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UFC legend Daniel Cormier says he’s tired of people thinking combat sports is a beauty contest, saying both him and Andy Ruiz Jr. prove the fact that FAT GUYS CAN FIGHT!!! Ruiz set the Keto diet back 10 years when he knocked out Anthony Joshua a…
When quantitative easing (QE) was introduced, it was likened to a drug, with central banks making an emergency injection of money to resuscitate the global economy. Now it seems that some politicians have gotten addicted to this drug, going as far as to claim that government deficits don’t matter and the money printing can just continue unabated.
Central Banks Create Trillions Out of Thin Air With QE
In the wake of the 2008 global financial crisis, central banks embarked on a gargantuan QE policy, expanding their balance sheets by many billions of dollars worth of government bonds and other financial assets each month. Now, more than a decade on, this policy is considered to be largely over but major central banks still hold trillions on the books. As of the end of April 2019, the U.S. Federal Reserve’s balance sheet stood at $ 3.89 trillion, the European Central Bank’s balance sheet was $ 5.3 trillion and the Bank of Japan’s balance sheet was $ 5.1 trillion. These figures are respectively comparable to 18.5% of the GDP of the U.S., 40.3% of the GDP of the eurozone and 102.2% of the GDP of Japan.
— European Central Bank (@ecb) March 12, 2019
As if the central banks’ massive balance sheets were not enough cause for concern for the public whose wealth they endanger, some politicians are also now claiming that government deficits don’t matter. Under the newly touted Modern Monetary Theory (MMT), actions to counter deficits such as cutting spending or raising taxes are only needed when inflation is out of control. Two obvious problems with this reasoning are that first, it is like saying that jumping out the window is not dangerous until you hit the ground, and second, that governments can simply lie about inflation being low.
If politicians tell people that deficits don’t matter and we shouldn’t try to balance the books now, how will they be able to convince the public of the need for harsh measures when inflation bites to prevent it becoming unsustainable and spiraling into hyper-inflationary territory? In many countries, when the government or central bank refers to inflation, they only factor in some consumer goods and services, thus overlooking assets bubbles developing in fields such as stocks and real estate. In fact, for most people, buying a house is the biggest purchase of their lives so ignoring real estate when calculating inflation makes it irrelevant as a measure for the burden on the average person. This has already caused the emergence of a generation of young people who can’t buy a home in many developed markets around the world while inflation has officially been flat for years.
Modern Monetary Theory 101
Modern Monetary Theory takes the concept of fiat money to a logical extreme, describing currency as a public monopoly which the government is a price setter of and claiming that anything less than full unemployment is evidence that it is over-restricting the supply and needs to print more. Most leading economists reject the claims of MMT, including New Keynesian economists. Even Paul Krugman came out against it in 2011, admitting he wished he could agree with the theory but that “it’s just not right” and demonstrated how it can lead to hyperinflation. However, for politicians who wish to avoid taking unpopular austerity measures, the idea that governments should not worry about deficits because they can always print more money is just too seductive to pass up.
The place where MMT is most heatedly debated right now is Japan, where, as noted above, the central bank’s balance sheet is already worth more than 100% on the country’s whole GDP due to QE. A strange mix of politicians, starting from the conservative side and stretching all the way to the Japanese Communist Party, are using the theory to justify their opposition to a sales tax hike needed to prevent a government deficit. The Japanese Finance Minister called this “extremely dangerous” and warned against Japan turning into a test site for MMT.
In the U.S., the theory is mainly gaining traction with the left wing of the Democrat party. For example, Stephanie Kelton, who is a leading contributor and advocate for MMT, served as an Economic Advisor to Bernie Sanders’ 2016 presidential campaign. “There is no budget crisis in Japan,” Kelton told WSJ. “And there is no inflation problem, so why would you risk slowing consumer spending—and thus the economy—with a hike in consumption tax?”
What do you think about the claims of Modern Monetary Theory? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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Have you ever had a crippling moment of self-doubt? A tiny voice in your head tells you your idea is stupid, your opinion is tired, your solution to that problem you’re struggling with won’t work…fill in the blank.
