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      "body": "Congratulations @f0nta1n3! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@f0nta1n3/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@f0nta1n3) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=f0nta1n3)_</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!",
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      "body": "Socio-Economic Manifesto\n \nForward\n \nThis is not an all knowing manifesto, I am sure there are major flaws and inaccuracies in my arguments, but overall I think my major points are valid.  I do have sources to back up many statistics and facts that I quote.  I also understand there are two sides to every story and no simple problems or solutions, I would ask you to understand that these topics are highly politicized and one must be able to see though the political rhetoric and fundamentally flawed free market ideals that are so often used to manipulate public opinion, sometimes one needs to think outside the box.\n \nIntroduction\n \nI wrote this ‘Manifesto’ because I think it is important to not just complain and criticize, one must also offer up alternatives/solutions to various problems and injustice one sees in life, otherwise your arguments can easily be brushed aside.  Now I’m obviously not expecting everyone to agree with me and I’m not offering a detailed blueprint of how our economy should operate.  I’m simply bringing a few relevant points to the fore and backing them up with sources and statistics.  To really appreciate what I’m arguing about here one must have done some prior reading and come to a series of conclusions on ones own.  One conclusion that I have come to is that extraordinary measures are necessary to fix extraordinary problems, and currently these solutions are politically impossible.  My most significant argument for bettering our economic system is: the corporatist war on the middle class, in which the middle class is getting smaller every year and the gap in income is growing greater everyday between the poor and the rich, the rich are getting exponentially richer while the middle class is becoming poor and the poor are becoming poorer still, if one believes this then it inevitably leads one to believe that America is headed for very turbulent times and possibly third world status in the future.  The civil angst and economic turmoil that is blanketing our nation at the moment is going to pale in comparison to what the future holds if we allow the current course of neocorporatism to keep gaining momentum, it will likely, only get worse as time goes on.  I want to note now that this is not an argument for fundamental socialism but an argument to make our current economy more efficient and to restore the imbalance of power from the elite corporations back into the hands of the people.\n \n“The Real Issues: a Wisconsin Update”, by George Lakoff \n \n “…the top 1% of Americans have more financial assets then the bottom 95% -- a staggering disproportion of wealth.  The wealthy have, to a large extent, amassed that wealth through indirect contributions to them by our government – our government builds the roads they use, funds schools that train their workers, subsidize their energy costs, do research they capitalize on, subsidize their access to natural resources, promote trade for them, and on and on.”\n \n“Meanwhile, over the past three decades, while corporations and their investors have grown immensely richer on the public largesse, middle class workers have had no substantive wage increases, leaving them poorer and poorer.  Those immensely wealthy corporations and individuals, through political contributions, have managed to rig our politics so that they pay back only an inadequate amount into the system that has enabled them to become wealthy.”\n \n \n \nPart I\nWhat is Socialism? Social Democracy? And Welfare Capitalism?\n \nThe definition of socialism is: a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole.  By this definition I am not an advocate of socialism, in that I disagree that all means of production and distribution of capital, land, industry etc., should be run by the state, because that would instantly lead to fascism, which history plainly shows.  Capitalism and the free market do obviously have a very firm place in our socio-economic environment, I do not believe that fundamental socialism is the best way to run an economy. \n \nI renounced my beliefs about social democracy after I came about the term ‘welfare capitalist’ and I ignorantly jumped to the conclusion that this term better suited my beliefs.  After doing some research I have found that I was half correct.  Welfare capitalism is a broad term and has three different ‘worlds’ (which happens to encompass all developed successful 1st world countries), as defined by Esping-Andersens book, “The Three Worlds of Welfare Capitalism (1990)”.  Firstly (on the left), you have the social democratic dimension (or progressive liberalism aka universalist) of which the Scandinavian countries fall under: Norway, Sweden, Finland, Denmark and the Netherlands and to a degree the UK.  Secondly (in the middle), you have the Liberal dimension (aka residual) which includes countries such as; USA, Canada, Australia, Switzerland, and to a degree the UK.  And thirdly the Conservative dimension (aka Social insurance), which includes: Belgium, Germany, France, Austria, Italy and Japan. \n \n“Varieties of Welfare Capitalism”, by Alexander Hicks and Lane Kenworthy, which is the most recent scholarly study of the subject, prefers to unite these worlds into a sphere of welfare capitalism, whereby the progressive liberalism (social democracy) and liberal dimensions are united and instead described as two poles of a single dimension.  The positive pole being progressive liberalism (social democracy), the negative pole being traditional conservatism.\n \nTo clarify I will quote, “Varieties of Welfare Capitalism”, a socio-economic review, by Alexander Hicks and Lane Kenworthy – Department of Sociology, Emory University, Atlanta, USA.  Published by Oxford University Press for the Advancement of Socio-Economics 2003 (http://www.u.arizona.edu/~ikenwor/ser2003.pdf):\n \n“The social democratic world comprises the five nations whose social insurance programs are most universalistic in coverage and homogenous in benefit level.  The liberal world includes the five countries most marked by means testing and by private (as opposed to public) health and retirement insurance.  The conservative world is constituted by the five nations with the highest scores on a dimension tapping the degree to which social insurance programs are differentiated by occupational and public-private status group distinctions.”\n \n“The social democratic pole is characterized by extensive, universal and homogenous benefits, active labor market policy, government employment and gender-egalitarian family policies.”\n \n“The traditional conservative pole is characterized by occupational and status based differentiations of social insurance programs and specialized income security programs for civil servants, but also generous and long lasting unemployment benefits, reliance on employer heavy social insurance tax burdens and extensions of union collective bargaining coverage.”\n \nSo in the welfare capitalist sphere, I am a social democrat, and to clarify I will define what a social democrat is using Wikipedia, of which I largely subscribe to:\n \n“Social democracy is a political ideology to the left of the traditional political spectrum.  The contemporary social democratic movement seeks to reform capitalism to align it with the ethical ideals of social justice while maintaining the capitalist mode of production, as opposed to creating an alternative socialist economic system.  Practical modern social democratic policies include the promotion of a welfare state, and the creation of economic democracy as a means to secure workers rights.”\n \n“Since the rise in popularity of the New Right and neoliberalism, a number of prominent social democratic parties have abandoned the goal of the gradual evolution of capitalism to socialism and instead support ‘welfare state capitalism’.  Social democracy as such has arisen as a distinct ideology from democratic socialism.”\n \n“The Socialist International (SI) is the main international organization of social democratic and moderate socialist parties.  It affirms the following principles: first, freedom-not only individual liberties, but also freedom from discrimination and freedom from dependence on either the owners of the means of production or the holders of abusive political power; second, equality and social justice-not only before the law but also economic and socio-cultural equality as well, and equal opportunities for all including those with physical, mental, or social disabilities; and, thirdly, solidarity-unity and a sense of compassion for the victims of injustice and inequality.”