightning network (and related) news on Twitter (31 points, 6 comments)
  63. 83 points, 3 submissions: OldCarpet54
    1. [GIVEAWAY] Crypto Invest Summit – Wozniak, Gupta, Morehead (82 points, 1 comment)
    2. blockchain news: from SF Blockchain Week and XBlockchain (1 point, 0 comments)
    3. Buterin | SpankChain | Kambria: San Francisco Blockchain Week (0 points, 0 comments)
  64. 83 points, 1 submission: -elektro-pionir-
    1. AMA with Bitcoin engineer Jameson Lopp (83 points, 21 comments)
  65. 80 points, 3 submissions: ysangkok
    1. Bitcoin script discussion at Scaling Bitcoin: "Sporks are probabilistic soft-forks [...] where instead of [...] version bits if the blockhash has some [...] PoW below some threshold, it activates. [...] [E.g.] you have an expectation of 6 months to get your shit together. Doing it live." (28 points, 3 comments)
    2. Multi-Hop Locks for Secure, Privacy-Preserving and Interoperable Payment-Channel Networks (27 points, 8 comments)
    3. Scaling Bitcoin Kaizen - Scriptless scripts, adaptor signatures and their applications (25 points, 2 comments)
  66. 78 points, 3 submissions: mkuraja
    1. What's the difference between Lightning Network and Liquid Network? (57 points, 41 comments)
    2. Need some fresh, new FOMO in your life? Reenter, Trace Mayer. (15 points, 1 comment)
    3. This American tourist thought I'd see "Bitcoin Accepted Here" all over Tokyo, Japan but not one place found yet. (6 points, 17 comments)
  67. 77 points, 1 submission: Miladran
    1. Fidelity Says It Will Trade Bitcoin for Hedge Funds (77 points, 1 comment)
  68. 77 points, 1 submission: pandaman200
    1. Swiss Crypto Fund Obtains Country’s First Crypto Asset Management License (77 points, 4 comments)
  69. 75 points, 3 submissions: mickhick95
    1. I purchased a goTenna to broadcast my BTC transactions with TxTenna and Samourai Wallet. (44 points, 15 comments)
    2. I saw a Bitcoin ATM and I had to make a purchase. (28 points, 41 comments)
    3. 303-ish Days in the BTC Bear Market, This Sideways Motion Looks Like A Turn Around!!! (3 points, 16 comments)
  70. 75 points, 1 submission: hcarpach
    1. Venezuelan cryptocurrency miner: “we are police’s most wanted” (75 points, 21 comments)
  71. 73 points, 6 submissions: WorkCoin_Team
    1. “Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.” – Pieter Wui (66 points, 14 comments)
    2. Revolution of Bitcoin (5 points, 3 comments)
    3. A Funny Bitcoin Thought (2 points, 20 comments)
    4. Getting started with Bitcoin (0 points, 1 comment)
    5. Make your foundation strong (0 points, 0 comments)
    6. What are you not willing to compromise? (0 points, 6 comments)
  72. 73 points, 1 submission: ozdixon
    1. Bitcoin accepted at a absenth bar in Prague. (73 points, 11 comments)
  73. 72 points, 1 submission: Itasia
    1. What Are Atomic Swaps? Ultimate Guide (72 points, 16 comments)
  74. 71 points, 1 submission: MannyAndDrChurchShow
    1. I wonder if they would still honor this card.... (71 points, 9 comments)
  75. 68 points, 4 submissions: grittygatorr
    1. Liquid Network - the world’s first production Bitcoin sidechain has officially gone live (65 points, 100 comments)
    2. XDEX Advertises Commission-Free Bitcoin Trading in Brazil (2 points, 0 comments)
    3. Coinfloor to Cut on Staff and Reorganize Amid Volume Fluctuations in the Crypto Markets (1 point, 0 comments)
    4. Barclays Temporarily Suspends Work on Cryptocurrency Trading Project (0 points, 1 comment)
  76. 68 points, 1 submission: WouterGlorieux
    1. Introducing 'The Bitcoin Spellbook': an open-source REST API server for the back-end of (almost) any Bitcoin application. (Think of it as your own IfThisThenThat server but for Bitcoin) (68 points, 3 comments)
  77. 67 points, 1 submission: Vaultoro_official
    1. Leading up to the LightingNetwork Hackathon in NY, I thought I would post the talks we filmed at the Berlin lightningHackDay. Some amazing talks! (67 points, 1 comment)
  78. 65 points, 1 submission: Komodor123
    1. Do you speak more than one language? Then help spread Bitcoin around the world by translating Bitcoin.org! (65 points, 28 comments)
  79. 63 points, 1 submission: Sandiegosurf1
    1. Fidelity Launches Institutional Crypto Trading and Clearing. Let the institutional money flow! (63 points, 1 comment)
  80. 63 points, 1 submission: TearAnus-SoreAssRekt
    1. Buying PC Games With Bitcoin: Site Reviews (with some accepting Lightning!) (63 points, 7 comments)
  81. 62 points, 1 submission: CryptoCloaks
    1. We finally got our RaspiBlitz case to a level we love! Time for load testing to check thermals, final mods are almost done! (62 points, 10 comments)
  82. 61 points, 1 submission: sagiher
    1. #Liberte#CaribbeanBitcoin#ShoutOutToAllBitcoinDeveloperOutThere (61 points, 9 comments)

Top Commenters

  1. PragmaticParadox (465 points, 7 comments)
  2. ikarienator (462 points, 1 comment)
  3. Hanspanzer (434 points, 106 comments)
  4. Toyake (434 points, 71 comments)
  5. uglymelt (394 points, 3 comments)
  6. UsherTechs (377 points, 1 comment)
  7. isdudu (345 points, 4 comments)
  8. TyroneTheDriver (307 points, 1 comment)
  9. Rattlesnake_Mullet (296 points, 11 comments)
  10. andycam7 (282 points, 3 comments)
  11. dmdeemer (275 points, 1 comment)
  12. BTCkoning (266 points, 114 comments)
  13. CP70 (257 points, 7 comments)
  14. ascension8438 (239 points, 7 comments)
  15. Fly115 (226 points, 9 comments)
  16. haribo_2016 (220 points, 4 comments)
  17. dsmid (214 points, 1 comment)
  18. i_gotta_say (208 points, 87 comments)
  19. TheGreatMuffin (206 points, 56 comments)
  20. ebaley (198 points, 34 comments)
  21. bitsteiner (185 points, 86 comments)
  22. Redditridder (181 points, 5 comments)
  23. KupKhunKrap (173 points, 36 comments)
  24. 45sbvad (169 points, 3 comments)
  25. c3corvette (165 points, 2 comments)
  26. killerstorm (163 points, 8 comments)
  27. evilgrinz (158 points, 48 comments)
  28. chronic_nervosa (140 points, 1 comment)
  29. bigdaddysdick (136 points, 7 comments)
  30. castorfromtheva (129 points, 27 comments)
  31. Touchmyhandle (125 points, 12 comments)
  32. Euphoricsoul (122 points, 1 comment)
  33. WaterMac27 (122 points, 1 comment)
  34. DSXIII (118 points, 1 comment)
  35. RIMS_REAL_BIG (117 points, 24 comments)
  36. cryptogrip (112 points, 39 comments)
  37. WalterRyan (108 points, 10 comments)
  38. sudophant (107 points, 5 comments)
  39. NotSeeTroll (104 points, 37 comments)
  40. deadleg22 (104 points, 10 comments)
  41. shared_makes_it_real (103 points, 26 comments)
  42. alexiglesias007 (103 points, 7 comments)
  43. Buttoshi (102 points, 68 comments)
  44. flunderbossanova (102 points, 59 comments)
  45. lexihayes99 (101 points, 28 comments)
  46. mabezard (101 points, 2 comments)
  47. peniswithahoodie (98 points, 1 comment)
  48. beloboi (96 points, 65 comments)
  49. vovr (89 points, 3 comments)
  50. segells4soulsmogoblo (89 points, 1 comment)
  51. damchi (87 points, 21 comments)
  52. smadgerano (81 points, 14 comments)
  53. time_wasted504 (80 points, 34 comments)
  54. joeknowswhoiam (80 points, 16 comments)
  55. diydude2 (79 points, 26 comments)
  56. sQtWLgK (79 points, 17 comments)
  57. 989x4000 (78 points, 22 comments)
  58. sreaka (78 points, 16 comments)
  59. YoungScholar89 (78 points, 6 comments)
  60. Ellipso (76 points, 2 comments)
  61. HitsABlunt (76 points, 1 comment)
  62. almkglor (75 points, 39 comments)
  63. MrRGnome (75 points, 37 comments)
  64. Daddeus65 (75 points, 28 comments)
  65. whalecheetah (75 points, 25 comments)
  66. BCash_BeTrash (75 points, 23 comments)
  67. cipher-space (75 points, 19 comments)
  68. bnuttall (72 points, 2 comments)
  69. chrisrico (71 points, 26 comments)
  70. esdraelon (71 points, 8 comments)
  71. ale1ormont (71 points, 2 comments)
  72. igadjeed (70 points, 42 comments)
  73. Holographiks (70 points, 19 comments)
  74. frankieboy07 (70 points, 2 comments)
  75. snazzycoins (69 points, 12 comments)
  76. dmar198 (69 points, 11 comments)
  77. protoman86 (69 points, 7 comments)
  78. bitbug42 (68 points, 5 comments)
  79. CardCollector1 (66 points, 16 comments)
  80. hawks5999 (66 points, 7 comments)
  81. DefiantVerse (65 points, 12 comments)
  82. psionides (65 points, 8 comments)
  83. btc-forextrader (64 points, 37 comments)
  84. UniqueNewQuark (63 points, 5 comments)
  85. imaducksfan (63 points, 1 comment)
  86. bitusher (62 points, 23 comments)
  87. homad (62 points, 13 comments)
  88. torbitonsa (62 points, 7 comments)
  89. violencequalsbad (62 points, 7 comments)
  90. wwwdata (61 points, 20 comments)
  91. LadyRosedancer (61 points, 1 comment)
  92. Nunoyabiznes (60 points, 22 comments)
  93. pg3crypto (60 points, 13 comments)
  94. XxArmadaxX (60 points, 4 comments)
  95. awertheim (59 points, 27 comments)
  96. Ploxxx69 (59 points, 1 comment)
  97. TheGlassStone (59 points, 1 comment)
  98. moodytomatoes (58 points, 39 comments)
  99. Sneakybobo (58 points, 13 comments)
  100. UniqueCandy (58 points, 8 comments)

