What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
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At BitHouse LLC, our Client’s best interest always come first and foremost, and everything we do is guided by our high values and professional ethics.
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Cryptocurrency Consulting
General cryptocurrency advice, reviews and due diligence on tokens, blockchain projects, general investment advice and trading strategy.
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Setup and advice on Cryptocurrency mining rigs. Mining does not just include Bitcoin, there are numerous other options to mine, including other tokens, rigs that provide processing power and storage.
Masternodes
Nodes are a great way to generate cryptocurrency, similar to mining just without the expensive hardware.
Setting up and running a node is not straight forward, we can help.
Proof of Stake / Staking Wallets
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If you own POS coins and aren’t staking you are missing out on ROI.
Bitcoin – People’s Money
“Better a diamond with a flaw than a pebble without.”
Confucius
Diamond with a flaw
“Try not to become a man of success. Rather become a man of value.”
Albert Einstein
Man of Value
“If you don’t know what you want, you’ll never find it.
If you don’t know what you deserve, you’ll always settle for less.
You will wander aimlessly, uncomfortably numb in your comfort zone, wondering how life has ended up here.
Life starts now, live, love, laugh and let your light shine!”
Rob Liano
Let your light shine
“A person’s worth is measured by the worth of what he values.”
Marcus Aurelius, “Meditations”
Values
“Mathematics expresses values that reflect the cosmos, including orderliness, balance, harmony, logic, and abstract beauty.”
Deepak Chopra
Mathematics
“Every job from the heart is, ultimately, of equal value.
The nurse injects the syringe; the writer slides the pen; the farmer plows the dirt; the comedian draws the laughter.
Monetary income is the perfect deceiver of a man’s true worth.”
Criss Jami, “Killosophy”
Job from the Heart
“A person that does not value your time will not value your advice.”
Orrin Woodward
Value your time
“Once you embrace your value, talents and strengths, it neutralizes when others think less of you.”
Rob Liano
Embrace your Values
“Bad times have a scientific value. These are occasions a good learner would not miss.”
Ralph Waldo Emerson
Bad times
“I say no wealth is worth my life.”
Homer, “The Iliad”
Life
“But what’s worth more than gold?
Practically everything.
You, for example.
Gold is heavy.
Your weight in gold is not very much gold at all.
Aren’t you worth more than that?”
Terry Pratchett, “Making Money”
You are worth more than gold
“Knowledge is like money: To be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.”
Louis L’Amour, “Education of a Wandering Man”
Knowledge
“Ô, Sunlight! The most precious gold to be found on Earth.”
Roman Payne
Sunlight
“Knowledge is like money: To be of value it must circulate, and in circulating it can increase in quantity and, hopefully, in value.”
Louis L’Amour, “Education of a Wandering Man”
Knowledge
“If life — the craving for which is the very essence of our being — were possessed of any positive intrinsic value, there would be no such thing as boredom at all: mere existence would satisfy us in itself, and we should want for nothing.”
Arthur Schopenhauer, “The Vanity of Existence”
Existence
“Our sole purpose on this earth is to add value to others.
It doesn’t make sense to just exist in people’s lives or to be a drain on them, does it?”
Rob Liano
Sole purpose
“Value judgments are destructive to our proper business, which is curiosity and awareness.”
John Cage
Curiosity & Awareness
“We set no special value on the possession of a virtue until we percieve that it is entirely lacking in our adversary.”
Friedrich Nietzsche, “Human, All Too Human: A Book for Free Spirits”
Virtue
“Maybe you had to come close to losing something before you could remember its value.
Maybe we enjoy the last minute struggle as it slips through our hands.”
Suraj Sani
Struggle
“Always remember that the minority dictates the prices, and the majority governs the value.”
Naved Abdali
Minority vs. Majority
“It is impossible to say whether an asset class valuation is cheap or expensive in isolation.
The valuation of an asset is relative to the valuations of all other assets.”
Naved Abdali
Valuation of an Asset
“Market quotes change every second, but business evolves steadily.
You have ample time to evaluate a business to buy or not to buy.
There is no rush.”
Naved Abdali
Evaluate
“The number one reason people lose money in investing is because they buy assets without giving any thought whatsoever to the fair value.”
Naved Abdali
Fair Value
“If investors do not know or never attempt to know the fair value, they can pay any price.
More often, the price they pay is far greater than the actual value.”
Naved Abdali
Actual Value
“Watching every tick up and every tick down is just wasting your valuable time.
Do yourself a favor, and pick up a book or two about investing each month.”
Naved Abdali
Pick up a book
“An ounce of gold will always be an ounce of gold regardless of the length of possession.
The short-term value will go up or down, but gold prices will follow the general inflation rate in the long run.”
Naved Abdali
General Inflation Rate
“A Collectible’s value is primarily based on the emotions and the perception of potential buyers.”
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Inflation is a rise in prices, which can be translated as the decline of purchasing power over time.
The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time.
The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods.
Inflation can be contrasted with deflation, which occurs when prices decline and purchasing power increases.
KEY TAKEAWAYS
Inflation is the rate at which prices for goods and services rise.
Inflation is sometimes classified into three types: demand-pull inflation, cost-push inflation, and built-in inflation.
The most commonly used inflation indexes are the Consumer Price Index and the Wholesale Price Index.
Inflation can be viewed positively or negatively depending on the individual viewpoint and rate of change.
Those with tangible assets, like property or stocked commodities, may like to see some inflation as that raises the value of their assets.
Understanding Inflation
While it is easy to measure the price changes of individual products over time, human needs extend beyond just one or two products.
Individuals need a big and diversified set of products as well as a host of services for living a comfortable life.
They include commodities like food grains, metal, fuel, utilities like electricity and transportation, and services like healthcare, entertainment, and labor.
