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- Why you can’t cash out pt 1: Why Bitcoin’s ‘price’ is largely fictional
- JA In The News | Junior Achievement of Central Indiana
- Facebook's crypto chief on the long, messy journey to reinvent money
- 29 c to fahrenheit
- Techmeme Ride Home
- Texas Hunkers Down for the Cold
- Self-service BI with Pig, Impala and PowerBI
- Currently browsing: bitcoin
- January 2022 Videochat Official Questions Thread
Why you can’t cash out pt 1: Why Bitcoin’s ‘price’ is largely fictional
Recently, I argued that a central bank cryptocurrency can be a useful tool in the struggle to democratise money. Such a tool is, of course, not enough. The main task in democratising money is first to democratise the central bank — before deploying useful instruments like a central bank cryptocurrency.
As many readers correctly pointed out, democratising the central bank is a tall order, given the stranglehold over it by the usual bankers. However, it is a gross error to imagine that the central bank can be bypassed and money democratised by means of apolitical cryptocurrencies like bitcoin.
This fantasy of apolitical money liberating us from central banks is dangerous and based on a deep misunderstanding over what money is and how it works. I hope you enjoy it. Before reading on, let me recap the main point: First, the demos must wrest control over the central bank from the bankers. Russians, the Roma, and certainly the Jews, they murdered. British, Canadian, American and French prisoners of war, on the other hand, they accorded to basic rights laid down by the internationally agreed Geneva Conventions.
In , Richard Radford, an officer in the British Army, was captured by German forces and placed in a concentration camp for Western prisoners of war. When the war ended, Radford took the time to record his experience of life in the POW camp through the prism of his training as an economist.
In the camp, prisoners of different nationalities were kept in different buildings, between which they were usually free to move about.
The Red Cross oversaw their living conditions and supplied them with packages at regular intervals from its Swiss headquarters. These packages typically contained food, cigarettes, some coffee, tea, a bar of chocolate and so on. The arrival of the Red Cross packages broke the monotony of life in the camp and was eagerly anticipated, especially by the smokers. The first to spot the opportunity to profit from these differences in taste were some shrewd French officers.
Once the Red Cross truck had unloaded its cargo, the ingenious French traders approached their countrymen, borrowing from them the tea contained in their packages and promising an amount of coffee in return. Then they went to the building where the British prisoners were held and exchanged the tea for coffee, which they then returned to their French compatriots as they had promised.
But why do this? What was in it for them? How did they get away with it? By offering their compatriots less coffee for their tea than the Englishmen were prepared to hand over in exchange of that same quantity of tea. Arbitrage In economic terms, the French traders were effectively paying their countrymen a lower price for the tea they bought from them than the price they charged the tea-loving Englishmen.
Of course, the price was measured — or denominated — not in pounds, marks or dollars, since the inmates of the camp had no actual money, but in ounces of coffee. In economic parlance, this practice of buying for a lower price in one market and selling for a higher price in another is called arbitrage. Others quickly caught on and started doing the same. The greater the competition between them, the smaller the difference became between the quantity of coffee offered to the French prisoners in return for their tea and the quantity of coffee the Englishment forked out for the tea they received in exchange.
The smaller the spread, the less profit they made. Consider Pascal, a late-comer in this business. To convince his compatriots to give their tea to him and not to one of his more established competitors, Pascal is forced to offer them more coffee than they might normally receive in exchange for the same amount of tea. It is as if he is offering them a higher price for their tea. At the same time, of course, the same bargaining over prices is taking place in the English camp, until finally it becomes common knowledge in the French camp how much coffee their tea will buy in the English camp and it becomes common knowledge in the English camp how much tea their coffee will buy in the French camp.
At this point, Pascal and all the other French traders can no longer get away with paying a little bit less coffee for their compatriots tea than they receive from the English — everyone knows what their tea and coffee is worth. In other words, thanks to their efforts, the traders have helped establish the price of tea and, in the process, they have done themselves out of a job.
As trade between prisoners developed, prices for all sorts of goods stabilised around what economists like to refer to as an equilbirum. Before the equilibrium had been reached, traders profitted according to their bargaining skills and salesmanship — one might buy a chocolate bar for 10 grams of coffee, while another might manage to sell a chocolate bar for 15 grams of coffee — but as trading continued and competition shrank the spreads, prices stabilised, profits collapsed and skilled traders lost all advantage.