Top Submissions

  1. Anti-crypto propaganda... promoted by American Express by Alexsayzz (4526 points, 513 comments)
  2. Someone just paid $0.10 to move $194M (29,999 BTC). Think about how powerful that is for a second. by MoonMan_666 (2369 points, 380 comments)
  3. When your boss thanks you for staying late at work but you were just watching the Bitcoin price and lost track of time by _Logicrypto (2077 points, 69 comments)
  4. ⚡Lightning Network at the Senate - Counterargument to Roubini's speech that Bitcoin can never scale to serve the planet by bitbug42 (1496 points, 186 comments)
  5. Why sell and pay capital gains, why not wait for mass adoption? That's my motto. by opencoins (1417 points, 244 comments)
  6. Took a while but finally part of the picture club (had to wait on the web browser update!) by awertheim (1174 points, 127 comments)
  7. Feeling good? by Hodl_it (853 points, 215 comments)
  8. Bitcoin ATM operator gets the $62,500 that police confiscated back by cointastical (833 points, 110 comments)
  9. Congratulations US senators for understanding crypto better than this guy by JandyJammer (748 points, 125 comments)
  10. ...in case you missed the laura shill burn today by lesbiansareoverrated (704 points, 100 comments)

Top Comments

  1. 462 points: ikarienator's comment in Feeling good?
  2. 456 points: PragmaticParadox's comment in Anti-crypto propaganda... promoted by American Express
  3. 387 points: uglymelt's comment in ⚡Lightning Network at the Senate - Counterargument to Roubini's speech that Bitcoin can never scale to serve the planet
  4. 377 points: UsherTechs's comment in When your boss thanks you for staying late at work but you were just watching the Bitcoin price and lost track of time
  5. 342 points: isdudu's comment in Anti-crypto propaganda... promoted by American Express
  6. 307 points: TyroneTheDriver's comment in Anti-crypto propaganda... promoted by American Express
  7. 276 points: andycam7's comment in Why sell and pay capital gains, why not wait for mass adoption? That's my motto.
  8. 275 points: dmdeemer's comment in Someone just paid $0.10 to move $194M (29,999 BTC). Think about how powerful that is for a second.
  9. 268 points: Rattlesnake_Mullet's comment in Someone moved 12,220 BTC ($82M) in block 545,877
  10. 244 points: CP70's comment in Anti-crypto propaganda... promoted by American Express
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

SEC Continues to Review, And Delay, Crypto Funds

On January 18, 2018, the SEC issued a letter to the Investment Company Institute and the Securities Industry and Financial Markets Association (SIFMA) explaining why the SEC could not approve a cryptocurrency-related exchange traded fund (ETF) or mutual fund. The letter, authored by SEC Division of Investment Management director Dalia Blass, explains the SEC’s reservations and concerns about approving a crypto-related mutual fund or ETF. The letter advised against seeking registration of funds that invest heavily in cryptocurrency-related products until the raised questions and concerns can be properly addressed.
The SEC letter comes a year after the SEC rejected a proposal by Cameron and Tyler Winklevoss, famously linked to the founding of Facebook, to create a bitcoin-tracking ETF. Since that time the SEC has privately rejected several similar requests. Many in the industry appreciate the SEC letter as it offers specific guidance and concrete issues to be addressed as the march towards the eventual approval of a crypto-related fund continues.
Since the January 18 letter, the SEC has been reviewing and conducting proceedings on a New York Stock Exchange (NYSE) proposal to list and trade five bitcoin-related ETFs. The proceedings are expected to go on for a few months. This blog will begin with an explanation of what exactly is an ETF and then address the SEC’s concerns related to the clearance of crypto-related ETFs.
What is an ETF?
Exchange traded funds or ETFs are funds that track indexes. Historically, exchange traded funds have tracked big-board indexes such as the Nasdaq 100, S&P 500 or Dow Jones; however, as ETFs have risen in popularity, there are now funds that track lesser-known indexes or specially created indexes to feed the ETF market. There are indexes based on market sectors, such as tech, healthcare, financial; foreign markets; market cap (micro-, small-, mid-, large-, and mega-cap); asset type (small-growth, large-growth, etc.); and commodities. The primary difference between an ETF and other index funds is that an ETF does not try to outperform the corresponding index, but rather tries to track and replicate the performance.
An ETF allows an investor the advantage of copying an index with a single stock trade, without the risk associated with a fund manager trying to outperform the market. Since the fund manager is simply copying and mirroring the particular index, the management style is referred to as “passive management.”
Passive management reduces the administrative costs from an actively managed portfolio, and that savings can be passed down to the investors. A typical private hedge fund charges 2% per annum for administrative fees. That fee is reduced to 1% for mutual or registered funds. The typical fee for an ETF is less than .20% per year. Moreover, since an ETF does not trade as actively as typical funds, it has fewer capital gain events and therefore lower taxes.
An ETF trades just like a stock, with continuous trading throughout a day. ETFs are generally margin-eligible and accordingly can be sold short. Conversely, mutual funds are generally only priced once a day after market closings and are not margin-eligible.
ETFs have become increasingly popular over the years, especially with investors that are interested in market sectors, regions or asset types. It is not surprising that investors are interested in crypto-related ETFs and that fund creators are likewise trying to meet this investor demand.
SEC Position on Crypto-related Mutual Funds and ETFs
As mentioned, On January 18, 2018, the SEC Division of Investment Management issued a letter to the Investment Company Institute and the Securities Industry and Financial Markets Association (SIFMA) explaining why the SEC could not approve a cryptocurrency-related exchange traded fund (ETF) or similar investment product such as a mutual fund.
The SEC begins with its commitment to fostering innovation and the development of new types of investment products, ETFs being a primary example, but quickly continues with the assertion that multiple investor protection issues need to be resolved before a crypto-related fund could be offered. The primary issues are valuation, liquidity, custody, arbitrage, potential manipulation and other risks.
The concerns and questions raised by the SEC will also impact future changes to exchange listing standards by the Division of Corporation Finance, the Division of Trading and Markets and the Office of the Chief Accountant. The SEC foresees needed changes to accounting, auditing and reporting requirements for crypto-related funds and ETFs.
Valuation
Mutual funds and ETFs must value their assets on each business day in order to reach a net asset value (“NAV”). NAV is used to determine fund performance, what investors pay for mutual funds and what authorized participants pay for ETFs as well as what they receive when they redeem or sell. The SEC is concerned that a fund or ETF would not have the necessary information to value a cryptocurrency as a result of their volatility, fragmentation, lack of regulation, nascent state and current trading volume (or lack thereof) in the cryptocurrency futures markets.
The SEC has requested that the industry evaluate and provide information as to how valuations would be conducted. Furthermore, the SEC has asked how funds would develop and implement policies and procedures related to crypto-related valuations to ensure that the requirements as to fair value are met. Likewise, the SEC would need satisfaction that a fund or ETF could adequately address the accounting and valuation impacts of “forks” such as when a cryptocurrency diverges into two separate currencies with different prices.
The SEC questions the policies a fund would implement to identify and determine eligibility and acceptability for newly created cryptocurrencies. The SEC has concern as to how a fund would consider the impact of market information and manipulation in the underlying cryptocurrency markets as related to the determination of the settlement price of cryptocurrency futures.
Liquidity
Investments in open-ended funds such as mutual funds and ETFs are redeemable on a daily basis and as such, the funds must maintain sufficient liquid assets to satisfy redemptions. Rule 22e-4 promulgated under the Investment Company Act of 1940 (the “1940 Act”) requires funds to implement liquidity risk management programs. Under the rule, funds must classify their investments into one of four liquidity categories and limit their investments in illiquid securities to 15% of the fund’s assets.
The SEC is concerned with the steps a fund or ETF that invests in cryptocurrencies or crypto-related products would take to ensure that it would have sufficient liquidity to meet daily redemptions. Moreover, the SEC raises questions as to how such funds would satisfy Rule 22e-4 and in particular, how could any crypto-related investment be classified as anything other than illiquid under the rule.
The SEC specifically asks how such funds would take into account the trading history, price volatility and trading volume of cryptocurrency futures contracts, and would funds be able to conduct a meaningful market-depth analysis in light of these factors. Similarly, given the fragmentation and volatility in the cryptocurrency markets, would these funds need to assume an unusually sizable potential daily redemption amount in light of the potential for steep market declines in the value of underlying assets.
Custody
The 1940 Act provides for certain requirements related to the custody of securities held by funds, including who may act as a custodian and when funds must verify holdings. The SEC questions how a fund or ETF could satisfy the custody requirements for cryptocurrency-related products. The SEC notes that there are currently no custodians providing fund custodial services for cryptocurrencies. Likewise, although currently all bitcoin future contracts are cash-settled, if physical settlement contracts develop, the SEC questions how a fund will custody the bitcoin to make delivery.
The SEC further questions how a fund will validate existence, exclusive ownership and software functionality of private cryptocurrency keys and other ownership records. Another issue for cryptocurrencies is cybersecurity and the threat of hacking. The SEC has concerns about how custodians can satisfy their requirements for the safekeeping of crypto assets.
Arbitrage for ETFs
ETFs obtain SEC orders that enable them to operate in a specialized structure that provides for both exchange trading of their shares throughout the day at market-based prices, and “creation unit” purchases and redemptions transacted at NAV by authorized participants. In order to promote fair treatment of investors, an ETF is required to have a market price that would not deviate materially from the ETF’s NAV. The SEC questions how an ETF could comply with the terms of an order considering the fragmentation, volatility and trading volume in the cryptocurrency marketplace.
The SEC would like funds to engage with market makers and authorized participants to understand the feasibility of the arbitrage for ETFs investing substantially in cryptocurrency and cryptocurrency-related products. The SEC also questions how trading halts or the shutdown of a cryptocurrency exchange would affect the market price or arbitrage.
Potential Manipulation and Other Risks
The SEC believes that the current cryptocurrency markets have substantially fewer investor protections than traditional securities markets. Moreover, the SEC, other federal regulators, and state regulators have found considerable fraud in the cryptocurrency marketplace. The SEC is concerned about how a fund would address fraud concerns in the underlying markets when offering investments in the fund to retail investors. Similarly, the SEC is concerned about the disclosure of, and ability for a retail investor to understand, the risks of an investment in a crypto-related fund.
Likewise, the SEC would like funds to engage in discussions with broker-dealers who may distribute the funds, as to how the broker-dealer will satisfy their suitability requirements. The SEC is also concerned with how an investment advisor will satisfy their fiduciary obligations when recommending a crypto-related fund.
Further Reading on DLT/Blockchain and ICOs
For an introduction on distributed ledger technology, including a summary of FINRA’s Report on Distributed Ledger Technology and Implication of Blockchain for the Securities Industry, see HERE.
For a discussion on the Section 21(a) Report on the DAO investigation, statements by the Divisions of Corporation Finance and Enforcement related to the investigative report and the SEC’s Investor Bulletin on ICOs, see HERE.
For a summary of SEC Chief Accountant Wesley R. Bricker’s statements on ICOs and accounting implications, see HERE.
For an update on state-distributed ledger technology and blockchain regulations, see HERE.
For a summary of the SEC and NASAA statements on ICOs and updates on enforcement proceedings as of January 2018, see HERE.
For a summary of the SEC and CFTC joint statements on cryptocurrencies, including The Wall Street Journalop-ed article and information on the International Organization of Securities Commissions statement and warning on ICOs, see HERE.
For a review of the CFTC role and position on cryptocurrencies, see HERE.
For a summary of the SEC and CFTC testimony to the United States Senate Committee on Banking Housing and Urban Affairs hearing on “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission,” see HERE.
To learn about SAFTs and the issues with the SAFT investment structure, see HERE.
The Author
Laura Anthony, Esq. Founding Partner Legal & Compliance, LLC Corporate, Securities and Going Public Attorneys 330 Clematis Street, Suite 217 West Palm Beach, FL 33401 Phone: 800-341-2684 – 561-514-0936 Fax: 561-514-0832 [email protected] www.LegalAndCompliance.com www.LawCast.com
submitted by geopayme to BlockchainBanknTrust [link] [comments]