Inflation aims to measure the overall impact of price changes for a diversified set of products and services. It allows for a single value representation of the increase in the price level of goods and services in an economy over a period of time.
Causes of Inflation
An increase in the supply of money is the root of inflation, though this can play out through different mechanisms in the economy.
A country’s money supply can be increased by the monetary authorities by:
Printing and giving away more money to citizens
Legally devaluing (reducing the value of) the legal tender currency
Loaning new money into existence as reserve account credits through the banking system by purchasing government bonds from banks on the secondary market (the most common method)
In all of these cases, the money ends up losing its purchasing power. The mechanisms of how this drives inflation can be classified into three types: demand-pull inflation, cost-push inflation, and built-in inflation
Here is an interesting collection of books about inflation:
“According to Cantillon, the beneficiaries from the expansion of the money supply are the first recipients of the new money, who are able to spend it before it has caused prices to rise.
Whoever receives it from them is then able to spend it facing a small increase in the price level.
As the money is spent more, the price level rises, until the later recipients suffer a reduction in their real purchasing power.
This is the best explanation for why inflation hurts the poorest and helps the richest in the modern economy.”
Saifedean Ammous, “The Bitcoin Standard: The Decentralized Alternative to Central Banking”
“It is much more difficult to see how it will ever be possible to abandon a system of provision for the aged under which each generation, by paying for the needs of the preceding one, acquires a similar claim to support by the next.
It would almost seem as if such a system, once introduced, would have to be continued in perpetuity or allowed to collapse entirely.
The introduction of such a system therefore puts a strait jacket on evolution and places on society a steadily growing burden from which it will in all probability again and again attempt to extricate itself by inflation.”
Friedrich A. Hayek, “The Constitution of Liberty”
What with the doctrines that are now widely accepted and the policies accordingly expected from the monetary authorities, there can be little doubt that current union policies must lead to continuous and progressive infl ation.
The chief reason for this is that the dominant “fullemployment” doctrines explicitly relieve the unions of the responsibility for any unemployment and place the duty of preserving full employment on the monetary and fiscal authorities.
The only way in which the latter can prevent union policy from producing unemployment is, however, to counter through inflation whatever excessive rises in real wages unions tend to cause.”
Friedrich A. Hayek, “The Constitution of Liberty”
“Inflation destroys the value of your savings while Bitcoin protects them.”
Olawale Daniel
“To accumulate any wealth, you must invest at a growth rate higher than inflation.”
Naved Abdali
“An ounce of gold will always be an ounce of gold regardless of the length of possession.
The short-term value will go up or down, but gold prices will follow the general inflation rate in the long run.”
Naved Abdali
“… The Banks, as we now all too well know, must be rescued no matter what.
‘The value of commodities is thus sacrificed in order to ensure the fantastic and autonomous existence of this value in money.
In any event, a money value is only guaranteed as long as money itself is guaranteed.’
Inflation, as we also know, must be kept under control at all costs.
‘This is why many millions’ worth of commodities have to be sacrificed for a few millions in money.
This is unavoidable in capitalist production and forms one of its particular charms.’
Use values are sacrificed and destroyed no matter what is the social need.
How insane is that?”
David Harvey, “Marx, Capital and the Madness of Economic Reason”
“For one thing, this steady devaluation of the dollar is a new practice, relatively speaking.
For most of our country’s history, the dollar gained value.
The dollar was worth 75 percent more in 1912 than it was worth in 1800.
You know those stories your parents or grandparents tell about how they used to buy a sandwich and a fountain soda for a dime?
How everything was so much cheaper back in the day?
If you were around in 1900, for instance, the old folk didn’t tell those sorts of stories.
What cost a dime in 1900 probably cost fifteen cents in 1875, and twenty cents in 1800.
Of course, since 1912, the dollar has lost more than 95 percent of its value….
You will remember what happened in 1913: the Fed was created.”
Peter Schiff, “The Real Crash”
“We have gold because we cannot trust governments”
Herbert Hoover
“Inflation is taxation without legislation.”
Milton Friedman
“Inflation is always and everywhere a monetary phenomenon.”
Milton Friedman, “Money Mischief: Episodes in Monetary History”
“The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislature.
The inflation tax has a fantastic ability to simply consume capital.
It makes no difference to a widow with her saving in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation, or pays no income taxes during years of 5 percent inflation.
Either way, she is ‘taxed’ in a manner that leave her no real income whatsoever.
Any money she spends comes right out of capital.
She would find outrageous a 120 percent income tax, but doesn’t seem to notice that 5 percent inflation is the economic equivalent.”
Warren Buffett
“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”
Ronald Reagan
“The natural tendency of the state is inflation.”
Murray Rothbard
“The first panacea for a mismanaged nation is inflation of the currency; the second is war.
Both bring a temporary prosperity; both bring a permanent ruin.
But both are the refuge of political and economic opportunists.”
Ernest Hemingway
“Whoever controls the volume of money in our country is absolute master of all industry and commerce…when you realize that the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”
James A. Garfield
“Continued inflation inevitably leads to catastrophe.”
Ludwig von Mises
“The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.”
Ludwig von Mises
“Continued inflation inevitably leads to catastrophe.”
Ludwig von Mises
“When a business or an individual spends more than it makes, it goes bankrupt.
When government does it, it sends you the bill.
And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation.
Make no mistake about it, inflation is a tax and not by accident.”
Ronald Reagan
“Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending.
No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.”
Ayn Rand
“Monetary inflation not only raises prices and destroys the value of the currency unit; it also acts as a giant system of expropriation.”
Murray Rothbard
“Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel.
These once unthinkable dosages will almost certainly bring on unwelcome after-effects.
Their precise nature is anyone’s guess, though one likely consequence is an onslaught of inflation.”
Warren Buffett
“I believe that banking institutions are more dangerous to our liberties than standing armies.”
