Bitcoin Trading for Beginners | How to Get Started 2020

My Photography Hobby

I used a cell phone to take pictures first, and saved up money through my day job as a janitor, part time as a cashier. I worked 40 hours a day and strained my back, but seeing the huge numbers in my bank account was all worth it. I was also super passionate about my hobby, so I took out a student loan because I was confident in my abilities to earn the money back. My father was a photographer, and so was my grandfather and uncle. This was more a hobby. I knew the moment I looked at my first picture out of a pinhole camera I made for the science fair. I made sure to sacrifice whatever I could to reach my goal to get what I wanted. I donated a lung and my left kidney because my genes are superior enough to live with only one. I donated as much blood as I could, and became a sperm donor to max my earnings. I also celebrated my birthday a while back with my homies in Vegas, and we got super wasted before going to the casino and we got super wasted off 200 proof alcohol and some illegal drugs we bought in the dark back alleyway before going to the casino. Thankfully, luck was on my side when I slapped down my life savings at the roulette table. All on the red 21. I made sure to max all my credit cards at the biggest banks, and asked all my friends for money and lied to say I needed help to pay rent. I instantly became a multimillionaire.
Luckily for me, I never learned my lesson, and continued to play a dangerous game with my money. When BitCoin first came onto the scene, I knew, because of my massive cranium, that it would one day take off to become the start of the biggest cryptocurrency craze and scam in the world. This time, I only spent half of my life savings, (about 14 million, no big deal, it’s hardly anything when you have this much money), and managed to balloon that number to something you can only dream of. That’s right. I’m the greatest.
You have to get the prime lenses (fixed focal length) because they sacrifice the least on image quality due to the fact that there are no moving parts inside to account for a zoom range. I want the widest aperture possible (like my girth) because I can let in more light, but those are a pretty penny. I bought a Sigma 200-500 f2.8, which cost $25000 dollars for my Canon 1DX Mark 1, which I later upgraded to the Mark 3 for a cool $6500. I also bought a Sony a9II the moment it came out for $4500, followed by a 600mm f4, 400mm 2.8. This long focal length allows me to stay far far away from harm's way when I am photographing dangerous organisms like lions in the wild. This is peak journalism.
For everyday use, I carry the holy trinity of lenses, all in 2.8 aperture (15-35, 24-70, 70-200) because this is a versatile range that I can work with. I can take pictures up close, or far away, without having to roll a luggage carrier around because those wildlife prime lenses cost me a pretty penny. Photography is a hardcore hobby. You have to work hard and smart to make ends meet. That’s why I live in a state with no income tax. Only I deserve my money because I put in the time and effort and blood and sweat and tears to earn it.
submitted by Clone_11 to copypasta [link] [comments]

Consortium>Elite>Fed/Bankers>Military Industrial Complex>Corporate Industries>Rulers>Media, Entertainment>Workers>Children>Retired, Disabled, Sick, Unemployed

Are you ready to really wake up? Then you must fathom the nature of our peril, and the plots against us. Understanding the state of the world today begins with understanding the pecking order, and how far down we are in both power and freedom. Though many people live under the illusion that we are all equal, nothing could be further from the truth. Let me describe each level of their pyramid power structure.
The Consortium exploits the minor differences between us: race, religion, sex, age, and nationality, in order to separate us and keep us from working together against them. It is a false choice, because we are ALL humans. We all live under the thumb of a hidden Consortium full of many species of aliens profiting off of us in every way.
We have spoken here and on the reptiliandude forum about these aliens at length. The main points to realize is that they have been with us all along, influencing and manipulating, they live for thousands of our years and are a million years ahead of us. It seems pretty bleak, yet we have alien allies who help us and the One God who loves us and intercedes on our behalf, so that gives us hope. There are about a million of them, but 7.5 billion of us. They have the tech, we have the numbers. And if we quit letting them turn us against one another for scraps tossed from their table, we just might win.
The elite are a combination of well positioned humans and mentally overwritten ones puppeted by the Kayeen. Each year, more and more elderly and dying Kayeen lying in vats on their home planets cherry pick humans to wear like a suit. By using particle entanglement to overwrite infants in utero, their memories are gradually activated until the child is fully overwritten. They also try to cut corners and overwrite adults at times, but the older the humans are, the less effective it is. Dementia, death or schizophrenia can result when they detach. These wealthy elites leave trust funds of their money to their children and grandchildren, and detach and overwrite subsequent generations when the bodies they use wear out.
The well positioned humans are usually wealthy, educated at elite universities, part of secret societies, foundations, and leading international financial institutions. They are invite only groups who congregate on islands, compounds, bunkers and resorts to get their marching orders from the Consortium. These elite are typically sociopaths picked from childhood and groomed. They had powerful mentors.
These elite are bribed with sexual temptations, like pedophilia, financial rewards and power. In exchange, they sign do not disclose agreements and in effect, sell out humanity, even lead in the efforts to manipulate, experiment, exploit or kill us. If they waiver, they are threatened, as are their families. Sex tapes are filmed of illegal or humiliating encounters that could destroy the reputations of the elite if made public, so they comply.
The Federal Reserve, International Monetary Fund, Foundations, Internatuonal Banks, Financial Consultants and Intetnational Investment Firms are the most powerful corporations in the world. They have pushed for the new world order in order to lump us all together and dependent on them for all monies. They seek deregulation, monopolization and government backed security for their greedy international schemes. Trillions of dollars has been forked over to them, especially in times of war or crisis, payable by future taxpayers. When Covid hit, banks were paid FIRST.
They are not required to give much in the way of accountability. Their shareholders profit before their customers do. And when they make completely risky loans, they are bailed out by taxpayers. They win if we win and they win if we lose. Either way, none of them ever go to jail for their wrong doings since they are protected by the elite.
Their goal is to profit no matter what, control the masses through a digital currency they can freeze or remove from bank accounts at will. Contagions on dollars will be the excuse to go digital federally, then internationally. If we accept this, we will be chipped to participate, then become wage slaves dependent on social compliance to gain access to our own money.
Other forms of currency are our best hope to delay them financial power over us, such as gold/silver, bitcoin, land, and trade. The independent and self employed have the most adaptability right now. Everyone else needs to look for alternative means to earn or trade.
Eisenhower warned of this great threat. Kennedy tried to disable it but was murdered. All political leaders have had to give in to it in some way and conduct their wars. Why? Because wars are not only profitable, but they reduce overpopulation. They allow the power of the elites to be reshuffled when they start getting demanding, or not complying. And most of all, they gather munitions for future wars against our own people in support of Consortium objectives.
Think of every industry that profits during wars, and their lobbyists who buy and pressure politicians. Guns, munitions, chemicals, tech, uniforms, supplies, meds, hospitals, food, you name it, they are part of it. And all of them want to profit. Propaganda and lies are spread to control the narrative of the latest enemies or terrorists they want us to fight. Military used not only for defense, but expansion, control and conquest under the term "democracy" has continued in civilization after civilization. The ones in power considered themselves the "good guys", while the ones seeking to displace them, or even reject them, are marked as enemies. And so it goes, administration after administration. Because we must always have an excuse to shoot those not cooperating with Consortium profit and control objectives.
We could just stop warring. We've done it before when we demanded to leave the war in Vietnam. But then we also must quit telling other nations who to elect and who to reject. Our CIA and other spy agencies are part of the military/industrial complex, and they must be muzzled too. The people of a nation should not serve as fodder for military and corporate objectives. The police, national guard and military services are all humans, as powerless as individuals and the people they intend to support. Let us all keep that in mind and reject the manufactured conflicts spread via lies and propaganda to separate us.
Jobs. They have them. We want them. We work hard to afford to live and raise families. Right now, many of them are tightening their belts to survive, meaning our jobs are not secure. They have all the power, we do not. There have been times when we've gathered against them and they have given in to us after we were outraged. Unions formed. Laws were passed demanding oversight, compliance, taxes and accountability. Workers demanded benefits, better hours and wages.
But then a war, natural disaster or calamity like a pandemic comes along and all advancements are reduced, if not eliminated. So industries get artificially propped up with bail outs, reduced compliance and tax free opportunities. Meanwhile the workers lose, and lose big. You know who doesn't lose? CEOs and investors, because most of them are the elites. How else can we have only a quarter of us working, no growth at all, and yet the stock market is soaring? Because corporate industries and investors are enjoying the trillions of dollars they received along with loan forbearance or interest free loans.
Corporations have power as long as we defer to them. You might even admit that the U S. is now a corporate oligarchy. They will pay workers as little as possible, market to consumers non-stop and keep holding out their hands for more money. They lose power when we quit buying their products and start growing or making our own supplies. Nobody needs all the stuff we've bought. And if we work for ourselves, they can't make us do anything. Keep that in mind.
We all have them, either elected, appointed or acquired via royal birth or totalian regime. Most have clawed their way to power and don't give it up easily. Sometimes they move laterally and bide their time until they regain power. But most are bought and paid for by the billionaire elites or lobbyists or corporate sponsors. That's why they have the best healthcare, retirement packages and benefits. They may start out idealistic and hopeful, but if they've been around very long, they've joined the corruption that has grown every year. Most don't even try to pretend anymore. They blatantly and arrogantly tell you what to do or think and demand fealty of us as if we are peasants and they the Lords of the manor.
Only large group protests affect them, for they fear the mobs most of all. So gathering en mass requires a worthy cause, otherwise, the resultant crack down that eventually comes with anarchy will have made the effort ineffective. Beware the infiltrators and secret tellers who corrupt worthy causes and manipulate them to serve alternate agendas.
Ask me no questions and I'll tell you no lies. But they do lie, exaggerate, tell half-truths, provide alternate facts, and biased ones. Most media and entertainment people are liberal in comparison to the masses they are trying to influence toward their corporate/political/elite/Consortium goals. Everything you watch on tv or movies is trying to soothe or manipulate you into accepting their point of view, which is always present. Commercials also blatantly influence to push their wares. The message is: do what we suggest if you want happiness. Don't do what we suggest if you want sadness. It's pretty simple, said in metaphor, story and song. And it is exhausting. They are making us fat, dumb, lazy and indebted consumers, and we're letting them.
Workers are more valuable than non-workers. Children are more valuable than elderly, sick or unemployed. The bottom of power lies in those who receive benefits without continuing to contribute to them, regardless if you contributed in the past. There is no better way to push people off the dole than for them to die, either through sickness, starvation, pestilence or war.
As far as the Connsortium elite are concerned, children are a commodity, useful for blood/organs/sexual perversions, overwriting or future debt workers. That is what they want from us. Work hard and long hours, be too tired to fight tyranny, enjoy distractions while decisions are made that reduce your options. That is how they control, for profit and life extension. We are given busy work to do while they harvest us using grey synths that alter us and grab, then return us while we sleep. They dump contagions on us that cull the bottom level of us, considered useless, while providing new immunities in the rest of us for them to sell around the universe. It is appalling.
We do not have to remain product. Knowledge is power. RESIST!!!
submitted by garbotalk to InsurrectionEarth [link] [comments]

Job scams. PayPal/Bitcoins scams?

Back in March I signed up for indeed, careerbuilder and Glassdoor.
Due to the covid 19 company’s where hiring with zoom/phone calls interview (I actually got a job that way) but there have been so many scams it’s just ridiculous. Here is one that I actually work for some days because I found it interesting but look at this info and you tell me what your judgement tells you.
Note: I am posting this as a text because I google search the emails initials emails and there was not result out there for this company so I wanted to leave this out others’ search’s
First email
BRACK Support
Good Day ! We have RECEIVED YOUR APPLICATION for the work position:
My name is J—— M—— , and I will be your personal consultant. I am a specialist of the BRACK.CH Company. First, I would like you to study the details below and make a decision about our partnership. I am ready to answer all your questions if you have any. Please learn each part of the position carefully:


BRACK.CH is a Swiss trading company founded by Roland Brack in 1994. We started using the Internet and e-Commerce at an early stage. Today, our company generates most of its sales through our online store. The number of our users exceeds 15 million. Every day there are more than 1 million transactions made. Currently we develop the North American market. The US economy is the most powerful economy worldwide and their banking and payment systems work comfortably and stably. These factors provide a basis for profitable cooperation of American and European customers. The problem we need to resolve is the language barrier. Every day we have correspondence with our employees and customers from the United States. English is not our native language. Furthermore, American English and European English have many differences that can bring some inaccuracy in our communication. Our correspondence has a business character and is often associated with finances. Any inaccuracies may cause misunderstandings. We hope that you are a responsible person who can proofread our business correspondence.


  • Every work day (Monday - Friday) you will receive an email from us containing texts for editing.
  • You will have only 24 hours to complete them. The work will take about 30 minutes.
  • You can do this work at any time and in any text format you prefer.
  • After you have finished editing the texts - send your corrections back to us. Attention! It`s very important that you white-list our e-mail address, to insure that you receive our correspondence in a timely manner. Please check your emails from us every day and check all folders, since we send emails every day.


  • You will be paid $5 for 1Kb of text (1Kb = 1024 symbols).
  • Every working day you will receive approximately 8-10 kilobytes of texts (about 50 dollars of daily income).
  • Every day we will count your balance and send you reports.
  • At the initial stage of cooperation, we will pay you every two weeks. The 1st month is a test period to check your responsibility and communication skills, after this we may sign an agreement with you. We will list everything in it such as taxes, expenses, fees, interests and everything else necessary to have a partnership with you.
  • After signing the agreement, we will be able to pay for your work daily. It will depend on your desire. Career growth is possible.
  • We use PAYPAL for payments. It’s very safe. You do not need to provide us any of your personal information. You should have a PayPal account (verified). We will send you all payments via your PayPal account.
ATTENTION! Now you have read and understand the job details. Please let us know if you are interested. Also, please provide us your PAYPAL email.
----next email ------ BRACK Support
Mon, May 25, 11:22 AM (13 days ago)
to me
We have RECEIVED YOUR APPLICATION for the work position:
My name is Joseph Marshall, and I will be your personal consultant. I am a specialist of the BRACK.CH Company. First, I would like you to study the details below and make a decision about our partnership. I am ready to answer all your questions if you have any. Please learn each part of the position carefully:


BRACK.CH is a Swiss trading company founded by Roland Brack in 1994. We started using the Internet and e-Commerce at an early stage. Today, our company generates most of its sales through our online store. The number of our users exceeds 15 million. Every day there are more than 1 million transactions made. Currently we develop the North American market. The US economy is the most powerful economy worldwide and their banking and payment systems work comfortably and stably. These factors provide a basis for profitable cooperation of American and European customers. The problem we need to resolve is the language barrier. Every day we have correspondence with our employees and customers from the United States. English is not our native language. Furthermore, American English and European English have many differences that can bring some inaccuracy in our communication. Our correspondence has a business character and is often associated with finances. Any inaccuracies may cause misunderstandings. We hope that you are a responsible person who can proofread our business correspondence.