Online Platforms Trading Cryptocurrencies; Continued Uncertainty In Crypto Space

I have been writing often about the cryptocurrency marketplace and the SEC and other regulators’ statements and concerns about compliance with the federal securities laws. On July 25, 2017, the SEC issued a Section 21(a) Report on an investigation related to an initial coin offering (ICO) by the DAO, concluding that the ICO was a securities offering. In that Report the SEC stated that securities exchanges providing for trading must register unless an exemption applies. In its numerous statements on cryptocurrencies since then, the SEC has consistently reminded the public that exchanges that trade securities, including cryptocurrencies that are securities, must be licensed by the SEC.
The SEC has also stated that as of today, no such licensed securities cryptocurrency exchange exists. However, a few CFTC regulated exchanges have now listed bitcoin futures products and, in doing so, engaged in lengthy conversations with the CFTC, ultimately agreeing to implement risk mitigation and oversight measures, heightened margin requirements, and added information sharing agreements with the underlying bitcoin trading platforms.
The topic of the registration of exchanges for trading cryptocurrencies is not new to regulators. Years before the Section 21(a) DAO Report and crypto craze, on December 8, 2014, the SEC settled charges against BTC Virtual Stock Exchange and LTC-Global Virtual Stock Exchange, which traded securities using virtual currencies, bitcoin or litecoin. According to the SEC release on the matter, “the exchanges provided account holders the ability to use bitcoin or litecoin to buy, sell, and trade securities of businesses (primarily virtual currency-related entities) listed on the exchanges’ websites. The venues weren’t registered as broker-dealers despite soliciting the public to open accounts and trade securities. The venues weren’t registered as stock exchanges despite enlisting issuers to offer securities for the public to buy and sell.” The exchanges charged and collected transaction-based compensation for each executed trade on the platforms.
Since the Section 21(a) DAO Report, most of the statements from the SEC and other regulators have focused on ICOs and the issuance of cryptocurrencies as opposed to focusing on the exchanges that trade cryptos. On March 7, 2018, the SEC finally issued a public statement directed specifically to online platforms for the trading of digital assets – i.e., cryptocurrencies. This blog will summarize that statement. Also, at the end of this blog is a list with links to my numerous other blogs on the topic of distributed ledger technology (blockchain), cryptocurrencies and ICOs.
SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets
Online trading platforms have become prevalent for the buying and selling of coins and tokens, including new cryptocurrencies offered in initial coin offerings (ICOs). Many platforms bring buyers and sellers together in one place and offer investors access to automated systems that display priced orders, execute trades, and provide transaction data. If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration. As mentioned above, no such SEC-registered platform exists as of today.
In its statement, the SEC cautions investors that “[T]o get the protections offered by the federal securities laws and SEC oversight when trading digital assets that are securities, investors should use a platform or entity registered with the SEC, such as a national securities exchange, alternative trading system (‘ATS’), or broker-dealer.”
The SEC is concerned that online platforms have the appearance of regular licensed securities exchanges, including using the word “exchange” when they are not. The SEC does not review the standards these “exchanges” use to pick or vet digital assets and cryptocurrencies, the trading protocols used to determine how orders interact and are executed, nor any internal controls or procedures of these platforms. Furthermore, the SEC warns that data provided by these trading platforms, such as bid and ask prices and execution information, may lack integrity.
The SEC provides a list of questions for investors to ask when considering trading on an online platform, including:
Registration or Exemption of an Exchange
Section 5 of the Exchange Act of 1934, as amended (“Exchange Act”) makes it unlawful for any broker, dealer, or exchange, directly or indirectly, to effect any transaction in a security, or to report any such transaction, in interstate commerce, unless the exchange is registered as a national securities exchange or is exempted from such registration. A national securities exchange registers with the SEC under Section 6 of the Exchange Act.
Section 3(a)(1) of the Exchange Act defines an “exchange” as “any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood….” Exchange Act Rule 3b-16 further defines an exchange to mean “an organization, association, or group of persons that: (1) brings together the orders for securities of multiple buyers and sellers; and (2) uses established, non-discretionary methods (whether by providing a trading facility or by setting rules) under which such orders interact with each other, and the buyers and sellers entering such orders agree to the terms of the trade.” The SEC has also stated that “an exchange or contract market would be required to register under Section 5 of the Exchange Act if it provides direct electronic access to persons located in the U.S.”
According to the SEC website, as of today there are 21 licensed exchanges registered with the SEC. Exchanges that trade securities futures are registered with the SEC through a notice filing under Section 6(g) of the Exchange Act. There are 5 such registered exchanges. There are two exchanges that the SEC has exempted from registration on the basis of limited volume transactions.
Continued Uncertainty
Although the SEC is certainly correct that an online trading platform that trades securities must be licensed by the SEC, that would not be the case if the asset being traded is not a security. In fact, if the asset is a currency (and not a security) or a “thing” such as loyalty points, no US federal agency would regulate its trading. The SEC only regulates the trading of securities and security-related products. The CFTC has regulatory oversight over futures, options, and derivatives contracts on virtual currencies and has oversight to pursue claims of fraud or manipulation involving a virtual currency traded in interstate commerce. Beyond instances of fraud or manipulation, the CFTC generally does not oversee “spot” or cash market exchanges and transactions involving virtual currencies that do not utilize margin, leverage or financing. Rather, these “exchanges” are regulated as payment processors or money transmitters under state law.
Likewise, no federal regulator has direct jurisdiction over “exchanges” that trade loyalty points such as converting airline points to use for hotels, cars, consumer goods and services, or cash. Online platforms such as www.points.com and www.webflyer.com operate using contractual partnerships with entities that issue loyalty points. In fact, points.com is owned by Points International Ltd., which trades on the TSX and Nasdaq and refers to itself as “the global leader in loyalty currency management.” Certainly, today there is a vast difference in the trading of loyalty points versus those looking to make profits in cryptocurrency trading, but there are also analogies, especially with the “currency” side. In a recent 6-K, Points has this to say about the loyalty industry:
Year-over-year, loyalty programs continue to generate a significant source of ancillary revenue and cash flows for companies that have developed and maintain these loyalty programs. According to the Colloquy group, a leading consulting and research firm focused on the loyalty industry, the number of loyalty program memberships in the US increased from 3.3 billion in 2014 to 3.8 billion in 2016, representing an increase of 15% (source: 2017 Colloquy Loyalty Census Report, June 2017). As the number of loyalty memberships continues to increase, the level of diversification in the loyalty landscape is evolving. While the airline, hotel, specialty retail, and financial services industries continue to be dominant in loyalty programs in the US, smaller verticals, including the restaurant and drug store industries are beginning to see larger growth in their membership base. Further, newer loyalty concepts, such as large e-commerce programs, daily deals, and online travel agencies, are becoming more prevalent. As a result of this changing landscape, loyalty programs must continue to provide innovative value propositions in order to drive activity in their programs.
Companies that believe that their crypto is truly a utility with currency value may feel they have more in common with a loyalty point than a security, and regulators have yet to be able to give any level of firm ground on which to stand.
In a hearing before the House Financial Services Committee on May 16, 2018, Stephanie Avakian, co-director of the SEC Division of Enforcement, told lawmakers that the SEC will continue to look at each case involving a cryptocurrency on a facts-and-circumstances basis. Ms. Avakian and co-director Steven Peiken both gave testimony and sat in the hot seat. The Financial Services Committee members were pushing for more definitive input on how ICOs should be defined and regulated, without result. The hearing became contentious, with Committee members becoming frustrated with the lack of direction and lack of certainty from the SEC as to how they define and view cryptocurrencies, other than “on a case-by-case basis” and using the same federal securities principles that already exist – a mantra that has been repeated.
However, the SEC enforcement division could rightfully feel they are being put in an unfair position with this line of questioning. Commissioner Hester M. Peirce warned against rulemaking by enforcement in a recent speech. Ms. Peirce has strong opinions on the subject. She states, “[D]ue process starts with telling individuals in advance what actions constitute violations of the law.” She continues with “[A] related issue to which I am paying attention is the degree to which our enforcement process is being used to push the bounds of our authority. Congress sets the parameters within which we may operate, and we ought not to stray outside those boundaries through, for example, overly broad interpretations of ‘security’ or extraterritorial impositions of the law. Our canons of ethics specifically caution us against exceeding ‘the proper limits of the law’ and argue for us remaining ‘consistent with the statutory purposes expressed by the Congress.’”
In fairness, Ms. Peirce was talking in the context of enforcement as a whole. Not once did she mention cryptocurrencies, ICOs or blockchain in that speech. However, in light of the prevalence of the topic and many industry leaders, politicians and market participants looking to the SEC for guidance on the question of “what is a cryptocurrency” and “how should it be regulated,” I can’t help but think the SEC is looking back at Congress with the same question.
Further Reading on DLT/Blockchain and ICOs
For a review of the 2014 case against BTC Trading Corp. for acting as an unlicensed broker-dealer for operating a bitcoin trading platform, see HERE.
For an introduction on distributed ledger technology, including a summary of FINRA’s Report on Distributed Ledger Technology and Implication of Blockchain for the Securities Industry, see HERE.
For a discussion on the Section 21(a) Report on the DAO investigation, statements by the Divisions of Corporation Finance and Enforcement related to the investigative report and the SEC’s Investor Bulletin on ICOs, see HERE.
For a summary of SEC Chief Accountant Wesley R. Bricker’s statements on ICOs and accounting implications, see HERE.
For an update on state-distributed ledger technology and blockchain regulations, see HERE.
For a summary of the SEC and NASAA statements on ICOs and updates on enforcement proceedings as of January 2018, see HERE.
For a summary of the SEC and CFTC joint statements on cryptocurrencies, including The Wall Street Journalop-ed article and information on the International Organization of Securities Commissions statement and warning on ICOs, see HERE.
For a review of the CFTC role and position on cryptocurrencies, see HERE.
For a summary of the SEC and CFTC testimony to the United States Senate Committee on Banking Housing and Urban Affairs hearing on “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission,” see HERE.
To learn about SAFTs and the issues with the SAFT investment structure, see HERE.
To learn about the SEC’s position and concerns with crypto-related funds and ETFs, see HERE.
The Author
Laura Anthony, Esq. Founding Partner Legal & Compliance, LLC Corporate, Securities and Going Public Attorneys 330 Clematis Street, Suite 217 West Palm Beach, FL 33401 Phone: 800-341-2684 – 561-514-0936 Fax: 561-514-0832 [email protected] www.LegalAndCompliance.com www.LawCast.com
submitted by geopayme to BlockchainBanknTrust [link] [comments]

(2/5) - Monday's Pre-Market Stock Movers & News

Good morning traders of the StockMarket sub! Welcome to Monday! Here are your pre-market stock movers & news this morning-

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Frontrunning: February 5th

STOCK FUTURES NOW:

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FRIDAY'S MARKET HEAT MAP:

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FRIDAY'S S&P SECTORS:

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TODAY'S ECONOMIC CALENDAR:

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THIS WEEK'S ECONOMIC CALENDAR:

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THIS WEEK'S IPO'S:

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THIS WEEK'S EARNINGS CALENDAR:

($NVDA $TSLA $TWTR $SWKS $SNAP $DIS $ATVI $GILD $GM $CMG $BMY $AGN $TEVA $TTWO $BP $COHR $SYY $REGN $NTES $FEYE $ARNC$CVS $EXPE $SKX $HES $BAH $CMI $OCLR $GOLD $CHD $IRBT $LITE $GRUB $CTLT $GOOS $HAS $KORS $MCY $TRVG $ONVO $PM)
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:

($BMY $ON $SYY $ARNC $BAH $HES $GOLD $CHD $CTLT $MCY $SALT $NMM)
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EARNINGS RELEASES BEFORE THE OPEN TODAY:

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EARNINGS RELEASES AFTER THE CLOSE TODAY:

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THIS MORNING'S ANALYST UPGRADES/DOWNGRADES:

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THIS MORNING'S INSIDER TRADING FILINGS:

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TODAY'S DIVIDEND CALENDAR:

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THIS MORNING'S MOST ACTIVE TRENDING DISCUSSIONS:

  • SPY
  • UVXY
  • QCOM
  • TVIX
  • AVGO
  • WFC
  • SVXY
  • BMY
  • ARNC
  • VXX
  • ON
  • CHD
  • HES
  • BAH
  • CTLT
  • VKTX
  • CHTR
  • KND
  • BG
  • VFC
  • CRUS
  • SYY
  • MGEN
  • XIV
  • RDFN
  • NFG
  • OSTK
  • BTC.X
  • UWT
  • IWM

THIS MORNING'S STOCK NEWS MOVERS:

(source: cnbc.com)
Wells Fargo – Federal Reserve said it is restricting the bank's size in response to "widespread consumer abuses." Wells Fargo said it will replace four board members, three by April. The bank's shares were downgraded by at least five firms on Monday, including JPMorgan, Citigroup, and Morgan Stanley.

STOCK SYMBOL: WFC

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Broadcom – Broadcom raised its takeover offer for rival chipmaker Qualcomm to $82 per share, consisting of $60 per share in cash and the rest in stock. Broadcom is calling this bid its "best and final offer."

STOCK SYMBOL: AVGO

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Bristol-Myers Squibb – The drugmaker reported adjusted quarterly profit of 68 cents per share, one cent a share above estimates. Revenue also beat forecasts and the company announced that its cancer drug Opdivo has been approved for use in patients with a certain type of melanoma. The company also did well in clinical trials as part of a combination treatment with certain lung cancer patients.

STOCK SYMBOL: BMY

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Boeing – Boeing may be interested in bidding for a Canada jet fighter contract despite the ongoing trade dispute involving Canada's Bombardier, according to a senior executive. Boeing has until February 9 to decide to bid. Separately, UPS placed an order for 14 747-8 freighters, easing doubts about that aircraft's future.

STOCK SYMBOL: BA

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Equifax — The probe of Equifax has been pulled back, according to Reuters quoting people familiar with the matter. Former consumer protection bureau head Richard Cordray is said to have authorized an investigation of Equifax's massive data breach, which it revealed in September, but Reuters reports the probe has sputtered under current head Mick Mulvaney.

