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McDonald’s Offering Free Fries Every Friday

July 19, 2018 |

National French Fry Day fell on a Friday the 13th this year, but McDonald’s is going to make it happen on a lot of other Fridays. The chain says it will give away free french fries every Friday for the rest of 2018 to customers who download their app and…
Newser

Peanut allergies spur Southwest to switch its free onboard snacks

July 11, 2018 |

Southwest Airlines, the carrier that has for years used its free peanut snacks as a marketing gimmick, will stop serving nuts on flights starting Aug. 1.

The Dallas-based low-cost carrier cited concerns over passengers with peanut allergies as a key reason why its flight attendants will switch…


L.A. Times – Business

CNN

Thai cave operation resumes to free final 5

July 10, 2018 |

Divers and rescue workers in Thailand have begun what could be the final push to free four boys and their soccer coach still trapped in a cave in the country’s remote north, according to a Thai Navy official with knowledge of the operational details.
CNN.com – RSS Channel – World

Thai Rescuers Begin Perilous Operation to Free Trapped Soccer Team

July 8, 2018 |

Rescue divers began a dangerous mission to bring out 12 members of a youth soccer team and their coach from a flooded cave in northern Thailand where they have been trapped for more than two weeks, the official in charge of the operation said.
WSJ.com: What’s News Asia

Wendy McElroy: The Free Market Can Provide Law

July 7, 2018 |

The Free Market Can Provide Law

The Satoshi Revolution: A Revolution of Rising Expectations
Section 4: State Versus Society
Chapter 9, Part 3
The Free Market Can Provide Law

Crypto is the Wild West, and there ought to be a law. I agree. But agreement is the beginning of a vigorous dispute.

It comes down to the question of “what is law?” Crypto may seem to be its own law and legal sanction. Those who use the blockchain consent; the protocol enforces its own consensus by virtue of participation. It is an elegant system, an elegant solution. But what happens when crypto meets the pavement? What happens when it intersects with the hyper-regulated real world in which we all deal? The response of sensible people may be to blow off the absurdity of the Kafkaesque world that surrounds us, but the concept of law as applied to daily life should not be dismissed. It plays an important role in human society.

Law should not be the entering edge of a situation because it is an organizing principle; this presumes there is something to organize, and it should follow ongoing arrangements. But, then, every once in awhile, a paradigm explodes and disrupts, well, the paradigm. Cryptocurrency exploded. Law has been scrambling to catch up ever since. And law should catch up. But the impact of that statement depends upon what is meant by the word “law.”

Government makes “law” into a synonym for legislation: that is, edicts imposed by self-interested elites who wield power in pursuit of their own self interest. That bastardizes the word “law” and perverts its true meaning. The use of the word becomes weaponized against crytpo by reference to child pornography, sex trafficking, drug addiction, and other issues that cause minds to cloud over. The issue is too important to allow that to happen.

The law should apply to cryptocurrency. But what is meant by “the law”? Government should not be allowed to monopolize the concept as it monopolizes so many other essentials of life.

The term refers to nothing more than the rules that identify and regulate a system. When the system is human society, discussions of law tend to become matters of power because some people want to dominate. Human society is accustomed to politicians and other thugs who make the discussion of rules devolve into making beneficiaries of some at the expense of others. This is a brick wall that anarchy hits in its attempt to redefine society for the benefit of the average person. WHAT ABOUT LAW, is the shouted response it encounters? What about crime and the resolution of dispute? Without government, it is said, society will descend into chaos. This is the script crypto encounters when it tries to enter the mainstream of society. What about the law?

And, the outcry has a ring of truth. As long as politicians define what constitutes law, then law will be the prerogative of government, and crypto will be an outlaw.

It is time to ask “What is the law?” and how is it administered. More specifically, is “law” the one area of human society that cannot be addressed by the free market? Can freedom provide law?

The inevitable objection is that law requires consensus. That may be true. But if law aims at nothing more than preserving person and property—law stripped to its essentials–requires a minimum of committee. You and your neighbor have a natural shared interest in not having your houses burned down, in not having your children kidnapped. A consensus among human beings who want a peaceful existence to raise a family is not a problem.

Yet a question seems to remain.


Can Freedom Provide Law?

The question has been discussed for centuries.

The Belgian-born classical liberal, Gustave de Molinari (1819-1912), respected the free market so deeply that colleagues called him “the law of supply and demand made into man.” Although he was highly praised in his day, Molinari has fallen into comparative obscurity. His legacy should be retrieved because he raised a pivotal question that deserves serious consideration. Why is the penultimate form of law—community security–a service that people believe must be provided government than by the free market? Apparently, it is too important for the free market to address.