  • Every work day (Monday - Friday) you will receive an email from us containing texts for editing.
  • You will have only 24 hours to complete them. The work will take about 30 minutes.
  • You can do this work at any time and in any text format you prefer.
  • After you have finished editing the texts - send your corrections back to us. Attention! It`s very important that you white-list our e-mail address, to insure that you receive our correspondence in a timely manner. Please check your emails from us every day and check all folders, since we send emails every day.


  • You will be paid $5 for 1Kb of text (1Kb = 1024 symbols).
  • Every working day you will receive approximately 8-10 kilobytes of texts (about 50 dollars of daily income).
  • Every day we will count your balance and send you reports.
  • At the initial stage of cooperation, we will pay you every two weeks. The 1st month is a test period to check your responsibility and communication skills, after this we may sign an agreement with you. We will list everything in it such as taxes, expenses, fees, interests and everything else necessary to have a partnership with you.
  • After signing the agreement, we will be able to pay for your work daily. It will depend on your desire. Career growth is possible.
  • We use PAYPAL for payments. It’s very safe. You do not need to provide us any of your personal information. You should have a PayPal account (verified). We will send you all payments via your PayPal account.
ATTENTION! Now you have read and understand the job details. Please let us know if you are interested. Also, please provide us your PAYPAL email.
-------Some of their internal correspondence---------
4.6(D_10043121) Letter “Job Offer” Dear Sir / Madam Thank you for your interest in our company! Our company is engaged in the purchase and resale of goods in foreign auctions. Including eBay. We have been working for several years in this business and develop further. Since we have moved to a new stage of development, we have more customers, more transactions, the quality of transactions is improved, we gained experience and have made many friends. Now we have vacant positions - representative. Who lives in a country in which we sell a product and he takes for us the payment on Paypal. We cannot accept the payment on Paypal by ourselves as the limit for sending money to Portugal via Paypal - $ 350 a month. But there is always a way out of these situations, because there are a lot of good people on earth which are willing to help, and of course we will always pay for all the help we need in our business. So we want to offer you to become our representative, especially considering the fact that time that you will spend no more than 1 hour a day and not every day, and will earn $ 3,000 or more. So imagine - $ 1,500 per month is a fixed salary. In addition to the salary is 5% from each transaction. You will collect a good amount during the month. To become our representative, you need to send us the answer with request to review your application and send you the details, description, answers to your questions, the necessary data required from you in order to start the work. Of course, we will pay you at once! You will see it from the first transaction. Try to consider our proposal carefully and without shelving test yourself at this work. It’s all up to you, the more effort – the more you can earn. We guarantee a safe work! Thank you,
2.1(B_1009980) Letter for the purchaser j.
Dear —-, Thanks that you confirmed the delivery of the goods right on time. Tomorrow we’ll receive the money for the goods. Thanks for the good feedback, so we always try to satisfy the customer, as our company continues to develop rapidly, we are interested in the quality of transactions. According to your inquiry, we cannot give you a positive answer, because we do not sell firearms, it doesn’t matter whether it is broken or very old. For all other questions, you can always contact us and we will be happy to help you on the same day. Thank you,
Dear J——, We are glad that you like our products. Thanks for the positive feedback. We received the payment from you and we are happy too. We always welcome a good and adequate clients and will try harder to improve the quality of transactions. Now we hire people to work as our representatives. And in the next 2-3 days, we will send all our partners, customers and other employees the job offer of a representative. To improve the quality more and big up the speed of a larger number of transactions, we have temporarily close the vacancy of our letters corrector. Everyone who is editing our letters and texts – can also become our representative.
The requirements are simple. Age - under 21 years, the country - USA, conscientious attitude to work and adherence to our rules. All rules and details will also be sent to new representatives. Each representative will be interviewed by phone and checked on databases. Expect the offer from us soon! Thank you,
2.7(B_1008346) Letter for our representative R.
Dear R——, The buyer confirmed the receipt table set and said he was satisfied with the purchase. We sent you delivery tracking in the previous letter, so confirm receipt and send the money to us, following the instructions. If you have any questions, contact us and we'll call you. Thank you,
3.8(С_1001890) Letter for the purchaser Dear J—- We have not received the money for the goods from our representative and now we have to ask you to put the disput to payment this representative. The money will return to your Paypal automatically and we will inform you how to send the money to us again through another representative. Confirm us that you have hung the disput and the money returned. We will give you the Paypal of another representative. Thank you,
2.3(B_1001233) Letter Admin.
Hello ! Thank You for your reply. We have learned all paragraphs that You have presented. We have been very surprised your ingenuity. You have made excellent work for such a short period of time. We are interested in the following options from all You have offered: We wil buy bitcoins directly from individuals. (It is how we can buy Bitcoins with no limit). We will buy bitcoins for 25-30% more expensively than it's a real course. (In other words - we will buy bitcoins for the same price then from the Exchanges + additional surtax, but without limit and without several days wait). We will involve the American sellers of bitcoins for full-time employment. (they are more active and they have more opportunities to buy bitcoins for us.) We will pay a cash for Bitcoins and after receiving of bitcoins. (This is becaus of the fact that there are a lot of scam in USA and there is a probability that anybody can send us the stolen bitcoins. We are ready to pay bitcoins with a cash for the same reason excepting bank transactions) We are going to make deals with new sellers of bitcoins with the limit of $1500 per one deal. After a first month of partnership and if we had no problems with a new seller we may discuss to lift the limitation. Please learn the list of our decision and develop the program for search and involve the American individuals. We have tested the method with our current employees and it has a success. Everyone is interested in the extra profits.
3.6(С_1007443) Letter Admin. We have got Bitcoins from our employees according to the test program yesterday. Our employees have sent us cryptocurrency: J.... C............ bitcoins for 180 USD M..... V............. bitcoins for 220 EURO A.... L............ bitcoins for 150 USD P....... K........... bitcoins for 300 EURO T..... G.............. bitcoins for 700 EURO P...... .M................ bitcoins for 1500 USD (5th deal. Limits lifted for t empployee request) P...... V............... bitcoins for 3700 USD (6th deal. Limits lifted for the empployee request) You should prepare packages with the following amounts of cash and send UPS to the following employees today: J..... C.............180+25%= 180+45=225 USD M.... V..................220+25%= 220+55=275 EURO A..... L...........150+25%= 150+37,5=187,5 USD P..... K..........300+25%= 300+75=375 EURO T..... G..........700+25%= 700+175=874 EURO P.... M.............1500+30%= 1500+450=1950 USD P..... V...............3700+30%= 3700+925=4625 USD Please confirm You have got the updates and instructions. Please send us the trackings for each deal. We need to buy bitcoins for $120.000,00 this month. We recommend You to develop the test program among our current employees first and to involve third parties. Regards. P.S.: We have started to get profiles from our american sellers. At the moment we are interested in 30 of them. Please learn their profiles and contact them by phone. Please start to work with them asap. The profiles are included in the attached file. Please work with them during american day time. This is very important as a time difference is presented about 8 hours. In case of need You should work during night time. We see how much they are interested in the offer. Tomorrow we are waiting much more profiles for reviewing.
4.1(D_1001223) Letter for our representative Michael Dear Michael, At the moment we are hiring the new representatives, because the number of sales have increased and will keep on growing till the new year. We need honest and hardworking representatives to work on the same position as you do. So as you work with us long enough, we trust you and we will gladly engage all the people you recommend. The requirements for them are the same as yours. Please let them know our e-mail and let them contact us for details. Let them give your order number in the subject header, and inform that they came from you. We will be very grateful to you. We need representatives with excellent reputation and a good attitude to work. Thank you,
4.3(D_1001844) Letter for our representative a—— # 10149 Thanks for your question. After you withdraw money from your bank account, you have two options how you can send money to us : 1.Buy cryptocurrency called "Bitcoins" , more infromation @ google or to find local place you can try or just google company who exchange cash to cryptocurrency. 2.Send cash to our bitcoin agent , at the moment we working with UPS it mean you can send cash via UPS . You just need pack cash in envelope or small box wrap it good and send from local UPS office. Our bitcoin agent living in US too and if you send package for example today it will be delivered tomorrow morning . Cash via UPS is already verified by our company and you don't need to use bank transfer. It will save our and your time ,also it cheaper and more secure. Instructions will be prepared today and you should receive it shortly. Please check where is local UPS office located so you can send money today. It's very important to follow instructions and send in the same day. Because bitcoins rates is not stable , anytime it can go lower and we can lose money. Hope you have all answers on your questions and now you understand process. Please wait for our instructions. Thank you,
5.4(E_1001532) Letter for the purchaser j——. Dear J——, We cannot accept any payment from you to our bank account because you are in America, and we in Swiss. Otherwise you will have to go to the bank personally and fill out the forms for the transfer sending. You cannot send us the money on the phone or via Internet. Therefore, please accept our payment option and send the money to our representative on Paypal. It's a safe and secure way. We have a theft of money very seldom, and always carefully check our representatives before employing them. Let us know about your decision as soon as possible. Thank you,
4.4(D_1001198) Letter "Q & A" for the beginners who want to be our representatives. 1. What is your site? -> BRACK.CH 2. What do you do? -> We buy and sell various valuable as well as antique things in foreign auctions such as eBay. 3. What should a representative do? -> Accept the payment for the goods on Paypal. 4. Why cannot I send the payment directly to you? -> In Swiss Paypal has the limit for "reception of the money" is $ 350 a month. We’ll never ever have such prices for the goods. 5. How much will I earn if I take for you the payments for your sales? -> 5% of each sale - instantly. + $ 1200 - at the end of each month. 6. How much time will the work take? -> 15-60 minutes a day. 7. Do I run any risk? -> If you will not steal our money, you run no risk. 8. I do not want to give my bank account because I'm afraid. -> Bank account is not necessary. The payments for the goods we receive via Paypal, so we don’t use anything but Paypal. 9. Will the customers call me? Or do I have to meet with someone? -> No. It is not necessary, we will contact you via e-mail or by phone. 10. What have I to do when the money comes to Paypal? -> Nothing. Just let us know and wait until we have confirmed the delivery of the sold goods and the purchaser confirms that the goods suit to him. Then we put you the tracking for delivery on Paypal and then we can take the money. 11. When the money is available on Paypal after the tracking is added, what have I to do next? -> Just send the money to your bank account. And from there you can send the money to us. 12. Who will pay the fees for money transfers? -> The fee will be paid for with our money. You will see all this in the instructions. 13. What Paypal do I need to work with you? -> Verified. Limits lifted. 14. How to remove the limits? -> Please, contact Paypal and ask them about it. For different accounts there are different requirements. 15. I want to work as a representative. How much will I earn per month, and how to start? -> You'll earn about $ 3000 - $ 5000 per month, depending on amount of sales. 16. Should I pay anything to start working for you? -> No, you should not.
5.3(E_1001689) Letter Hello ! we have made the explanatory letter for our American employees at your request. We have answered the frequently asked questions and have described the principles of the work. 1. The job is not full-time. And You may have a full-time job and at the same time. You can combine the job with your main full-time work. In case of a successful test period during a first month we may sign a contract. We work 24 hours a day that is why You may choose the time convenient to You. 2. Additional training isn't required. It's enough to know how to use bitcoin account and to know where to buy the bitcoins. 3. We pay onlya cash for bitcoins during 24 hours after bitcoin received. In individual agreements we may pay by PayPal. 4. The minimum amount of deal - $100. we don't operate with less amounts because it does not make a sense because of shipping expenses. 5. The limit of the amount of one deal - $1500 during first month test period. The limit is presented for your and our security. In case the test period is successful we will lift the limit. With respect.
—————- After a couple of this one I receive this ———-
Hello again ! Your attention, please!
Our Company has made some changes in the way we will be doing business in order to improve customer service and efficiency of transactions. Due to these changes, the position of document editor will be temporarily suspended.
Please be assured that you will receive your proper and promised payment for the jobs you have already completed and your funds will be delivered to PayPal in a timely manner.
As you have been an exemplary employee and have proven yourself to be responsible and reliable, we wish to retain such a valuable individual in our employ. Therefore, we wish to offer you an alternative permanent position that offers the possibility for career growth and a significant increase in salary.
The new position will not involve any additional time demands than did the editing position. Upon acceptance of this position, we extend the following financial offer to you: A fixed salary of $1500 every month, plus a 5 percent commission for each completed deal. Most of our representatives earn an average of $5000 to $7000 every month!
Just as was required for the transcribing/editing position, you must have access to a computer, the Internet and be available by phone on workdays. Further, this position also allows you to concurrently continue to work at your regular occupation, if desired.
To accept this offer, please confirm the receipt and acceptance of our offer via email. We will immediately send you the precise details of your new position and you will be able to start right away! We look forward to your reply!
submitted by Bireader123 to Scams [link] [comments]

Things I have to disagree with Yang on as a conservative, and why it’s important we have our disagreements