\n \n“Varieties of Welfare Capitalism”, concludes:\n \n“Progressive liberalism (social democracy) seems to progressively redistribute income and reduce poverty.  It is also associated with greater gender equality in the labor market, whether measured as womens share of earnings or of the labor force.  And it has no adverse impact on employment performance.  The principle consequence of traditional conservatism appears to be weakened employment performance.  Much of the recent critique of the welfare state has centered on its purported job-reducing effects (e.g. Lindbeck, 1986; Siebert,1997).  Our findings suggest that this type of critique may be accurate to the extent that it focuses on what we termed ‘state laborism’, less union strength or neocorporatist integration of union confederations into state policy making than relatively passive (insurance-centered) employment policy, government labour market regulation and labour unionism by state proxy.  In other words, it may not be activism in a social democratic vein but in a conservative vein that saps employment and job creation.”\n \n \nPart II\nWhat kind of economy does America have?\n \nThe first country I started to compare to the US, which I assumed was socialist, was Norway, but Norway is not socialist (and neither is any other 1st world country, in fact the only socialist country that exists as far as I know is Cuba, sure there are Socialist parties in governments around the world but that does not mean the country/government/economy itself is socialist).  Norway’s economy is in fact an economy based on ‘welfare capitalism’, albeit in the social democratic sphere, which according to the CIA World Factbook is: “an economy which is based on the free market and government intervention in key areas”.  In Norway’s case the state controls a mixed array of industries including; petroleum and energy, trade, education, culture, marketing, transport, manufacturing, agriculture, food etc…  Norway has the largest oil company in the world, Statoil, which is run by the state, operates in one of the most environmentally challenging parts of the world and has the best safety and environmental record in the world, it also operates internationally and is able to compete very successfully with many privately owned (publicly subsidized) companies around the world.  As a result it uses the profits responsibly, drills responsibly, consumes responsibly, and places appropriate taxes on the oil and gas to accurately reflect the cost of discovery/extraction/and production of the final product.  Norway foresees the coming decline of gas and oil reserves and therefore saves nearly all state revenue from the petroleum sector in a sovereign wealth fund for the coming proverbial rainy day.  It affords its social funding through taxes, not via the petroleum industry as most skeptics assume.\n \nAmerica already is a ‘welfare capitalist’ state, as is every other developed industrial country in the modern world today: every single industrial country in the world has a massive state sector.  The GOA (Government of America) massively intervenes in key areas of our economy, which also happen to be the internationally competitive parts of our economy: agriculture, high technology, energy, pharmaceuticals and since 2008/2009 (some would argue much earlier) the financial industry, all of these industries are heavily subsidized by the GOA.\n \nAmerican agriculture is able to compete internationally because the state purchases the excess products and stores them, and subsidizes the energy inputs and so on.  The GOA pays around $20 Billion a year in direct cash subsidies to “farmers” in the USA.  For every dollar earned by “farmers” in the USA (approximately) the GOA provided .67 cents!  Total aid in 2009 for “farmers” was around $180 Billion USD, not to mention the indirect subsidies which also contribute billions in savings.  When I say “farmer” what I mean is corporate agricultural mass producers.  In fact the GOA is actively supporting the dissolution of the small and medium sized farmers in America and abroad, many small time farmers are actually paid to not farm, so as to move all the power and production of food into the hands of a small and elite group of corporations, but that is another story.  One should also consider the unbelievably huge subsidies given to the ethanol industry, which are given direct financial handouts and are the beneficiary of generous federal legislation which forces oil companies to include 10% ethanol in the gasoline sold to motorists.\n \nHigh technology research and development is capital intensive and its not directly profitable, therefore the taxpayer pays for it.  In the United States that’s done largely through the Pentagon, which includes N.A.S.A. and the Department of Energy (which also produces nuclear weapons).  IBM, Lockheed Martin, Northrup Grumman, Boeing, BAE, etc., will not pay the costs of research and development, they want the taxpayer to pay for it by funding a NASA program or the next generation of fighter jets or commercial airliners.  If they can’t sell everything that comes of this research and development to the public they'll still get the taxpayer to buy it in the form of a missile launching system or whatever.  If they make a profit that’s great but the really important thing for Boeing is to keep the taxpayer subsidies rolling in, and that is the way the Pentagon has been funding these private corporations research and development for the last 70 years.\n \nDavid F. Noble, Forces of Production: A Social History of Industrial Automation, New York: Knopf, 1984. An excerpt (pp. 5, 7-8):\nBetween 1945 and 1968, the Department of Defense industrial system had supplied $44 billion of goods and services, exceeding the combined net sales of General Motors, General Electric, Du Pont, and U.S. Steel. . . . By 1964, 90 percent of the research and development for the aircraft industry was being underwritten by the government, particularly the Air Force . . . . In 1964, two-thirds of the research and development costs in the electrical equipment industry (e.g., those of G.E., Westinghouse, R.C.A., Raytheon, A.T.&T., Philco, I.B.M., Sperry Rand) were still paid for by the government.\n \nThis trend has not stopped.\n \nFor example, in the 1950’s computers were being developed by our government and they were not good enough to be marketable to the public, so the taxpayer paid 100% of the research and development, which happened to be through the Pentagon (which, in fact, is also true of 85% of electronics in general).  So in the 1960’s computers began to be marketable and they were handed over to the private corporations who began to sell them to the public and reap the profits for themselves, yet they were still being subsidized by the taxpayer by about 50% in the 1960’s.  In the 1980’s the Pentagon was building these new “5th generation” computers and sophisticated software, which was extremely expensive, so the taxpayers again paid 100% of that bill.  How could the GOA get away with that?  Our government could get away with it because it was all funded under the guise of S.D.I. (Strategic Defense Initiative) aka Star Wars, of which its purpose was to protect us from Russian nukes, but conveniently much of the technology was very useful - read profitable - in the civilian sector, all of that was just handed over to the private corporations to make a killing off of.  One may deduce that Star Wars was just a cover for what was really going on, of course President Reagan may not have thought so but anybody who had common sense knew that S.D.I. was a means for massive state subsidies for the high tech industry, this nonsense about shooting nukes out of space with lasers was just a way to get the public to go along.\n \nHere are a couple sources which back up the claims mentioned above:  \n \n\"Will star wars reward or retard science?,\" Economist (London), September 7, 1985, p. 93.\n \nAndrew Pollack, \"America's Answer to Japan's MITI,\" New York Times, March 5, 1989, section 3, p. 1. \n \nWinfried Ruigrock and Rob Van Tulder, The Logic of International Restructuring, New York: Routledge, 1995. An excerpt (pp. 220-221).\n \nThe pharmaceutical industry is subsidized through public science funding.  Medical students and biochemists in American universities are doing all the hard work for Pfizer and Merck Pharmaceuticals.  They also receive huge tax breaks and are given legal loopholes which allow them to keep sometimes harmful drugs on the market, also drugs can be sold without FDA approval which is ludicrous, and the USA is the only country in the world where drugs are allowed to be advertised on TV commercials.  