STOCK SYMBOL: EFX

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Apple — Apple Music is growing faster than music streaming rival Spotify in the U.S., according to The Wall Street Journal, and is on pace to surpass Spotify's subscriber numbers this summer.

STOCK SYMBOL: AAPL

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Amazon.com – Amazon has settled its tax dispute with France, according to reports out of Europe, although terms were not disclosed. France had claimed Amazon owed nearly $250 million in back taxes and penalties.

STOCK SYMBOL: AMZN

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Pfizer – Pfizer has gotten only two bids for its consumer unit, according to a Bloomberg report. GlaxoSmithKline and Reckitt Benckiser are the only companies to bid, with rival candidates having walked away. Analysts say the unit could be worth between $15 billion and $20 billion.

STOCK SYMBOL: PFE

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Lowe's – Lowe's was upgraded to "buy" from "hold" at Jefferies, which also called the home improvement retailer's stock its "franchise pick" for 2018. Jefferies thinks Lowe's can triple its earnings per share over the next five years, thanks to changes that will close profit and productivity gaps with competitors.

STOCK SYMBOL: LOW

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Charter Communications – The cable and broadband provider was upgraded to "outperform" from "market perform" at Wells Fargo, which said it has renewed confidence in a successful turnaround after the company's last earnings call, despite a tough competitive environment.

STOCK SYMBOL: CHTR

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Church & Dwight – The maker of Arm & Hammer baking soda and numerous other consumer products reported adjusted quarterly profit of 52 cents per share, 2 cents a share above estimates. Revenue beat forecasts, as well. The company also raised its quarterly dividend by 14% to 21.75 cents per share.

STOCK SYMBOL: CHD

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FULL DISCLOSURE:

bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.

DISCUSS!

What is on everyone's radar for today's trading day ahead here at StockMarket?

I hope you all have an excellent trading day ahead today on this Monday, February 5th, 2018! :)

submitted by bigbear0083 to StockMarket [link] [comments]

Letter to the portfolio manager of a relation of mine

This is a letter I have sent to a relation of mine's portfolio manager. This is an obvious throwaway and I really am not interested in giving specifics. I'm just reproducing it here so that if others are thinking of approaching their managers, they have something as a basis for their conversation.
I am [a relation to your client]. I think that we may have spoken once in the past regarding aspects of the portfolio for [your client].
[They have] asked me to write you about some of the developments with respect to Bitcoin as a diversification option for this portfolio. I understand that [they have] put in a call to you and would like to discuss this further, and [they] wanted me to give you some materials on recent events and analysis with respect to Bitcoin.
There was recently a Wall Street Journal article covering this topic http://online.wsj.com/news/articles/SB10001424052702304607104579212101356897382
The article tells of a paper by Marie Brire, an associate professor at Universit Paris Dauphine in France, co-authored by Kim Oosterlinck and Ariane Szafarz of the Universit Libre de Bruxelles in Belgium, that concluded that a small allocation to bitcoin, perhaps 3% of a well-diversified portfoliocould improve one's risk-return trade-off. It also has several statements by Raoul Pal, a former hedge-fund manager and founder of the Global Macro Investor, and concludes these by saying he, more conservatively, put a small slice of his portfolio—between 1% and 2%—into the coins.
There have recently been senate hearings on bitcoins and other virtual currencies, and these have been notably positive. http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html Even Ben Bernake wrote a letter to the senate committee stating that bitcoins are not directly under any regulatory regime and that they "may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.” http://www.businessinsider.com/ben-bernanke-on-bitcoin-2013-11
We had discussed investing a small amount of [your client's] portfolio with you in the summer of 2012. At that point in time, if a 1% allocation (about [some amount]) had been done, then the value of those coins today would be about [100 times that amount]. While a lot of the upside of Bitcoins have been realized in this time, we feel that Mr. Pal is right in his assessment that there is still value in investing now.
Sincerely, [My name]
submitted by btcthrowaway3 to Bitcoin [link] [comments]

Transcript of George Webb Video Series Part 306 "Hillary's Leakers, Hackers, and Henchmen" [@Georgwebb / #HRCRatline]