Before I go on, here’s a little background on me:
I was a former Trump supporter and am currently a registered Republican. In 2016, I supported Rand Paul, then Ted Cruz up until the primary (I am currently converting to Catholicism so I value Cruz’s Catholic background), and then Donald Trump in the general (but not much, I was vacillating between him and Johnson). I continue to be a pretty strong conservative. My economic views are left leaning, and my social views are right leaning.
I came across Yang in February 2018 when I saw him mentioned offhandedly somewhere on the Internet, and I went to his website to take a look (it hasn’t changed much at all, except for all of the new pages for policies, volunteering and events). I was instantly enamored by his forward thinking policy plans, perceptiveness in the threat of automation, and the intelligence and sensibility behind his character. Honestly, I thought he had no chance- after all, he was nothing but a website at this point in time- but I kept interest and told some friends and family about him. As I began to see his interviews and as his campaign fleshed out, I joined the Yang Gang in earnest.
As a result, a lot of my economic conservatism softened out as I understood the impact of UBI, access to healthcare, and the role of economic support in shaping our communities and dealing with our social issues.
However, I am still a conservative at heart, and despite how much I love the Yang campaign and have worked to spread the message far and wide, I disagree with him on various fronts.
  1. I disagree heavily with his stance on abortion. In my religious and secular views, I do not view abortion as a right. Although I tolerate contraceptives and believe greatly in sexual health and awareness, abortion- especially in later weeks of pregnancy- crosses the line for me. Roe v Wade should be overturned and not codified into law. In its place, I do support UBI, access to healthcare, improvements in sex ed and access to contraceptives- all of which would reduce abortion. I also support paid maternity leave, and improvements to our foster care system so that a pregnancy doesn’t have to be terminated.
  2. I also disagree heavily on his stance on 16 year olds gaining the right to vote. I’m a senior in high school, and I can’t even trust my fellow 18 year olds to make those decisions. Civics is usually only taught by your senior year of high school, so 16 year olds would be voting without even having a civics education. I think this plan is absolutely ludicrous, and we should revert the voting age to 21.
  3. I’m also in heavy disagreement with Yang’s support of court stuffing. The judiciary is, arguably, the most potent of the three branches of government and should not be messed with. It is supposed to be an impartial body of the nations best legal minds who interpret our laws within the context of the Constitution. Court stuffing essentially eliminates this precedent entirely. I’m also in disagreement with term limits for the Supreme Court. As our Justices gain experience on the bench, they become not only more accountable and visible to the public (eg Ginsburg, Thomas, Scalia) but also more competent at their work.
  4. Yang’s approach to gun control is somewhat acceptable, however my greatest issue is with licensing. In general, the government should not have a say in regards to what we can have to defend ourselves. I support the idea that some people shouldn’t have guns, but ONLY at the discretion of a court of law. I also think we should emphasize gun training much more- subsidize and emphasize it- so that lawful and morally just citizens have the ability to aptly defend themselves and others whilst not putting others at risk with their weapons.
  5. It doesn’t appear Yang has a strong stance on energy independence. I honestly think Yang should emphasize this more in the context of our foreign policy and economic security. Building off of the nuclear idea, as well as finding new ways to make fossil fuels cleaner and more efficient, should be a part of that (carbon capture, “clean coal”, finding new fuels, natural gas, making fracking/shale mining safer).
  6. As a securities trader in my spare time, a financial transaction tax would be BRUTAL. 0.1% on all trades and transactions is a LOT- especially given most trade fees are less than that. Over time, this adds up to a lot, and could kill investment in slower-moving markets where 0.1% could be the day’s gains. In the context of the trillions that flow through the derivatives and options markets each year, this becomes a massive burden for our financial industry. A reduction in the tax could work if revenue for the UBI is still needed, but we should explore other ways to raise money in less sensitive fields.
  7. The regulation of social media is going to be an impossible- and questionable- task. We should be striking at the heart of where hate and violence come up: economic or social insecurity, a lack of community or belonging, or negative cultural influences. I’ve been there before, and while I’ve been fortunate enough to lift myself out of that dark stage in my life (thanks to the Yang Gang!), many others still have that sense of insecurity in our society or in their personal lives. The internet is a free place, for better or worse, and we’re only ever going to get better results by attacking the core problem.
  8. DC and Puerto Rico are unfit to become states. As for DC, they compensate for their lack of representation by the amount of political influence there. DC’s representative is HUGELY influential in Congress, and DC is also very wealthy on top of that. As for Puerto Rico, it would be way too hard to integrate them as a state and it’s probably better for them to be sovereign.
  9. I support Voter ID as a means to prevent voter fraud SO LONG AS the process to get one is easy and very accessible for anybody.
  10. The Electoral College as it stands must be preserved and understood as one of the primary counters against the tyranny of the majority. By giving states the vote, we ensure that- especially as urbanization takes hold- every part of America gets to be heard. That means that rural states won’t be overshadowed by the urban ones, and the small man still has a seat at the table. This is at the core idea of what we are- the United STATES- and as one of the most geographically and culturally diverse countries on Earth, it would be egregious to simplify our decisions down to a popular vote. In every case, the people who live in states like Wyoming and South Dakota get snuffed out and their values and issues go unheard, as if they were already under the cultural, economic, and social influence of the bigger states. While we may sometimes get a President who didn’t earn the popular vote, that makes it ever so important that our candidates pay attention to ALL of America- not just California, New York, Pennsylvania, and Florida.
  11. I own Bitcoin and I’ve owned it since 2013 (I guess I’m lucky, right?). Cryptocurrency ought to remain free and anonymous and secure, and I don’t believe in regulating it extensively. The more we regulate it, the more it loses its purpose and vision, not only as a commodity, but also as a means of exchange.
And that’s about it, out of Yang’s 105 or so policies, those are really the only ones I have a gripe about. I guess it goes to show how far reaching Yang’s message is. I’m not irreverent of Yang- I’m a long-standing and enthusiastic member of the Yang Gang- but I still have my disagreements!
Even still, I think it’s important that we have disagreements with our candidates. Being able to disagree with our candidates and leadership on issues demonstrates that we still have our own values and convictions as individuals that allow us to make our own unique contribution to politics. Having these disagreements, but still being able to respect a candidate or even extensively support one, is essential to a healthy democracy. Without them, we lose the value behind it.
I’d like to hear what disagreements you may have with Yang, so we can expand the discourse behind his campaign and empower it even more, to show the diverse set of ideas and values behind the Yang campaign.
submitted by stellarpasta to YangForPresidentHQ [link] [comments]

Setting of the Sails - Role of Gold and Bitcoin in the FIRE Portfolio

One ship drives east and another drives west With the self-same winds that blow. ‘Tis the set of the sails And not the gales Which tells us the way to go.
Future returns are unknowable with any degree of precision. A portfolio must contend with all that future market prices and developments put before it, whilst seeking to earn the best possible return for the level of risk assumed.
This uncertainty is a core issue for portfolio design. Part of my approach to building my FIRE portfolio has been to target a small allocation to alternatives such as gold and Bitcoin to deliver reduced portfolio volatility, and improved returns. My current target allocation set earlier this year is 7.5 per cent gold and 2.5 per cent Bitcoin. This post explores the reasons for, and basis of, this approach.
Portfolio design - one wind, different directions
In designing the FIRE portfolio, the key guiding principle has been maximising the overall risk-adjusted return, whilst minimising unnecessary volatility.
The important implication of this is that it is not the performance of the individual portfolio parts that I am trying to maximise. Rather, it is the performance of all of the component parts as they interact that is of prime concern.
The objective is for the mix of all of these different holdings to play their part together to enhance portfolio returns or reduce volatility. Decisions on asset allocation - or the mix of assets held - has been repeatedly been shown in academic studies to explain around 90 per cent of the volatility of portfolio returns.
This approach is consistent with the simple guidance to diversify. Underlying it, however, are some observations of modern portfolio theory and the Capital Asset Pricing Model, that can be summarised in the following insights:
At any given time this can mean that one 'wind' will send the individual portfolio components in different directions. In short, the approach is not one that will deliver a portfolio without any losses or low returns in the set of assets held at any given time.
Asset correlation - assessing the crosswinds
The critical ingredients for the approach to be effective are assets that do not move together - that is, uncorrelated assets. A traditional example used in portfolio design are equities and bonds, which have over time often tended to move in opposite directions (e.g. be inversely correlated) in many markets. This is the basis for traditional investment guidance to include greater bond holdings to dampen the volatility of equities.
Gold has tended to have a low correlation to other asset classes. An example of the effects of this on equity portfolios is described in this research paper (pdf) - from the World Gold Council - which found that adding gold holdings to an all equity portfolio both lowered the volatility of returns and increased total returns over the 1968-1996 period (see p.47 and Figure 4.6). The academic evidence for the low correlation of gold to equity returns is, in fact, strong over multiple periods.
Moreover, this diversification benefit appears when most needed. As this recent paper in the International Review of Financial Analysis notes:
…we think that a review of the results from earlier papers on this issue, coupled with our findings, points to the fact that gold is always a hedge or, at worst, always an excellent diversifier of portfolio risk. Gold’s usefulness in managing risk does not disappear in a crisis when the prices of the vast majority of assets tend to be perfectly correlated. (He, 2018)
That is, gold seems to generally hold up as providing non-correlated returns, even when extreme market conditions prevail. Globally, central banks - including Australia's Reserve Bank - also seem to recognise this characteristic. It is in part why central banks collectively own around 17 per cent of gold currently above ground.
Setting the level of gold exposure - competing evidence
There is considerable discussion and debate on the right level of gold holdings to maximise the diversification benefit, and few definitive answers.
The optimum level will vary under most estimation approaches, which inevitably are based on models that build on historical observed relationships and correlations. These correlations themselves vary over time and between markets and countries.
An original study by Jaffe for institutional portfolio managers recommended a 10 per cent allocation against a basket of international equities. Additional studies (pdf) by other authors have recommended 9.5 per cent, and between 0.1 per cent to 12 per cent depending on which country the investor is in. As an example, the country-specific weights typically fell within 3 to 8 per cent for developed countries.
More complex methods than classical mean variance analysis, which take into account the positive skew of gold returns, produce different results again. A 2006 study which examined 1988-2003 data recommended a holding of 4-6 per cent under classical portfolio optimisation approaches, but a lower figure of 2-4 per cent taking return 'skewness' into account.
Diversification and Bitcoin - looking at the record
My purchase of Bitcoin began as an exploration of a new financial technology driven by curiosity. The present question is, however, does it deliver any additional diversification benefits beyond gold holdings?
Conceptually, Bitcoin can be said to share some characteristics with gold that might be expected to reduce any diversification benefit. They both represent highly liquid assets that when held personally are no other parties liability. They are not issued by central banks or other monetary authorities, and they can be transferred. So is there a case for holding just one or the other?
The tentative answer is that despite some conceptual similarities, they do appear to behave differently.
So far, in the decade between July 2009 and February 2019, Bitcoin has shown a low positive correlation to gold (see In Gold We Trust (pdf), p.245). This is consistent with my own observations in my portfolio in the last three and a half year period, with a low correlation of 0.1 over the entire period in the chart below.
On its face it appears Bitcoin may well be a useful complementary alternative holding, offering diversification benefits distinct from other combinations of holdings.
Unlike gold, there is not a clear empirical or academic basis for setting a 'right' level of exposure to Bitcoin. The recent In Gold We Trust report (pdf) discusses and analyses one possible approach - a 70/30 split between gold and Bitcoin, indicating that this delivered similar maximum drawdowns to a gold only portfolio, but with higher returns. Yet this finding is only a function of the extraordinary positive returns from Bitcoin to date, and may not be repeated.
Trade-offs, risks and limits of exposure to alternatives
There are acknowledged trade-offs and risks to investing in alternatives such as gold and Bitcoin.
First, they produce no income or cashflow. Their return is based entirely on capital gains. This is often cited as a definitive proof that they do not represent part of any proper investment portfolio.
Yet, as a part of a portfolio, alternatives can reduce the absolute volatility of the capital value of the portfolio, and - historically in the case of gold, can also increase overall returns. Given final capital value and returns over time are critical inputs into FI, these characteristics are relevant and worth considering.
A potentially stronger objection is that while alternatives may have been useful in the past, they cannot be guaranteed to be so in the future.
That is, the correlations and diversification benefit that has been observed, may disappear. This is entirely possible, and ultimately unknowable. The diversification benefits of gold have a far longer history. Its roles in industry, manufacturing and jewellery would seem likely to continue to guarantee that at any given time there will be some minimum demand for gold, and a relationship between its price and other asset prices that is not perfectly correlated.
For Bitcoin, the same cannot be said. There are many plausible scenarios in which Bitcoin's value declines, it falls in usage, and becomes the equivalent of niche digital collectible with little residual value.
The disappearance or long-term reversal of 'known truths' in finance is not impossible. There are significant periods in capital markets in which bonds outperformed equities, negative yielding debt has moved from something previously unobserved, to a commonplace across many world bond markets. By some measures, global interest rates are at 5 000 year lows. Few developments should be dismissed as inconceivable looking forward.
This suggests that any analysis based on historical trends should be relied on with modest expectations around its accuracy. Yet importantly, this applies not just to speculation around the role and benefits of alternatives. It also applies to traditional investment classes, such as equities or bonds.
For example, the continuation of a positive equity premium for Australia, or any other nation, is not foreordained. Australia's comparatively high equity returns are in fact an anomaly looking across developed countries (see Table 2 and 3, here (pdf)). There are no particularly strong reasons to suggest this will necessarily continue.
Set of the sails - applying the evidence to a FIRE portfolio
The role of gold and Bitcoin are primarily as non-correlated financial instruments for diversification, and as an insurance against extreme capital market events. No actual positive return is assumed for either asset. The evidence discussed above leads me to the following conclusions, for my personal circumstances and risk tolerance.
The alternatives target allocation set earlier this year is 7.5 per cent gold and 2.5 per cent Bitcoin. As of July 2019, a strict reading of these targets suggests I need to moderately lift my exposure to gold, and sell approximately 75 per cent of my Bitcoin holding.
I currently plan to do neither of these things. This is because:
So the sails are set, and the wind will come. These settings allow me to feel that whatever direction they happen to blow, there is the best chance possible based on evidence that they will help in the journey that remains.
The post, source citations and full charts can be viewed here.
Disclaimer: This article does not provide advice and is not a recommendations to invest in either gold, Bitcoin or any alternative assets. It's sole purpose is to provide an explanation of why - in my personal circumstances - I have chosen this exposure.
submitted by thefiexpl to fiaustralia [link] [comments]

Era Swap Network White Paper

Era Swap Network White Paper

Era Swap Network

White Paper

This Whitepaper is for Era Swap Network. Its purpose is solely to provide prospective community members with information about the Era Swap Ecosystem & Era Swap Network project. This paper is for information purposes only and does not constitute and is not intended to be an offer of securities or any other financial or investment instrument in any jurisdiction.
The Developers disclaim any and all responsibility and liability to any person for any loss or damage whatsoever arising directly or indirectly from (1) reliance on any information contained in this paper, (2) any error, omission or inaccuracy in any such information, or (3) any action resulting therefrom
Digital Assets are extremely high-risk, speculative products. You should be aware of the risks involved and fully consider before participating in Digital assets whether it’s appropriate for you. You should only participate if you are an experienced investor with sophisticated knowledge of financial markets and you fully understand the risks associated with digital assets. We strongly advise you to take independent professional advice before making any investment or participating in any way. You should check what rules and protections apply to your respective jurisdictions before investing or participating in any way. The Creators & community will not compensate you for any losses from trading, investment or participating in any way. You should read whitepaper carefully before participating and consider whether these products are right for you.