Now Obama is brazenly upsetting free market idealists and setting up a government run drug research and development center called; National Center for Advancing Translational Sciences. http://www.expertbriefings.com/news/federal-government-to-assist-pharmaceutical-developments/ .  It is unclear how/if this center is going to profit from the R and D, this kind of thing is hard to find in the daily news but will be very interesting to keep an eye on. \n \nWe subsidize the oil companies by: drastically reduced corporate income taxes, lower than average sales taxes on gasoline, government funding of programs that primarily benefit the oil industry and motorists, and \"hidden\" environmental costs caused by motor vehicles, namely air, water, and noise pollution. \n“Union of Concerned Scientists” http://www.ucsusa.org:\n“Direct subsidies include government-funded energy research and development. Indirect subsidies include the Strategic Petroleum Reserve, military expenditures related to the Persian Gulf, and police and fire protection related to highway use.”\n“Government directly subsidizes oil consumption through preferential treatment in tax codes. A multitude of federal corporate income tax credits and deductions results in an effective income tax rate of 11% for the oil industry, compared to the non-oil industry average of 18%. If the oil industry paid the industrywide average tax rate (including oil) of 17%, they would have paid an additional $2.0 billion in 1991. Our results are consistent with a report by the Alliance to Save Energy that estimated the benefits of individual federal corporate income tax provisions. Their results showed that in 1989 preferential treatment yielded $1.8 billion to $4.6 billion in individual income tax benefits to the oil industry (Koplow, 1993).”\n“At the state and local levels, sales taxes for general revenues on petroleum products are lower than the average sales tax rates, and consequently, motorists underpay for general government services. (Sales taxes are charges on petroleum products above user fees [highway fuel taxes, tolls, and fees earmarked for infrastructure and services] that are used for general revenues.) Another study by the Alliance to Save Energy found that state and local governments taxed gasoline at about half the rate as other goods -- approximately 3% versus 6% (Loper, 1994) -- resulting in an estimated $2.7 billion revenue loss from gasoline sales alone in 1991. When home, industry, and office petroleum products are included, the total state and local revenue loss sums to $4.1 billion.”\n \nAll of the above are forms of welfare for privately owned corporations and wealthy individuals; welfare for the wealthy in America has been growing rapidly over the years.  Social spending has been steadily declining.  I think it is essential for a successful socio-economic environment that the state does provide ample social programs and benefits for the needy.  And as you all know America does have welfare programs and funding for the needy, although it can, in certain cases, be ineffective or seriously flawed and is in many cases currently under threat from being defunded and most importantly there is little progressive movement forward.  The point is that every single developed first world country is a welfare state, the question is how effective the welfare is and who does it mostly go to, the rich who don’t need it, or the poor and highly disadvantaged.\n \n \nPart III\nAlternatives?\n \nLet me be clear, I am not saying we should stop subsidizing industry, if we did our economy would collapse tomorrow, food and energy prices (which means prices for everything) would skyrocket and chaos would envelope the country.  Recently Bolivia stopped all subsidies for oil and gas and the country immediately went into chaos and the subsidies were repealed five days later: http://uicifd.blogspot.com/2011/03/bolivian-oil-prices-have-uncertain.html .  My argument is that we should be more open and honest about the fact that our economy is a welfare capitalist system, in not doing so we are promoting gross inefficiencies.  We should embrace it, it is a good idea and it does work.  I feel at the moment the taxpayer is getting a very raw deal, if we nationalize some sectors of high tech industry or create partnerships with private corporations then the taxpayer can reap some of the profits, along with the CEO of IBM.  The same goes for the oil industry; we should try and emulate Norway’s Statoil and reinvest the profits into our own country, I do not believe that corporations have a right to own natural resources which are limited and vitally important to the survival and prosperity of the human race.  We have enormous gas reserves, larger then Saudi Arabia’s, which have recently been discovered.   Surely the population has a right to ownership of these limited natural resources that lie miles below the earth’s surface and we should therefore benefit from their exploitation.  You all know how I feel about the few and powerful multinational corporations that so heavily influence our legislative system, politics, regulation etc., and in my opinion are the reason that the middle class in America is disappearing at an alarming rate.  If we nationalized or at least had more open, transparent, cost effective, state intervention in these industries it would eliminate the corporatist problem and the regulatory problem, or at least much of it and if it didn’t we would only have ourselves to blame.\n \nJapans economy is very similar to ours except for one major difference, instead of coordinating their economy through the military industrial complex like we do in the USA, Japan has M.I.T.I (Ministry of International Trade and Industry).  Government officials sit down with big corporations, conglomerates and financial executives and basically plan the future, they try to figure how much consumption there’s going to be, what’s going to be consumed, how much investment there’s going to be, where the investment will take place etc.  This is much more of an efficient way of subsidizing and coordinating the economy then just having to rely strictly on private interests and whims.  Star Wars was a way for the Pentagon to develop the next generation of lasers, computers and software.  Whilst S.D.I. was happening in America, Japan was developing the exact same sort of lasers, computers and software through M.I.T.I., only that M.I.T.I. was developing these products with state subsidies with the intention of the final products being sold to the civilian market.  With S.D.I., the Pentagon was developing them for defense reasons (like lasers to shoot down missiles) with the thought that any kind of spin offs that might be marketable to the public would just be a bonus.  Well that is much more of an inefficient way of trying to develop products and technology for the consumer market, and that is why Japan is able to compete so fiercely with the U.S. in the high tech industry despite the significantly inauspicious state of its economy in the time frame of “Star Wars”.  I think the US should try and duplicate what Japan is doing with M.I.T.I.: increase the efficiencies of our subsidized industries.\n \nTake the oil industry for example.  ExxonMobil, apart from taking care of the financing and management side of things does not really do much else.  When Exxon suspects that there is oil and gas to be found at an offshore site they subcontract out a geographical survey vessel to come out and do the survey for them, if a promising reserve is found, then Exxon subcontracts the work of installing a wellhead and blow out preventer to the companies that specialize in that operation, then they subcontract out the drilling operations to a company like Transocean to come in and drill for the oil, once oil is flowing to that wellhead Exxon subcontracts out the work to a pipe-laying company to come in and lay pipeline and umbilicals to connect all the plumbing and power supplies that’s needed, now that everything is up and running Exxon just lets the oil flow and hires some in house engineers to open and close valves (yes I’m simplifying things).  If any repairs, maintenance, construction, inspection, or installation is needed, guess what, they subcontract out the work to the various companies which specialize in these fields.  My point being that if Egypt, Brunei, Brazil, Norway, Italy, Azerbaijan, Venezuela, Iraq, Iran, Malaysia, Nigeria, Russia, Bolivia, can have state run oil companies so can the USA, the personnel don’t have to change, you just put job wanted ads out and engineers will come out of the woodwork, people want to work (although it is politically impossible in the USA).  I also wanted to point out that we don’t need to nationalize everything about the oil industry, we can still subcontract out all the work (logistics, construction, drilling, exploration, maintenance, inspections, repairs) as does Exxon so as to provide a thriving trade for free market capitalism and we can even have private companies competing with state owned companies, or we can have state/private hybrid energy companies which is the norm in the rest of the world.  