  • Day 172.7. Trump Has Lausch Release FISA Docs Nine Hours After My US AG Video in Chicago - YouTube
    • It's day 172 not day 112
    • And this is part 9 I believe
    • Now, here's the famous Picasso where all the cop cars pile up
    • If you've ever ridden with Task Force in a car--you know what it's like to be a stunt driver on that movie
    • Anyway--I've been with one other person that drives faster
    • And--who you are that's true
    • She never breaks if she's a police officer
    • She's a have you ever driven over 150 miles an hour in a pursuit?
    • I thought you said 143
    • And they have to call out their street they have to call their street intersections
    • So that it can be
    • So so you they know you're not falsifying a police report, right?
    • Right they take you through the whole pursuit
    • And they say when did they time you out your voice came on the radio hear your piece you said your car was traveling you have to say
    • So I just turned on Jackson I just stopped passing there lied about the speed you were traveling or where you were
    • And all those right and
    • So here
    • Again, I'm just ready to stop at any
    • And at any Picasso
    • Rahm I will meet you at any Picasso anytime day or night
    • And we'll get you this Bitcoin
    • We're tired of carrying it our arm my left arm is like a foot longer
    • Now, no more carrying the Bitcoin
    • We went on a day here
    • There's if the license plate do not look at the license plate
    • We were gonna we were going to get you the Bitcoin
    • But no such luck
    • Another Picasso but no Bitcoin
  • Day 172.8. Going Underground With Rahm’s Bitcoin - YouTube
    • Day 172 this is part 10
    • And we've heard
    • Now, from Rahm's office he said that you're not gonna do not do the Bitcoin on the street level
    • So the white continental or what was that a white I think there's a white Cadillac
    • Do not give the Bitcoin directly
    • So we're going underground
    • We're gonna meet somebody--where was the drop? Jefferson--Jefferson Park is where the drop is gonna be you can clearly see where we are you can clearly see that's nine exits
    • Now, we were not given instructions on whether we should take a Chinese CTA car or an American made
    • I would feel much better with a with the no boron thing
    • We don't want
    • We're gonna take the risk we're gonna get the Bitcoin out there like
    • Apparently they did not want us to stop at Rosemont they did not want us to go to any of the Rosemont locations that was odd
    • But Jefferson Park so
    • Ok we're going there
    • So Rahm Emanuel says there's gonna be a trade war if we buy American
    • So to avoid a trade war we're going to ship all the businesses to China China China
    • I got it that that makes sense ok
  • Day 172.9. With Bernie Bridges Putting On The Gritz - YouTube
    • It's day 172 part 11
    • You're looking at the Kennedy Expressway going that way out of Chicago going Northwest
    • You are looking at a high traffic cow here on Sunday afternoon
    • You've got if you want to read it backwards you can reinstate, right? Robyn Gritz
    • That seems to be coming through it seems like you can read that
    • So maybe I reversed the camera in such a way that you can read what it says
    • But I'm going to change the perspective hey we got a long we got a hunk it actually says Robyn Gritz on the other side you'll just have to trust me I've reversed the camera angle
    • So that everyone at home can read reinstate Robyn Gritz
    • But it actually is reverse on the other side trust me trust me
    • We're gonna bring you we're gonna bring her in we're bringing in party bridges here she is
    • She's a mom in Reeboks
    • Beware of a mother in Reeboks, boy I'll tell you don't get on her bad side
    • You had now, we got Robyn Gritz up you've had Awan brothers Awan contra up your content
    • And you've had r.i.p Commander Bauer
    • We had a police officer killed off-duty
    • There goes the cars that Rahm wants made in China in China China China
    • So and most successful campaigns
    • So far Robyn Gritz has been good
    • BB: today today the second day to the hog for the waves for like 10 times more
    • G: And then of course we've had Awan Contra and a spy ring in Congress spy ring in Congress
    • Ask Debbie
    • DNC is not located in Moscow
    • And then DNC is not located in Moscow
    • And the other one we've had is RIP Commander Bauer who was a very brave police officer
    • Task Force heard about that kind of--had that moment
    • And she said when the officers are gonna go to the Caprice they're're gonna give the widow her the sign the banner you made
    • And then also moto book of all the all the cars
    • {{ 911: Let HER talk George, Dammit! }}
    • And all the people who honked on the way to Commander Bowers Widow
    • And her family
    • And that's really a very nice thing we're gonna go to a roll call she's going to go to a roll call what what precinct is he in 18th district 18th district
    • So thank you to all of our police officers thank you to Task Force as a representative for state and local police officers
    • Thank You Robyn Gritz our Federal law enforcement
    • You're bringing integrity back to law enforcement
    • And Thank You Bernie Bridges
    • BB: My Pleasure
  • Day 172.10. Saberi’s Dad Is Iran Nuke Expert - Metadata Screams Iran Nuke Deal - YouTube
    • It's day 173 this is gonna be 13
    • One of the great things about being here at Hearst Castle we have tremendous resources we have hundreds of researchers constantly combing over everything that Task Force and I uncover
    • Actually no that's not true Task Force herself does all the research and does all their liaison work now with law enforcement, including the new Robyn Gritz contact, which is awesome
    • And what we learned about well first of all I want to say that everything seems to fit when you have you're on the truth
    • If you really think that let's say Jeff Sterling knew Andy McCabe in law school
    • And then you used a Jeff Sterling to make the deals about Uranium
    • And get the centrifuges into Iran and you had a secret program
    • And then all of a sudden when it became public then you just stabbed him in the back
    • And sacrificed him every time that happened?
    • Well that's exactly what happened twice in the Iranian program
    • The first one was at a nuclear facility that called NAT ANTS
    • Now, you can think of NAT Turner's revolt you can think of ants with Woody Allen the Disney animated feature
    • You can think of the NAT the little gnat
    • And then the ants
    • And then you can think of the worm the Stuxnet worm that took them down Mount Prospect going by salute them
    • So so they discovered that facility
    • And all of a sudden--somebody gets lit up as a sacrificial lamb
    • The same thing happened again, in nucleic ANSI the rise of the number of centrifuges I think at the first time they hit 3000 was around 2007
    • But it takes a steep rise from there until 2009 when again, somebody Western leaders discover a new facility called for Dow
    • For Dow you can think of it like well this is for Dow because Dow wants to make a lot of money
    • Now, these are Siemens reactors for the most part
    • There's one called an IR1 let's just think of Iran's first reactor right
    • And then there's one called an IR 8, which is like 8 times as efficient as the IR one that they're putting in now,
    • So so I don't want to make everybody nuclear experts
    • But is that why Jeffery is that why Jeffrey Sterling gets shivved in the back by Andy McCabe?
    • Was that the plan really since 1999 because Saberi looks like she's recruited in New York potentially by Sterling
    • And guess what? Task Force just found?
    • Tell us about the father in North Dakota atomic energy organization of rent
    • Yeah PhD in Iran for the atomic Iran Atomic Energy Commission
    • And this is what makes me here we'll just do a little quick
    • So Barry yeah and
    • << TF is too low volume to transcribe >>
    • So here's the thing is people these kids get sent over they think they're on this mission or that mission
    • But then who knows
    • But you have a lot of things just keep lining up
    • Farsi, Iran, I mean a meeting with Mark Lambert the Russian wife it was almost like
    • And then all the croup Knicks managing the rat lines
    • And then the too farsi speaking daughters
    • And I immediately thought of the same thing when I thought in the Google shooting with the Farsi transvestite kid--and I'm thinking what the heck is going on here
    • It's just everything keeps pointing to Iran
    • But the two big things here to really look at are: just metadata how everything kind of points to Iran Iran nuclear program
    • Uranium One looks like the bookend on the front end 2009
    • And the other bookend seems to be the Iran deal of 2015
    • If you just keep those two dates in mind
    • And about a 2013 inflection point where they just really increase their centrifuges, you have the beginning, middle, and the end as your Euripides would say
    • I believe Europe it he said every story should have a beginning in the middle and an end and Mark Twain said the same thing
    • But not necessarily in that order I don't know if that's true or not But anyway those are the little asides that bother people so much
    • But and sometimes I lose my train a lot when I do those
    • But the key is Piketon I'm going into Piketon
    • I'm going to speak to two informants in the town just before Piketon a couple of hour an hour away
    • And I'm speaking to an informant police officer first
    • Second informant is somebody at the plant