In this way, prisoners could see at a glance the sort of prices that were available and would know not to accept 9 chocolate bars for the same amount of coffee, thus helping to establish stable prices all over the camp. Have you noticed in movies or on TV those large screens that traders have in the trading rooms of banks or the stock exchange?
Their job is to facilitate trade and to eliminate spreads, getting rid of opportunities for arbitrage in the process. The emergence of a carcenogenic currency: cigarettes In time, transactions in the camp became more complicated and the system of direct exchanges — tea for coffee, coffee for chocolate — was proving a drag. Imagine, for example, that a Canadian is offering grams of coffee in exchange for 10 bars of chocolate.
I do have tea, though, and I know this Scottish guy in building C5 who is offering 15 grams of tea per chocolate bar. So who about you give me that grams of coffee and in return I give you grams of tea, which you can then exchange with the Scotsman for 10 bars of chocolate? But soon, a significant change came about: one particular commodity became established as a go-between that could mediate the sale of all he other commodities — in effect, it became a currency.
Obviously, cigarettes were amongst the best-selling goods in the camp. Smokers, courtesy of their addiction to nicotine, would sell their soul to the Devil, so to speak, to get more of them.
Non-smokers were, as a result, at a great advantage, since their package contained cigarettes too; cigarettes that had no experiential value for them, but packed great exchange value. Immediately, cigarettes were in great demand both for their experiential value to smokers and for their exchange value to everyone, including non-smokers. It was only a matter of time before cigarettes were established as the unit for measuring exchange values, or relative prices, in the camps.
Why cigarettes? Which goods end up evolving into a unit of currency has always depended partly on chance and partly on their having some basic properties: It must be durable so that it does not perish, unlike say bread or fish.
It must be convenient to carry, preferably pocket sized. It must be easily divisible into smaller portions. And its appeal must be evenly spread throughout the community. First, they were sources of the nicotine that smokers craved. Second, they functioned as a means of exchange and a measure allowing for an easy, immediate, comparison of prices.
Third, cigarettes could now be stashed away, offering prisoners the opportunity to create a nest egg of exchange value in the harsh conditions of the POW camp. This last use of cigarettes, as a store of exchange value, is perhaps the most interesting as its repercussions extended beyond the realm of convenience and trade facilitation: By giving prisoners the opportunity to save for a rainy day, new opportunities and new risks emerged.
The risk that this brought was the possibility that the borrowing prisoner might not pay them back, known as the risk of default. For example, the borrower might spend all his cigarettes — or even smoke them all — and be unable to return them to the creditor. But another risk came from elsewhere. The exchange value of money: inflation and deflation in the POW camp When I was your age I recall hearing a grown up saying something that I could not get my head around.
I just did not get it, however hard I tried. What was is that this grown up had said? That a one thousand drachma note the currency we had back then cost only twenty drachmas to produce. Since overall a larger number of cigarettes now corresponded to the same amount of coffee and tea, each individual cigarette corresponded to less coffee and less tea.
The opposite also held true: the fewer cigarettes there were in comparison to the other goods that the Red Cross placed in the packages, the greater the exchange value, or purchasing power, of each cigarette.
In short, the purchasing power of a unit of currency has nothing to do with how much it cost to produce but, rather, its relative abundance or scarcity. Imagine that a prisoner has been storing his cigarettes in order to make a large purchase later on when suddenly the Red Cross sends tons of cigarettes to the captives.
Suddenly, the exchange value of his cigarettes would drop and his parsimony and abstinence would have been to no avail. In this way we see how having access to a currency lubricates transactions no end, helping the economy move more commodities more quickly. Indeed, what gives value to coins and paper money is the legal obligation to accept them across the realm and the belief that they are and will remain valuable.
One night, Allied bombers hammered mercilessly the area where the camp was located. The bombs landed closer and closer, some falling in the camp itself. All night long, the prisoners wondered whether they would live to see daybreak. The next day, the exchange value of cigarettes had gone through the roof! Because over the course of that endless night, surrounded by the exploding bombs, and driven by anxiety, the prisoners had smoked cigarette after cigarette.