In Equatorial Guinea for example there is no state owned energy company but the government instead receives 50% of ExxonMobil’s revenue, just for allowing Exxon the right to extract, every other super tanker that is loaded with crude goes straight into the presidents –read dictators- bank account (with no investment on his part), I doubt that In America we get the same sort of deal with Exxon, on the contrary our government subsidizes them!  Nigeria does have a state owned oil company but all it does is collect money, to the tune of 60% of every hydro carbon production project that takes place within its territory, if you start to do the math you will quickly realize that this adds up to an astronomical amount of money for the state, if only they used it wisely.\n \nOne can easily imagine the positive outcomes of such a scenario, just look at Statoil, Norway’s state owned gas and oil giant, there is no reason America can’t do what Statoil does (except for its politically impossible).  Everything Statoil does is done in an extremely safe, profitable, environmentally friendly manner (in the last 5 years there has not been a single reported injury/incident in all the oil fields of Norway and all of their fields are low emission zones with the most stringent government regulation). The mountains of money that is earned goes into a massive savings account for the country to earn interest on until the oil reserves run out, at which time the entire country will be able to survive on the interest earned from that savings account alone.  Not to mention the fact that Statoil is one of the most technologically advanced and innovative oil companies out there, which operates in some of the harshest weather conditions known to man.  They also operate internationally and are able to successfully compete with private corporations.  The socio-economic and environmental benefits of having a state run oil giant could be enormous.  I’m not naïve, if we turned around tomorrow and created a single state owned oil giant in America and put the others out of business there would be a horrible back lash and it would surely struggle or fail in the beginning, these kinds of changes must be gradually instated incrementally over time, people do not like change, especially very rich and powerful people who are making a killing off of the most profitable product in the world other then illegal drugs.\n \nI also think the government should be directly responsible for running a healthy infrastructure which is constantly being maintained, improved and evolved.  According to the CIA Worldfactbook one of Americas biggest long-term economic problems is our countries neglect of investment in infrastructure (as you can see from my graph America invests the least amount of GDP back into the country out of all 15 countries listed).  When it comes to the question of stimulating our economy, it does not really matter what the money is spent on, so long as it is stimulating the economy, whether it’s the arms race or civil infrastructure.  My thought is that we may as well improve our country and simultaneously stimulate the economy in a meaningful way, so as to make our country a better place for future generations.  Privatizing all of our utilities does not work to the benefit of our country or population.  It would be preferable to run an enormous countrywide infrastructure project infinitely, not just in times of economic despair.  The bottom line being that rather then spending billions a year on military spending which is often times wasteful, why not direct some of those funds for much needed domestic use whilst simultaneously employing much of the lower classes for the unskilled labor force that would be required (as a side note: I would argue that if someone has the chance to work then they should not be eligible for certain welfare benefits I also think drug tests should be mandatory in order to cash a welfare check, some people deserve to suffer if they bring it on themselves.)\n \nIn my opinion there are infinitely beneficial reasons for having a state run health care system, even if it doesn’t make a profit.  I know that our current system is fraught with paralytic inefficiencies and vastly overpaid administrations.  “Every other wealthy nation insures everyone for about 10% of GDP.  Our system leaves out some 50 million people, and costs 17% of GDP.  That’s a difference of 7% of GDP, far more then the structural budget deficit” (“The Left Edge of Possible”, by Robert Kuttner).  One can see by the graphs that I have produced that America is lagging in the health care department and it is my feeling that America should be the ‘country on the hill’ and a beacon for all other countries to look to and try and emulate.  Instead our health care system can’t even come close to the success of Cuba’s.  My definition of success of the health care industry would be the ease and access to which the general public can get effective affordable health care, not how much profit Merck Pharmaceuticals can make in a quarter, or the level of care the top 5% receive.  I’m not saying there is no place for private care, if the rich want to get the best medical care money can buy and corporations want a speedier service for their important employees then that’s great, let the free market flourish.  But I believe it is our government’s responsibility to make sure the entire population has access to affordable top-notch health care.  There will even be a place for the private pharmaceutical companies but they will surely not make the same insane profits.\n \nAs far as the financial industry is concerned, I know its extremely complicated, but to put it simply if we have to bailout a financial institution then we should nationalize that institution, as we did with Fannie Mae and Freddie Mac (after we fix it we can then sell it off again to the private market at a profit), this to me is just common sense, that is the only way to solve too big too fail whilst simultaneously saving the world from economic collapse, it would also send a very clear message to the other financial institutions that there will be serious consequences, not rewards, for blatant malpractice and neglect.  In the UK (financial industry capitol of the world) they nationalized much of the financial sector after bailing them out, now their banks are reporting record profits and the government gets a share.  It goes without saying that our financial system is in dire need of vast regulation and oversight reform, if you read any government report on the state of our financial system in the USA it is actually more likely to collapse again then it was before the recent collapse because no meaningful reform has taken place, what’s more is the next collapse will be larger in scale and more devastating to the worldwide economy, any small reforms that are trying to be pushed through are shot down by special interest groups which have wide support on the left and right, again that is another story.\n \nIn the US we recently nationalized General Motors and Chrysler and the GOA successfully made GM profitable again and sold it to the free market at a profit for the taxpayers.  Considering the dire state GM (and the economy) was in when the GOA acquired the 61% share of GM, it is a success story, the government can run industry. “Yes we can!”, Barak Obama.\n \n \n \nPart IV\nConclusion\n \nIts great for us to project this free market image, yet we are extremely protectionist and have massive state involvement in all of our most internationally successful industries.  The free market fundamentalists in America are living a lie; our economy is not a free market.  We love for the third world to be truly capitalist because that means they will be highly inefficient and open to foreign penetration (hence the unbelievably high gap in living standards despite often times being resource rich.)  This has all been true since the beginning of the industrial revolution: there is not a single economy in history that’s developed without massive state intervention, like high protectionist tariffs and subsidies.  All the things we prevent the third world from doing are the prerequisites for development elsewhere.  Food for thought: what made America so successful in our early days?  Tobacco and cotton, well in order for those two industries to be so successful we relied on genocide and slavery to make them profitable, can you imagine a bigger market distortion then slavery and genocide?  Just keep that in mind when you hear US economists and politicians lambasting a developing country (or a developed country for that matter which happens quite often) for distorting the market with subsidies and protectionist measures.  