{
  "trx_id": "4fb98b9b6f7a82a33d3354bbf9d464530910950d",
  "block": 39840058,
  "trx_in_block": 6,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2020-01-11T16:55:30",
  "op": [
    "comment",
    {
      "parent_author": "apriori",
      "parent_permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-apriori-20200111t165530000z",
      "title": "",
      "body": "Congratulations @apriori! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@apriori/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@apriori) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=apriori)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "2af6a2f23d8409e56a7e62bd49553d60c8b3deca",
  "block": 29366223,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2019-01-11T16:06:33",
  "op": [
    "comment",
    {
      "parent_author": "apriori",
      "parent_permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "author": "steemitboard",
      "permlink": "steemitboard-notify-apriori-20190111t160633000z",
      "title": "",
      "body": "Congratulations @apriori! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@apriori/birthday1.png</td><td>1 Year on Steemit</td></tr></table>\n\n<sub>_[Click here to view your Board](https://steemitboard.com/@apriori)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steem/@steemitboard/steemwhales-has-officially-moved-to-steemitboard-ranking\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmfRVpHQhLDhnjDtqck8GPv9NPvNKPfMsDaAFDE1D9Er2Z/header_ranking.png\"></a></td><td><a href=\"https://steemit.com/steem/@steemitboard/steemwhales-has-officially-moved-to-steemitboard-ranking\">SteemWhales has officially moved to SteemitBoard Ranking</a></td></tr><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-01-07\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/7CiQEO.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/steemitboard-witness-update-2019-01-07\">SteemitBoard - Witness Update</a></td></tr></table>\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
      "json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
    }
  ]
}

{
  "trx_id": "19ad621284f2719c2a4e81069208e182188c8eff",
  "block": 26431771,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-10-01T17:06:24",
  "op": [
    "set_withdraw_vesting_route",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "percent": 10000,
      "auto_vest": false
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25756458,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 9,
  "timestamp": "2018-09-07T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "apriori",
      "withdrawn": "0.000000 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25756458,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 8,
  "timestamp": "2018-09-07T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "withdrawn": "0.000002 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25554981,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 4,
  "timestamp": "2018-08-31T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "apriori",
      "withdrawn": "0.000000 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25554981,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 3,
  "timestamp": "2018-08-31T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "withdrawn": "160.017838 VESTS",
      "deposited": "0.079 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25353489,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 6,
  "timestamp": "2018-08-24T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "apriori",
      "withdrawn": "0.000000 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25353489,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 5,
  "timestamp": "2018-08-24T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "withdrawn": "160.017838 VESTS",
      "deposited": "0.079 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25151970,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 11,
  "timestamp": "2018-08-17T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "apriori",
      "withdrawn": "0.000000 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 25151970,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 10,
  "timestamp": "2018-08-17T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "withdrawn": "160.017838 VESTS",
      "deposited": "0.079 STEEM"
    }
  ]
}

{
  "trx_id": "be906432aed09d3077048cc6d81903a67ea14c46",
  "block": 24990248,
  "trx_in_block": 24,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:05:21",
  "op": [
    "vote",
    {
      "voter": "blacklist-a",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": -1000
    }
  ]
}

{
  "trx_id": "6addc201ae2bcadb04fef75d2921e7b0afb494e6",
  "block": 24990218,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:03:51",
  "op": [
    "comment",
    {
      "parent_author": "apriori",
      "parent_permlink": "cryptocurrency-is-a-bubble",
      "author": "steemcleaners",
      "permlink": "re-apriori-cryptocurrency-is-a-bubble-20180812t020350599z",
      "title": "",
      "body": "[Source](https://www.coinschedule.com/blog/is-cryptocurrency-a-bubble/)\n[Plagiarism](http://www.plagiarism.org/plagiarism-101/what-is-plagiarism/) is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam. \r\n\r\nSpam is discouraged by the community, and may result in action from the [cheetah bot](https://steemit.com/faq.html#What_is__cheetah).\r\n\r\n[More information and tips on sharing content.](https://steemcleaners.org/copy-paste-plagiarism/)\r\n\r\nIf you believe this comment is in error, please contact us in [#disputes on Discord](https://discord.gg/YR2Wy5A)",
      "json_metadata": "{\"app\":\"steemcleaners/0.3\",\"format\":\"markdown+html\",\"community\":\"steemcleaners\"}"
    }
  ]
}

{
  "trx_id": "b1da4e2cf6498a66a794d33dcea5bbeb9d6fc71a",
  "block": 24990218,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:03:51",
  "op": [
    "vote",
    {
      "voter": "steemcleaners",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": -11
    }
  ]
}

{
  "trx_id": "f8259e8e4f9779b2ef4d177d906c06f731f37652",
  "block": 24990162,
  "trx_in_block": 0,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:01:03",
  "op": [
    "vote",
    {
      "voter": "blacklist-a",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": -1000
    }
  ]
}