Thomas Jefferson
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit.
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.
There is no safe store of value.
Deficit spending is simply a scheme for the hidden confiscation of wealth.
Gold stands in the way of this insidious process. It stands as a protector of property rights.
If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.
Alan Greenspan
“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.”
Friedrich August von Hayek
“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency.
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.”
John Maynard Keynes
“Printing money creates inflation, which weakens an economy.
Unfortunately, this kind of common-sense thinking never seems to penetrate academic circles.”
Peter Schiff
“It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less.
[I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with ‘free banking.’
The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.”
Paul Volcker
“Most people will see declining returns [due to inflation].
One of the great defenses if you’re worried about inflation is not to have a lot of silly needs in your life – you don’t need a lot of material goods.”
Charlie Munger
“Inflation is the true opium of the people and it is administered to them by anticapitalist governments and parties.”
Ludwig von Mises
“There are two main drivers of asset class returns – inflation and growth.”
Ray Dalio
“It’s hard to build models of inflation that don’t lead to a multiverse.
It’s not impossible, so I think there’s still certainly research that needs to be done.
But most models of inflation do lead to a multiverse, and evidence for inflation will be pushing us in the direction of taking [the idea of a] multiverse seriously.”
Alan Guth
“If the governments devalue the currency in order to betray all creditors, you politely call this procedure ‘Inflation‘.”
George Bernard Shaw
“The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit.
The more inflation progresses, the higher rises the national income.”
Ludwig von Mises
“The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.”
Ludwig von Mises
“The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense.
And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation.
That is not price stability, yet they call it price stability.
I just do not understand central banks wanting a little inflation.”
Paul Volcker
“Inflation is the fiscal complement of statism and arbitrary government.
It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism.”
Ludwig von Mises
“To reverse the trend and reduce the role of government in our lives, and thus alleviate the government deficit and inflation pressures, is a giant educational task.
The social and economic ideas that gave birth to the transfer system must be discredited and replaced with old values of individual independence and self-reliance.
The social philosophy of individual freedom and unhampered private property must again be our guiding light.”
Hans F. Sennholz
“What I’m trying to say is that for the average investor, what I would encourage them to do is to understand there’s inflation and growth – it can go higher and lower – and to have four different portfolios essentially that make up your total portfolio that gets you balanced.”
Ray Dalio
“If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will.
As a result, this ‘inflation’ of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.”
Murray Rothbard
“We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.”
Herbert Hoover
“Inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary.
For this reason all those who wish to stop the drift toward increasing government control should concentrate their effort on monetary policy.”
Friedrich August von Hayek
“Big business is not dangerous because it is big, but because its bigness is an unwholesome inflation created by privileges and exemptions which it ought not to enjoy.”
Woodrow Wilson
“Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth.
Gold stands in the way of this insidious process.
It stands as a protector of property rights.”
Alan Greenspan
“Higher education is the place where people who had big plans in high school get stuck in fierce rivalries with equally smart peers over conventional careers like management consulting and investment banking.
For the privilege of being turned into conformists, students (or their families) pay hundreds of thousands of dollars in skyrocketing tuition that continues to outpace inflation.
Why are we doing this to ourselves?”
Peter Thiel
Having examined the nature of fractional reserve and of central banking, and having seen how the questionable blessings of Central Banking were fastened upon America, it is time to see precisely how the Fed, as presently constituted, carries out its systemic inflation and its control of the American monetary system.
Murray Rothbard
“Inflation, being a fraudulent invasion of property, could not take place on the free market.”
Murray Rothbard
“No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon.
Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.”
Milton Friedman
“The drum-fire of propaganda that the Fed is manning the ramparts against the menace of inflation brought about by others is nothing less than a deceptive shell game.
The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about ‘Inflation,’ for which virtually everyone else in society seems to be responsible.
What we are seeing is the old ploy by the robber who starts shouting ‘Stop, thief!’ and runs down the street pointing ahead at others.”
Murray Rothbard
“I think democracies are prone to inflation because politicians will naturally spend [excessively] – they have the power to print money and will use money to get votes.
If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don’t set the record.
It happens over the long-term under any form of government.”
Charlie Munger
“Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., Inflation.
The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, Protracted Inflation.”
Ludwig von Mises
“Inflation is essentially antidemocratic.”
Ludwig von Mises
“Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.”
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich to live, in the back of our pocket…. but that’s a topic for another discussion…
A few day ago… I think it was days… maybe weeks… Time is an illusion Einstein was right! Anyway somewhere in the past I decided to make a little bit more wider my mark on this digital world we all drown into :))) and I started to build up a Library !
As I do believe and live by the motto…
“Sharing is caring!”
Here with delight and joy I present to You, Free Spirit’s Library named how else than…
*Note: It's a Never Ending work in progress, as I am one little • that is bound to the same illusion of Time, as every other • is 😉 :))
So I would suggest you make frequent visits on the Discord server, as I add books and much interesting food for the mind all the time !
Thank you for your time !!!
May knowledge enlighten your path and make you evolve and thrive, if not for us then for the generations to come, so they can walk and look behind them, and say...
"Hey look, we are walking on shoulders of giants..."
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Mount Washington Hotel in Bretton Woods, New Hampshire, where the 1944 postwar U.N. Monetary and Financial Conference established an international commercial and financial system.
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States (July 1–22, 1944) to regulate the international monetary and financial order after the conclusion of World War II.
Bretton Woods Conference July 1 to 22, 1944
The conference was attended by experts noncommittally representing 44 states or governments, including the Soviet Union.
It drew up a project for the International Bank for Reconstruction and Development (IBRD) to make long-term capital available to states urgently needing such foreign aid, and a project for the International Monetary Fund (IMF) to finance short-term imbalances in international payments in order to stabilize exchange rates.