In America we want to have our cake and eat it too, which is fine, but the average person needs to see through the hypocrisy before subscribing to certain ideologies.\n \nIt is worth noting and emphasizing how significant these industries (energy, health, technology, agriculture, finance) are to a healthy socio-economic environment, it is in all the peoples best interest (maybe not CEOs) for energy, healthcare, technology, finance and agriculture to be managed in an extremely careful, thought out, debated, intelligent, transparent plan, so that we can ensure a happier healthier country (world) for our future generations, the bottom line can not be how much profit can I make tomorrow?  We must be thinking about the long term, the free market does not take the long term into account, but people do, it is in their best interest to do so and at the end of the day its in the free markets interest to think in the long term, otherwise the entire system is bound to self destruct, we just saw a glimpse of that in 2008/2009 when the wheels of the worldwide economy came to a grinding halt, but currently our politicians and financiers are far too focused on tomorrow when they should be thinking of our great grandchildren’s time.\n \nThe bottom line is that in order for our economy to survive we rely heavily on state intervention, we must make this intervention more efficient and transparent and in so doing reap the rewards and reinvest the profits progressively into our society by improved infrastructure, health care, education, social welfare, research and development, energy, etc.  We must put checks and balances on the most politically influential and powerful corporations, putting that power into the hands of the public so that we can dig ourselves out of the vast hole that our socio-economic state is falling into.\n \n**I had a bunch of graphs here that showed many alarming statistics, however they didnt copy over, if your interested I can post them to you.\n![](https://cdn.steemitimages.com/DQmeKGhQWLrSFN3pczCYzptFTY99P3tzg4XApF5u2B2awio/image.png)",
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      "permlink": "my-response-to-paul-krugmans-fud",
      "title": "My Response to Paul Krugmans FUD",
      "body": "Dear Mr. Krugman,\n\nYour recent tweet-storm prompted me to reply and clear up a few things, please consider my\narguments.\n\n[Screen Shot 2018-07-05 at 9.25.26 PM.png](https://cdn.steemitimages.com/DQmfRZqseKCnLq4PLJBk7yuWESXwjU4c1CUv96NbG8BykF2/Screen%20Shot%202018-07-05%20at%209.25.26%20PM.png).\n\nFirst of all, and this is to everyone, every time you want to utter the word ‘blockchain’ or ‘cryptocurrency’ please STOP and replace it with one of two acceptable descriptors: \n\n(1) Bitcoin\n\n(2) Altcoin\n\nBlockchain and cryptocurrencies are misnomers, one must not forget that Satoshi Nakamoto invented a piece of software called Bitcoin which itself included the invention of the blockchain as you and the entire world know it. Not just any blockchain, an IMMUTABLE blockchain. Many altcoins don’t even possess a blockchain or workable code, much less an immutable public blockchain so to place all “cryptocurrencies” under one label is deceiving and comparing apples to oranges. We will talk about immutability later, but for now its important to recognize the immutable *fact* that Bitcoin invented the blockchain. No Bitcoin, no blockchain. With regards to “Beyond the Bitcoin Bubble”, the main thesis in the article is the correct acknowledgement that the big news about the Bitcoin invention is really not about cryptocurrencies, blockchains or asset classes, instead its really about the Internet 2.0. Its the Internet done the right way, its done in a secure way. So secure in fact that its first real world use is as a means of digitizing value into mathematically provable scarce data and enabling peer to peer “trust-less” transmission of said data over an intergalactic decentralized censorship resistant network. Bitcoin is in fact the secure Internet of money, the ultimate democratization of finance. Really its the latest iteration of our systems of money (which over the last 4,000 years have only been iterated on maybe 5 times, Bitcoin included). This latest iteration puts laser focus on the real question of “what is money?”.\n\n![Screen Shot 2018-07-05 at 9.25.29 PM.png](https://cdn.steemitimages.com/DQmQaYgDVf58gA8nrAC9pxhoCy5NDAZJ7mxYd1tahycHGiT/Screen%20Shot%202018-07-05%20at%209.25.29%20PM.png)\n\n- How can you verify gold is actually gold? Hint, biting it does not suffice!\n\nBitcoin == digital gold? Correct, great job Mr. Krugman! I think you are brushing this one off too easily, lets keep going with the gold comparison. Of course Bitcoin and gold can be counterfeited. Counterfeiting a blockchain based cryptocurrency is what we call a ‘51% attack’ but due to the extremely high amount of hash power protecting the Bitcoin fortress this is highly unlikely and in fact has not happened in Bitcoins existence, however it has happened multiple times in golds existence whereby reputable dealers such as the Royal Bank of Canada even fall victim to counterfeited gold. Say you own a million dollars worth of gold and want to verify it is in fact gold and not full of tungsten like the following news stories:\n\nRoyal Bank of Canada:\nhttp://www.cbc.ca/news/canada/ottawa/fake-gold-wafer-rbc-canadian-mint-1.4368801\n\nManhattan Jewelery District:\nhttp://www.businessinsider.com/tungsten-filled-gold-bars-found-in-new-york-2012-9\n\nA simple search of ‘how to test gold purity’ will return responses as idiotic as a float test in water but we all know the only way to verify gold purity is by melting it. If I were a wealthy individual and owned large amounts of gold, you can bet your satoshis i'll be having those melted down and verified to be pure. Sounds practical and environmentally friendly to me.\nIn order to verify that Bitcoin is in fact 100% pure Bitcoin, all you need to do is use the Bitcoin core software (you can download it here: https://bitcoin.org/en/download) and you can independently and mathematically verify your Bitcoin private key is valid and your unspent Bitcoin belong to that private key. Personally i'd rather run Bitcoins software instead of melting down a bar of gold every time I wanted to save or transact, and I think you’ll find I’m not the only who feels this way.\n\nWhat if I want to move and take my gold with me? \n\nFor starters you’re not going to get it across any international borders without incurring heavy taxes (at best) are you? Say you are a Venezuelan and you want to escape your hyper-inflated economy and take your gold with you to Columbia to start a brand new life as an economic refugee, do you really think that would work? It will be robbed from you and if you have too much of it the cost of moving it can make it impractical or impossible both physically and economically, as distance exponentially increases costs and risks. This is all stating the obvious. The point I’m making is Bitcoin is much better then gold, its portable, can be stored in your head. Its worth noting that Her Majesty's Royal Mint in England (https://rmg.royalmint.com/) literally copied the Bitcoin software to keep tabs on its gold, to efficiently prove who owns which bullion, just ask @lopp as he personally worked on the project. “Physical gold, digitally traded” is their slogan. If Her Majesties Royal Mint trusts the Bitcoin software to keep tabs of their reserves, then Bitcoin must be doing something right. I’d suggest you take a look at Her Majesties FAQs here https://rmg.royalmint.com/faqs/ as they actually answer some of the topics you seem to be struggling with about Bitcoin. \n\nWhilst you are correct that someone can steal your Bitcoins and that someone can steal your gold, the more gold you own the higher the risk of it being stolen is and the more costly it is for you to own. With Bitcoin it does not matter if you own 0.00001 or 1,000,000, you put however much effort and funds into securing it as you want, a private key is just text (a number in fact) and can be hidden and secured away in innumerable ways, including solely in your head (https://en.bitcoin.it/wiki/Mnemonic_phrase). It can then be transported around the world and no one can stop you, all you need is a functioning brain. You don’t even need electricity or the Internet, if you have solar panels and a standard second hand satellite dish you can point it up to space and download the Bitcoin software and run it independently of all unconsidered factors and restrictions (https://blockstream.com/satellite/).