Why? Whether the free market can provide law rests upon the question.

Molinari’s answer: Like every human necessity, security is best provided on a competitive basis with individuals possessing the authority to choose “yes” or “no.” In short, Molinari was a precursor to free-market anarchism. He is the first theorist to present a cohesive argument on how the free market could competitively provide law—which is defense and restitution—and do so not merely for individuals but for consenting collectives individuals who share territory.

This is what crypto requires. Not merely a free-market “law” that resolves individual disputes but a law that has communal and global application. Such rules have evolved many times in the past: measuring systems, electronic standards. The rules evolved because they made sense, and they filled a human need.

Molinari proposed a free-market rule of law writ large: a free-market alternative to “national defense.” He did so in an article entitled “The Production of Security” and in his book entitled Conversations on Economic Laws and Defense of Property.

“The Production of Security” (1849) challenged a dominant social theme. The influential 17th century philosopher Thomas Hobbes had originated some of the fundamental assumptions of Molinari’s day. Only through a social contract, only through the state could men live harmoniously.

Molinari argued the opposite. The natural impulse of man is to combine into society for mutual advantage. “[I]mpelled by the self-interest of the individuals thus brought together, a certain division of labor is established, necessarily followed by exchanges. In brief, we see an organization emerge, by means of which man can more completely satisfy his needs than he could living in isolation.” That organization is the free market, and it exists to satisfy the needs of man through a division of labor and exchange.

Molinari continued, “Among the needs of man, there is one particular type which plays an immense role in the history of humanity, namely the need for security. What is this need?” An individual needs to protect and preserve his person and property. Molinari was not naïve. He realized that “since…Cain and Abel,” there had been crimes “against the lives and property of individuals.” He acknowledged that Hobbes was correct on one point: Governments are established to address the need for security, or law. “Everywhere, men resign themselves to the most extreme sacrifices rather than do without government and hence security,” Molinari agreed. Nevertheless, men were incorrect in doing so because “they misjudge their alternatives.” Men would be best served by procuring their “security at the lowest price possible.” [Note: “price” refers not merely to money but to all costs involved in using a service, including convenience and efficiency.]

Molinari presented three alternative means by which a good or service could be produced.

The first is granting a monopoly to a privileged entity.

The second is through coercive production that is said to benefit society in general. The authority is in the collective.

The third is free-market competition. Here, the authority resides with the individuals who are called customers.

Molinari wanted the self-interest of the individual to determine law at the lowest price possible. He argued: “It always benefits a consumer for goods and services to remain competitive because ‘the freedom of labor and of trade’ provides the lowest price and the highest efficiency.” The interests of the consumer should “prevail over the interests of the producer.”

And, yet, because security is an essential “good” for society, it was and is assumed that security must be handled by government through monopoly or collectivization, and not through the free market.

He also sketched a blueprint of the alternative. What would a free-market security service look like? To begin with, it would focus entirely upon the protection of person and property. That is, it would protect the individual’s interest in safety from criminals and invaders rather than the interests of the state in preserving or extending its authority. This contrasts with a monopoly or collectivized production of security, which leads to external conflict (e.g., war with other nations over territory) and internal conflict (e.g., class warfare over domestic power).

In exchange for protecting individuals from aggression, the free-market agency would receive payment and function as a business. Customers would undoubtedly ask a series of questions of the provider, including if “any other producer of security, offering equal guarantees, is disposed to offer… this commodity on better terms…. In small districts a single entrepreneur could suffice. This entrepreneur might leave his business to his son, or sell it to another entrepreneur,” he concluded. “In larger districts, one company by itself would bring together enough resources adequately to carry on this important and difficult business. If it were well managed, this company could easily last, and security would last with it.” In short, Molinari envisioned a system of competing security providers that function much as insurance companies do today. He concluded, “Under a regime of liberty, the natural organization of the security industry would not be different from that of other industries.”

The foregoing discussion provides nothing more than a general sense of the theory and spirit underlying the call for the competitive provision of security. As such, it is unlikely to convince anyone. But it raises important questions and places the burden of proof upon free market skeptics who argue for a monopoly or communistic production of security. The burden they shoulder resides in the question, “Of all services essential to man, why is security better provided by the state than by the free market?” If the free market can deliver the source of life to your doorstep—food, heat, shelter—why can’t it protect those sources of life?