{
  "trx_id": "5102bc68e3118b45f16efc94958b0bfa045b9229",
  "block": 24990141,
  "trx_in_block": 10,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:00:00",
  "op": [
    "vote",
    {
      "voter": "steemcleaners",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": -55
    }
  ]
}

{
  "trx_id": "d475936a2b013dad8986145d2bc2a7b02a4c6965",
  "block": 24990141,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-12T02:00:00",
  "op": [
    "comment",
    {
      "parent_author": "apriori",
      "parent_permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "author": "steemcleaners",
      "permlink": "re-apriori-greenspan-and-the-unintended-making-of-the-great-recession-20180812t020000234z",
      "title": "",
      "body": "[Source](https://www.irishexaminer.com/breakingnews/business/greenspan-and-the-unintended-making-of-the-great-recession-860450.html)\n[Plagiarism](http://www.plagiarism.org/plagiarism-101/what-is-plagiarism/) is the copying & pasting of others work without giving credit to the original author or artist. Plagiarized posts are considered spam. \r\n\r\nSpam is discouraged by the community, and may result in action from the [cheetah bot](https://steemit.com/faq.html#What_is__cheetah).\r\n\r\n[More information and tips on sharing content.](https://steemcleaners.org/copy-paste-plagiarism/)\r\n\r\nIf you believe this comment is in error, please contact us in [#disputes on Discord](https://discord.gg/YR2Wy5A)",
      "json_metadata": "{\"app\":\"steemcleaners/0.3\",\"format\":\"markdown+html\",\"community\":\"steemcleaners\"}"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 24950430,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 3,
  "timestamp": "2018-08-10T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "apriori",
      "withdrawn": "0.000000 VESTS",
      "deposited": "0.000 STEEM"
    }
  ]
}

{
  "trx_id": "0000000000000000000000000000000000000000",
  "block": 24950430,
  "trx_in_block": 4294967295,
  "op_in_trx": 0,
  "virtual_op": 2,
  "timestamp": "2018-08-10T16:53:57",
  "op": [
    "fill_vesting_withdraw",
    {
      "from_account": "apriori",
      "to_account": "luckdiver",
      "withdrawn": "160.017838 VESTS",
      "deposited": "0.078 STEEM"
    }
  ]
}

{
  "trx_id": "da1eb66fc294c5e98400cb0186ad5b45f2167e12",
  "block": 24902748,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-09T01:09:03",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "avdvla1984",
      "amount": "0.620 SBD",
      "memo": "round"
    }
  ]
}

{
  "trx_id": "3c6b012a9f14b197203fe348c37afbab1bcebe43",
  "block": 24894142,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T17:58:15",
  "op": [
    "transfer",
    {
      "from": "somon",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "Hi @apriori   ►►► Make your posts more popular and find new followers   ►►► Resteem to my +3500 followers   ►►► Send 0.2 SBD or 0.2 STEEM to @somon , URL in the memo ► If you send other amounts your post would be upvoted."
    }
  ]
}

{
  "trx_id": "ac85ca2c669acaf7997fc9927bb62db510f5a3be",
  "block": 24894140,
  "trx_in_block": 7,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T17:58:09",
  "op": [
    "transfer",
    {
      "from": "mahoor",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "✔✔✔ Try once my RESTEEM Service │ Promote your post and make it visible for +7600 of steemians│ Send 0.5 SBD or 0.5 STEEM to @mahoor post URL as memo , Get resteemed by @mahoor to +7600 followers. Or send other amounts if you want me to upvote it."
    }
  ]
}

{
  "trx_id": "eaab7ede94a930fc8604c0ba0fbb9137ded48b0f",
  "block": 24893714,
  "trx_in_block": 4,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T17:36:51",
  "op": [
    "vote",
    {
      "voter": "gomeravibz",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": 6200
    }
  ]
}

{
  "trx_id": "f48237ec08c04eabfeb2e80ff8cbd83ca867d840",
  "block": 24893714,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T17:36:51",
  "op": [
    "transfer",
    {
      "from": "minnowbooster",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "You got an upgoat that will be done by gomeravibz. We refund an open value of 0.001 SBD! Request-Id: 1451770"
    }
  ]
}

{
  "trx_id": "1c05eb245223cfc293b2ad2f1de83704e887dbac",
  "block": 24893696,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T17:35:57",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "minnowbooster",
      "amount": "0.200 SBD",
      "memo": "https://steemit.com/news/@apriori/greenspan-and-the-unintended-making-of-the-great-recession"
    }
  ]
}

{
  "trx_id": "ee206e38068d044306257244646a20a781c39762",
  "block": 24889925,
  "trx_in_block": 11,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T14:27:06",
  "op": [
    "transfer",
    {
      "from": "minnowbooster",
      "to": "apriori",
      "amount": "0.002 SBD",
      "memo": "You got an upgoat that will be done by steps. We refund an open value of 0.002 SBD! Request-Id: 1450232"
    }
  ]
}