\n\n![Screen Shot 2018-07-05 at 9.25.35 PM.png](https://cdn.steemitimages.com/DQmRBwbESPSgb4puCVnTwdC9qrDmN7rtt8k4Ap2kVUovg2z/Screen%20Shot%202018-07-05%20at%209.25.35%20PM.png)\n\nOf course you have to worry, Bitcoin forces you to put on your big boy pants and independently verify your Bitcoin is fully authentic and as secured as possible (which obviously not enough people do). It is your duty as a user to run a full node (https://en.bitcoin.it/wiki/Full_node) and define what Bitcoin is. The very fact that this is even possible for almost anyone on the planet to do is a modern day technological miracle and Bitcoins strongest attribute; democratization through decentralization. Bitcoin breeds financial responsibility, it turns finicky millennials into frugal savers and investors whilst simultaneously driving people to question what money is. It was not until I discovered Bitcoin that I payed any attention to digital security and privacy. Owning your own financial sovereignty will certainly motivate individuals to invest heavily in knowledge and technical know how so that you can ensure you’re assets are safe, authentic and secure. After all it is my money, not the banks, I want and deserve full control over my assets, no misaligned, self interested, corruptible fallible third party needed thank you!\n\n![Screen Shot 2018-07-05 at 9.25.37 PM.png](https://cdn.steemitimages.com/DQmYsTuYQcYiK5Gcv5FPG8bg63LzuEaRP766a7DcT7FyxJz/Screen%20Shot%202018-07-05%20at%209.25.37%20PM.png)\n\nI think what your missing here is that it is possible to create your own private keys, and then create and sign Bitcoin transactions all offline in airplane mode with no wifi and virtually no risk of digital theft whatsoever (https://en.bitcoin.it/wiki/Offline_transactions). Because your precious private key never actually touches the Internet EVER. You can store that digital gold in hand writing on a piece of paper. My Bitcoin for instance has NEVER touched the Internet except in the form of a serialized signautre inside a Bitcoin transaction which was created and signed offline and only then after its encoded and serialized gets broadcast to the Bitcoin network. This means your Bitcoin are stored outside of the realms and reach of the Internet and hackers. Remembering your password to your online banking account IS NOT THE SAME! Just because you’ve remembered your password does not mean someone can’t hack your account, steal your identity and ruin your life. This is ironic because Bitcoin is extremely easy to steal if not secured properly, hence why individuals must invest in knowledge. I cant imagine a better motivator for that then financial sovereignty. \n\nJust imagine for a moment if you will, that tomorrow President Trump, feeling threatened by your liberal tweets, deems you a threat to his political survival and wrongly connects you to terrorist activity and freezes all your assets. Kind of like what happened to the Saudi royals recently. Well I promise you, that you would have wished you kept your assets stored in Bitcoin in a manner in which they are not seizable, I guarantee you whatever wealth those Saudis have left over is getting put into Bitcoin. In this political age you can not trust the state for simple day to day tasks, I do not want them in control of my finances. Not only does Bitcoin protect you from criminal theft it also protects you from state seizures. Bitcoin is insurance against all sorts of depressing outcomes, big brother and a dystopian future being one of them.\n\nBitcoin transactions are so immutable an un-censorable that I could in theory stop paying my bills and taxes and no government or law enforcement body would be able to confiscate or gain control of my Bitcoin, the Bitcoin would be waiting for me after I finished my jail sentence (although id probably be in for life, its still an interesting point), I could even transact in Bitcoin while in jail. There is no other asset class that allows this flexibility and security. This does not just appeal to criminals, this appeals the the vast majority of the world population who live under unpredictable regimes who\nmismanage their national currencies as if they were playing with monopoly money. Often times its the institution or government who are the criminals. \n\nJust ask:\n\nCypriots (https://qz.com/68104/under-heavy-guard-and-capital-controls-cyprus-banks-prepare-to-open-their-doors/)\n\nGrecians (https://en.wikipedia.org/wiki/Capital_controls_in_Greece)\n\nIndians (https://qz.com/830858/why-narendra-modis-move-to-ban-500-and-1000-indian-rupee-notes-is-such-a-big-deal-explained-in-one-chart/)\n\nBurmese (https://www.npr.org/sections/money/2013/05/10/182309623/why-almost-no-one-in-wanted-my-money) to name a few recent examples.\n\n![Screen Shot 2018-07-05 at 9.25.41 PM.png](https://cdn.steemitimages.com/DQmeBftkBrcd8VT6y18iAuoMw84XGL21qRJWT3DsN6ce4ir/Screen%20Shot%202018-07-05%20at%209.25.41%20PM.png)\n\n-What problem does Bitcoin solve?\n\nRemember not everyone lives in your Goldilocks world Mr. Krugman, take off your blinders. Frankly your question depends on the myriad of people who use it and you’d have to run polls asking millions of people all over the world why they transact about $20 billion dollars a day in Bitcoin or how it serves them, what problems it has solved for them, I expect the responses to be diverse and rich. Its easiest to first describe what problems Bitcoin has solved for me.\n\n-Problem: banks are not open 24/7\n\nIn fact their operating hours are extremely inconvenient. Also I am usually not physically in the countries where my bank is located, for example to send an international wire with NatWest you have to show up in person at the branch where you opened your account, not just any NatWest branch will do. Bitcoin solved this for me, I can now send money to anyone on the planet whenever I please.\n\n-Problem: Wire transfers take forever\n\nYou never really know what your going to get when sending a wire transfer, it could be any amount of time in the next month. In fact if you’re a Brazilian you have to get explicit permission from the central bank of Brazil to send money abroad and the application process can take 45 days. Guess what Paul, I recently used Lightning Network and made a Bitcoin payment instantly and almost for free and it went around the world. I have sent many thousands of dollars for pennies, almost instantly around the world using Bitcoin. As someone who has used the modern day international banking system extensively I can tell you even with Bitcoins growing pains it is immeasurably better right now. My soul actually feels better knowing I’m supporting open sourced software and a decentralized system instead of Bank of America.\n\n-Problem: Do I actually own my money when its in the bank?\n\nCommon sense would tell you that when I deposit my paycheck into an American bank that my money would stay in that account for me to take out whenever I wanted, I mean thats why they charge you fees right? Because they are providing you a service right? Wrong! As a depositor you are in actuality an ‘unsecured creditor’ (www.investinganswers.com/financial-dictionary/debt-bankruptcy/unsecured-creditor-5160). You have loaned your money to the bank and there is zero collateral, all you have is the “guarantee” by the federal government (FDIC) to cover $7 Trillion of personal losses if the banks go bust, even though the the FDIC only have a budget of $85 Billion dollars to\nbail individuals out with, thats a shortfall of of $6.9 Trillion dollars Paul, please explain how that works exactly!? Especially in the context that our domestic government can not even function fiscally on a daily basis. Whats worse, if the banks do go bust you are losing your money anyways as your tax dollars are paying for the bailouts so they can get bigger and fail harder next time, meanwhile more money is getting printed and devaluing the dollars you already have by inflation. Fractional reserve banking layered on top of the fact that as a depositor you’re really an unsecured creditor is like adding fuel to the fire. As we saw in the financial crisis in 2008/09 banks can not be trusted to safely manage your money. The FDIC insurance fund balance as of 2017 was $85 billion dollars, in 2008 there was over $7 Trillion dollars being held by Americans in bank accounts, considering the interconnectedness of the financial universe its safe to say if one bank is going to crash then many will crash, the FDIC can only cover a tiny fraction of that. And guess what, Americans are not the center of the universe, there are other countries out there where capital controls are strict and monetary policy is inept, if your unlucky enough to be born in one of those places (the majority of the worlds population) then you may find Bitcoins solution to this problem much more relative.\n\n-Problem: Inflation.