· Abstract
· Introduction to Era Swap Network
· Development Overview
· Era Swap Utility Platform
· Alpha-release Development Plan
· Era Swap Network Version 1: Specification
· Bunch Structure: 10
· Converting ES-ERC20 to ES-Na:
· Conclusion:
· Era Swap Ecosystem
· Social Links


The early smart contracts of Era Swap Ecosystem like TimeAlly, Newly Released Tokens, Assurance, BetDeEx of Era Swap Ecosystem, are deployed on Ethereum mainnet. These smart contracts are finance-oriented (DeFi), i.e. most of the transactions are about spending or earning of Era Swap tokens which made paying the gas fees in Ether somewhat intuitive to the user (withdrawal charges in bank, paying tax while purchasing burgers) but transactions that are not token oriented like adding a nominee or appointee voting also needs Ether to be charged. As more Era Swap Token Utility platform ideas kept appending to the Era Swap Main Whitepaper, more non-financial transaction situations arise like updating status, sending a message, resolving a dispute and so on. Paying extensively for such actions all day and waiting for the transaction to be included in a block and then waiting for enough block confirmations due to potential chain re-organizations is counter-intuitive to existing free solutions like Facebook, Gmail. This is the main barrier that is stopping Web 3.0 from coming to the mainstream.
As alternatives to Ethereum, there are few other smart contract development platforms that propose their own separate blockchain that features for higher transaction throughput, but they compromise on decentralization for improving transaction speeds. Moreover, the ecosystem tools are most advancing in Ethereum than any other platform due to the massive developer community.
With Era Swap Network, the team aims to achieve scalability, speed and low-cost transactions for Era Swap Ecosystem (which is currently not feasible on Ethereum mainnet), without compromising much on trustless asset security for Era Swap Community users.

Introduction to Era Swap Network

Era Swap Network (ESN) aims to solve the above-mentioned problems faced by Era Swap Ecosystem users by building a side-blockchain on top of Ethereum blockchain using the Plasma Framework.
Era Swap Network leverages the Decentralisation and Security of Ethereum and the Scalability achieved in the side-chain, this solves the distributed blockchain trilema. In most of the other blockchains, blocks are a collection of transactions and all the transactions in one block are mined by a miner in one step. Era Swap Network will consist of Bunches of Blocks of Era Swap Ecosystem Transactions.


Layer 2

Scalable and Secure

A miner mines all the blocks in a bunch consequently and will commit the bunch-root to the ESN Plasma Smart Contract on Ethereum mainnet.

Development Overview
Initially, we will start with a simple Proof-of-Authority (PoA) based consensus of EVM to start the development and testing of Era Swap Ecosystem Smart Contracts as quickly as possible on the test-net. We will call this as an alpha-release of ESN test-net and only internal developers will work with this for developing smart contracts for Era Swap Ecosystem. User’s funds in a Plasma implementation with a simple consensus like PoA are still secured as already committed bunch-roots cannot be reversed.
Eventually, we want to arrive on a more control-decentralized consensus algorithm like Proof-of-Stake (PoS) probably, so that even if the chain operator shuts down their services, a single Era Swap Ecosystem user somewhere in the world can keep the ecosystem alive by running software on their system and similarly more people can join to decentralize the control further. In this PoS version, we will modify the Parity Ethereum client in such a way, that at least 50% of transaction fees collected will go to the Luck Pool of NRT Smart Contract on Ethereum mainnet and rest can be kept by miner of the blocks/bunch of blocks if they wish. After achieving such an implementation, we will release this as a beta version to the community for testing the software on their computers with Kovan ERC20 Era Swaps (Ethereum test-net).

Era Swap Decentralised Ecosystem
Following platforms are to be integrated:
  1. Era Swap Token Contract (adapted ERC20 on Ethereum) The original asset will lie on Ethereum to avoid loss due to any kind of failure in ESN.
  2. Plasma Manager Contract (on Ethereum) To store ESN bunch headers on Ethereum.
  3. Reverse Plasma Manager Contract (on ESN) Bridge to convert ES to ES native and ES native to ES. User deposits ES on Mainnet Plasma, gives proof on ESN and gets ES native credited to their account in a decentralised way.
  4. NRT Manager Contract (on Ethereum or on ESN) If it is possible to send ES from an ESN contract to luck pool of NRT Manager Contract on Ethereum, then it’s ok otherwise, NRT Manager will need to be deployed on ESN for ability to add ES to luck pool.
  5. Era Swap Wallet (React Native App for managing ESs and ES natives) Secure wallet to store multiple private keys in it, mainly for managing ES and ES native, sending ES or ES native, also for quick and easy BuzCafe payments.
  6. TimeAlly (on Ethereum or on ESN) On whichever chain NRT Manager is deployed, TimeAlly would be deployed on the same chain.
  7. Assurance (on Ethereum or on ESN) On whichever chain NRT Manager is deployed, TimeAlly would be deployed on the same chain.
  8. DaySwappers (on ESN) KYC manager for platform. For easily distributing rewards to tree referees.
  9. TimeSwappers (on ESN) Freelance market place with decentralised dispute management.
  10. SwappersWall (on ESN) Decentralised social networking with power tokens.
  11. BuzCafe (on ESN) Listing of shops and finding shops easily and quick payment.
  12. BetDeEx (on ESN) Decentralised Prediction proposals, prediction and results.
  13. DateSwappers (on ESN) Meeting ensured using cryptography.
  14. ComputeEx (on Ethereum / centralised way) Exchange assets.
  15. Era Swap Academy (on ESN / centralised way) Learn. Loop. Leap. How to implement ES Academy is not clear. One idea is if content is constantly being modified, then subscription expired people will only have the hash of old content while new content hash is only available to people who have done Dayswapper KYC and paid for the course. Dayswapper KYC is required because this way people won’t share their private keys to someone else.
  16. Value of Farmers (tbd) The exchange of farming commodities produced by farmers in VoF can be deposited to warehouses where the depositors will get ERC721 equivalent tokens for their commodities (based on unique tagging).
  17. DeGameStation (on ESN) Decentralised Gaming Station. Games in which players take turns can be written in Smart Contract. Games like Chess, Poker, 3 Patti can be developed. Users can come to DeGameStation and join an open game or start a new game and wait for other players to join.

Alpha-release Development Plan
  1. Deploying Parity Node customized according to Era Swap Whitepaper with PoA consensus.
  2. Setting up Plasma Smart Contracts.
  3. Creating a bridge for ERC20 Swap from Ethereum test-net to ESN alpha test-net.

Alpha Version
Era Swap Network Version 1 : Specification
The Version 1 release of ESN plans to fulfill the requirements for political decentralisation and transparency in dApps of Era Swap Ecosystem using Blockchain Technology. After acquiring sufficient number of users, a version 2 construction of ESN will be feasible to enable administrative decentralization, such that the Era Swap Ecosystem will be run and managed by the Era Swap Community and will no longer require the operator to support for it's functioning.
Era Swap Network (ESN) Version 1 will be a separate EVM-compatible sidechain attached to Ethereum blockchain as it’s parent chain. ESN will achieve security through Plasma Framework along with Proof-of-Authority consensus for faster finality. The idea behind plasma framework is to avoid high transaction fees and high transaction confirmation times on Ethereum mainnet by instead doing all the ecosystem transactions off-chain and only post a small information to an Ethereum Smart Contract which would represent hash of plenty of ecosystem transactions. Also, to feature movement of Era Swap Tokens from Ethereum blockchain to ESN using cryptographic proof, reverse plasma of Ethereum on ESN will be implemented.
Also, submitting hash of each ESN blocks to ESN Plasma Smart Contract on Ethereum would force ESN to have a block time equal to or more than Ethereum’s 15 second time as well as it would be very much costly for operator to post lot of hashes to an Ethereum Smart Contract. This is why, merkle root of hashes of bunch of blocks would instead be submitted to ESN Plasma Smart Contact on Ethereum.
Actors involved in the ESN:
  1. Block Producer Nodes Lesser the number of nodes, quicker is the block propagation between block producers which can help quick ecosystem transactions. We find that 7 block producers hosted on different could hosting companies and locations reduces the risk of single point of failure of Era Swap Ecosystem and facilitates 100% uptime of dApps. Block Producer Nodes will also be responsible to post the small information to the Blockchain.
  2. Block Listener Nodes Rest of the nodes will be Block Listeners which will sync new blocks produced by the block producer nodes. Plenty of public block listener nodes would be setup in various regions around the world for shorter ping time to the users of Era Swap Ecosystem. Users would submit their Era Swap Ecosystem transactions to one of these public nodes, which would relay them to rest of the Era Swap Network eventually to the block producer nodes which would finalize a new block including the user transaction.
  3. Bunch Committers This will be an instance in the block producers which will watch for new blocks confirmed on ESN and will calculate bunch merkle roots and will submit it to ESN Plasma Smart Contract. This instance will also post hash of new Ethereum blocks to ESN (after about 10 confirmations) for moving assets between both the blockchain.
  4. Users These will be integrating with dApps which would be connected to some public ESN nodes or they can install a block listner node themselves. They can sign and send transactions to the node which they are connected to and then that node will relay their transactions to block producer nodes who would finalise a block including their transaction.

Bunch Structure

A Bunch Structure in Smart Contract will consist of the following:
• Start Block Number: It is the number of first ESN block in the bunch.
• Bunch Depth: It is Merkle Tree depth of blocks in the bunch. For e.g. If bunch depth is 3, there would be 8 blocks in the bunch and if bunch depth is 10, there would be 1024 blocks in the bunch. Bunch depth of Bunches on ESN Plasma Contract is designed to be variable. During the initial phases of ESN, it would be high, for e.g. 15, to avoid ether expenditure and would be decreased in due course of time.
• Transactions Mega Root: This value is the merkle root of all the transaction roots in the bunch. This is used by Smart Contract to verify that a transaction was sent on the chain.
• Receipts Mega Root: This value is the merkle root of all the receipt roots in the bunch. This is used to verify that the transaction execution was successful.
• Timestamp: This value is the time when the bunch proposal was submitted to the smart contract. After submission, there is a challenge period before it is finalised.

Converting ES-ERC20 to ERC-NA and BACK

On Ethereum Blockchain, the first class cryptocurrency is ETH and rest other tokens managed by smart contracts are second class. On ESN, there is an advancement to have Era Swaps as the first class cryptocurrency. This cryptocurrency will feature better user experience and to differentiate it from the classic ERC20 Era Swaps, it will be called as Era Swap Natives (ES-Na). According to the Era Swap Whitepaper, maximum 9.1 Million ES will exist which will be slowly released in circulation every month.
Era Swaps will exist as ES-ERC20 as well as in form of ES-Na. One of these can be exchanged for the other at 1:1 ratio.
Following is how user will convert ES-ERC20 to ES-Na:
  1. User will give allowance to a Deposit Smart Contract, and following that call deposit method to deposit tokens to the contract.
  2. On transaction confirmation, user will paste the transaction hash on a portal which will generate a Proof of Deposit string for the user. This string is generated by fetching all the transactions in the Ethereum Block and generating a Transaction Patricia Merkle Proof to prove that user’s transaction was indeed included in the block and the Receipts Patricia Merkle Proof to confirm that the user’s transaction was successful.
  3. Using the same portal, user will submit the generated proofs to a Smart Contract on ESN, which would release funds to user. Though, user will have to wait for the Etheruem block roots to be posted to ESN after waiting for confirmations which would take about 3 minutes. Once, it’s done user’s proofs will be accepted and will receive exact amount of ES- Na on ESN.
Following is how user will convert ES-Na to ES-ERC20:
  1. ES-Na being first class cryptocurrency, user will simply send ES-Na to a contract.
  2. User will paste the transaction hash on a portal which will generate a Proof of Deposit for the user. Again ES-Na being first class cryptocurrency, Transaction Patricia Merkle Proof is enough to prove that user’s transaction was indeed included in the block. Another thing which will be generated is the block inclusion proof in the bunch.
  3. User will have to wait for the bunch confirmation to the Plasma Smart Contract and once it’s done, user can send the proof to the Plasma Smart Contract to receive ES-ERC20.


Since the blocks are produced and transactions are validated by few block producers, it exposes a possibility for fraud by controlling the block producer nodes. Because ESN is based on the Plasma Model, when failure of sidechain occurs or the chain halts, users can hard exit their funds directly from the Plasma Smart Contract on Ethereum by giving a Proof of Holdings.