In the morning, the total number of cigarettes had shrunk dramatically in relation to the other goods. If previously five cigarettes had been needed to buy one chocolate bar, now only one cigarette was needed to buy that same chocolate bar. In short, the bombardment had caused what is known as price deflation — a decrease in all prices as a result of a reduction of the quantity of money in relation to all other goods.
The opposite, a general increase in prices as a result of a larger quantity of money in the overall system, is known as price inflation. Would Xavier agree? Yes, if he were pained more by the thought of waiting for a whole month before drinking coffee than by the prospect of having to do with 2 fewer cigarettes than he would otherwise have had afterwards.
Expected fluctuations in the overall quantity of money influenced interest rates significantly. For example, if the bankers anticipated that a large number of cigarettes would be sent to the camp in the coming month, causing their exchange value to fall and prices to inflate, this expectation led them to increase the interest rate they charged. Because they were afraid that, one month later, the same quantity of cigarettes would be worth less.
This is why in any economy the cost of borrowed money — interest — depends on expectations of what prices will be, on inflation or deflation. In the past he was ready to lend 10 cigarettes in return for 12 cigarettes next month.
This figures is known, intuitively enough, as the real interest rate. What rate would he accept? If it is to rain, it will rain regardless of what the Met Office has said or what you and I expect.
As a result, prices tended to stabilise. But when they started to realise that the war was nearing its end, foreshadowing their liberation and the elimination of their little economy, the interest rates bankers offered to savers rather than the ones they charged for loans skyrocketed, since nobody wanted to save. At some point, when the frontline had reached the German border, packages from the Red Cross stopped arriving.
Knowing the war was about to end, the prisoners smoked the cigarettes they had accumulated and the debts that some of them still owed to the bankers literally went up in smoke.
Before American troops had thrown the gates of the POW camp open, its remarkable little economy had collapsed. From this, it is clear that a monetised economy cannot be sustained if everyone knows its end is nigh. Everything relies on trust in its longevity as the very anticipation of collapse is enough, in an Oedipal manner, to cause collapse.
JA In The News | Junior Achievement of Central Indiana
On this page you can find all the frequently asked questions from every UFS department. You will need to have access to SAP to search the following screens for payment information? FB03 Display Document — Search for vendor payments using the invoice number or assigned document number. Generally, purchases made under delegated purchasing authority should be made by the Procurement Card. However, invoices for delegated purchases that are excluded from purchasing by the Procurement Card, should be paid by the Payment Request Document PRD process. How do I process a Credit Memo received from a vendor? Upon successful completion of the training your role will be established by EAG and the access tab will be added to your portal page.
Facebook's crypto chief on the long, messy journey to reinvent money
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29 c to fahrenheit
Noelle Acheson. As the year that felt like a decade on speed starts to draw to a welcome close, some of us are starting to try to make sense of the timeline of narratives and events. Most of us myself included are failing. On the one hand, we have a rapid rise in the bitcoin price, and coalescing institutional support from traditional investors and companies that see potential in crypto assets and markets.
Techmeme Ride Home
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Texas Hunkers Down for the Cold
Industry insiders expressly praise the much-criticized Salihamidzic. Nevertheless, the transfer summer will decide on his contract. A total loss of three national players with a market value in the range of around million euros without equivalent. Another point of criticism is the allegedly low presence and lack of interest in youngsters on the Bayern campus. A current example of this is the fact that the club has still not extended with mega-talent Paul Wanner 16 , whose training contract ends in the summer. In addition, since taking office as sports director in , the ex-professional has repeatedly been given negative credit for his rhetorical weaknesses, his sometimes wooden appearance in public and his allegedly often short-tempered manner. It can be heard that Salihamidzic finds many of the accusations to be unfair and, above all, undifferentiated.
Self-service BI with Pig, Impala and PowerBI
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January 2022 Videochat Official Questions Thread
In early , Ravensburger re-released Carpe Diem, a game which released with a fair amount of fanfare but some grumbles about the graphic design… Those issues were heard, and a re-vamped version of the game — now in a stark white box and upgraded graphics — has come out. It has a number 5 on the side as part of the anniversary reprint series. I was sent a new copy to review, and the gameplay has had some minor changes as well. In Carpe Diem, players are patricians who are working to make the best city district that they can. Each player has a personal city district board on which they will build various structures; the board has randomly-distributed frame pieces that indicate bonuses for buildings of a certain type being built in line with the bonus.
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