\n\nMr. Krugman why is it when the federal reserve measures inflation they ignore 99% of what we humans deem as day to day necessities? Those annoying little things called consumer goods, like food, water, shelter. They stick to an arbitrary goal of 2% and even 2% per year compounded over time is a black hole of wealth destruction for savers. The point is our real inflation is in reality much higher, if you have international dealings you feel this burn much more when transferring your dollars into other currencies and vice versa. My problem is I don’t want my savings being sapped away by inflation, I don’t want my saving stored in an overvalued bond market and I certainly don’t want my savings invested in a bubbled out stock market, where oh where am I to go? Bitcoin = problem solved. Bitcoin is deflationary and should appreciate in value over time due to the supply demand balance and basic human animal spirits. Why do you think there is such a high premium on Bitcoin in the street in many third world countries, because it is worth more in these countries where risks of inflation, poor monetary policy and corruption are higher. Bitcoin holds value and on average appreciates in value (which is a priceless feature), ask an Argentinian, Venezuelan, or Indonesian about that if you don’t take my word for it.\n\n-Problem: Third parties.\n\nI don't trust you, I don't trust Donal Trump, I don't trust Exxon-mobil, I don't trust Goldman Sachs. I know all banks are fallible, and all humans are fallible and subject to greed and corruption. I have traveled the world, you do not place trust in institutions in the vast majority of countries. When it comes to storing my savings I trust only myself, and the open sourced software I use, problem solved. Bitcoin allows me to operate in a trust free manner as I don't need to rely on any third parties for my wealth storage (or lack of) and transactions.\n\n-Problem: 2 billion people without access to a bank\n\nIf I am an aspiring Baker in Nigeria how can I set up a business? Does my bank actually function? Is there a bank? Do they have credit cards for my business account? I wonder if they have a brokerage department? How can I hedge against inflation? The sad reality is even if they have access to a bank the rest of the world will not transact with them due to fraud risk, 2 billion people are unbanked and this keeps them outside of the financial world. Tell me how is someone supposed to get ahead financially when they don’t even have a means to safely store their funds or transact with peopl who are not physically next to them? Much less obtain legal paper work to open a business. The barriers of entry are too high around the world, now those barriers have been lowered. Almost every village in the world has a solar panel, a cell phone signal, at least one cell phone and maybe even a satellite dish. Well guess what Bitcoin just solved their problem, they can now freely interact on the universes financial markets 24/7.\n\n-Problem: Fraudulent payments.\n\nIt was estimated that in the city of London 1 out of 3 credit card transactions was fraudulent. In my case I have to call my credit card, debit card companies and banks constantly to assure them everything is ok every time I travel or try and make a purchase online. Fraud is a such an enormous cost on the existing financial system that banks don't let you spend money out of fear, it is a completely broken system! Bitcoin solves this problem, goodbye fraud and good bye charge backs. In order to flex your financial sovereignty you must learn how to use Bitcoin, and you must exercise caution and have concern for security. The onus is on the user, this saves merchants an absolute fortune on their bottom line, just ask the CEO of Overstock.com. Credit card companies charge huge fees to merchants and if your business is low margin it adds something like a 40% cost to your bottom line. Dealing in Bitcoin and Lightning Network saves merchants a fortune, and saves me the headache of constantly being unable to spend my money when I need to because my bank is inept at figuring out what is and isn’t fraud.\n\n-Problem: worldwide correlated assets all exposed to similar risk factors.\n\nBitcoin is an uncorrelated asset class allowing anyone to hedge against a number of likely undesirable outcomes, stock market crashes, bond market crashes, currency devaluations. As we saw in 2008 when the bubble pops it pops hard, considering we have people like Trump leading the way now you can rest assured any healthy regulation to stop these crises have been rolled back and have been neo-liberalized to the extreme. The interconnectedness of the financial world has only become more complex, badly regulated and over leveraged. Bitcoin will thrive when the masses realize how broken the current system is, it may not go up in price when the bubble pops, but it will serve as the only viable alternative, ironically Bitcoin may be the pin that pops the bubble.\n\n-Problem: Politics and the established ruling class.\n\nThese groups are one in the same and have a death grip on the world wide financial system. Many people do not find it appealing to be a apart of this obviously broken system or subscribe to Donal Trumps ideology and want to opt out altogether. Bitcoin is by far the best and most effective way to do that, you can not speak louder then speaking with your money.\n\n![Screen Shot 2018-07-05 at 9.25.47 PM.png](https://cdn.steemitimages.com/DQmPtEUNi4t4eozjX2gkBe1uEi5SFPzUFoBoaH7MnDiMqS8/Screen%20Shot%202018-07-05%20at%209.25.47%20PM.png)\n\nThats both a cheap shot and a compliment. The first people to adopt true new disruptive technologies are usually “criminals\", that is because they make lots of money and they find that this technology is far more efficient, to me that seems like a compliment and vouches for Bitcoins utility. Just because someone wants to protect their assets from the fallibility of governments and financial institutions does not make them a criminal Paul. Bitcoin is much easier to trace then cash PERIOD. In the future all governments will digitize their currencies and big brother will be watching more efficiently then ever thanks to the blockchain. The US Government is tracking cryptocurrency payments very tightly, its been studied and less than 1% of Bitcoin transactions relate to illicit activity and money laundering (https://coincenter.org/link/a-new-study-finds-less-than-1-of-bitcoin-transactions-to-exchanges-are-illicit). As I said, cash is worse... Nice clickbait though Paul.\n\n![Screen Shot 2018-07-05 at 9.25.55 PM.png](https://cdn.steemitimages.com/DQmbv5kxWGT13DEApgx8U3CcoCrtcknRrPFNxXTEyEaYEoE/Screen%20Shot%202018-07-05%20at%209.25.55%20PM.png)\n\n-Bitcoin is scaling.\n\nThat ONE conference understandably took that action right at the time of peak spam on the bitcoin network, the fees have come down considerably since then as big players like Coinbase seem to become more technologically adept in their dealings with the Bitcoin network. Please see this block as an example of Bitcoin scaling in front of your eyes:\n\n![Screen Shot 2018-07-05 at 9.25.58 PM.png](https://cdn.steemitimages.com/DQmbx45AQZgwoyjxuy6uqVtwUk2Hi9vgKqgnMAvNsMnnVm8/Screen%20Shot%202018-07-05%20at%209.25.58%20PM.png)\n\nAh yes the great scaling debate. Lets start with a quote from the late Hal Finney who in 2010 who was the first known person to run Bitcoin in conjunction with Satoshi Nakamato: \n\n\"Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient.\" -Hal Finney, Dec 2010” \n\nThis is not some issue that popped up out of nowhere, the solution was proposed years ago and has been in active development for the last two years at least and as you can see is now live and in use, with the participation rate increasing exponentially. The innovative improvements are called Segwit and Lightning Network, I would urge you to read this paper Paul https://lightning.network/lightning-network-paper.pdf, heres an excerpt: \n\n“The bitcoin protocol can encompass the global financial transaction volume in all electronic payment systems today, without a single custodial third party holding funds or requiring participants to have anything more than a computer using a broadband connection. A decentralized system is proposed whereby transactions are sent over a network of micropayment channels (a.k.a. payment channels or transaction channels) whose transfer of value occurs off-blockchain.”\n\nLightning Network is a second layer, kind of like ETFs are a second layer to their underlying asset, except that in Lightning your actually dealing in the underlying asset and not a mirage of it. My point is, Bitcoin is scaling, fees have come down massively, we have blocks coming in at 2.1mb (more then double the traditional 1mb blocks pre segwit) in size with average fees of 1 satoshi/byte which is very low, 1 satoshi per byte means I can send millions or billions of dollars for a less then a $0.10 fee.\n\n-Mining - Mining is THE feature.