Dispute over pro-police ‘Blue Lives Matter’ flag results in $100G settlement for county employee who suedApril 21, 2019 | dailybusinessnews
A county in Oregon has agreed to pay a former employee a $ 100,000 settlement after she sued the county for racial discrimination because a co-worker had posted a “Blue Lives Matter” flag in an office in support of local police.
Odell Beckham might be with the Browns, but he’s still invited over for NY Giants thanksgiving … that’s as long as it’s at Chanel Iman and Sterling Shepard’s house, cause they love the guy. We got Chanel out in L.A. shopping … and after…
Sean Hannity: To obstruct Trump’s agenda, Democrats and the media have to pretend borders don’t matterJanuary 11, 2019 | dailybusinessnews
Speaker Pelosi, Chuck Schumer, this is not a manufactured crisis. These are real statistics, real people, real lives and many deaths. This is about life and death.
Democrats and demonstrators vented their rage and resistance, but the Senate rolled toward approving Brett Kavanaugh’s Supreme Court nomination Saturday as President Donald Trump and Republicans approached an election-season triumph in the most electrifying confirmation battle in years, the AP reports. Capping a venomous struggle that transfixed Americans when it…
Two more types of BCH tokenization projects have been announced on July 18, giving the BCH community a wider variety of different ideas that can bring forth the concept of representative tokens into reality on the Bitcoin Cash network.
Bitcoin Cash Community Greeted by Two More Token Creation Systems
The Bitcoin Cash (BCH) network has seen a lot of development since the last hard fork which debuted the reenabled Satoshi OP_Codes and the upgraded default data-carrier-size. The BCH community and developers have been bolstering the idea of tokenization on the BCH chain. There’s been a bunch of ideas so far with Andrew Stone’s GROUP proposal and Joannes Vermorel’s Tokeda paper. Then this week Bitmain developers revealed the Wormhole project that utilizes a fork of the Omni Layer. Then on Wednesday, two more token ideas have been introduced for the BCH chain — One concept from the Cryptonize.it developers, and another proposal written by a group of six developers including Jonald Fyookball, James Cramer, Unwriter, Mark B. Lundeberg, Calin Culianu, and Ryan X. Charles.
Colored Coins & Cryptonized Cash
The creators of the platforms Cryptonize.it and the Cashpay wallet explained that they are bringing the Colored Coins protocol to the BCH network. The Colored Coins (CC) protocol debuted for the BTC back in 2013 network by adding specific metadata to the blockchain. This in turn created ‘representative tokens’ or ‘colored coins’ that can represent any physical or digital item like stocks, bonds, gold and silver backed coins. The Colored Coin protocol will allow Cryptonize.it the ability to create a currency called Cryptonized Cash (CC) that can be used with Cashpay for discounts and exclusive products.
“Further utility will be added as Cryptonize.it grows — There will be a total of 1 billion CC, without the ability to add more in the future,” the developers emphasized on the social media platform Yours.org. “The tokens are always redeemable on Cryptonize.it — One of the most important questions to answer when proposing adoption of a certain framework is what are the use-cases?
Luckily with colored coins, the answer is endless. Colored coins can represent vouchers, coupons, tokens, altcoins or other assets. You can tokenize whatever you want. The first real-world use-case is Cryptonized Cash (CC), an incentive program on Cryptonize.it which is live right now.
The Simple Ledger Protocol
Following the Colored Coins concept, another paper was revealed to the public written by Ryan X. Charles, Mark B. Lundeberg, Calin Culianu, Jonald Fyookball, James Cramer, and the developer Unwriter. The paper called, “Simple Ledger Protocol: A token system for Bitcoin Cash,” details a proposal for the BCH network that handles tradeable redeemable tokens without a consensus upgrade. Enhancement proposals such as GROUP have not been able to obtain consensus needed to change the base protocol, explains the group of developers. Simple Ledger Protocol (SLP) utilizes metadata in OP_Return transactions and the SLP creators believe consensus can be achieved by “token users and market participants adhering to a prescribed set of simple rules.”
“Because SLP builds on the transaction chain of the existing Bitcoin framework, users can easily verify transactions with SPV/lite wallets within practical boundaries,” the paper explains.
Full validation of a transaction back to its token genesis is possible by supplementing existing transaction-retrieval infrastructure with the integration of SLP consensus rules.