{
  "trx_id": "4ca201f4b7b7732ed3bbd4c4e460c0d9e461e1b1",
  "block": 24889925,
  "trx_in_block": 8,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T14:27:06",
  "op": [
    "vote",
    {
      "voter": "steps",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": 5900
    }
  ]
}

{
  "trx_id": "cb01956744186ccc9bc6316efacc2d01f2927d1b",
  "block": 24889920,
  "trx_in_block": 37,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T14:26:51",
  "op": [
    "vote",
    {
      "voter": "mshahabi",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": 264
    }
  ]
}

{
  "trx_id": "5eb0269e5037bb84b7f715d6f09494f792f6c103",
  "block": 24889919,
  "trx_in_block": 17,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T14:26:48",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "minnowbooster",
      "amount": "0.200 SBD",
      "memo": "https://steemit.com/news/@apriori/greenspan-and-the-unintended-making-of-the-great-recession"
    }
  ]
}

{
  "trx_id": "3995dff4c1f430379eb88d0e92467ef1802e01ee",
  "block": 24886617,
  "trx_in_block": 9,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T11:41:24",
  "op": [
    "transfer",
    {
      "from": "minnowbooster",
      "to": "apriori",
      "amount": "0.300 SBD",
      "memo": "Sorry, we could not upvote you with 0.300 SBD ⇒ $0.44. Our website https://www.minnowbooster.net has a graph with what sends are currently working, refunding request with id: 1449147!."
    }
  ]
}

{
  "trx_id": "9cf142b071334c1dd139570efe99d70073213198",
  "block": 24886597,
  "trx_in_block": 31,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T11:40:24",
  "op": [
    "transfer",
    {
      "from": "haji",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "🌹Hello my dear friend 🌐 Resteem your post ✅9,500 Followers  ✅+ReSteem in 5 Accounts ( 28,000 Followers ) 🔱+100 Upvote @haji 👥+New followers ✅+Loyality bonus FREE. ✅Send 1 SBD or 1 STEEM To haji URL as Memo Service ACTIVE"
    }
  ]
}

{
  "trx_id": "45f01dfe6740988151249f3cf0c4f169b4a92f1a",
  "block": 24886595,
  "trx_in_block": 48,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T11:40:18",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "minnowbooster",
      "amount": "0.300 SBD",
      "memo": "https://steemit.com/news/@apriori/greenspan-and-the-unintended-making-of-the-great-recession"
    }
  ]
}

{
  "trx_id": "d49d7e9385bccf29b96c7873efd8edfafef07c19",
  "block": 24885126,
  "trx_in_block": 47,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T10:26:39",
  "op": [
    "transfer",
    {
      "from": "pme",
      "to": "apriori",
      "amount": "0.600 SBD",
      "memo": "withdraw"
    }
  ]
}