\n\nThis is the most off base comment you've made yet. Mining is expensive? Yea its expensive and it can also make you millions of dollars. Maybe you should ask @jihanwu how profitable Bitcoin mining has been for him. Clunky you say? There does not exist a higher incentive to adopt renewable energy then Bitcoin mining. The only real overhead is electricity, you will do anything to reduce that overhead. Many large mining operations utilize excess energy produced by renewables, renewables are the holy grail of Bitcoin mining:\n\n“The bottom line is that solar-powered Bitcoin mining operations can be highly profitable and enjoy payback times as short as a year or two. After that, Bitcoin revenue comes with almost zero ongoing costs for another 25 years or more for solar farms”\n\nhttps://www.greentechmedia.com/articles/read/solar-powered-bitcoin-mining-could-be-a-very-profitable-business-model\n\n“These plants often produce more energy than they can sell to China's state grid, and some plant owners have found they can either sell the surplus to bitcoin mines or set up their own mines.”\n\nhttp://www.aljazeera.com/indepth/inpictures/world-chinese-bitcoin-mining-180116112117869.html\n\n“Bitcoin transactions require a lot of processing power, which creates a lot of heat. So Ilya Frolov and Dmitry Tolmachyov built a wooden cottage in the Russian Siberian town of Irkutsk, and they’re heating it with two bitcoin mines. The men pocket about $430 a month from bitcoin transactions, while keeping the 20 square meter space warm.”\n\nhttps://qz.com/1117836/b hitcoin-mining-heats-omes-for-free-in-siberia/\n\nBitcoin mining is a way to prove joules have been spent, here in lies the real intrinsic value of Bitcoin. Energy is intrinsically valuable if it is expended for anything anyone is willing to value. The amount of energy expended is directly proportional to the level of mathematical security the Bitcoin network creates, its users pay for that security in the form of transaction fees, even you should appreciate the beauty of this economic incentive based model. This protects the network from 51%\nattacks, secure enough for a central bank. What problem does mining solve? It solves the problem of security, every new miner that mines Bitcoin adds to the unthinkably high barrier of mathematical proofs of hash power and energy spent.\nThis is energy well utilized, it provides Bitcoin with its immutable nature, its security, something that is mind bendingly difficult to boot strap. This makes Bitcoin the killer app. In the future the most important transactions in the world will take place on the Bitcoin blockchain and the wealthiest individuals in the world will be storing their wealth on the Bitcoin blockchain. Without mining and Proof of Work that all vanishes instantaneously. Bitcoin is immutable because the miners make it immutable, it is neither physically nor economically feasible to re-mine the history of Bitcoin and create an alternative blockchain unless you want to spend billions upon billions of dollars, and each day that goes by this difficulty exponentially increases. There are simply not enough super computers in the world to put a dent in the Bitcoin networks wall of cryptographic security.\n\n\n\nHere you can see the hash rate of the Bitcoin network as I type is 19,491,456 Trillion hashes per second, an increase of 9x this year alone. It was estimated in 2013 that the Bitcoin network could out compute the top 500 supercomputers in the world by 256 orders of magnitude, today in 2018 not enough super computers exist in the world to put a tiny dent in this sort of astronomical hash-power. “So the entire bitcoin network is roughly 256 times faster than all the top 500 supercomputers around the globe combined.” (in 2013!!!)\n\nhttps://www.forbes.com/sites/reuvencohen/2013/11/28/global-bitcoin-computing-power-now-256-\ntimes-faster-than-top-500-supercomputers-combined/#7e52a2dd6e5e\n\n![Screen Shot 2018-07-05 at 9.26.07 PM.png](https://cdn.steemitimages.com/DQmcohqBf24Y2KYbNW31C3CZAeoYyJRrd1Jgrm8rZT6j3DC/Screen%20Shot%202018-07-05%20at%209.26.07%20PM.png)\n\n-Backstop? You mean bailout?\n\nGovernments fail Paul. Central Banks fail Paul. Governments bail out the banks then use tax payer money to pay for it, then they inflate your currency into oblivion. Maybe its a once in a lifetime event in your country or maybe its a yearly event in your country, either way its not worth risking my life savings on your flawed monetary policies and corrupt elected officials. Fiat is a house of cards waiting to tumble, on average fiat currency has a twenty year life span, a frightening experiment which essentially guarantees failure in the long run. I think there is and always will be a role for credit to play but the pendulum has swung too far, and I think that is physically expressed and manifested in our society today through mass consumption, mass consumerism, poor diet, and poor education. I buy Bitcoin because I don’t need or want your bailout.\n\n-What gives fiat value? \n\nLike anything its all about subjective value theory. Bitcoin IS valuable for the people who use it for their many diversified use cases, I have already laid out a few of those above from my own personal experiences. At its most basic level at least Bitcoin takes energy to create whereas digital dollars can be created willynilly.\n\n![Screen Shot 2018-07-05 at 9.26.15 PM.png](https://cdn.steemitimages.com/DQmegYxCSwvCD6R8DNAvqJJuPg3dY81LYNTz94TtaYZ9gh5/Screen%20Shot%202018-07-05%20at%209.26.15%20PM.png)\n\n-“If people don't believe something has any value then it doesn't have value” \n\nThe same can be said of all assets. This is at best a non statement and you know it. This not a debate Paul, Bitcoin is useful to people, they DO USE IT, it has value. Just on the basis of an uncorrelated asset class alone it provides enormous value to institutions and individuals looking to hedge. The ponzi comparison is so boring, and illustrates that you know nothing about Bitcoin and know nothing about ponzi schemes. Robert Shiller has also just publicly stated that if eastern Europeans had Bitcoin in the 1940’s the communists and fascists would not have been able to confiscate their wealth, sounds like a ringing endorsement and an enormous value proposition and use case to me. Shiller also stated “Bitcoin is a clever idea”. You are cherry picking.\n\n![Screen Shot 2018-07-05 at 9.26.18 PM copy.png](https://cdn.steemitimages.com/DQmUqwFtvMqDvvBnHgPEttyoNMMizbFzcAofJqxrXnz2qLd/Screen%20Shot%202018-07-05%20at%209.26.18%20PM%20copy.png)\n\nPaul, this is going to be the most insane price discovery process you or anyone has ever seen, this is money done better, hold on to your seats! Little blips like wannabe hackers in North Korea really don’t matter. Bitcoin is constantly attacked, it evolves for the better after each attack it is anti-fragile. The Bitcoin community welcomes such attacks, we live in an adversarial world and Bitcoin *thrives* in it.\n\n![Screen Shot 2018-07-05 at 9.26.18 PM copy.png](https://cdn.steemitimages.com/DQmUqwFtvMqDvvBnHgPEttyoNMMizbFzcAofJqxrXnz2qLd/Screen%20Shot%202018-07-05%20at%209.26.18%20PM%20copy.png)\n\nUse cases :\n-Hedge against inflation.\n-Hedge against market crashes.\n-Transparent voting results.\n-Transparent budgets and public spending.\n-Proof of ownership.\n-True frictionless worldwide digital payments with little cost\n-Transparent charity donations.\n-Hedge against worldwide catastrophe.\n-International remittances.\n-Peer to peer payments.\n-Store of value.\n-Portable store of value.\n-Immutable store of value.\n-Censorship resistant transactions.\n-Uncorrelated asset class used to hedge.\n-Digitally secure wealth storage.\n-Independently managed wealth.\n-Fraud prevention.\n-Means to claim financial sovereignty.\n-Means to reject a system which your are ideologically opposed to.\n-Means to say no to the world power structure as it stands.\n-Means to take power away from the banking elite.\n-A means to escape inflation and irresponsible monetary policy.\n-A means to democratize finance.\n-A means to bank the unbanked and un-bank the banked.\n\nFor you it may not be useful, and thats totally fine. At the end of the day you are just playing a role that will get you more clicks, taking advantage of a hot topic that you’d prefer didn’t exist as it threatens your world view. Rather then actually delving into the subject with an open mind you choose to entrench back into your gut feelings, letting 12 strands of confirmation bias (https://en.wikipedia.org/wiki/Confirmation_bias) stream through your consciousness, blissing your\nignorance. \n\nFrankly, Bitcoin does not care what anyone thinks. Bitcoin exists and thrives because people use it and because developers all around the world  contribute their intellect to improving it. Always remember, you can short Bitcoin!\n\n-Disclosure I am long BTC.![Screen Shot 2018-07-05 at 9.26.10 PM.png](https://cdn.steemitimages.com/DQmPcKrqSjmLRwpSZCawWJWuRcHemMD42rXfkvPWb4ib5MH/Screen%20Shot%202018-07-05%20at%209.26.10%20PM.png)",
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