Although the conference recognized that exchange control and discriminatory tariffs would probably be necessary for some time after the war, it prescribed that such measures should be ended as soon as possible.
After governmental ratifications the IBRD was constituted late in 1945 and the IMF in 1946, to become operative, respectively, in the two following years.
This led to what was called the Bretton Woods system for international commercial and financial relations.
The Bretton Woods System
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.
The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states.
The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollar, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold (or 0.88867 gram fine gold per dollar).
It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
The Price of Gold, as denominated in dollars, was steady until the collapse of the Bretton Woods system in the mid-1970s.
The delegates deliberated from 1 to 22 July 1944, and signed the Bretton Woods agreement on its final day. Setting up a system of rules, institutions, and procedures to regulate the international monetary system, these accords established the IMF and the International Bank for Reconstruction and Development (IBRD), which today is part of the World Bank Group.
The United States, which controlled two-thirds of the world’s gold, insisted that the Bretton Woods system rest on both gold and the US dollar.
Soviet representatives attended the conference but later declined to ratify the final agreements, charging that the institutions they had created were “branches of Wall Street”.
These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. According to Barry Eichengreen, the Bretton Woods system operated successfully due to three factors: “low international capital mobility, tight financial regulation, and the dominant economic and financial position of the United States and the dollar.”
On 15 August 1971, the United States terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a Fiat currency.
Shortly thereafter, many fixed currencies (such as the pound sterling) also became free-floating, and the subsequent era has been characterized by floating exchange rates.
The end of Bretton Woods was formally ratified by the Jamaica Accords in 1976.
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, confidentiality, and even enforcement), minimize exceptions both malicious and accidental, and minimize the need for trusted intermediaries. Related economic goals include lowering fraud loss, arbitration and enforcement costs, and other transaction costs[1].
Some technologies that exist today can be considered as crude smart contracts, for example POS terminals and cards, EDI, and agoric allocation of public network bandwidth.
Digital cash protocols[2,3] are fine examples of smart contracts. They enable online payment while honoring the characteristics desired of paper cash: unforgeability, confidentiality, and divisibility.
When we take a second glance at digital cash protocols, considering them in the wider context of smart contract design, we see that these protocols can be used to implement a wide variety of electronic bearer securities, not just cash.
We also see that to implement a full customer-vendor transaction, we need more than just the digital cash protocol; we need a protocol that guarantees that product will be delivered if payment is made, and vice versa.
Current commercial systems use a wide variety of techniques to accomplish this, such as certified mail, face to face exchange, reliance on credit history and collection agencies to extend credit, etc.
Smart contracts have the potential to greatly reduce the fraud and enforcement costs of many commercial transactions. Digital cash protocols use several of the rich new building blocks coming out of the fields of cryptography and computer science.
Most of these components have not yet been widely exploited to facilitate contractual arrangements, but the potential is vast. These subprotocols include Byzantine agreement, symmetric and asymmetric encryption, digital signatures, blind signatures, cut & choose, bit commitment, multiparty secure computations, secret sharing, oblivious transfer, and multiparty secure computation. All of these except the first are described in [2,3].
The consequences of smart contract design on contract law and economics, and on strategic contract drafting, (and vice versa), have been little explored. As well, I suspect the possibilities for greatly reducing the transaction costs of executing some kinds of contracts, and the opportunities for creating new kinds of businesses and social institutions based on smart contracts, are vast but little explored.
The “cypherpunks”[4] have explored the political impact of some of the new protocol building blocks. The field of Electronic Data Interchange (EDI), in which elements of traditional business transactions (invoices, receipts, etc.) are exchanged electronically, sometimes including encryption and digital signature capabilities, can be viewed as a primitive forerunner to smart contracts. Indeed those business forms can provide good starting points and channel markers for smart contract designers.
One important task of smart contracts, that has been largely overlooked by traditional EDI, is communicating the semantics of the transaction to the parties involved.
There is ample opportunity in smart contracts for “smart fine print”: actions taken by the software hidden from a party to the transaction.
For example, grocery store POS machines don’t tell customers whether or not their names are being linked to their purchases in a database. The clerks don’t even know, and they’ve processed thousands of such transactions under their noses.
Thus, via hidden action of the software, the customer is giving away information they might consider valuable or confidential, but the contract has been drafted, and transaction has been designed, in such a way as to hide those important parts of that transaction from the customer.
To communicate transaction semantics well, we need good visual metaphors for the elements of the contract. These would hide the details of the protocol without surrendering control over the knowledge and execution of contract terms.
A primitive but good example is provided by the SecureMosiac software from CommerceNet. Encryption is shown by putting the document in an envelope, and a digital signature by affixing a seal onto the document or envelope. On the other hand, Mosaic servers log connections, and sometimes even transactions, without warning users — classic hidden actions.
Another area that might be considered in smart contract terms is synthetic assets[5]. These new securities are formed by combining securities (such as bonds) and derivatives (options and futures) in a wide variety of ways.
Very complex term structures for payments (ie, what payments get made when, the rate of interest, etc.) can now be built into standardized contracts and traded with low transaction costs, due to computerized analysis of these complex term structures.
Synthetic assets allow us to arbitrage the different term structures desired by different customers, and they allow us to construct contracts that mimic other contracts, minus certain liabilities.
As an example of the latter, synthetic assets have been constructed that mimic the returns of stocks in German companies, without requiring payment of the tax foreigners must pay to the German government for capital gains in German stocks.
It’s important to note that these synthetics do _not_ confer voting rights as do the originals. It might be possible to add smart contract protocols to transfer voting rights to the synthetic.
Of course, these protocols might have to be quite secure to withstand attacks from the third party jurisdiction, whose transaction cost (the tax) is being arbitraged away by the synthetic asset.
Finally, we can extend the concept of smart contracts to property. Smart property might be created by embedding smart contracts in physical objects. These embedded protocols would automatically give control of the keys for operating the property to the agent who rightfully owns that property, based on the terms of the contract.