The developers say that the SLP system will be permissionless, simple, robust, non-invasive, extensible, and an implementation plan for rapid ecosystem support. The 26-page paper is extremely detailed and it observes multiple subjects that need attention such as wallet implementations, token address format, proxies, utilizing the Bitdb network, economic implications, and more. The group of six developers revealed they were motivated to present their own token solution and the key to its success will be simplicity. “But will also depend on our taking action to foster the support of the ecosystem,” the SLP programmers add.
No Matter How You Look at It, Token Assets Are Coming to the Bitcoin Cash Network
Of course, the Bitcoin Cash community was pretty thrilled about two more tokenization projects using the BCH chain. One user on the Reddit forum r/btc who enjoyed the SLP paper notes that there has been quite a lot of these proposals lately, “I believe we’re hitting some ‘tokenization proposal fatigue.” Nevertheless, enthusiasts dig the competition and the amount of development dedicated to bringing tokenized assets to the Bitcoin Cash network. The community may end up using a bunch of different color coin methods down the line or perhaps they may just use the superior tokenized system. Whatever the case may be, the race is on to get a system that creates representative tokens using the security of the BCH protocol.
What do you think about these two BCH tokenization concepts introduced? Let us know what you think about this subject in the comment section below.
Images via Pixabay, the SLP paper, and Cryptonize.it.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.
The post No Matter How You Slice It — Token Assets Are Coming to Bitcoin Cash appeared first on Bitcoin News.
Just recently a new on-chain social media application has entered the Bitcoin Cash ecosystem called Matter — another decentralized blogging community that’s fueled by the Bitcoin Cash (BCH) blockchain. Matter is the third social media platform that follows behind Blockpress and Memo, allowing users to store arbitrary data on the BCH chain.
Matter: Bitcoin Cash Powered Long Form Blog Posts
Another blogging site called Matter has been introduced to the BCH community, and the platform’s actions are all powered by the Bitcoin Cash network. Matter claims to have no access to the user’s key and explains keys are stored only in your browser. Now Matter does have its differences compared to the Blockpress application and Memo, as Matter users can publish arbitrarily long-form posts. Essentially due to the fact the miner’s fee using bitcoin cash is so minimal Matter users can store any document in the BCH chain in an immutable fashion.
Signing up for the website is fairly intuitive for anyone already familiar with cryptocurrency wallets and social media in general. When registering for Matter the app gives you a private key and a twelve-word mnemonic phrase which is needed to log into the platform. From here the application resembles the Blockpress app and you are able to add your name and add a profile picture. One thing worth noting is when performing such actions Matter asks you to confirm that you are aware that “all of the information will be permanently stored on the Bitcoin Cash (BCH) blockchain.”
More Characters Per Satoshi
Now as we stated above the biggest difference between the other social media apps and Matter is the fact you can add long-form posts to the chain. With Blockpress you are only allowed 217 characters, and writing longer posts can get cumbersome much like Twitter’s character limit. On June 9, 2018, we were able to add Timothy May’s entire 1988 piece ‘The Crypto Anarchist Manifesto’ and all my actions were recorded on the BCH chain. Now May’s phenomenal writing isn’t too long but it is still 500 words and the entire entry cost less than ten cents. You can also title the post, add bold lettering and other format functionalities.
In essence, Matter allows a decentralized way to bypass centralized clouds and corporations who sell and censor data. The new app had caused a discussion about whether or not adding large amounts of arbitrary data into the blockchain was a good idea. A few bitcoin cash proponents didn’t like the idea of all this data being applied to the chain, however many other BCH fans have favored these new on-chain publishing concepts.
What do you think about the Matter application? What do you think about individuals storing much longer forms of data using the Bitcoin Cash protocol? Let us know your thoughts in the comment section below.
Disclaimer: Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this social media platform. Readers should do their own due diligence before taking any actions related to the content.
Images via Shutterstock, and the Matter platform.
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The post Matter App Provides a Long-Form Blogger Platform Powered by BCH appeared first on Bitcoin News.
Morgan Freeman’s huge honor from his peers in the Screen Actor’s Guild is now on the line … in the wake of sexual harassment allegations … TMZ has learned. A rep for SAG tells us, “These are compelling and devastating allegations which are…