    • Now, now you've been talking quite a bit to people at the Piketon Plant
    • And that's a whole bunch of research that's coming
    • But the 2009 they start shutting it down
    • And then 2013 there was this big promise of reopening the plant, getting the plant going with the new centrifuges, and then all sudden all the money got gifted, but no centrifuges
    • Did those go to Iran did the old 2009 when it got decommissioned was that the first big shipment to Iran, and then the big regeneration of Piketon: was that the second big shipment?
    • We don't know, but we're just looking at those three key dates, and starting to match metadata on 2009 when Hillary starts 2013 when she's about ready to finish
    • So she's got to get her deals done in that 2015, as Kerry is finishing the deals off with what? Blackberries
    • With what? State Department Gmail accounts, the illegals Gmail accounts
    • With what? One two three Dropbox to a Pakistan
    • With what? Containers that AQ Khan uses to ship stuff
    • And we just did another deal with the Iranian Iraqi nuclear scientist Jafar for the port of Wilmington
    • Everything just keeps screaming Iran nuclear Iran nuclear deal Iran nuclear deal
  • Day 173.1 Was Gritz About To Break Open Awan Contra? - YouTube
    • It's day 173
    • And just to recap of yesterday was it was another big day
    • Ten videos started out with the Gritz fundraiser again, we're up to about thirty three thousand dollars now,
    • Of course I have no part whatsoever to do this
    • This is really to just provide a level of confidence for Robin she's currently employed a lot of times employers don't like people to come forward as a whistleblower, especially against the FBI
    • So this gives every dollar lets Robyn basically be more honest about actually what's happening inside this cabal
    • This is McCabe, Brennan cabal to affect change
    • And this is really our whole democracy we don't get this kind of CIA death grip on the throat of American democracy or constitutional republic whatever what-have-you it's not going to get any better
    • So unless we support the people that are being very courageous and coming forward, it's really all for naught
    • We could have all the discussions in Congress that we want
    • The permanent seat of Government really is the FBI and the CIA by extension
    • So we talked a little bit about the Gritz files in the first episode what we're really talking about is all the cases
    • And how it kind of pieces together the Iran deal by looking at the career of Robyn Gritz you can kind of get some great metadata in taking apart the Iran deal over the last since the year 2000 I would say
    • And of course. we had a couple of episodes where we reacted to the episode with a Jason and Quinn--musing that I lived in a Hearst Castle Museum...
    • Oh No it's true this Hearse have a summer home here in Chicago, but I trust trust me it's not here
    • There was some good things that came out of that which was Quinn talked about my dad's invention, and the whole idea of a repeater, which became kind of the cell tower, which made you think of Iridium, it made you think of Nellie Ohr, it made you think of Imran Awan
    • It made you think of Muhammad Muhammad Awan having a company called Blue Sky Link for Iridium it made you think of Blackberry and BlackBerries Iridium phones
    • And Iridium stations
    • And managing ratlines
    • So in a sense it just kept it all this kind of noise or whatever keeps pointing back at the fundamentals of our channel
    • And also you think of Muhammad Tahir Awan
    • And you think of Space Eyes, and Channel logistics and Al Waleed
    • And all those things that were put together in brahim all those things were put together to manage this ratline going to Pakistan
    • So it's kind of good every time even though it's a little bit of noise, but some there was some signal there to
    • Quinn especially provided a lot of signal as far as radio technology goes
    • Of course we kidded about the Patty Hearst being in in our basement here
    • But again, it reminds us of the NXIVM cult in San Francisco
    • And how they were bringing how the old bootleggers kind of became the new drug runners
    • So if we follow those old bootleggers rat lines, the old Capone ratlines, kind of leads us right to today's current drug ratlines, which is which is helpful and instructive
    • Coming through here in Chicago coming through Montreal in Canada coming through the West--where it kind of migrated
    • Where that Nexium Seagram's fortune kind of migrated across the United States during Prohibition
    • And those same drug racket lines are still in place of course Cuba to Florida being a famous drug ratline and bootleg ratline as well
    • We quickly went into drilling down on the Gritz files though for for these centrifuges
    • And we've kind of looked at these key steps along the way in the development of the Iranian nuclear program
    • They had an IR one which that did a certain efficiency up to about 3,000 centrifuges in 2007
    • Then the program kind of took off with these new reactors or new centrifuges which you could do double the amount of Uranium
    • These IR2s then we went into IR4s
    • And even though we had events like Stuxnet--public events--what was really happening was different groups are coming out and exposing these different facilities
    • First this one here at [NATANZ]
    • And then the second one here at [FORDOW]
    • And as these were being exposed, it kind of forced the FBI to come forward, and say, "hey we did something"
    • Well it turns out that the one-fifth of the reactors or excuse me the centrifuges they took out we're probably these old ones that were failing anyway
    • And they were putting in four times more productive centrifuges while doing that
    • So again, it was kind of a little bit of a shell game
    • Now, we're putting in the IR8s which are at least eight times more efficient up to twenty times more efficient
    • So the Iran deal that says that they're reducing from 20,000 to 14,000 centrifuges is really another shadow, shell game, because they're eight times as efficient as the old IR1s
    • So we learned a little bit about centrifuges--that was kind of good
    • We learned a little bit about Saberi, the Robyn Gritz case going to the Gritz files and how this woman went over and studied in Iran
    • But then also how her father was involved in the nuclear industry
    • Was she a cover a go-between because she was caught with classified information in Iran
    • And also the father being involved in the nuclear industry--was that the go-between--was that the channel--was that the funnel?
    • Was Robyn Gritz getting close to that? with her team in Tehran
    • Is that why she got yanked out by Gaddis? Is that why?
    • We we stopped in at Loop Capital because it's always Loop Capital we'll go a little bit forward here it's always fun to stuff in a Loop Capital, and they have this crazy art
    • And I don't know if people seen it up close, but they have this crazy art in the Denver Airport
    • I think of the CIA's old play with Black Panthers, and trying to migrate that to kind of the Black Muslim movement, and how that really didn't go very well, and they had to kind of shut it down with Malcolm X...
    • And kind of made the shift to bringing a kind of Muslim radical into the United States, kind of take over the port cities, and then the major inland ports as well
    • And this kind of--artwork here at the Denver Airport kind of shows that that
    • This these flower of these use--she'll die by this is not Islamic sword here
    • There will be a great gnashing of teeth will have to use--automatic weapons if need be
    • There'll be a lot of innocents that die
    • But we'll be sure to Fentanyl them
    • And the our squad will have a lot of fun before they die
    • It'll be this gnashing of teeth
    • But then out of that will come kind of this rebirth
    • And then we'll have the--the society as we want it
    • And this is Loop Capital's artwork in the Denver Airport
    • There's no other reason to have these panels in this kind of progression, other than just tell that kind of story
    • There is no other explanation
    • But it's a very logical explanation
    • We took a little bit of look at Raisa Sabiri the father
    • And then the potentially Saberis brother being in the nuclear industry
    • And being kind of nuclear go-betweens we'll get more into that story later
    • And finally I'll finish off with Robyn Gritz here almost a $33,000
    • That number was almost a number was about seven sixteen thousand seven hundred
    • We've got here about five days ago
    • So we're very happy with that but again, if we really want to shame take advantage of the one chance we have a unhooking the Cabal of McCabe and Brennan
    • Here's our chance
    • We can't have an economic sort of Damocles hanging over Robyn's head all the time
    • If she had more confidence in the in this go rainy day fund, she could do even more in terms of taking down this this cabal
    • This cabal that tried to overthrow the president
  • Day 173.2. Getting Too Close On Awans? Gas a Town. - YouTube
    • Hey day 173 this is part 2 sears tower behind us what if you put an antenna on that I bet you could talk to them you could talk to them pretty easy
    • I think the phones are a little bit lighter than this, but not much back in 1973
    • But this morning obviously the false flag in Syria seems like everyone's jumping and taking the bait with Trump and Mattis
    • And everybody no nobody's verified anything yet every network is saying war war war
    • What are your thoughts Task Force?
    • TF: my thoughts are this is exactly peat of what happened last time that chemical attack happened