{
  "trx_id": "963940baff5d9d43fb46f51ac490edf5d4e973c6",
  "block": 24883465,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T09:03:33",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "963940baff5d9d43fb46f51ac490edf5d4e973c6",
  "block": 24883465,
  "trx_in_block": 36,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T09:03:33",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "title": "Greenspan and the unintended making of the Great Recession",
      "body": "<html> <p><strong>We will soon mark the 10th anniversary of the collapse of Lehman Brothers — the event that more than any other sparked what has now become known as the Great Recession.</strong></p> <p><br></p> <p>Back then the recently retired chairman of the US Federal Reserve, Alan Greenspan, had long been feted as a great hero of business.</p> <p>But he was coming under increased criticism as cracks in the financial system started to appear. Mr Greenspan presided over the US economic and financial system for almost two decades.</p> <p>When he stepped down, early in 2006, his colleagues fawned over him, yet within a matter of months, the critics would be circling.</p> <p><br></p> <p>https://cdn.steemitimages.com/DQmR7yucdAeNm43zXwLvXBEhG7AD8UYtxAhCZXSfoLyZTSu/image.png</p> <p><br></p> <p><br></p> <p>It would be left to his successor, Ben Bernanke, to preside over a remarkable recovery with considerable assistance from the White House under Barack Obama, elected to office, in November 2008, as the sheer scale of the crisis had become clear to the wider public.</p> <p>Mr Bernanke may have slain the great dragon of deflation, but time will tell whether the easy money or quantitative easing (QE) strategy he presided over will also end up in the dock of history, along with many of the grand governing economic strategies that have preceded it.</p> <p>It is now widely accepted that QE has served to massively boost global asset prices, boosting the wealth of some of the very people whose irresponsibility served to bring about the Great Recession.</p> <p>Savers and retirees, in particular, have suffered along with renters, particularly the young.</p> <p><br></p> <p>Wall Street has rebounded while ordinary people and “the US Main Street” businesses — the intended beneficiaries — have largely lost out.</p> <p>They face the horses of a commercial apocalypse in the form of technological disrupters such as Amazon.</p> <p>Despite this, one suspects that the verdict on Mr Bernanke will be largely favourable.</p> <p>The picture in the case of Mr Greenspan is an altogether more complex one.</p> <p>A recent biography by Sebastian Mallaby sets out, with considerable success, to capture this remarkable individual, who was born in 1926 and brought up by a single mother with the support of her parents, in modest circumstances, on Manhattan’s 163rd Street.</p> <p>A talented musician, he played the clarinet in a professional jazz band before opting for academic life.</p> <p>By the mid-1950s, he was a statistician, building up a successful consultancy business.</p> <p>Politics beckoned. He served as a campaign adviser to Richard Nixon before joining the administration of Gerald Ford as chairman of his Council of Economic Advisers.</p> <p>A protege of the right-wing controversialist, Ayn Rand, he never lost his belief in the virtues of the free market.</p> <p>In 1987, he succeeded Paul Volcker as chairman of the US Federal Reserve, the de facto global central bank.</p> <p>Mr Volcker was famous for having wrung inflation out of the system by means of a hawkish interest rate strategy that brought an economic recession in its wake.</p> <p>Mr Greenspan was fortunate to preside at the bank over a long economic recovery that began in the middle of the President Ronald Reagan years.</p> <p>It was the high point of globalisation, marked by the opening of capital markets.</p> <p>He forged a close relationship with President Bill Clinton despite differences in age and outlook.</p> <p>The pair revelled in the “don’t worry, be happy” world of the 1990s which came to a shuddering halt with the</p> <p>bursting of the dotcom bubble and the with the attacks on September 11.</p> <p>In the late 1990s, a crisis in East Asia and later, Russia, came close to sparking a financial conflagration.</p> <p>The collapse of the derivatives firm, LTCM, with losses in equity of $2bn (€1.72bn) threatened a liquidity crunch. A crisis was staved off as creditor banks agreed to a recapitalisation.</p> <p>Yet the Fed chairman told Congress that, in his view, “hedge funds such as LTCM contributed to a sophisticated pricing system” and were “one of the reasons why the use of capital ( in the US ) is so efficient”.</p> <p>After the dotcom bust, Mr Greenspan became concerned that the US would be hit with a Japanese-style depression and with that in mind, pushed down borrowing costs with consequences that would prove to be disastrous.</p> <p>The Fed chairman had become convinced that the cost-reducing effects of innovation and globalisation were such that a tough anti-inflation policy was no longer required.</p> <p>The result was an asset bubble of frightening proportions, one that looks remarkably similar in its timing and impact to that in Ireland at the time.</p> <p>The George W Bush administration does not come well out of all of this.</p> <p>By then, 100% loan-to-value loans were the norm. Adjustable rate mortgages offering an early repayment holiday to borrowers became the norm.</p> <p>Borrowers were no longer required to provide documentary evidence of their credit history. Companies like Countrywide encouraged staff to engage in non-stop cold calling. Successful salespeople were offered trips to the Super Bowl.</p> <p>Mr Greenspan presided serenely over the Bacchanalian excess.</p> <p>A Fed governor, Edward Gramlich, held hearings into abusive practices but as Mr Mallaby notes, he failed to “<strong>connect the dots between abusive lending and systemic risk</strong>”.</p> <p>Federal rules were introduced in 2001 to control the activities of lenders.</p> <p>Initially, they impacted on close to 40% of borrowers, but industry efforts at circumvention ensured that by 2005, a mere 1% of borrowers were covered by the rules.</p> <p>The Fed chairman did warn in February 2004 about the “<strong>extraordinary thin buffers of capital” and a “systemic risk sometime in the future</strong>”. Yet he did not act on these warnings.</p> <p>Ultimately, Mr Greenspan preferred to put his head in the sand as the years caught up with him. He ultimately was unwilling to face down the Bush administration.</p> <p>He was not alone in taking the soft option. Funds flowed in from European banks whose lending activity was barely regulated by the ECB.</p> <p>The central bankers, adept when it came to developing macroeconomic models, were at sea when it came to analysing and taking the reins of the runaway wild horse that was the financial sector in the high point of globalisation.</p> <p>ECB bankers such as Jean Claude Trichet most definitely have a case to answer. They and their political counterparts were the engineers behind a financial structure — the euro project — that ended up riven with cracks. If they had been engineers behind real structures, they might well have faced many awkward days in court.</p> <p>There are a few people who emerge well out of Mr Mallaby’s account.</p> <p>As president of the Reserve Bank of New York, the future President Obama-era treasury secretary Tim Geithner ought to increase Wall Street’s buffers, but to little avail as traders grew ever more headstrong.</p> <p>By the summer of 2007, almost one in six subprime mortgages were delinquent.</p> <p>In July, two hedge funds run by Bear Stearns collapsed. That September came the run on the British lender Northern Rock.</p> <p><br></p> <p><code><em><strong>We were on our way, though few of us fully realised it at the time</strong></em></code></p> </html>",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "51039ed6680e42011ce64f4b602f77fc7bc270e5",
  "block": 24883431,
  "trx_in_block": 3,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T09:01:51",
  "op": [
    "delete_comment",
    {
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession"
    }
  ]
}