For example, a car might be rendered inoperable unless the proper challenge-response protocol is completed with its rightful owner, preventing theft. If a loan was taken out to buy that car, and the owner failed to make payments, the smart contract could automatically invoke a lien, which returns control of the car keys to the bank. This smart lien might be much cheaper and more effective than a repo man.
Also needed is a protocol to provably remove the lien when the loan has been paid off, as well as hardship and operational exceptions. For example, it would be rude to revoke operation of the car while it’s doing 75 down the freeway.
Smart property may be a ways off, but digital cash and synthetic assets are here today, and more smart contract mechanisms are being designed. So far the design criteria important for automating contract execution have come from disparate fields like economics and cryptography, with little cross-communication: little awareness of the technology on the one hand, and little awareness of its best business uses other.
The idea of smart contracts is to recognize that these efforts are striving after common objectives, which converge on the concept of smart contracts.
Copyright (c) 1994 by Nick Szabo permission to redistribute without alteration hereby granted
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Join Honorary Chair Fran Finney and the Running Bitcoin Challenge Committee as we honor legendary cypher punk, Hal Finney.
This is THE EVENT that combines Hal Finney’s love of running and Bitcoin and is raising funds and awareness to help defeat ALS, which ultimately claimed his life in 2014.
You are challenged to run (or walk, roll, or hike) the equivalent of a half marathon — cumulatively or all at once — by the end of January 10, 2023.
From wherever you are, spread the word about Bitcoin, participate in a healthy activity, feel good about doing your part to defeat ALS, and start the year off right
Hal Finney, one of the earliest bitcoin contributors, died eight years ago from complications of nervous system disease amyotrophic lateral sclerosis (ALS).
His spouse, Fran Finney, is now organizing a half marathon to raise funds for ALS research via bitcoin.
The “Running Bitcoin Challenge” is set to take place between Jan. 1 and Jan. 10. The timing of the occasion leads up to the anniversary of Hal Finney’s “Running bitcoin” tweet, in which Finney famously disclosed he was deploying a Bitcoin node.
There is no set location — participants can choose to join anywhere they wish. Players are encouraged to either run, walk, roll or hike the equivalent of a half marathon (Hal’s favorite distance) either in one go or over the entire 10-day period.
Donors contributing at least $100 will receive an official shirt with the half marathon’s logo, while the event’s top 25 fundraisers will get a Hal Finney collectible signed by his wife.
As of Wednesday morning, the event has already managed to secure nearly $10,000 in bitcoin donations.
An advocate of cryptography and digital privacy, Finney was the recipient of the first-ever bitcoin transfer from the network’s pseudonymous creator Satoshi Nakamoto.
The bitcoin community often suspected Finney was Nakamoto, a claim he consistently denied. He reportedly found out about his condition in 2009 and decided to move away from the project.
Hal’s name is high in the Bitcoin pantheon as one of the first people to voice support for Satoshi Nakamoto’s invention and for being the first person to receive a Bitcoin transaction from Satoshi.
He was, for a time, considered one of the top contenders on the list of potential Satoshis himself (many in blockchain who reject Dr. Craig Wright’s statements still falsely believe Finney to be Bitcoin’s real creator).
Hal, who referred to himself as a “cypherpunk,” was a cryptographic activist who went from developing video games to working on the Pretty Good Privacy (PGP) project in the 1990s. He described his PGP work as “dedicated to the goal of making Big Brother obsolete.”
PGP creator Phil Zimmerman hired Hal as his first employee when PGP became PGP Corporation in the early 2000s. He described Hal as a “gregarious man” who loved skiing and long-distance running.
Despite gradual paralysis that eventually forced him to stop working, Hal continued to code software and follow the Bitcoin project.
Almost as famous as his 2009 tweet is his “Bitcoin and me” post on BitcoinTalk.org in March 2013, the last he’d ever make.
It’s a long post, and Hal was “essentially paralyzed” at the time, using an eye tracker to type. Forum stats show the post has been read over 278,000 times.
“When Satoshi announced the first release of the software, I grabbed it right away,” he wrote. “I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction when Satoshi sent ten coins to me as a test.
I carried on an email conversation with Satoshi over the next few days, mostly me reporting bugs and him fixing them.”
Hal himself always denied being Satoshi Nakamoto, adding later that he’d sold most of the Bitcoins he mined (at pre-2014 prices) to pay for his treatments. He also mentioned putting some in a safe deposit box for his children.
“And, of course, the price gyrations of bitcoins are entertaining to me.
I have skin in the game.
But I came by my bitcoins through luck, with little credit to me.
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
It’s been 4 years already and it seems I haven’t done nothing at all… With the little time I could spare to work on this blog, I hope I bought a tiny seed of knowledge into your 🧠zz my dear readers 😁🙂😉😋
I will try the best of my abilities to continue the work on the blog !
Untill then dear readers never forget :
Let’s find the courage and strenght, if not for us then for Them… the Future Generations that are to come after us and Go…
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Happy Genesis Block Day! January 3 is the 14th anniversary of Bitcoin’s Block Zero, its anchor in time.
The first sentence of the email has become iconic among the Bitcoin community:
“I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
On January 3, 2009, the genesis block of the Bitcoin blockchain was mined by its pseudonymous creator Satoshi Nakamoto, marking the first time in history that a completely digital and decentralized currency went online.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
That time, in 2009, was one of economic turmoil—and the aftershocks from that turmoil are still rocking our world in 2023.
The Genesis Block was never “mined” like every other Bitcoin block. That started with Block #1 when Satoshi Nakamoto released the software on SourceForge.
The hash from Block #0 was done with different software and hard-coded into the original Bitcoin protocol.