    • Right when... why would Assad now, use chemical weapons when the president's talking about pulling out
    • Y-yeah he's deescalating---that it makes no logical sense that happened the exact last time
    • G: And Mike Morell strikes again, with Gouta and Allepo
    • TF: And the chemical weapons that Hillary Clinton was a part of moving from Libya to Syria. People need to think about that
    • G: This series does not repeat itself
    • But it sure does rhyme
    • I remember doing the story on Shifa Gardi, the story on Serena Shim, the story of Vanessa Beasley the story on--all the seem for some reason only the women can tell the truth
    • I don't know what the heck's the story here with the journalists
    • But no no verification whatsoever, and all of a sudden it's Putin's fault
    • Trump as well: I mean he jumped in on the bandwagon
    • So I think they've got to get inspectors in there, and look at the chemical signatures, and the TAGGANTS before Andy gets into the evidence room--
    • I knew this would probably happen you close in on the AWANS, and then false flag
    • It just it just seems that's the whole way through this investigation
    • TF: Right and also Donald Trump makes moves that are for on behalf of America, in trying to pull our troops out of kind of crazy stuff and calm the situation down, and you have the automatic false flag, and then you get the Senators that all want war jumping on the bandwagon
    • G: immediately, almost like they were lined up for a school photo shoot
    • TF: exactly this happened last time
    • We even have pictures of John McCain over there and there's now, a picture that was released today of John McCain, Lindsey Graham, and Marco Rubio over there
    • G: With a Syrian emergency Task Force, can you believe it? SEFT, not sift, not sift Americans all of their money
    • But SEFT
    • And here's this guy named what is his name Musa Musa?
    • TF: And then Marco Rubio is holding their flag
    • G: Yeah it's nice to see Marco holding the flag
    • And also it reminds me so much of the Syrian Observatory for Human Rights you always want that guy being an oil executive from five generations of oil families, picking out who are the really cute kids at the white helmet shelter for the White House to go in
    • Again, I think we're gonna get a whole nother round of white helmets
    • TF: Right. it's a it's an exact repetition
    • G: Is George Clooney getting this hair combed right now, ready for another white helmet shoot?
    • TF: Probably win another oscar for...and it's already been exposed by many journalists at the white helmets are actually--they're fake they're going in and taking these children << G: Sid Blumenthal's Son>> Right these orphans are hiding in--basements, and they're being trafficked
    • G: And if you're if you're an ugly kid, get ready to be an organ donor
    • Well I tell you what: I knew what would happen sooner or later as we closed in on the Iran
    • Oh by the way Iran says they're going to start enriching again,
    • We're not way ahead of the news anymore only slightly ahead of the news here on the George Webb and Task Force Channel
  • Day 173.3. Looping By Q’s Loop Capital - Depleted Uranium Up! - YouTube
    • It's day 173 were walking down little Wall Street here of course you'll see the Federal Reserve not FedEx not Memphis FedEx, which is going to take over 1999 all that or 2001 actually
    • All the all the deliver or Parcel Post deliveries
    • But you're gonna see the Federal Reserve there
    • You wonder when you start a war like a Gulf of Tonkin or whatever excuse you have for war, you wonder who profits from the war
    • I would guess loop capital
    • I don't know about all the investments of loop capital
    • I just know about the crazy artwork that they have in the Denver Airport with--Arabian swords cutting flowers to ribbons next to the dead little girls with lilies on their chests in a coffin
    • I'm guessing that's some interpretation of like the Rites of Spring or something it's hard to say
    • But anyway here we are we'll go around the corner it's hard not to loop by loop capital and check on your investments
    • You wonder how is white phosphate doing today?
    • How are my shares in depleted Uranium down there in Tennessee?
    • Doing it Aerojet?
    • How's my club k containerized weapons, all a whole hole weapons system?
    • How's that and those investments doing?
    • Can we get can we get a few more orders of oh let's say reused ak-47s from battlefields all over the world from the Granges?
    • Can we call Sid Blumenthal, and make sure we get a Navy hospital ship
    • So we can start brokering that there's all sorts of investment opportunities that we wanted to remind you all about
    • Here as we loop by loot capital we've got snow still in the outfield at Wrigley Field this morning on opening day
    • And that is not gunfire, just people working
    • But you can make money on gunfire, can you not?
  • Day 173.4. Priestap Buddy In Charge Of FISA Doc Release - YouTube
    • Ok here we are 173 point four
    • And you are in Federal Plaza right here
    • And you may have correctly surmised that actually you by the reflection in the window, I'm standing next to the Calder--it's not a Picasso
    • No wonder the white luxury car did not pick up my Bitcoin for Rahm
    • But you can also see within the shadow, and within a reflection of the Flamingo, you could see the Masonic symbol
    • The Masonic symbol clearly, right?
    • TF: The all-seeing eye
    • G: we've got it all
    • Just to remind you, as the US attorney, that you have a larger group to report to
    • You have an SES core group: not just SES, but a core group that you answer to
    • That you take a vow to
    • To help them among all others, forget about the temporary occupants of the White House
    • So here it is this is the Flamingo
    • I think we're at the end of the Flamingo
    • I think we should get away from this end of the Flamingo it's quite dangerous
    • So so this is Calder--it has a Picasso esque feel to it because it's contorted
    • Its contorted and cubic, a lot like our news currently
    • And this is the place if you're not tired of contortions
    • This is a place Federal center, where Attorney General Bower will be in charge of disseminating the documents that Congress has been waiting for over a year--over a year
    • But no: three million documents: we still need to mete them out, eyedropper them out, one thousand at a time
    • We need a double check triple check quadruple check you got it--what is that commercial double check with what's-his-name the coach?
    • Well I guess Andy McCabe didn't really bother about double checking when he was leaking to the Washington Post, and leaking to the New York Times, and leaking to The Wall Street Journal
    • Fusion GPS certainly didn't use a double triple or quadruple check
    • Comey didn't yeah Comey at the White House, certainly didn't have any kind of checking.
    • He just gave it to a professor in New York, and said, "hey I wonder what you could do with this privileged communication"
    • So again, but when it's them well it's then being investigated no no no double triple check
    • And worse yet Bauer I'm sorry Lausch I think of Bauer because of Lausche is such good friends with Bill Priestap, who is a co-conspirator
    • So this is almost as good as Barsoomian
    • Lisa Barsoomian being Bill Clinton's lawyer, with having Rod Rosenstein being in charge of the Trump investigation
    • TF: And Lisa Barsoomian is Rod Rosenstein's wife. LB is DOJ attorney, FBI attorney, CIA attorney, rep. Bill Clinton in impeachment and she's Rod Rosenstein's wife, who is in charge of this investigation.
    • G: She was the she was the IC the Intelligence community shot-blocker--she was the shot blocker
    • TF: She's called the FOIA stopper!
    • G: she's the FOIA stopper, she's the shot blocker
    • So we've got that conflict
    • Now, we've got another one here with Bill Priestap
    • We came down to say, if you need the help of a true FBI professional, and you can get Robyn Gritz
    • And you could bring in a 100 FBI agents
    • There's 54 here working on the documents supposedly
    • We haven't had the first 2000 documents yet
    • They say they're working from 8 a.m. till midnight
    • No no contact through the press release through the press officer yet, about the first thousand documents
    • But we'll write it out here
    • Hopefully we'll get a visit from maybe Bernie Bridges
    • TF: Yeah I think she's going to show up today
    • G: maybe Bernie bridges will have a sign saying Rao state Robert Gritz for the documents
    • Maybe we'll get some giddyup in this process
  • Day 173.5. DOJ Releases Only 3,600 Of 300K Docs - Contempt For Rosy. - YouTube
    • It's day 173 this is part five
    • And we are broadcasting live from the ostrich well actually it's a flamingo
    • But it's an ostrich because it has its head in the sand, because it's not producing the documents as quickly as possible
    • Just breaking on Fox we have 3600 documents, now, sent over to Bob Goodlatte House Judicial Committee
    • Not good enough
    • He needs three hundred thousand
    • They all have classified clearances--that's the oversight role of Congress they must immediately send those 300 thousand documents
    • We don't need to two million seven hundred thousand lunch menus added into the grist
    • Just send the three hundred thousand documents that you're required by law
    • It's been over one year over one year
    • Now, we have a lot of late-breaking things coming out of Iran
    • A lot of late-breaking things coming out of Syria
    • Your latest thoughts Task Force on the chemical attack on Saturday, and now, the response by ROMs maybe Rahm phoned in the air strike maybe--phone call