{
  "trx_id": "357a17e7d845710ab1452270e5c9050cbe4987a5",
  "block": 24882879,
  "trx_in_block": 13,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T08:34:15",
  "op": [
    "vote",
    {
      "voter": "mack-bot",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "weight": -50
    }
  ]
}

{
  "trx_id": "bfcffa841ae90811ae4b4812fb4102165a23e842",
  "block": 24882878,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T08:34:12",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": false,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "bfcffa841ae90811ae4b4812fb4102165a23e842",
  "block": 24882878,
  "trx_in_block": 5,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-08T08:34:12",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "greenspan-and-the-unintended-making-of-the-great-recession",
      "title": "Greenspan and the unintended making of the Great Recession",
      "body": "text_body",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "f869015b5bdc381a5d0fa13a68fb44b2fa306d40",
  "block": 24844862,
  "trx_in_block": 26,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-07T00:52:51",
  "op": [
    "vote",
    {
      "voter": "nepd",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 7100
    }
  ]
}

{
  "trx_id": "a69323318b744a0116094e79b3ff3944dfee0ba2",
  "block": 24844857,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-07T00:52:36",
  "op": [
    "transfer",
    {
      "from": "minnowbooster",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "You got an upgoat that will be done by nepd. We refund an open value of 0.001 SBD! Request-Id: 1441859"
    }
  ]
}

{
  "trx_id": "e086d052aa48f9d0883c3dbf163aa2d308039ee2",
  "block": 24844416,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-07T00:30:33",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "minnowbooster",
      "amount": "0.050 SBD",
      "memo": "https://steemit.com/news/@apriori/cryptocurrency-is-a-bubble"
    }
  ]
}

{
  "trx_id": "87c3e3b769d76c1f9461744c557671a457403ab7",
  "block": 24842887,
  "trx_in_block": 21,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:14:06",
  "op": [
    "transfer",
    {
      "from": "smartsteem",
      "to": "apriori",
      "amount": "0.462 SBD",
      "memo": "Promotion was successful. Check Smartsteem.com/promote for available votes and/or send a lower transfer to receive smaller votes."
    }
  ]
}

{
  "trx_id": "22ad6e0517f464fe43276c65403b1480015847ff",
  "block": 24842886,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:14:03",
  "op": [
    "vote",
    {
      "voter": "iyou",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "1e7440c58200f3475bb33f221690498a855df91f",
  "block": 24842885,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:14:00",
  "op": [
    "vote",
    {
      "voter": "floprime",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "181d62e6d062bb46f69e0bc2739a0f9c3aa0833a",
  "block": 24842884,
  "trx_in_block": 24,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:57",
  "op": [
    "vote",
    {
      "voter": "highmech",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "dc477555daca346097d20dd645920594f0d72576",
  "block": 24842883,
  "trx_in_block": 26,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:54",
  "op": [
    "vote",
    {
      "voter": "crystalsilver",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "9e6ec6ae88818d086ad595aadc3d275b57910a86",
  "block": 24842882,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:51",
  "op": [
    "vote",
    {
      "voter": "hkupvotebot",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "95f1c42f2bed406675409115ce2545f571ad079b",
  "block": 24842881,
  "trx_in_block": 12,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:48",
  "op": [
    "vote",
    {
      "voter": "crankyfingers247",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "e692c8bfb68ce062e8617d030d05d245de1b2b41",
  "block": 24842880,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:45",
  "op": [
    "vote",
    {
      "voter": "astrizak",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "be52e77a5e68dec534b7b88ca5c2a10727771ef6",
  "block": 24842879,
  "trx_in_block": 24,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:42",
  "op": [
    "vote",
    {
      "voter": "tucuxi",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "08678f4eff07e9e055a76c5b0ec77092d1c62cd5",
  "block": 24842878,
  "trx_in_block": 33,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:39",
  "op": [
    "vote",
    {
      "voter": "tibizness",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "0f90ae48dc4a529a5e86b4a1536177ef3a9b3ef7",
  "block": 24842877,
  "trx_in_block": 18,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:36",
  "op": [
    "vote",
    {
      "voter": "steemnews-fr",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "fd164315a179d1ed422f07ff5215da4f1b0aa138",
  "block": 24842876,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:33",
  "op": [
    "vote",
    {
      "voter": "linksman",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "284380967ade7d3f37d51b949547e7c05d18ae59",
  "block": 24842875,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:30",
  "op": [
    "vote",
    {
      "voter": "imaginalex",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "63d79b6b153ac3927bf1a164dd6638c18a55c685",
  "block": 24842874,
  "trx_in_block": 25,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:27",
  "op": [
    "vote",
    {
      "voter": "linuslee0216",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "cfc94f2178daf7c532fa6e3f9db9cc72e72e4d65",
  "block": 24842873,
  "trx_in_block": 19,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:24",
  "op": [
    "vote",
    {
      "voter": "ryacha21",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "6c012c6cd32c7cf2408aedb7d70ff260e1f7f5f0",
  "block": 24842872,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:21",
  "op": [
    "vote",
    {
      "voter": "mariapatrick",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "2d12e5f5bbe447915649cb8b0a0415bf076fda6f",
  "block": 24842871,
  "trx_in_block": 16,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:18",
  "op": [
    "vote",
    {
      "voter": "simran123",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "9fc396ee87e130e9a2388667a8a12a46143b904e",
  "block": 24842870,
  "trx_in_block": 26,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:15",
  "op": [
    "vote",
    {
      "voter": "dugan",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "535961f94e649d78a2854a50c213e16e55552151",
  "block": 24842869,
  "trx_in_block": 14,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:12",
  "op": [
    "vote",
    {
      "voter": "aiman",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "9cc563d39091b27c2c005dfe3f6f17a9c78cfcfd",
  "block": 24842868,
  "trx_in_block": 29,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:13:09",
  "op": [
    "vote",
    {
      "voter": "robertmannino",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": 10000
    }
  ]
}