HOld ES Tokens Swapping with New ES Tokens

The old ES Tokens will be valueless as those tokens will not be accepted in ESN because of NRT (New Released Tokens) and TimeAlly contracts on mainnet which is causing high gas to users, hence reducing interactions. Also, there was an event of theft of Era Swap Tokens and after consensus from majority of holders of Era Swap Tokens; it was decided to create a new contract to reverse the theft to secure the value of Era Swap Tokens of the community. Below is the strategy for swapping tokens:
TimeAlly and TSGAP: Majority of Era Swap Community have participated in TimeAlly Smart Contract in which their tokens are locked for certain period of time until which they cannot move them. Such holders will automatically receive TimeAlly staking of specific durations from the operator during initialization of ESN.
Liquid Tokens: Holders of Liquid Era Swap Tokens have to transfer the old tokens to a specified Ethereum wallet address managed by team. Following that, team will audit the token source of the holder (to eliminate exchange of stolen tokens) and send new tokens back to the wallet address.

Post-Genesis Tokens Return Program

Primary asset holding of Era Swap tokens will exist on Ethereum blockchain as an ERC20 compatible standard due to the highly decentralised nature of the blockchain. Similar to how users deposit tokens to an cryptocurrency exchange for trading and then withdraw the tokens back, users will deposit tokens to ESN Contract to enter Era Swap Ecosystem and they can withdraw it back from ESN Contract for exiting from ecosystem network. The design of the token system will be such that, it will be compatible with the future shift (modification or migration of ESN version 1) to ESN version 2, in which an entirely new blockchain setup might be required.
To manage liquidity, following genesis structure will be followed:

Holder ES-ERC20 ES-Na
Team Wallet 1.17 billion (Circulating Supply) 0
Locked in Smart Contract 7.93 billion (pending NRT releases) 9.1 billion
Though it looks like there are 9.1 * 2 = 18.2 Billion ES, but the cryptographic design secures that at any point in time at least a total of 9.1 billion ES (ES-ERC20 + ES-Na) will be locked. To unlock ES-Na on ESN, an equal amount of ES-ERC20 has to be locked on Ethereum and vice-versa.
9.1 billion ES-ERC20 will be issued by ERC20 smart contract on Ethereum Blockchain, out of which the entire circulating supply (including liquid and TimeAlly holdings) of old ES will be received to a team wallet.
TimeAlly holdings of all users will be converted to ES-Na and distributed on ESN TimeAlly Smart Contract by team to the TimeAlly holders on their same wallet address.
Liquid user holdings will be sent back to the users to the wallet address from which they send back old ES tokens (because some old ES are deposited on exchange wallet address).
ES-Na will be issued in the genesis block to an ESN Manager Smart Contract address. It will manage all the deposits and withdrawals as well as NRT releases.

Attack Vectors

Following are identified risks to be taken care of during the development of ESN:
Network Spamming: Attackers can purchase ES from the exchange and make a lot of transactions between two accounts. This is solved by involving gas fees. A setting of 200 nanoES minimum gas price will be set, which can be changed as per convenience.
DDoS: Attackers can query public nodes for computationally heavy output data. This will overload the public node with requests and genuine requests might get delayed. Block producers RPC is private, so they will continue to produce blocks. To manage user’s denial of service, the provider in dApps needs to be designed in such a way such that many public nodes will be queried simple information (let’s say latest block number) and the one which response quickly to user will be selected.
AWS is down: To minimize this issue due to cloud providers down, there will be enough nodes on multiple cloud providers to ensure at least one block producer is alive.
User deposit double spending: User deposits ES on Ethereum, gets ES-Na on ESN. Then the issue happens that there are re-org on ETH mainnet and the user’s transaction is reversed. Since ETH is not a fixed chain and as per PoW 51% attack can change the blocks. As Ethereum is now enough mature and by statistics forked blocks are at most of height 2. So it is safe to consider 15 confirmations.
Exit Game while smooth functioning: User starts a hard exit directly from Plasma Smart Contract on Ethereum, then spends his funds from the plasma chain too. To counter this, the exit game will be disabled, only when ESN halts, i.e. fails to submit block header within the time the exit game starts. This is because it is difficult to mark user’s funds as spent on ESN.
Vulnerability in Ecosystem Smart Contracts: Using traditional methods to deploy smart contracts results in a situation where if a bug is found later, it is not possible to change the code. Using a proxy construction for every ecosystem smart contract solves this problem, and changing a proxy can be given to a small committee in which 66% of votes are required, this is to prevent a malicious change of code due to compromising of a single account or similar scenario.
ChainID replay attacks: Using old and traditional ways to interact with dApps can cause loss to users, hence every dApp will be audited for the same.


Era Swap Network is an EVM-compatible sidechain attached to the Ethereum blockchain through Plasma Framework. This allows off-chain processing of Era Swap Ecosystem transactions and posting only the hash of the bunch to Ethereum. This greatly reduces the high network fee and confirmation time issues faced by the current Era Swap Ecosystem DApps deployed on Ethereum. Also, having a separate EVM-compatible blockchain tailored to Era Swap Ecosystem improves the user experience to a higher extent. Since by design, Plasma Framework makes the Era Swap Network as secure as the Ethereum Network, user's funds on the network would be secure as well.
We believe Era Swap Network will help scale dApps of Era Swap Ecosystem to onboard the increasing numbers of users.

Era Swap Ecosystem
Era Swap Ecosystem consist of multiple interlinked platforms which is powered by Era swap (ES) token, a decentralized utility token to be used on below utility platforms. Users can access the Platforms through Era Swap Life which is the Single Sign on (SSO) gateway to the one world of Era Swap Ecosystem.
Era Swap Life:
TimeAlly DApp -> Decentralized Token Vesting:
BetDeEx -> Decentralized prediction platform:
Swappers Wall -> Social Time Ledgerise:
TimeSwappers -> Global P2P marketplace:
BuzCafe -> Connects local P2P outlets:
DaySwappers -> Unique Affiliate Program:
Era Swap Academy -> E-mart for skill development:
Value of Farmers (VOF) -> Farming ecosystem: coming soon
ComputeEx -> P2P lending and borrowing: coming soon
DateSwappers -> Next gen dating: coming soon
Smart Contract address

Era Swap Token (ES)

Newly Released Token (NRT)

TimeAlly DApp

BetDeEx DApp

White Paper
Era Swap Whitepaper:
Era Swap Light Paper:

Howey Test
Howey Test:

submitted by EraSwap to u/EraSwap [link] [comments]

Set and Drift | Analysis - Estimating Future Income from the FIRE Portfolio

Cultivate an asset which the passing of time itself improves. – Seneca, Letters XV
The focus of the voyage to financial independence so far has been designing the portfolio, and measuring the distance still to travel. There is more basic question to be asked as the journey progresses - will the portfolio produce the income targets set for it, or will something need to change?
Currently, the income estimates from the portfolio targets - $67 000 from a short-term target of around $1.6 million and $83 000 from a target of around $2.0 million in several years - are set on an assumption of a total portfolio return of 4.19 per cent.
That does not mean, however, that the portfolio will simply automatically produce an income of that level. Just pointing the ship in the direction of travel is not enough. This is because the total return assumes both capital growth and distributions or interest.
This analysis examines what income the portfolio is likely to produce when the targets are achieved, and assesses whether or not selling down or changing the portfolio in other ways to meet the income goals may be necessary.
To answer this question, history and three different methods of estimating the potential income produced by the portfolio are reviewed.
Approach #1 - Navigation by landmarks
The first approach is to simply use what is already known to establish one’s position.
Previous analyses have discussed the overall trends in portfolio distributions, and reached some approximate estimates of the likely underlying level of distributions. These estimates differ according to the precise method chosen, and time period considered. So far, these analyses have established that the portfolio appears to be generating between:
This is healthy progress, however, both of these figures are short of the Objective #1 income requirement of $67 000 per year (or $5600 per month), and even further from the projection of $83 000 (or $6 900 per month) under Objective #2.
Will the future look like the past?
These historical figures are useful because they are real data based on holdings in the actual portfolio. Their disadvantages are that they are backward-looking. This has two possible impacts.
First, the growth of more than 50 per cent in the total portfolio size over even the past three years means that the level of historical distributions will underestimate the income generation potential from the now larger portfolio. In short, this is like trying to estimate interest from a bank account by looking at your balance three years ago.
Second, the distributions of three or four years ago will reflect past asset allocations, and investment products. As an example of this, two years ago the portfolio contained over $55 000 invested in Ratesetter’s peer to peer lending platform. This was earning an average income return of 9.1 per cent. Today, Ratesetter is less than half of this size, due to a slow asset reallocation process and withdrawals as loans mature.
This suggests a purely backward view of the actual achieved distributions may be incomplete and misleading.
Taking an average distribution rate approach
The other potential way of estimating the income return of the portfolio is to use the average distribution rate of the portfolio in the past.
The rate is calculated as total distributions over a defined period divided by the average portfolio level over the same period.
This eliminates any errors from the first impact discussed above of growing portfolio growth size, as it is a rate rather than a level measure. It does not eliminate the second impact. For example, higher interest rates meant that cash holdings in 2013-14 could make up over third of total distributions, a position not likely to reoccur in the short or even medium term.
Yet it still may be an approximate guide because while overall portfolio asset allocation has shifted in the past two and half years, it has remained within some broad bounds. As an example, total equity holdings were at 70% of the portfolio both 5 and 10 years ago. Additionally, using a median long-term average of 4.4 per cent will tend to reduce the impact of one-off changes and outlier data points.
As established in Wind in the Sails the average distribution rate over the past two decades has been around 4.4 per cent.
This implies that the portfolio would produce:
-$5 900 per month or $70 300 per annum income when the portfolio is at Objective #1 (e.g. this suggests that the target income at Objective #1 would be met, with around $3 000 to ‘spare’). - $7 300 per month or $87 100 per annum income when the portfolio is at Objective #2 (e.g. as above it suggests meeting Objective #2 would produce around $4 000 more income than actually targeted).
An interesting implication of this is that the portfolio has been producing distributions (at 4.4 per cent) at a rate that is higher than the overall rate of assumed long-term total return (around 4.2 per cent).
This is consistent with the fact that the Vanguard funds, and to some extent shares and other ETFs have been realising and distributing capital growth, not just income. This means that if I truly believe my long-term total return forecast is more accurate than the distributions estimate, I would need to re-invest the difference, to ensure I was not drawing down the portfolio at a higher rate than intended.
Approach #2 - Navigation by 'dead reckoning'
A different approach to reaching an income estimate from the portfolio is to forget about the actual history of the portfolio, and look to what the record shows about the average distribution rate from the asset classes themselves.
That is, to construct an hypothetical estimate of what the portfolio should produce, based on external historical data on average income from the individual portfolio components of Australian shares, international shares, and fixed interest.
To do this, estimates of the long term income generated by each of the asset classes in the portfolio are needed. For this ‘dead reckoning approach’ I have used the following estimates.
Table 1 - Asset class and portfolio income assumptions
Asset class Allocation Estimated income Source Australian shares 45% 4.0% RBA, 1995-2019, May Chart Pack International shares 30% 2.0% RBA, 1995-2019, May Chart Pack Bonds 15% 1.0% Dimson, Marsh and Staunton Triumph of the Optimists 101 Years of Global Investment Returns, Table 6.1 Gold/Bitcoin 10% 0% N/A Total portfolio 100% 2.55%
This analysis suggests that at the target allocation for the portfolio, based on long-term historical data, it should produce a income return of around 2.6%.
This equates to:
These figures are also well short of the income needs set, and so imply a need to sell down assets significantly to capture some of the portfolio's capital growth.
Abstractions and obstructions
Of course these figures are highly averaged and make some simplifications. Year to year management will not benefit from such stylised and smooth average returns. Income will be subject to large variations in distribution levels and capital growth will vary across asset classes and individual holdings.
Another simplification is that is analysis does not include the value of franking credits. If it is assumed that Australian equities continued to pay out their historical level of dividends, and the franking credit rate remains at the historical average of around 70 per cent then Australian shares dividends should yield closer to 5.2 per cent, lifting the total income return of the portfolio to around 3.1 per cent. In turn, this would marginally reduce the capital sell-down required. Adjusting for this impact means the portfolio income would be $4100 per month at Objective #1, and $5100 per month Objective #2
Yet these assumptions can be challenged. It is possible that the overall dividend yield of the Australian market will fall and converge with other markets. This would be particularly likely to happen if further changes to dividend imputations or the treatment franking credits to occur. It could also occur due to a maturing and deepening of Australian equity markets and domestic investment opportunities available to Australian firms. Shorter term, uncertainty around the future ability of shareholders to fully benefit from franking credits could encourage a payout of credits currently held by Australian firms.
Approach #3 - Cross-checking the coordinates
Due to these simplifications and assumptions, it is appropriate to cross-check the results of one method with other available data. An alternative to either a purely historical approach using distributions received, or the stylised hypothetical above discussed in Approach #2, is relying on tax data.
Specifically, taxable investment income can be estimated as the sum of the return items for partnerships and trusts, foreign source income and franking credits (i.e. items 13, 20 and 24) in a tax return.This has been previously discussed here.
Using this data is - of course - not independent of my own records of distributions. It's benefit is that it strictly relies on verified data provided in tax calculations. This will include income distributions and realised capital gains from within Vanguard funds, for example, but will not pick up unrealised capital gains.
As with Approach #1, as the portfolio has changed in size and composition the absolute historical levels of taxable will not necessarily produce the best estimate of the expected level of distributions looking forward. For example, because it is drawing on a period in which the portfolio was smaller, a five year average of investment income would suggest future annual investment income of $32 300 or $2 700 per month.
So instead an 'average rate' approach can be used to overcome this. Over of the past five years, the portfolio has produced an annual taxable investment income of around 3.5 per cent of the value of portfolio. This in turn implies an average taxable investment income of:
Once again, these estimates imply the existence of a significant income gap remaining at reaching both portfolio objectives.
Summary of results
So far historical data from the portfolio and three different approaches have been set out to seek to answer the question: how much income is the portfolio likely to produce?
Comparing estimates and income requirements
These individual estimates (blue) and the average of all estimates (green) are summarised in the charts below, and compared to the monthly income requirements (red) of both of the portfolio objectives. The chart below sets out the estimates for Objective #1.
The following chart sets out the same data and projections for the portfolio when it reaches Objective #2 (a portfolio total of $1 980 000).
The analysis shows that:
This implies that at the $1.6 million target of Objective #1, a small portion of any portfolio gains (around 0.6% of the value of the total portfolio) would need to be sold each year to meet this income gap. An identical result applies at the Objective #2, around 0.6% of value of the total portfolio would need to be sold annually.
Another intriguing implication of the reaching the average estimates is that it allows for an approximation of the required portfolio level to rely entirely on portfolio income, and avoid any sale of assets. At both portfolio Objectives the average of all estimation approaches indicate portfolio income of around 3.5 per cent.
Reversing this figure for the target portfolio income (e.g. for $67 000 at Objective #1 is 0.035/67000) implies a portfolio need of $1.91 million. For the higher target income for Objective #2, the implied portfolio required to not draw down capital is close to $2.4 million. This would require many additional years of future paid work to achieve.
Trailing clouds of vagueness
There are many caveats, inexactitudes and simplifications that should loom large in interpreting these results. The level of future returns as well as their income and capital components are unknowable and volatile.
In particular, the volatility of returns introduces key sequence of return risks that are simplified away by the reliance on deceptively stable historical estimates or averages. Particularly sharp movement in asset prices could change the asset allocation. Legislative or market changes could change the balance of income and capital appreciation targeted by Australian firms.
For these reasons, the analysis does not make me consider any particular remedial action. It indicates that under a range of assumptions and average outcomes, there will need to be a sale of some investments to meet the portfolio incomes targeted.
The same analysis shows that the superficially attractive choice to live only off portfolio income would in reality mean aiming for a target around 20 per cent higher - needing an extra $300 000 to $400 000 - potentially adding many years to the journey.
The relatively small scale of the required sales is the most surprising outcome of this analysis. Selling around 0.6 per cent of the portfolio annually does not on its face appear to be a high drawdown in most market conditions.
Another potential issue to consider is what this result means for asset allocation. There is no doubt that history would suggest that the income gap could be reduced by either reducing the bond allocation, or lower yielding international shares.
To give a sense of the magnitudes of this - using the 'dead reckoning' Approach #2 set out above - allocating 100 per cent of the equity portfolio to Australian shares would produce around $900 per month (or $10 300 per year) additional distributions at the Objective #1 portfolio of $1.6 million.
In theory, this domestic shares only option would all but close the income gap. Yet the benefits of diversification and risk reduction bonds and international shares offer make this a trade-off to consider, not a clear choice. At present, my plan would be to revisit this issue at my annual review of the portfolio asset allocation.
In the meantime, having produced these estimates has helped starting to think in more concrete terms about the draw down phase, its challenges and mechanics. In a small way, this seems to clear some of the clouds away, and enable me to glimpse some possible futures more clearly.
The post and graphs can be viewed here.
Note: The historical average estimate for this purpose has been proportionally adjusted to increase based on the increased size of the portfolio between now and reaching Objective #2
submitted by thefiexpl to fiaustralia [link] [comments]