“Chancellor on brink of second bailout for banks” was the Times headline. Satoshi hid in the first block’s coinbase hash as a timestamp to prove there had been no mining on the Bitcoin network before he released the software to the public.
The Times – January 3 2009
“The Chancellor will decide within weeks whether to pump billions more into the economy,” the original article in the Times said. In 2009 these seemed like desperate measures, and they were. Since 2009, though, governments across the Western world have indeed pumped billions, even trillions more, into their economies.
Satoshi was making a statement on irresponsible government interventions in the economy and their eventual erosion on markets.
“They actively sought to incentivise bad behaviour and push in typical Keynesian style the problem down the road. It would be a bigger problem, but it would be someone else’s problem.”
Just like the economy at large, Bitcoin is a long-term struggle against the worse aspects of human nature.
In the 14 years and three halvings since, Bitcoin has grown to become one of the most important financial instruments, clearly demonstrating that a non-central bank-controlled currency is capable of challenging the established monetary order.
10 most important Bitcoin Milestones
Bitcoin has reached numerous major milestones and faced several considerable obstacles over its nearly decade-and-a-half-long history.
Here are 10 events that had the biggest impact on Bitcoin so far:
November 28, 2012: First Bitcoin halving
February 28, 2014: Mt. Gox, the biggest Bitcoin exchange at the time, files for bankruptcy
July 9, 2016: Second Bitcoin halving
August 1, 2017: Bitcoin Cash hard fork
May 11, 2020: Third Bitcoin halving
February 8, 2021: Tesla invests in Bitcoin
February 20, 2021: Bitcoin reaches $1 trillion market cap for the first time
September 7, 2021: El Salvador makes Bitcoin legal tender
November 14, 2021 – Taproot upgrade is activated
November 11, 2022: Major crypto exchange FTX files for bankruptcy
Bitcoin has never closed in the red zone 2 years in a row: Will the trend continue?
Bitcoin price decreased by over -60% over the span of the last 12 months. However, there is a strong bullish precedent in play that could spell a major trend reversal in the coming months.
For starters, Bitcoin has never closed in the negative two years in a row. Granted, there is a relatively short set of historical price data to work with.
However, roughly speaking, Bitcoin has operated on 3 years of growth followed by 1 year of market retracement periods, at least so far
Bitcoin Change Year-over-Year
For world-renowned charities such as Save the Children, the White aper and the subsequent creation of Bitcoin have benefited the organization.
Antonia Roupell, Web3 lead at Save the Children, told Cointelegraph that the organization recognizes “Bitcoin’s potential to be a force for good and a force for financial inclusion,” adding:
“On Bitcoin’s 14th anniversary, and at a time of increasingly global financial inequality, the phrase ‘bitcoin is for anyone’ really resonates.”
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
The word / expression “Dude” is not a reference to being male, female, or whatever, it is a designation of “Skill Level.”
When we go surfing – anyone rated “Dude” just means they have the skill to surf safely, do stunts; and did not have to be watched by the others for group safety.. :)Todd
This is what a “Computer Dude” needs to know to work with one of my companies.in 2023.
Dude Basic Skills – 2023
Can you setup a Single Board Computer (SBC), such as the Raspberry Pi 4B (RPI), to boot off USB 3.1 or faster?
Can you setup a RPI to run in 64 Bit Mode?
Can you setup a RAMDISK on the RPI to run the OS?
Can you setup a RPI as an Apache Web Host?
Can you setup an MySQL or other SQL database on a RPI?
Can you setup a basic HTML only Website?
Can you convert a CSV document to an SQL Database and back again?
Computer Dude Advanced Skills:
Can you cluster RPI’s?
Can you load VMware ESXi on a RPI, AMD or INTEL chipsets?
Can you P2V and run Linux Virtual Machines – Workstation and Server on a RPI VMware Sphere?
Computer Dudes Jedi level skills:
Can you identify the chipsets and overclock an RPI or change its functions?
Can you run Aircrack and John the Ripper on RPI? In cluster mode with RPI? Custom rules and Dictionary?
Can you virtualize Droid and Mac operating systems?
Can you setup an RPI as a Router or Virtual Router Cluster?
Can you encrypt data from an HTML or other Web Form before it leaves the workstation and before it enters the database?
Computer Dudes Yoda level skills:
Can you build and manage a large VMware Sphere with active routing and active scanning VMware bots and servers?
Can your servers automatically respond to an attack?
Can you create or work with encryption that is non-standard and to higher quality and security than a current computer encryption no matter what the OS?
Can you do all of the above on an Intel Chipset using Microsoft Virtualization and HyperV?
Can you plan and build a small data center?
Can you repair and reactivate a disaster damaged data center with no power?
These are the BASIC to JEDI / Yoda skill levels of a Computer Dude in 2023.
Your Friend and Founder of The Computer Dudes, Inc.- Since 1997. Todd W. Byars Computer Dudes
PS All of these skills can be Self Taught, learned in certification classes and from tech schools and colleges.
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
The mailing list was hosted by Metzdow and run by a group of cypherpunks who shared ideas on creating a kind of digital currency and payment system. Satoshi shared the whitepaper in a message that read, “Bitcoin P2P e-cash paper,” which outlined the main properties of the system.
“Bitcoin P2P e-cash paper Satoshi Nakamoto satoshi at vistomail.com Fri Oct 31 14:10:00 EDT 2008 Previous message: Fw: SHA-3 lounge Messages sorted by: [ date ] [ thread ] [ subject ] [ author ] I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.
The main properties: Double-spending is prevented with a peer-to-peer network. No mint or other trusted parties. Participants can be anonymous. New coins are made from Hashcash style proof-of-work. The proof-of-work for new coin generation also powers the network to prevent double-spending.