    • TF: Genie Energy
    • And it seems like they're trying to start a shooting war there was a attack on a t4 base in Middle Syria
    • Of course duma being extremely close to the old weapons of the big chemical weapons attack about four years ago, near Damascus
    • I sincerely doubt that Assad would attack its own people a few miles from his capital
    • TF: And the town is a rebel-held town, and who gave them the chemicals? Hillary Clinton did, we did, they were from Libya
    • G: And this is a golf course almost you can play out of your same divots
    • You're gonna see atropine or a TRO is it atropine atropine?
    • The chemical--what I call antidote for being handed out along with gas masks to our Isis partners
    • Putin has been through this wringer before
    • This is old school this is just another false flag
    • The immediate strike by Israel against Iran is interesting, though, because--as we talked about earlier--the Iran nuclear enrichment plant program they have now, said they're going to restart
    • Why? Because even though we went from free Senator of huges in 2007 up to 20,000 during the Clinton years
    • (And I'm going to call in the clinton years because she was Secretary of State)
    • The agreement was to drop down 6,000 drop down 6,000 centrifuges right
    • But what was missed in that is if you like power at two you're gonna love the Iranian centrifuges IR2 double the capacity
    • IR4 quadruple the capacity
    • IR8 goes up to almost 20 times capacity
    • So the throughput was dramatically in staggeringly increased even though the total number of centrifuges on paper looks like it's going down
    • So is this shooting war by Israel gonna be the entree now, to attack Iran?
    • That's the key question here
    • Is this just a stepping stone is a serious stepping stone for the Iran thing?
    • This I believe is the beginning of Rahm actually
    • I mean to me this looks like Rahn just phoned one in to the Israeli Air Force
    • I can't believe that that Bibi Netanyahu's going along with us
    • But your thoughts?
    • TF: yeah I I can't believe they just going along as either and I just--I just think we just keep seeing this time and time and time again, and where it's--it's the rebels that we backed we armed we gave weapons to it's in documents that while Hillary Clinton Secretary of State the chemical weapons were taking it from Libya moved into Syria
    • And every time President Trump or tries to remove forces or draw down or do something for the American people, then there is this chemical attack or something to try--to start some sort of Wars
    • G: And it looks like Trump is taking a step back from the animal thing
    • And the immediate response to look a little bit more at the data
    • "We'll stay here at Faisal headquarters with the flamingo's had in the sand with the document production"
    • Will give you live updates of any documents that are produced as they are produced here at Lousche Castle
    • We're here at the Lousche castle
    • Let's not beat allow about it let's move move move
    • Let's get these documents moving if we have 54 agents working 16 hours a day
    • I say magnify that group by 10 or a hundred whatever it takes to meet your Congressional requirements
    • You can't just go on vacation for a year and then come back to a stack of paperwork, and then go well we're gonna do one paper a day no it doesn't work like that
    • That's a Congressional responsibility--separation of powers
    • Lousche it up, baby
    • Stack it up fill this building with FBI agents
    • Have ramen Robyn Gritz bring in all of our friends whatever it takes fulfill your obligation to Congress
  • Day 173.6. Margaret From #NotYourTurnToBurn in Chicago - YouTube
    • OK it's day 173 Oh our fireman is gonna join us sir come here
    • And introduce your impromptu video
    • You're a fireman from Nassau County yeah in Long Island I believe?
    • FM: Correct
    • Several friends in the 911 situation yeah friends...and you're here at a Burn Convention the American burn Association is annual convention
    • And what do you what do you hope to achieve here when you're while you're
    • FM: I'm a director of a firefighters Burn Center Foundation what we are here to learn is how better to work with the Government to get funding for us
    • How better to work with medical personnel, so we can know what sort of efforts we should getting into as far as purchasing of equipment
    • What are the needs...
    • G: have you heard of this nine one nine bill in Congress?
    • FM: No I haven't
    • G: you want to tell this fire fighter here oh yes you remember Margaret Not Your Turn to Burn from DC?
    • Well she's here in Chicago at the Chicago Hilton at the bird convention here she is
    • NYTTB: HR 919 is the portable fuel container Safety Act
    • And it is in Congress it's stuck in the Energy and Commerce Committee meeting
    • That subcommittee is headed by Robert Lada and Jan Schakowsky from Mt. Prospect Illinois
    • NYTTB: We're trying to get that bill through Congress, because we need to get it passed
    • G: let me see if I got this right: So a small container on the end of a gas can could save
    • A flame arrestor
    • Could save 4,000 kids being burned because if this keeps the gas cam from turning into a flamethrower right?
    • NYTTB: right. So Tom hadn't heard about this bill we want to make sure Tom's at least heard about
    • So first time we want our fire directors to know that HR 919 has been in Congress now, for over a year, year and a half
    • And we just need to try to move this bill along
    • And what it does is it says Consumer Product Safety Commission you've got to protect consumers, because OSHA protects employees, and DOD protects military, why is it that we're letting kids in school and all these consumers and family gatherings
    • And homes get burned to the tune of 4,000 of them a year which is unfreaking believable and
    • Now, this is a burn conference Europe obviously professional fighter fighter
    • G: And a lot of volunteer firefighters here as well as volunteer fire oh you are a volunteer
    • So thank you again, yes and we just--you just meet firefighters everywhere here and
    • So it's and I was in I was in New York during that period
    • So it was just it was much closer to the act--like a year out from that
    • So it's memories are very clear
    • So the one thing that there was a lot of surgeons here
    • There's a lot of burn surgeons here
    • NYTTB: yeah yeah the American burn Association is every quite a type of professional that works with burns
    • So it could be ot PT burn surgeons fire guys we our fire service does a tremendous amount for burn survivors and families
    • And they are a large source of hope
    • And they are there on our worst days in our darkest days
    • And they help us get back to healing and hope and surviving and thriving so
    • So so real quick you tell us about your if you're involved in a charity or a burn center that you work with just a shout out a plug?
    • FM: well the burn center we work with is our own Nassau County burn center it's in the Nassau University Medical Center
    • It's the only level one trauma center in Nassau County
    • If you are getting seriously burned in Nassau County, Western Suffolk, or Eastern Queens, that is where you are going
    • And our goal is to make sure that the level of care and the equipment there is the best that it could possibly be
    • So we engage we bring nurses here for education
    • We come here we learn about devices that we can purchase
    • And we also engage in burn education which is ties in with what Margaret is doing here--it's a lot of what we do is provide educational material to the people in our county to make sure that they do not become patients in a burn unit
    • NYTTB: I want you to show what I'm sitting on so they can understand why my hiney hurts
    • So we're gonna let her down kind of impaled upon this metal stump
    • >>>CONT
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Breaking Down the Key Moments From Cohen's Testimony Boeing CEO criticized at Senate hearings on 737 MAX jets Exclusive Interview with Paul Vigna (Wall Street Journal) about Bitcoin, Banks, Wallstreet (Pt1) Senator McCain Mentions Elizabeth O'Bagy's Op-Ed During Syria Foreign Relations Hearings Feinstein Remarks on Menashi Second Circuit Nomination

Bitcoin is about to get some time in the Capitol Hill spotlight. A pair of Senate committees will hold hearings on the policy issues raised by virtual currencies in the coming weeks, according to ... As you noted in The Wall Street Journal, Bitcoin mania has some analogies to the dot-com bubble of the late 1990s. I hope there are lessons from that era that you can draw on to do your part to protect investors. In addition to the investment risk, virtual currency may be used to fund illicit activity, especially outside the U.S. I know the regulatory framework in many other countries is still ... Posts about Wall Street written by gmautry4. With bitcoin hearings before a Senate committee underway today, plenty is already being written about what the government is or is not likely to do and how its actions could affect the future of bitcoin. Two senate committees are expected to convene soon in bitcoin hearings regarding regulatory issues related to the virtual currency. Discover The Wall Street Journal’s breaking news and analysis on national news coverage including politics, government, economy, health care, education, courts, crime and New York.

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Breaking Down the Key Moments From Cohen's Testimony

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