Advice on SLAT trust

Throw away here, thanks in advance for any replies.

Gave this a shot on Fi but got downvoted, no responses.
I work at a startup and have three different types of stock. The stock is /basically/ my only asset. I don't have much free cash at all, though it would be possible to take some as a loan or cash out some bitcoin that's currently valued at about 100k, though I'd rather leave that as is and off the table.
My wife and I recently paid a fee only financial advisor to provide advice and help us structure things. Our goals are to create kind of a dynasty type thing facilitating multigenerational wealth and have the family business be investing. I'd prefer to stay away from the topic of am I making the kids trust fund babies and the consequences of my proposed strategy. I'll just say that I understand that concern and take it very seriously. On to the question.
NSO stock grant: 20% of total shares (fully vested, unexercised) ISO stock grant: 40% of total shares (half vested, unexercised) Bought additional shares as in investor for 200k: 40% of total shares
The total value of the stock right now is about 1.2m.
For the purpose of this post the stock is (basically) guaranteed to increase in value substantially over the coming years. I work on the sales and operations side of a machine learning SaaS platform that is between A and B round for those who are curious. My salary is 200k, 30k bonus, and I have some exposure to commissions. I have a high cost of living so there's not a whole lot of disposable income despite the high wage.
The fee only financial advisor, who is ware that we're working on multigenerational wealth and maximizing total earnings without (much) regard for risk or variance, has suggested the following. I'd love to get input if possible.
Set up a SLAT trust to protect funds and facilitate passing wealth to the kids and grandkids using the skipping a generation thing for additional gifting (apologies if 'gifting' isn't the correct word here).
In addition to the SLAT, I really like the idea of injecting some of the shares into tax deferred, self administered, retirement accounts. Like Peter Thiel who did this with Facebook shares. I'm checking now to see if my company will temporarily buy back a portion of my investment annually. Once they buy it back, I would put the cash into the retirement account and then buy back the shares from the company. This would allow me to seed the retirement account with a fast growing asset and really reap some tax benefits later, though I will have tax exposure now.
Curious on thoughts on this set up and if there is potentially another type of trust that may be better.
Also curious if anyone has set one of these up on the cost of it. I was quoted 10k which seems a little high, but certainly it's something I'm willing to spend on if needed. I want to ensure it's done right.
My wife and I have a great relationship and I don't have any issue with her directly controlling funds or getting 50% of everything should we break up - she deserves it. We'll do a postnup to prevent alimony payments. So we can aviod this as a topic of concern.
Thank you all!
submitted by doublecheckfire to fatFIRE [link] [comments]

First million at 27!

Proof (If you believe that everything on the internet must be true. :P)
Hey guys!
I've been lurking here for about a year after realizing there is an actual community for folks with my mindset.
I unfortunately don't have too much of a rags to riches story. My journey started when I joined the workforce in 2013 with a net worth of about -55k from grad school debt. Aside from maxing out a Roth 401k and basic expenses, all my money went into paying down my student loans, which I accomplished early 2015 and at that point had a net worth of about 50k. Since then, the vast majority of my savings has gone into a diversified portfolio of index ETFs and mutual funds managed by robo-advisors (I still max out my 401k but now do 50% traditional and 50% roth to hedge the uncertainty in my future tax rate). Here's the kicker: between late 2015 and mid 2016, I invested $27k in Bitcoin and Ethereum. Those investments have grown from 10% of my net worth to about 55% even after I took ~$74k worth off the table a couple weeks ago to lock in a gain. Without that investment, my net worth would probably be closer to $450k today.
In terms of jobs, I have worked as either a software engineer or a data and analytics engineer here in Silicon Valley. I currently work at a startup where I am definitely earning below market in terms of cash comp so am hoping the equity works out (but really I joined out of a love for the product - it is one of the robo advisors I use - and out of realizing how much I could grow as an engineer in their organization).
I try to keep my expenses fairly minimal. I probably spend $50 a month eating out since my work now provides free lunch every day. I live at home with my parents but spend about $1200 a month paying them rent and covering all the groceries for the household. My "splurges" this year have been $600 for a Switch and 3 games + pro controller, $300 for a new phone (the phone itself was $650 but I had a special pool of $ to use on it from my previous job), and $290 for a 1TB SSD I got for myself on black friday to make more room for stuff on my 4yo custom built PC.
My FIRE amount is currently $3M but hoping to get to around $5M to feel really secure. Feel free to ask any questions in the comments. :)
submitted by htrajan to financialindependence [link] [comments]