{
  "trx_id": "10a336057f13a0e1c047a9eef087a06e41346bc1",
  "block": 24842826,
  "trx_in_block": 15,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:11:03",
  "op": [
    "transfer",
    {
      "from": "superpromoter",
      "to": "apriori",
      "amount": "0.001 SBD",
      "memo": "✅ Promote your post with @superpromoter. 💎 11,000+ SP 👥 5,000 followers and counting 📈 Send 1 SBD or STEEM with URL in memo to @superpromoter to resteem your post to thousands of followers and get instant upvotes."
    }
  ]
}

{
  "trx_id": "51de93d7c5b7594db15706b45fdbdb68a5288b08",
  "block": 24842825,
  "trx_in_block": 22,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T23:11:00",
  "op": [
    "transfer",
    {
      "from": "apriori",
      "to": "smartmarket",
      "amount": "0.500 SBD",
      "memo": "https://steemit.com/news/@apriori/cryptocurrency-is-a-bubble"
    }
  ]
}

{
  "trx_id": "4d210e62d8f14c81f0482984120b7dae125486bc",
  "block": 24842385,
  "trx_in_block": 27,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T22:49:00",
  "op": [
    "transfer",
    {
      "from": "xeo",
      "to": "apriori",
      "amount": "0.500 SBD",
      "memo": "refund"
    }
  ]
}