Taken down a lot of notches, what would free-market law look like? How would it apply to cryptocurrency? It is uncharted territory. Time to get out a chart.

[To be continued next week.]

Reprints of this article should credit bitcoin.com and include a link back to the original links to all previous chapters


Wendy McElroy has agreed to ”live-publish” her new book The Satoshi Revolution exclusively with Bitcoin.com. Every Saturday you’ll find another installment in a series of posts planned to conclude after about 18 months. Altogether they’ll make up her new book ”The Satoshi Revolution”. Read it here first.

The post Wendy McElroy: The Free Market Can Provide Law appeared first on Bitcoin News.

Bitcoin News

CNN

Rescuers race against time to free trapped boys as one former Thai Navy diver dies inside cave

July 7, 2018 |

A former Thai Navy diver who joined the operation to rescue 12 boys and their coach from a cave in northern Thailand has died, according to a Thai Navy source.
CNN.com – RSS Channel – World

Japanese Man Exploits Free Company Electricity to Make $500 Secondary Income Mining

July 6, 2018 |

Free Electricity at Japanese Company Dorm Allows Man to Make $  500 Secondary Income Mining

Trading isn’t the only way to acquire crypto. Daily SPA, a Japanese media outlet, has reported on a Japanese man using his company dormitory’s free electricity to mine cryptocurrencies without asking permission.

Also read: Japan Gives Jail Sentence to Crypto Miner in a Remote Mining Case

An Extraordinary Income

“Virtual currencies are processed cryptographically,” Sora-san, a Japanese man working in a major Japanese manufacturing company explained to Daily SPA. “A miner is the machine that supports this encryption process. If you mine Bitcoin, you can process 12.5 bitcoins in 10 minutes, which would be the equivalent of 10 million yen, (US$ 90,000). If you mine Ether, you can make 3 ether worth 200,000 yen (US$ 1,800) in 10 minutes.” he added.

But Sora elected to do things differently than everyone else in order to drastically reduce the costs of mining in Japan.

Free Electricity at Japanese Company Dorm Allows Man to Make $  500 Secondary Income Mining

“Because mining requires a huge amount of electricity, the common sense would be to do mining businesses in Mongolia or China, where electricity costs are very low, compared to Japan. But I live in a company dormitory. My electricity costs are null. I thought, I gotta take advantage of this opportunity,” Sora said.

Right now, Sora can mine 0.8 ether in a month. Once converted into fiat, he makes 50,000 yen ($ 500) as a secondary monthly income. “Once it’s set up, I don’t need to do anything, I just let the machine run on its own. It’s really a ‘free’ income,” Sora explained.

The man started to mine crypto in his dormitory room about six months ago. He said he first investigated the limit of electricity, if any, he is allowed to use for free. With the collaboration of his colleague, he bought a bunch of dryers and let them run all day and all night. “I was worried that the dorm manager would notice it,” he said, “but I was able to figure out the amount of usable watts.” He said he calculated that it would cost more than 20,000 yen ($ 200).

“Now that I found out that I can mine in my room, I am planning to extend installing miners in the rooms of my close colleagues,” he said, laughing. Because the company dormitory includes 100 employees, even if the electricity bill rises a little, it won’t get noticed, Sora believes.

What do you think of this man mining in his dorm room in Japan? Let us know in the comments section below.


Images courtesy of Shutterstock and Daily SPA.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Man Exploits Free Company Electricity to Make $ 500 Secondary Income Mining appeared first on Bitcoin News.

Bitcoin News

Protesters against Iranian regime see a free Tehran ahead

July 1, 2018 |

Thousands of protestors gathered outside Paris for the annual meeting of the National Council of Resistance of Iran, the largest Iranian opposition group. Its followers, and others, have been staging months of anti-regime protests inside the country. This weekend the group predicts that change will be coming to Iran.
FOX News

TMZ

Tyron Woodley Says Free Conor McGregor For My Sake!

June 15, 2018 |

Tyron Woodley has gone from wanting to murder Conor McGregor — to being his biggest supporter — and he’s revealing the REAL reason he’s rooting for the Irish star to beat his felony bus attack case.  Remember, the two nearly came to blows…

TMZ.com

TMZ

Alice Marie Johnson Wants to Help Kim Kardashian West Free Other People

June 8, 2018 |

Alice Marie Johnson was so inspired by Kim Kardashian West’s efforts to spring her from a life prison sentence that she wants to help Kim do the same for others. We spoke with the 63-year-old great grandmother, and she told us Kim was truly the…

TMZ.com