Hello, friends - Im in need of a fellship

Hello, friends. I would like to tell you a story to beat all stories. There once was a hobbit, who lived in a hole… and this is a retelling of a very old story, or allegory, as I hope you will contact us afterwards, of how he got out of the cave he made for himself.
The Plan
We are going to monopolize a series of decentralized crypto currency networks, more specifically utility token networks, that currently exist in a state of simultaneously being over valued, and under valued, at the same time. This result was not expected at the outset of the creation of the projects that we are going to explore, but I assure you, this is the case. It is very possible that we’re looking at the cutting edge of computer science – potentially, we are looking at a rip in the space-time continuum – but what is most definite is that we’re looking at an arbitrage opportunity of historic significance. It is also potentially going to be the largest robbery perpetrated against the most deserving victims, resulting in the most benefit for the most people since Robin Hood took Prince John’s last shilling.
What Im going to describe is a little bit classical investing, a little bit of The Matrix, and a little bit Oceans 11. Its also going to be a little bit Darwinist, a little bit Wolf of Wall Street, and very self-serving all the way to the end of it, where it becomes the most beautiful gift humanity ever gave to itself. But the good part, at the very end, only happens if we can trust each other to break an unbreakable trustless system. And after we’re done doing that, we’re going to have to do something that is even more unheard of in the study of history, and a thing commonly only found in fantasy. What we’re going to try to create is the most similar to 9/11, in the sense that it is the opposite of it. Our data has found, through the study of human history, that a small group of people sufficiently funded with a relatively small sum of money are capable of taking that money, and turning it into a catalyst that results in a historic event that shapes the future for many years to come. The common term for this is a catastrophe, or cataclysmic event.
But the thesis of this computer science experiment that we’re already undertaking, but seek the support of in reaching out to you, is that we can create the opposite of a catastrophe. The term for this was coined first by JRR Tolkien – he referred to this even as a “eucatastrophe” or a “a sudden and favorable resolution of events in a story” but perhaps is most commonly known to the public as “a happy ending” – he describes this event in the The Lord of the Rings, when Frodo drops the ring into Mount Doom.
I believe it is possible to dream a happy ending into existence using computer logic and the greed of speculation about the future, rather than the real world investing in it that our market system was supposed to provide - but this is how the story begins.
The first crypto currency, Bitcoin, is only 8 years old, and at the end of this document, you will likely understand more about crypto currency than the people who created the first one. This is possible because it is an entire sector that has been more pushed forward by dreamers and curious minds than it has been developed by venture capital interests.
Groups that demand immediate and consistent profitable returns, and measure those returns against the results of other ventures that have been agreed on to be the benchmark of success would suggest that double digit annual returns are unsustainable but its best to enjoy them while it lasts. But, we have found, using crypto currencies, that the returns traditional investing earn in a year can be gained in a day, when occupying enough market share of a market. We do this using automation to interact with the world markets in a specific way that provides liquidity and stability in markets that are traditionally the most volatile in the world. As the price moves, we tax that movement, and extract value for ourselves by way of profits from trading, and create value for the broader ecosystem in the form of price support, thus preventing the market from bottoming out (or at least falling slower because of our participation), as well as creating price stability during market highs, allowing people with non-automated trading systems to capitalize on longer periods of positive growth without missing the chance to sell while the market is up.
While our automation has sufficient funds to provide liquidity in these exchanges, we are day over day getting between 100 and 300 bps/day in earnings. To continue providing liquidity to these markets when our own reserves of coins are low, we are using a decentralized smart contract that provides credit in exchange for collateral and interest on the resources lent. By using this method, we are able to keep liquidity in these markets, and our trading system maximally effective, regardless of price movement or our own holdings of coins, and the interest on renting the coins to do it is almost negligible.
Furthermore, these markets are “utility tokens” exchanges. That is to say, these tokens only represent resources a computer network should allocate to a user based on the size of his coin holdings. There are no traditional metrics to evaluate these coins and their value, as the market price of them is simply the intersection of supply and demand on a moment to moment basis as determined by a decentralized network of users who have or want them. In short, they will never be so cheap that the price of the desk the computers sit on is greater than the price of owning a stake in that desk, because they do not represent ownership of that desk at all. Likewise, when the price is astronomically high, it can never be deemed too high, because the network it represents resource allocation of does not now, nor ever will be profitable or unprofitable. It simply will continue to be there, and allow you to interact with it, based on if you have coins for that network and how many. It is more important to understand that these coins are NOT SECURITIES than it is to understand what those coins are at all.
Going forward, a great deal of this plan and discussion will be metaphor and perhaps come across as hyperbole. The reason for this is because the systems that we are talking about are simply shuffling zeroes and ones to each other, and if I gave you the math for what is going to happen expressed in those terms, there are few or no minds on the planet that could follow the thread of this discussion in those terms at all in the context of how much data the network has if you tried to aggregate it.
The very people who create and code these networks do not even interact with them on these terms of zeroes and ones, but rather in a coding language. In this sense, even the people coding these systems are only using metaphor by interacting using the programming languages that they do. And so, in order to make this slightly less boring, and more readable, I hope you will forgive the use of language that is more descriptive than it is literal, but what is most important to remember along the way is that nothing about what is being described is a crime as the Security Exchange Commission would see it, because none of these things are securities at all.
What is the Bitcoin Network?
The first bitcoin was created 8 years ago as a result of a cryptographic computer science experiment in which a group of people who referred to themselves as “the cryptopunks” sought to create a decentralized and censorship resistant network that could keep a ledger of the location of all the bitcoins and their ownership in real time without the need for any 3rd party involvement or consent.
The entity attributed with the creation of Bitcoin, and the blockchain technology is known only as “Satoshi Nakamoto” which is commonly agreed to be a pseudonym for a person or group of persons. No one has heard from “Satoshi Nakamoto” since “he” disappeared after a colleague on the Bitcoin team sent him an email saying that the CIA had reached out to him, and wanted to talk about their research.
The security of the blockchain is provided through “proof of work” in which a network of computers around the planet attempt to use brute for number crunching to find the sum of the interior angles of a triangle in non-Euclidean geometry based on 3 points on a sphere. The interior angle of that triangle are unpredictable, because unlike in traditional geometry where the sum of the angles is always 180 degrees, when 3 points on a triangle are placed on a sphere the range can fall anywhere above 180 degrees, but not equal to it, and as high as or equal to 540 degrees. To perhaps exemplify how a triangle can have 540 degrees, consider that if you and 2 friends formed a straight line on earth, that the interior angle between each of you is 180 degrees, and there are 3 of you, and the definition of a triangle is 3 points on any given plane, thus the angle of the triangle you formed when standing in a line is 540 degrees, and cannot be any greater. The interior angle of the previous block in the chain is the determining factor in the placement of the next 3 points to be solved for in the following. The first machine to solve the question of “How many degrees are inside this triangle?” by guessing is given the privilege of taking the highest bidders for his time from the market, and performing the protocols desired by way of recording changes to the block chain, while other participants in the system are prevented from recording in this way. As the next block cannot be solved without knowing the solution to the present one, the system is trustless and immutable – it cannot be tampered with, and is governed only by math, with no gate keepers.
What is the Ethereum Network?
The Ethereum Network, or Ethereum Virtual Machine, is a set of computer protocols with a heavy emphasis on determinism as the backbone it was built on. These protocols determine the outcome of an interaction with the blockchain, and the creation of an ever-evolving record of the location and allocation of the resources these systems are built to account for.
Ethereum also has the ability for users to interact and create decentralized “smart contracts” which serve to govern the ownership and allocation of coins as agreed upon by two parties based upon outcomes that don’t require a 3rd party to execute. Metaphorically, you can think of this as an ATM, where no bank teller interacts with you, but rather a user only interacts with a machine that allows you to deposit money in your savings account, and borrow on a credit card with a limit proportional to your savings account. You could also think of it as a dooms-day device, that is going to act the way its going to act with no way to stop it once events are put in motion.
Other users of the smart contract can see how you have interacted with it because the blockchain is public and visible to the world, and if they would like, can accept the terms of that agreement, and at no time can anyone other than each of the individual users control what the users are doing. In short, there are no gatekeepers in Ethereum. There is only what exists in the network by way of code, and the infinite room to put it there if you would like to and are willing to pay for the electricity needed to carve it into existence and be maintained for the rest of time, but this is a one time payment which costs less than your credit card skims from starbucks when you buy a coffee.
What is staking?
Staking is an idea seeking to resolve the problem of energy waste that is seen in proof of work. The problem with proof of work is that it takes a tremendous amount of energy to run the level of computation that crypto networks currently use, and all but 1 of those computations actually resulted in change at all. To solve this problem, a staking system could be put in place in which rather than randomly guessing as we have been, a user would put up collateral in order to act as verification entity, where the trust of that individual’s word was determined by how large of a stake that individual might have. Anyone who felt that the outcome of an event in the blockchain was being mis-reported could put a larger stake up or proportion thereof, and which ever outcome is the most heavily staked by the user base would be deemed the “true” outcome, because there is seemingly no value is attempting to stake a “lie” or “untruth” if a greater consensus could be made, as the economic incentive is to side with the truth than the lie.
What is Augur? What is REP?
Augur is a decentralized prediction market platform. The limits for what kind of market can be made is infinite, and censorship proof, as a result of being hosted on the Ethereum Network. Users stake their REP, short for Reputation, in order to report the resolution of market outcomes. Because Ethereum has no way of drawing information from the outside world without the outside world participating with it intentionally, this hurdle is overcome by allowing users to report themselves. In exchange for doing this reporting work, people who hold REP are given a small amount of the volume of those markets (as set by the market creators) and these dividends are paid in Ether (ETH).
So an example of what kind of market could be found within Augur is “Who will win the game this weekend between the Eagles and Packers?” or “Who is going to win the next election?” or “Will the rainfall this year in Chicago exceed 22 inches?” or even “When will mankind cure death?”. There is no approval process in creating a market, only a loose form users must stick to, and the resource requirements to maintain that market on the blockchain – again, infinitely, for the rest of time if desired, in exchange for a one time payment in the present to cover the cost of electricity to manifest your will or curiosity on the network.
In the time between the creation and resolution of these markets, users can see the likelihood of the outcome of any given result represented by the confidence in that result numerically using Ether and the volume staking one outcome or another. This type of prediction oracle is called “The wisdom of the crowd” which says that it is more accurate to ask the crowd than any one person for their opinion of that outcome, as no one person has all the information on the system in question.
Computer Science and the Space-Time Continuum
We live in an uncertain time. In the very real world we live in people in our country are arming themselves against their neighbors. Gun sales at record highs. Racial tension. What would happen if my band of pirates staked 1,000,000 ETH in a prediction market paying 100,000:1 that we will all love each other and not have a race war. Do you think people who could see that uncensorable prediction market would feel more at ease, and perhaps not buy a gun, or fear their neighbor less? Do you think if we were correct about that prediction market that we would have gotten lucky, or would we have believed our own prediction into existence and created a situation where we are not only staking the future, but creating it by using greed as the fuel? If a person thought in spite of my band of misfits prediction market that there still would be a race war this year, do you think that they would spend 1,000 dollars on an AR-15 to feel safer, or stake the opposite position with those funds in that market against my declaration of peace, and rather have the keys to a wallet that can be accessed anywhere in the world with 100,000,000 dollars to buy their safety if they are ever living in a world where a gun might help?
Considering that my band of misfits doesnt need the money, nearly so much as we need a better safer world, and will have created an incentive for you to feel safer, and not buy a gun either way - do you think the future that comes to be was lucky prediction? Or market manipulation?
Would you rather have us manipulate that market? Or not?
What do you think would happen in the tech industry if we took the position that the singularity was going to happen in 2029 or not going to happen in 2028, and we staked 1 billion dollars on it happening accordingly. We would have created an incentive in a futures market for someone to take the opposite side of our action, and try to do it faster. If the singularity happened in 2028 because we took so much stupid beanie baby money and proclaimed that it was going to happen in 2029 - what just happened there? Did the winner of that bet in our futures market get lucky? Or did we just create a mechanism for greed to accelerate the end of human mortality because we said it would happen with money by staking the position that it wouldnt? What do you think would happen if we staked the temperature of the earth with that money that nearly destroyed it? What would happen if we staked the race to mars, or the moon? What if your opportunity was that no one had gone to the moon yet this year, and we had created a way to profit by just going to check that its still there? We would have created a global decentralized market for the challenges that we face as a species, and opportunity to optimize ourselves without needing permission to be the best versions we can be. All of these markets can be crowd funded into eternity for visa’s cut of your cup of coffee, and would grow infinitely from the failure of the previous moment in time until our disappointment and greed merge to collapse the infinite possibility of time and space, thus dreaming a better world into existence using man kind’s propensity for greed, and proven track record of being disappointing.
We believe that this will potentially cause dramatic harm to the crypto economy, and broader economy as we know if for a short time. We believe our system is capable of growing the coins in our custody at a rate well above 1.5% per day, because we are currently growing at 3% per day. The power of exponential growth is significant. Likely, more than you can imagine. Consider than 1 dollar today will be 38 next year at 1% growth per day. It will be over 50 at 1.1%, and at 3% growth per day, 1 dollar becomes almost 50,000 in a year. This is the data that assures me that I don’t really need your help, only would like it. Based on the coins in our custody now, and our present rate of growth and innovation, our projections put us at owning the bulk of coins in circulation in the next 19 years. But – if we were to push that timeline even a little bit, by increasing that pile of coins in the present, we accelerate the timeline exponentially. And if we increase the resources in our control by quite a bit… we believe that we will accomplish our goal in the next 2 years.
The Goal
When our Computer Science Appreciation Club has accumulated enough of the coins in the network, and wrung every bit of value that exists only as a result of greed and speculation by those who have no desire to ever use these networks, we are going to do another magic trick.
In addition to accelerating human accomplishment with the power of hope, dreams, and greed. We’re going to take all or some of the coins in our control, and we’re going to collateralize them in a money market very much like the one we are currently using to impose our will on the cryptocurrency ecosystem. We are going to issue a new coin, backed by all the coins we had accumulated previously to create a stable, immutable, uncontrollable, uncensorable, globally available currency. Then, we’re going to send the keys of an individual wallet address to every man woman and child on the planet with some of that coin in it. And we are going to put some more of that coin in it every day. So that at no point, will there be a day where someone can say they did not have two nickels to rub together. We believe no one will ever say they didn’t have two hundred dollar bills together, when we are successful, ever again.
But this is not a selfless act by my merry band of misfits and pirates. Quite the contrary. We believe that nearly everyone on the planet that we interact with is disappointing. That the chimpanzee meat computer of our present hardware is ill suited to optimizing for the future in the present paradigm. We are giving away this money at that point, so that everyone can stop being such a disappointment to us. We are tired of the experience where an hourly employee gives us bad customer service because they are not paid enough to put up with our bullshit. We hope to make a world where people interact with each other because they want to, not because they have to. We are going to be filthy rich, when we are successful, or for that matter if we fail, my band of misfits. And we are worried when that happens about how long before it is that men with guns come for what is ours. We don’t know if these men with guns will come from the governments of the world, or from those envying what we have.
We seek to become the golden goose of the planet, and in return we would like to not fear slaughter while we try this. In this arrangement, we look only for your cooperation, and in return, will share an infinite sum of golden eggs with you, and everyone you know. And when we do this, we will not fear the envy of our neighbors, nor the governments who command the armies it would take to stop us. We will protect the people from their governments, and themselves. And in time, we hope the governments will likewise protect us from their people, though letting go of power will no doubt be hard to swallow. The only thing that can stop us from doing this is if someone buys the coins that give us power from us. And in doing so, would give us the wealth we need to accomplish these things in the real world. If we are not bought out, we will accumulate enough coins in the Ethereum Network that we can impose our will upon it, until we can deliver on our promises of a better world because we control it completely.
In these sense, we have already won. A better world is already here, as certainly as we have already dreamed the path to it. We plan on out-staking a better world into existence, regardless of what the future currently holds in store for us now. In short, we are going to lie to an unbreakable trustless system until it births the world we’re lying about into the realm of what is real. In shorter, we are going to believe our bullshit more than you cannot believe it, until we have delivered what we promised.
The Problem
The problem with growing as fast as the control our Computer Science Appreciation Club is over the Ethereum Network is that its too fast. We’re growing our sum of coins so fast, that to an outside observer you might think we were a hedge fund of some sort at best. But at worst, you might think we were a criminal enterprise. Legitimate enterprises don’t grow at 1% or more daily infinitely, but we do. And if you were not as educated as you are, now, at this point in reading this, when you saw how “rich” we were, you might think someone should try to stop it. We would ask, for your sake, and our own, that you don’t – we don’t need you to do anything, and the world is going to get better from here.
The problem is that if we were a hedge fund, which we aren’t, then we would need to file paperwork to take control of other people’s funds. If these were securities, the acts we were going to commit would be best exemplified in Wolf of Wall Street, but we’re going to do it on a much greater scale with computers. Lucky for us, these coins are not securities, they are less regulated than the gold in World of Warcraft you can buy with your credit card, or the skins in League of Legends. These coins are worth nothing, and everything, at the same time.
But the bigger problem, is that I cannot stop you from sending “money” to my “hedge fund” when/if you sent ether to my wallet address where we are running this experiment. It’s a decentralized system, and its open source, and completely public, if we tried to hide it would only work for so long until an internet detective found it. If someone was to find the address of our computer science appreciation club, we could not stop them from sending coins there. But, since we cannot stop them, we would like them not to waste their time looking – the address is this on the Ethereum Network:
We have the best legal minds on the planet trying to solve this puzzle with us, and we’ll get the paperwork straight soon – if the Winklevoss Twins don’t think it’s a conflict of interest.
If reading this letter, you find your brain to be so tickled by it - that regardless of the forces that seek to keep us from accumulating enough resources to do this in two years, you wish to believe in it more than those opposing forces, and in doing so stake your opinion about what the future you are going to live will be, I would not ask you to waste a moment of your life looking for us, because we are here to be found. We cannot count our coins as fast as they grow, but our collective efforts will be carved into the eternal stone of the Ethereum network, and I promise we’re going to give back all of these coins to the world, when we’re done fixing a few things.
But there is another problem, and its far worse than making “money” too fast - just as we are going to bet that no one goes to the moon until someone does every year forever just for fun, it is possible to bet on the absence of a war until a war exists because your certainty manifests it into being to spite you. The same market we hope to keep the world at peace, and put their fears to rest from the uncertainty of where we’re going next is also a mechanism to game our system, and bet on a war happening to get rich. But there is a way to stop this – we’re going to accumulate the majority of the REP tokens, and if we have 51% of the circulation, if someone tries to beat us at our own game and bring a war into existence – then we would be able to stop the unstoppable machine from making them rich. We will also have the wallet addresses of the people who needed the insurance policy we are going to unfairly deny, to make them whole, and they would have neighbors with means to support them while we unfucked the pooch. We would have a failsafe to prevent a war from coming to be, because we are so sure there will not be one that it might happen. This, above all else, will back the new currency we are going to issue to the planet. Our new currency will not be backed by gold, or equity, or faith in a flawed system. It we be backed by trust of mankind invested back into itself that we will not go back to a system that will tolerate scarcity, or war, or hunger in exchange for the certainty of the absence of these things. No one will need to ask what is in our vault, or need to audit it, until the day comes where maybe someone will try to beat us at our own game. If that happens – we’re going to need the world to give back the currency we gave it as our collective reward for our cooperation, to free the tool we need to stop violent men from becoming rich men at the cost of a world without poverty, because it will be the immutable collateral backing the currency we are going to give you.
As a disclaimer, Im not somebody who has the background you might think someone should have for this – Im just a hobbit. Im not a hedge fund manager, or a computer science engineer. I raise pigs, and ducks, and geese that need some help, too – because we aren’t eating them enough to keep them existing in our food supply. It is a more fun paradox than this, and I get to solve that one by cooking dinner for some friends, and telling stories when this adventure is over. It feels a little like The Shire there, where I’ve been hiding melting my ego with psychedelics in the sunshine while salting pork, and listening to podcasts from Rogan, Duncan, Bart Chystler, Tom and Krista, some tinfoil hat guys, and seeing how abundant a life can be given only a little bit of hopium and room for creativity, and Im eager to get there and back, again. I very much look forward to seeing what we’re all capable of, when we’re given a chance. But we’re going to have to put a little faith in a system that doesn’t need faith to operate - so that we can fix a different system that has never needed it more. I think we’re going to be able to do that for us all, but I might very well be lying to you, and not know it yet – at least, that’s the plan.
Ironically, salting pork is what brought me to understand what is worth something, and what isn’t. When they used to talk about a “salary” or say that you were “worth your salt” was because all that you needed to live was enough salt to keep your meat from rotting when you cured it into bacon and hams at the end of the season. The salt’s value wasn’t while it was in the bag, it was while it was preserving your food when times were hard and things were scarce. In the modern time, a salary is what gets bigger when a emloyer make his employees poorer. Now, we have made laws to respect each other by race and religion and where who-sticks-what-where, but made it legal and standard to reduce someone’s value to an integer value of currency per moment in time, and the currency is backed by oppression of man-against-man (chicks, too). To increase your integer value per moment in time, that gain must come from another? Are we the only people who think this is inherently disrespectful to your fellow man even if you don’t call him a “fag” to his face like we used to when we were kids and it meant “I love you, man – but Im too afraid of being called gay to say it”.
In the present what is perhaps the most scarce of all, are places where you are free to be an animal at all, let alone places where you are free to be the lion you might be and not know it. We are so caught up in having agreed upon contracts so that we don’t get fucked, that we don’t have trust or honor that is held between lions when the zebra meat is abundant and they eat shoulder to shoulder without worry of each other. We live in a time where there is quite literally more deer on the planet than there has been in some time, and yet we imagine something would keep us as lions from preying on them in the real world. But, to us, as long as you are giving the animals fair chase, there is no time that feeding yourself as the king of the jungle is wrong, if you are hungry. And Im here to tell the people who think they can stop us, that we are giving you fair chase. We will be in every exchange on the planet soon, giving you chances to get on or off this train. And when you buy, it will be from us. When you sell, it will be to us. Your only safe market is the door out of here in ETH/USD and BTC/USD because we will not be selling our coins, only buying more. And every time you do anything other than leave your coins on the table, and take that worthless paper money with you, we will grow that much stronger. If you buy the coins we want, you will give us power in the real world. If you sell them, we will get them cheaper. When your fear or FOMO has sent you zigging… or for that matter zagging, one of my lions will catch you. We are not asking for your support by way of co-operation, we are asking for it by absence of resistance from a better world than this one. If you will not give us your coins, then we ask that you do not trade them. Keep the keys, or burn them and count them as your contribution without us knowing my band of pirates owes you a favor. Our only compromise is to remove them from circulation, as in this decentralized system, that is the only place we cannot reach them. But co-operation will get us there far, far sooner. To quote a most wise computer scientist, “Resistance is futile, you will be assimilated.” We have re-programmed the Kobayashi Maru. My fellowship and I have set out for Mount Doom. And you will be skeptical of us, all the way until you aren’t. And then, I would ask for only your belief – perhaps in no one more then yourselves, that you could be the type of person to rise to a challenge that will face us that we haven’t seen yet. But maybe you can rise to face the challenges that have always been faced, by mother and fathers, and children – spending time together, eating real and wholesome food in good company as often as you can. Those challenges are the simple ones, and we have had the answer for longer than we’ve lost them. You just need to be worth your salt.
If you need someone with a stronger background to support my position, I cant give that to you right now, because Satoshi Nakamoto himself only 8 years of experience. But someone smarter than me said something that sent me down this road while I had smoked enough to dissolve the prison I had made for myself, and it might help you. You can watch it here:
I am the son of this good, good, man - who cannot or will not believe this is possible.
He is the former CEO of Ray Kurzwiel's largest portfolio holding (who first conceptualized the singularity). He now works a few steps away from Jeff Bezos. And if you do not believe me, dont worry, because he didnt get past the first paragraph of this story.
But I have melted my ego time and time again under the simmering heat of psychedelics, standing alone in a field with pigs, but also in the company of minds longing to break free when they tune into this podcast. And time and time again when I have nothing of an ego to call my own, I cannot shake the feeling that I am the chance event needed to occur within an economic engine that must break so it can be rebuilt better. Outside of the Duncan Trussel Family Hour, I think the Joe Rogan subreddit might be the largest and most public reserve of belief in things that have no reason to believe in aside from because they might work, and I am one of you.
I have no intention of allowing my father's disbelief to become the first gate keeper I have encountered that can keep me from asking Ray Kurzwiel to try to let us stake the Singularity into existence by betting it cant happen in our life time. I have no intention of letting my father stop me from asking Bezos to let me bet that no one will go to the moon, until someone rises to the occasion to prove him wrong.
I need your help, and this is as far as I've gotten, but I dont know if I can go further alone. I seek fellowship, on this quest, and I have come here to what is potentially the Rivendel of our time - Reddit and the JRE
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Is Facebook Libra a Betrayal of Satoshi Nakamoto’s Vision?