{
  "trx_id": "edd2ae843e4f21c32ab6b326736f32be4f373c5d",
  "block": 24840409,
  "trx_in_block": 66,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T21:10:12",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "edd2ae843e4f21c32ab6b326736f32be4f373c5d",
  "block": 24840409,
  "trx_in_block": 66,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T21:10:12",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "title": "cryptocurrency is a bubble",
      "body": "<html> <p><br></p>https://cdn.steemitimages.com/DQmS3qo4RZWEEEu5bXoy8iQHTzxN6zLTv9jo8Mk17VmsN9a/image.png <p><br></p> <p>According to Nouriel Roubini, the professor of economics at New York University who is said to have predicted the 2008 global financial crisis, Bitcoin represents “the mother of all bubbles”. He’s the latest in a long list of economics and financial luminaries to have dismissed cryptocurrencies, from Alan Greenspan, the former chairman of the US Federal Reserve, to Jamie Dimon, the chief executive of JP Morgan.</p> <p><br></p> <p>It’s harder to find experts of equal weight who argue that cryptocurrency is not a bubble. That doesn’t mean it is one, of course, but the rocketing values of the last year or so point that way.</p> <p><br></p> <p>A ‘bubble’, in economic terms, is when the price of an asset far exceeds its intrinsic value. For example, the dotcom bubble of the early 2000’s was marked by companies that saw their share prices rise simply because they were in the dotcom industry, and without reference to their likely profits or chances of succeeding.</p> <p><br></p> <h2>Bubbles are hard to spot in advance</h2> <p>Very often, in a bubble, prices are driven up because people are overly optimistic about an asset; sometimes, it appears that it’s simply a case of people rushing to avoid missing out as valuations keep climbing. Eventually, however, the bubble bursts and those who haven’t already sold up are left with nothing.</p> <p>Cryptocurrency, according to the likes of Roubini, fits this pattern. Bitcoin rose by 900 per cent last year for example, and it’s not obvious what that value is based on, beyond the expectation of further increases.</p> <p>Part of the difficulty of the definition is that bubbles are mostly identified after they have popped. Until that point, they are hard to identify. For example, in 2012 plenty of analysts were arguing that Apple shares were in a bubble as they hit $100 per share. At the time of writing, they are at $187. Six years and the bubble still hasn’t burst.</p> <p><br></p> <h3>Cryptocurrency’s value is hard to determine</h3> <p>However, although lots of people seem to be holding (or “hodling” is the preferred phrase), their cryptocurrency as if it were a stock, it actually isn’t. That makes underlying its value harder to determine. Of course, it doesn’t really act like a currency either, which makes it hard to compare to currency valuations. That, say cryptocurrency enthusiasts, is because it is an entirely new thing. Like any new technology, it has been greeted with skepticism, especially from the sector it might potentially disrupt and, like any new technology, it has the potential to disrupt far more significantly than it has so far.</p> <p>Complicating the picture is the growing number of cryptocurrencies. One might argue that the valuations of Bitcoin and Ethereum are not bubbles but that the bubble is represented by the flurry of new cryptocurrencies, each trying to attract a wave of buyers that hope to get in on the next big thing. In that sense, it bears some relation to the dotcom bubble. While Amazon was not a sign of a bubble, Pets.com, which went from IPO to liquidation in 268 days, most certainly was.</p> <p>So is cryptocurrency a bubble? Ask us in 10 years’ time. Meanwhile, the dotcom bubble offers some sense of how to behave here. Don’t jump on a bandwagon because you fear missing out. Instead, evaluate your own attitude to risk and the value you are likely to get from your investment, and proceed accordingly.</p> </html>",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "7c2b3a94ff17b0d9f684c84b2105a35b51b37f96",
  "block": 24840200,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:59:45",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "7c2b3a94ff17b0d9f684c84b2105a35b51b37f96",
  "block": 24840200,
  "trx_in_block": 2,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:59:45",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "title": "cryptocurrency is a bubble",
      "body": "<html> <p><br></p>https://cdn.steemitimages.com/DQmS3qo4RZWEEEu5bXoy8iQHTzxN6zLTv9jo8Mk17VmsN9a/image.png <p><br></p> <p>According to Nouriel Roubini, the professor of economics at New York University who is said to have predicted the 2008 global financial crisis, Bitcoin represents “the mother of all bubbles”. He’s the latest in a long list of economics and financial luminaries to have dismissed cryptocurrencies, from Alan Greenspan, the former chairman of the US Federal Reserve, to Jamie Dimon, the chief executive of JP Morgan.</p> <p><br></p> <p>It’s harder to find experts of equal weight who argue that cryptocurrency is not a bubble. That doesn’t mean it is one, of course, but the rocketing values of the last year or so point that way.</p> <p><br></p> <p>A ‘bubble’, in economic terms, is when the price of an asset far exceeds its intrinsic value. For example, the dotcom bubble of the early 2000’s was marked by companies that saw their share prices rise simply because they were in the dotcom industry, and without reference to their likely profits or chances of succeeding.</p> <p><br></p> <h2>Bubbles are hard to spot in advance</h2> <p>Very often, in a bubble, prices are driven up because people are overly optimistic about an asset; sometimes, it appears that it’s simply a case of people rushing to avoid missing out as valuations keep climbing. Eventually, however, the bubble bursts and those who haven’t already sold up are left with nothing.</p> <p>Cryptocurrency, according to the likes of Roubini, fits this pattern. Bitcoin rose by 900 per cent last year for example, and it’s not obvious what that value is based on, beyond the expectation of further increases.</p> <p>Part of the difficulty of the definition is that bubbles are mostly identified after they have popped. Until that point, they are hard to identify. For example, in 2012 plenty of analysts were arguing that Apple shares were in a bubble as they hit $100 per share. At the time of writing, they are at $187. Six years and the bubble still hasn’t burst.</p> <p><br></p> <h3>Cryptocurrency’s value is hard to determine</h3> <p>However, although lots of people seem to be holding (or “hodling” is the preferred phrase), their cryptocurrency as if it were a stock, it actually isn’t. That makes underlying its value harder to determine. Of course, it doesn’t really act like a currency either, which makes it hard to compare to currency valuations. That, say cryptocurrency enthusiasts, is because it is an entirely new thing. Like any new technology, it has been greeted with skepticism, especially from the sector it might potentially disrupt and, like any new technology, it has the potential to disrupt far more significantly than it has so far.</p> <p>Complicating the picture is the growing number of cryptocurrencies. One might argue that the valuations of Bitcoin and Ethereum are not bubbles but that the bubble is represented by the flurry of new cryptocurrencies, each trying to attract a wave of buyers that hope to get in on the next big thing. In that sense, it bears some relation to the dotcom bubble. While Amazon was not a sign of a bubble, Pets.com, which went from IPO to liquidation in 268 days, most certainly was.</p> <p>So is cryptocurrency a bubble? Ask us in 10 years’ time. Meanwhile, the dotcom bubble offers some sense of how to behave here. Don’t jump on a bandwagon because you fear missing out. Instead, evaluate your own attitude to risk and the value you are likely to get from your investment, and proceed accordingly.</p> </html>",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "fca0eba38d83adf523c5f66ec8a513da0d673472",
  "block": 24840028,
  "trx_in_block": 34,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:51:09",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": true,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "fca0eba38d83adf523c5f66ec8a513da0d673472",
  "block": 24840028,
  "trx_in_block": 34,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:51:09",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "title": "cryptocurrency is a bubble",
      "body": "<html> <p><br></p>https://cdn.steemitimages.com/DQmS3qo4RZWEEEu5bXoy8iQHTzxN6zLTv9jo8Mk17VmsN9a/image.png <p><br></p> <p>According to Nouriel Roubini, the professor of economics at New York University who is said to have predicted the 2008 global financial crisis, Bitcoin represents “the mother of all bubbles”. He’s the latest in a long list of economics and financial luminaries to have dismissed cryptocurrencies, from Alan Greenspan, the former chairman of the US Federal Reserve, to Jamie Dimon, the chief executive of JP Morgan.</p> <p><br></p> <p>It’s harder to find experts of equal weight who argue that cryptocurrency is not a bubble. That doesn’t mean it is one, of course, but the rocketing values of the last year or so point that way.</p> <p><br></p> <p>A ‘bubble’, in economic terms, is when the price of an asset far exceeds its intrinsic value. For example, the dotcom bubble of the early 2000’s was marked by companies that saw their share prices rise simply because they were in the dotcom industry, and without reference to their likely profits or chances of succeeding.</p> <p><br></p> <h2>Bubbles are hard to spot in advance</h2> <p>Very often, in a bubble, prices are driven up because people are overly optimistic about an asset; sometimes, it appears that it’s simply a case of people rushing to avoid missing out as valuations keep climbing. Eventually, however, the bubble bursts and those who haven’t already sold up are left with nothing.</p> <p>Cryptocurrency, according to the likes of Roubini, fits this pattern. Bitcoin rose by 900 per cent last year for example, and it’s not obvious what that value is based on, beyond the expectation of further increases.</p> <p>Part of the difficulty of the definition is that bubbles are mostly identified after they have popped. Until that point, they are hard to identify. For example, in 2012 plenty of analysts were arguing that Apple shares were in a bubble as they hit $100 per share. At the time of writing, they are at $187. Six years and the bubble still hasn’t burst.</p> <p><br></p> <h3>Cryptocurrency’s value is hard to determine</h3> <p>However, although lots of people seem to be holding (or “hodling” is the preferred phrase), their cryptocurrency as if it were a stock, it actually isn’t. That makes underlying its value harder to determine. Of course, it doesn’t really act like a currency either, which makes it hard to compare to currency valuations. That, say cryptocurrency enthusiasts, is because it is an entirely new thing. Like any new technology, it has been greeted with skepticism, especially from the sector it might potentially disrupt and, like any new technology, it has the potential to disrupt far more significantly than it has so far.</p> <p>Complicating the picture is the growing number of cryptocurrencies. One might argue that the valuations of Bitcoin and Ethereum are not bubbles but that the bubble is represented by the flurry of new cryptocurrencies, each trying to attract a wave of buyers that hope to get in on the next big thing. In that sense, it bears some relation to the dotcom bubble. While Amazon was not a sign of a bubble, Pets.com, which went from IPO to liquidation in 268 days, most certainly was.</p> <p>So is cryptocurrency a bubble? Ask us in 10 years’ time. Meanwhile, the dotcom bubble offers some sense of how to behave here. Don’t jump on a bandwagon because you fear missing out. Instead, evaluate your own attitude to risk and the value you are likely to get from your investment, and proceed accordingly.</p> </html>",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}