Bitcoin: A Peer-to-Peer Electronic Cash System
Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as honest nodes control the most CPU power on the network, they can generate the longest chain and outpace any attackers. The network itself requires minimal structure. Messages are broadcasted on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
The pseudonymous Bitcoin creator disclosed that they had been working on a new electronic cash system that uses a Proof-of-Work (PoW) consensus algorithm that required no trusted third party. Although the document met mixed reactions, it was the beginning of what is known today as blockchain technology.
A couple of months after the release, the Bitcoin network was launched, with the first block mined on January 3, 2009. About eight days later, Hal Finney received the first transaction of 10 BTC from Nakamoto, after which he posted a legendary tweet that read:
In the 14 years since that day, bitcoin’s value rose from zero to a peak of $68,990 last November and was hovering above $20,000 on Monday, according to CoinDesk data. The cryptocurrency currently has a market capitalization of over $390 billion. It also inspired the creation of more than 20,000 different cryptocurrencies currently in circulation, while bitcoin remains the largest by market cap.
Over the years, several people have been rumored to be Nakamoto, including early bitcoin contributor Hal Finney, cryptographer Nick Szabo, physicist Dorian Nakamoto and even Tesla’s chief executive Elon Musk, who all denied the claims.
Satoshi’s identity is still a mystery, but Finney was well-known for his contribution to the creation of Bitcoin. He worked hand-in-hand with Nakamoto to find and fix bugs in Bitcoin’s underlying infrastructure. Before his death in 2014, Finney shared a detailed story about his journey with Bitcoin
About a year after the launch of Bitcoin, the cryptocurrency went on to record its first real-world commercial use case when a Florida man spent 10,000 BTC to purchase two large Papa John’s pizzas on May 22, 2010.
Although the coins were worth $41 at prices back then, at today’s price, the transaction is worth more than $200 million. To commemorate the event, the Bitcoin community celebrates Bitcoin Pizza Day every year on May 22.
What Is Inflation? Inflation is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the … Continue reading Learn about Inflation Folks!→
Hy there my fellow citizens of this amazingly beautiful Mother Earth of… Not Ours !!! We tend to forget that and treat it as if we would have another habitable sphere on wich … Continue reading Free Spirit’s Library→
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton … Continue reading What is Bretton Woods ?!?→
A smart contract is a computerized transaction protocol that executes the terms of a contract. The general objectives of smart contract design are to satisfy common contractual conditions (such as payment terms, liens, … Continue reading Smart Contracts by Nick Szabo-1994→
20 Rules for Security in bitcoin Here’s a short list of common sense Rules, to use and implement for a better Security while using bitcoin and other cryptocurrencies. In the hopes that they … Continue reading 20 Security Rules for bitcoin→
Henry David Thoreau (July 12, 1817-May 6, 1862) was an American essayist, philosopher, and poet. Thoreau’s writing is heavily influenced by his own life, in particular his time living at Walden Pond. He has a lasting and celebrated reputation for embracing non-conformity, the virtues of a life lived for leisure and contemplation, and the dignity of the individual.
Portrait of Henry David Thoreau (1817-1862), 1847. Private Collection. Heritage Images / Getty Images
A leading transcendentalist, he is best known for his book Walden, a reflection upon simple living in natural surroundings, and his essay “Civil Disobedience” (originally published as “Resistance to Civil Government”), an argument for disobedience to an unjust state.
Thoreau’s books, articles, essays, journals, and poetry amount to more than 20 volumes. Among his lasting contributions are his writings on natural history and philosophy, in which he anticipated the methods and findings of ecology and environmental history, two sources of modern-day environmentalism.
His literary style interweaves close observation of nature, personal experience, pointed rhetoric, symbolic meanings, and historical lore, while displaying a poetic sensibility, philosophical austerity, and attention to practical detail.He was also deeply interested in the idea of survival in the face of hostile elements, historical change, and natural decay; at the same time he advocated abandoning waste and illusion in order to discover life’s true essential needs.
Thoreau was a lifelong abolitionist, delivering lectures that attacked the fugitive slave law while praising the writings of Wendell Phillips and defending the abolitionist John Brown. Thoreau’s philosophy of civil disobedience later influenced the political thoughts and actions of such notable figures as Leo Tolstoy, Mahatma Gandhi, and Martin Luther King Jr.
Thoreau is sometimes referred to as an anarchist. In “Civil Disobedience”, Thoreau wrote: “I heartily accept the motto,—’That government is best which governs least;’ and I should like to see it acted up to more rapidly and systematically. Carried out, it finally amounts to this, which also I believe,—’That government is best which governs not at all;’ and when men are prepared for it, that will be the kind of government which they will have. … But, to speak practically and as a citizen, unlike those who call themselves no-government men, I ask for, not at once no government, but at once a better government.”
Legacy
Thoreau did not see the huge successes in his lifetime that Emerson saw in his. If he was known, it was as a naturalist, not as a political or philosophical thinker. He only published two books in his lifetime, and he had to publish A Week on the Concord and Merrimack Rivers himself, while Walden was hardly a bestseller.
Thoreau is now, however, known as one of the greatest American writers. His thinking has exerted a massive worldwide influence, in particular on the leaders of non-violent liberation movements such as Gandhi and Martin Luther King Jr., both of whom cited “Civil Disobedience” as a major influence on them.
Like Emerson, Thoreau’s work in transcendentalism responded to and reaffirmed an American cultural identity of individualism and hard work that is still recognizable today. Thoreau’s philosophy of nature is one of the touchstones of the American nature-writing tradition.
But his legacy is not only literary, academic, or political, but also personal and individual: Thoreau is a cultural hero for the way he lived his life as a work of art, championing his ideals down to the most everyday of choices, whether it be in solitude on the banks of Walden or in behind the bars of the Concord jail.
Henry David Thoreau Quotes
“I was not born to be forced.
I will breathe after my own fashion.
Let us see who is the strongest.”