The first thing that should be said about Facebook’s Libra proposal is it is thoughtful. In an industry characterized by initial coin offerings (ICO) seeking to raise funds for flimsy concepts on the basis of grossly inadequate disclosure, this is quite welcome. Whether you are enthusiastic or skeptical about the idea, at least Facebook has taken the time to think through a number of complex issues.
The white paper nevertheless raises many regulatory concerns, as well as fundamental questions about its utility and value, which are amplified by concerns about Facebook’s power and past record on privacy and security issues. The speed and intensity of the congressional reaction—with hearings scheduled for this week—illustrates that.
On the regulatory side, Facebook has designed Libra to address some of the basic problems with many previous crypto tokens. By separating the currency, Libra, from the investment token that will be used to raise capital for the project, Facebook is seeking to avoid having Libra classified as a security under U.S. (and other nations’) laws. If Libra were deemed a security, it is unlikely the project could get off the ground. While Libra is to be fully backed by a reserve of cash and cash equivalents, users of Libra will not receive any return from that reserve. Instead, any earnings will be used to pay for maintaining the system and issuing dividends to holders of the investment token.
But the security analysis may not end there. While the reserve means Libra is likely to be less volatile than other cryptocurrencies, it will still fluctuate in value as exchange rates fluctuate. The reserve may be invested in “low-volatility” assets and may be designed for “value preservation,” but so are money market funds. The fact that the association will encourage the listing of Libra on electronic exchanges and will have the power to change the composition of the reserve may raise eyebrows at the SEC. If it sees features of an investment product in the design, Libra may still have significant security law hurdles to overcome.
That potential exchange rate risk poses a tax challenge as well: Should Libra be considered property for tax purposes, like Bitcoin? Stablecoins tied to a single currency such as the U.S. dollar are not treated as property. But the tax treatment of a coin tied to a basket of fiat currencies is not clear. If Libra is deemed property under U.S. or other nations’ laws, then a user could face recognition of loss or gain on each transaction. That would severely diminish its utility as a payment mechanism.
Compliance with anti-money laundering (AML) and know your customer (KYC) requirements will also be a challenge. The possibility that Libra could be used for illegal payments is the surest path to uniting financial regulators around the world against it. The white paper acknowledges the importance of AML but does not provide any specific compliance plans. Will a user have the responsibility to satisfy KYC and AML standards before making any transfer? Will the Libra Association, Libra’s governing body, implement central KYC and AML clearance of any person sending or receiving Libra?
The governance of Libra raises a host of interesting questions. Some crypto enthusiasts have been quick to point out that the centralized control by the Libra Association is antithetical to the decentralized promise of blockchain technology. Others have taken the view that there is no other practical way to launch the currency. The white paper says Facebook is committed to decentralized governance in the long term, and touts the fact that Facebook will be just one of many members of the association, no doubt seeking to allay concerns about Facebook increasing its own power and influence through Libra. But I would not read too much into the announcement that many prominent companies have agreed to participate. At this stage, those commitments neither tell us when or to what degree Facebook will relinquish control, nor are they evidence of third-party verification of the project’s viability. For a company like Visa, which has $20 billion in annual revenue and spends $1 billion a year on marketing, it is presumably an easy decision to ante up $10 million to have a seat at the table as this unfolds.
Moreover, for those who hope that blockchain can reduce our reliance on large institutions, the composition of the association—which includes many financial and technological giants—is not necessarily comforting.
The reasons for organizing the association as a Swiss foundation may also be more mixed than the white paper suggests, which says it is because Switzerland has a “history of global neutrality and an openness to blockchain technology.” Crypto enthusiasts at _Fortune_’s recent Brainstorm Finance conference claimed this is evidence that the U.S. is losing the blockchain innovation race to jurisdictions like Switzerland. But the use of Swiss foundations for international nonprofit activities is not uncommon. There are tax and general corporate law advantages to using such foundations, particularly if the organization is not primarily dependent on receiving tax-deductible contributions from U.S. persons, as will be the case for Libra. In addition, the choice of Switzerland as the jurisdiction of organization does not exempt Facebook or the association from having to comply with U.S. law if the token is offered, sold, and used here.
Given the concerns about Facebook’s technological dominance and past record, it is not surprising that the Libra proposal provoked quick and strong reactions in Washington. Senate and House leaders on both sides of the aisle have scheduled hearings for mid-July, and some have called on Facebook to halt work on the proposal. Even Federal Reserve Chair Jay Powell—who one year ago told Congress that the Fed did not have jurisdiction over cryptocurrencies—was quick to say the Fed will be examining the proposal closely. Regulators around the world have made similar statements.
The congressional hearings will surely examine Facebook’s objectives. Is it really to bring financial services to the unbanked people of the world, as the white paper claims? Or is it to create a new source of revenue as well as data collection? Even if that is not the primary objective, how will Facebook prevent itself from using the data generated by Libra for other purposes? Will the other financial giants who are members of the Libra Association have access to that data? And in light of its own poor privacy record, as well as the poor record of cybersecurity in the crypto industry generally, how will Facebook keep its users’ data protected and their accounts free from hacks?
Congress and financial regulators will also want to consider the long-term implications for financial stability and financial inclusion. If the goal of Libra really is financial inclusion—providing services to the unbanked, one must ask whether another mobile payments service is all that the targeted constituency needs. Don’t they also need credit and liquidity products, to tide them over between paychecks, or to help with unexpected cash needs? There are already several mobile payment services, such as WeChat and M-Pesa, some of which pay interest on deposits and provide loans. Will Facebook offer a broader range of financial services? At what point should Calibra or the Libra Association be subject to regulation as a bank or other financial intermediary?
While Facebook has said it does not intend to pay interest on Libra deposits, the financial stability consequences of significant deposits in Libra should be considered. The financial system is different than other industries because it is vulnerable to runs and panics. The federal government has provided deposit insurance on bank accounts since the 1930s to minimize the potential for bank runs. The white paper claims that the existence of the reserve “discourages ‘runs on the bank.’” But money market funds were thought to be stable because of their conservative investments also—until the fall of 2008. Now, we have taken some steps to reduce that vulnerability, though probably not enough.
Time and again, financial innovation has given rise to types of financial intermediation that operate outside the regulatory framework, often bringing lower costs, better services, or more choice. But sooner or later—as a result of a crisis or otherwise—we must reset the parameters of regulation to bring these new innovations into the fold. The challenge is whether regulators can strike a proper balance between allowing innovation and minimizing risks to financial stability at the outset.
Ten years ago, Satoshi Nakamoto proclaimed that Bitcoin could provide a peer-to-peer means to transfer value that could eliminate or at least reduce our reliance on large centralized financial intermediaries. It was an especially attractive idea in the aftermath of the 2008 financial crisis, but one that has not been realized. Should we regard the Libra proposal as a new iteration of that vision or a perversion of it? It would be ironic, after all, if blockchain gives rise to a Frankenstein-like incarnation of the very thing it was advertised to cure—a digital currency centrally controlled and administered by one of the most powerful, domineering technology companies in the world.
Timothy Massad is a senior fellow at the John F. Kennedy School of Government at Harvard University and an adjunct professor of law at the Georgetown University Law Center. He was the chairman of the Commodity Futures Trading Commission from 2014 to 2017.### More opinion in Fortune:
Renewable energy is booming. Here’s how to keep it going
—Bernie Sanders: America is drowning in student debt. Here’s my plan to end it
—Business needs a better way to predict the next economic downturn
—Most states still enforce noncompete agreements—and it’s stifling innovation
Mike Gravel: Why the American people need their own legislature
Listen to our new audio briefing, Fortune 500 Daily
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

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TaxTim says: 8 January 2018 at 8:22 SARS have issued guidance stating bitcoin is to be treated as a normal share trade. So, if you're trading it for revenue purposes then the gains and losses will be treated as a revenue transaction and taxed similar to a salary. Bitcoin was created in 2009 as a decentralized currency that you send person-to-person without a bank involved, and that you can use within any country. Within the realm of virtual currencies, it is a cryptocurrency because it uses cryptography to control the creation and transfer of money. Puerto Rico collects a state income tax at a maximum marginal tax rate of %, spread across tax brackets. Unlike the Federal Income Tax, Puerto Rico's state income tax does not provide couples filing jointly with expanded income tax brackets.. Notably, Puerto Rico has the highest maximum marginal tax bracket in the United States. You can learn more about how the Puerto Rico income tax compares Sweden provides most taxpayers with an income tax allowance of kr12,500, which can be kept as a tax-free personal allowance. Sweden's tax credit is a basic (fixed) allowance available to all (single) taxpayers without dependents. A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. For example, if you fall into the 25 percent tax bracket, you would pay 25 percent on any short-term stock gains. Long-term Losses If you lose money on a long-term stock, you can use the loss to

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