{
  "trx_id": "33b79663c4ccfef70f611d58fd7c85ee2392310d",
  "block": 24839978,
  "trx_in_block": 37,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:48:39",
  "op": [
    "delete_comment",
    {
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble"
    }
  ]
}

{
  "trx_id": "96329f15918dccc0de0a86b209ff01f3a0756071",
  "block": 24839434,
  "trx_in_block": 38,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:21:27",
  "op": [
    "vote",
    {
      "voter": "mack-bot",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "weight": -50
    }
  ]
}

{
  "trx_id": "761b569125c13192b6147c09aae37900ac9b12ab",
  "block": 24839428,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:21:09",
  "op": [
    "comment_options",
    {
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "max_accepted_payout": "1000000.000 SBD",
      "percent_steem_dollars": 10000,
      "allow_votes": false,
      "allow_curation_rewards": true,
      "extensions": []
    }
  ]
}

{
  "trx_id": "761b569125c13192b6147c09aae37900ac9b12ab",
  "block": 24839428,
  "trx_in_block": 39,
  "op_in_trx": 0,
  "virtual_op": 0,
  "timestamp": "2018-08-06T20:21:09",
  "op": [
    "comment",
    {
      "parent_author": "",
      "parent_permlink": "news",
      "author": "apriori",
      "permlink": "cryptocurrency-is-a-bubble",
      "title": "cryptocurrency is a bubble",
      "body": "text_body",
      "json_metadata": "{\"tags\":[\"news\"],\"app\":\"steemit/0.1\"}"
    }
  ]
}