Henry David Thoreau, “On the Duty of Civil Disobedience”
“I learned this, at least, by my experiment: that if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.
Rather than love, than money, than fame, give me truth.”
Henry David Thoreau, “Walden”
“I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived.
I did not wish to live what was not life, living is so dear; nor did I wish to practise resignation, unless it was quite necessary.
I wanted to live deep and suck out all the marrow of life, to live so sturdily and Spartan-like as to put to rout all that was not life, to cut a broad swath and shave close, to drive life into a corner, and reduce it to its lowest terms…”
Henry David Thoreau
“The question is not what you look at, but what you see.”
Henry David Thoreau
“How vain it is to sit down to write when you have not stood up to live.”
Henry David Thoreau
“I find it wholesome to be alone the greater part of the time.
To be in company, even with the best, is soon wearisome and dissipating.
I love to be alone.
I never found the companion that was so companionable as solitude.”
Henry David Thoreau, “Walden”
“The mass of men lead lives of quiet desperation.
What is called resignation is confirmed desperation.
From the desperate city you go into the desperate country, and have to console yourself with the bravery of minks and muskrats.
A stereotyped but unconscious despair is concealed even under what are called the games and amusements of mankind.
There is no play in them, for this comes after work.
But it is a characteristic of wisdom not to do desperate things…”
Henry David Thoreau, “Civil Disobedience and Other Essays”
“You must live in the present, launch yourself on every wave, find your eternity in each moment.
Fools stand on their island of opportunities and look toward another land.
There is no other land; there is no other life but this.”
Henry David Thoreau
“If you have built castles in the air, your work need not be lost; that is where they should be.
Now put the foundations under them.”
Henry David Thoreau, “Walden”
“Books are the treasured wealth of the world and the fit inheritance of generations and nations.”
Henry David Thoreau, “Walden”
“All good things are wild and free.”
Henry David Thoreau
“If a man does not keep pace with his companions, perhaps it is because he hears a different drummer.
Let him step to the music he hears, however measured or far away.”
Henry David Thoreau
“Our life is frittered away by detail.
Simplify, simplify.”
Henry David Thoreau, “Walden and Other Writings”
“We need the tonic of wildness…
At the same time that we are earnest to explore and learn all things, we require that all things be mysterious and unexplorable, that land and sea be indefinitely wild, unsurveyed and unfathomed by us because unfathomable.
We can never have enough of nature.”
Henry David Thoreau, “Walden: Or, Life in the Woods”
“Live in each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influence of the earth.”
Henry David Thoreau, “Walden”
“Read the best books first, or you may not have a chance to read them at all.”
Henry David Thoreau, “A Week on the Concord and Merrimack Rivers”
“I learned this, at least, by my experiment; that if one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours…”
Henry David Thoreau
“However mean your life is, meet it and live it; do not shun it and call it hard names.
It is not so bad as you are.
It looks poorest when you are richest.
The fault-finder will find faults even in paradise.
Love your life, poor as it is.
You may perhaps have some pleasant, thrilling, glorious hours, even in a poorhouse.
The setting sun is reflected from the windows of the almshouse as brightly as from the rich man’s abode; the snow melts before its door as early in the spring.
I do not see but a quiet mind may live as contentedly there, and have as cheering thoughts, as in a palace.”
Henry David Thoreau, “Walden”
“As if you could kill time without injuring eternity.”
Henry David Thoreau, “Walden”
“Nothing makes the earth seem so spacious as to have friends at a distance; they make the latitudes and longitudes.”
Henry David Thoreau
“There is no remedy for love but to love more.”
Henry David Thoreau
“Things do not change; We change.”
Henry David Thoreau, “Walden”
“Our truest life is when we are in dreams awake.”
Henry David Thoreau
“The cost of a thing is the amount of what I will call life which is required to be exchanged for it, immediately or in the long run.”
Henry David Thoreau, “Walden”
“If we will be quiet and ready enough, we shall find compensation in every disappointment.”
Henry David Thoreau, “I to Myself: An Annotated Selection from the Journal of Henry D. Thoreau”
“A man is rich in proportion to the number of things which he can afford to let alone.”
Henry David Thoreau, “Walden”
“Every generation laughs at the old fashions, but follows religiously the new.”
Henry David Thoreau, “Walden”
“As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness.”
Henry David Thoreau
“What is the use of a house if you haven’t got a tolerable planet to put it on?”
Henry David Thoreau, “Familiar Letters”
“I do believe in simplicity.
It is astonishing as well as sad, how many trivial affairs even the wisest thinks he must attend to in a day; how singular an affair he thinks he must omit.
When the mathematician would solve a difficult problem, he first frees the equation of all incumbrances, and reduces it to its simplest terms.
So simplify the problem of life, distinguish the necessary and the real.
Probe the earth to see where your main roots run.”
Henry David Thoreau
“The preachers and lecturers deal with men of straw, as they are men of straw themselves.
Why, a free-spoken man, of sound lungs, cannot draw a long breath without causing your rotten institutions to come toppling down by the vacuum he makes.
Your church is a baby-house made of blocks, and so of the state.
…The church, the state, the school, the magazine, think they are liberal and free!
It is the freedom of a prison-yard.”
Henry David Thoreau, “I to Myself: An Annotated Selection from the Journal of Henry D. Thoreau”
“The mass of men lead lives of quiet desperation.”
Henry David Thoreau, “Walden”
“How many a man has dated a new era in his life from the reading of a book.”
Henry David Thoreau, “Walden”
“…for my greatest skill has been to want but little.”
Henry David Thoreau, “Walden”
“If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.
He will put some things behind, will pass an invisible boundary; new, universal, and more liberal laws will begin to establish themselves around and within him; or the old laws be expanded, and interpreted in his favor in a more liberal sense, and he will live with the license of a higher order of beings.”
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