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      "body": "Congratulations @gleepower! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@gleepower/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/@gleepower) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=gleepower)_</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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      "parent_permlink": "5-reasons-i-sold-my-cryptos",
      "author": "gleepower",
      "permlink": "re-buggedout-5-reasons-i-sold-my-cryptos-20180105t195535771z",
      "title": "",
      "body": "Wow this was very interesting. Pardon my ignorance but is the STEEM listed on coinmarketcap the same as the STEEMDOLLAR? Also, I'm not sure if your familiar with bitUSD on bitshares, but is a STEEMDOLLAR pegged to the dollar in the same manner (e.g. it can be settle for a $1 worth of STEEM or whatever from a collateralised lender)? If so that's quite incredible that people are buying it at $2. It seems so irrational I can't quite believe myself that that happened!",
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  "timestamp": "2018-01-05T19:38:57",
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      "parent_author": "buggedout",
      "parent_permlink": "re-gleepower-re-buggedout-re-gleepower-re-buggedout-re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180105t012148174z",
      "author": "gleepower",
      "permlink": "re-buggedout-re-gleepower-re-buggedout-re-gleepower-re-buggedout-re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180105t193900281z",
      "title": "",
      "body": "Calling something \"lefty pseudo-science\" isn't an argument - they use logical reasoning and support it with empirical data. For sure, developing countries productivity growth is much higher. But globalisation should bring *increasing* productivity - more options for trade. Not sure about financialisation although I'd lean towards agreeing with you. This guy puts the technology point quite well - https://www.amazon.co.uk/Summary-Rise-Fall-American-Growth/dp/1683780485/ref=sr_1_1?s=books&ie=UTF8&qid=1515180995&sr=1-1&keywords=rise+and+fall+of+american+growth\n\nBut intuitively, early twentieth century had incredible changes compare the 21st century invention of a smartphone with the invention of phones and telecommunication. Before the phone, people lived in a world confined to their village or town.News spread very slowly. A smartphone is an improvement over a phone, but it's not a completely different uphaul of society (obviously quite hard to define what an \"uphaul of society\" is though!).",
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      "body": "*\"Happiness Economics\"* sounds a bit like lefty pseudo-science to me so you'll have to forgive me for not buying into that.\n\nProductivity is down in developed nations due to globalisation and the shifting of production into the developing or 3rd world.  It has been going on for decades now and it is the reason for stagnation in the living wage in the West.  Look at global productivity rather than a subset of it and you should see a better trend.\n\nPlus, we are suffering from the increased *\"Financialisation\"* of our economies which is not helping productivity OR wages in the developed world.  We've actually had anaemic growth since the GFC and have never truly recovered.",
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      "title": "",
      "body": "What I mean is that only the government can borrow at the risk-free rate. Out of interest why do we need less of this? I think as a whole (although it's obviously not perfect), central bank policy helped the financial crisis not turn into a 1930s prolonged depression. Remember in an economy, your spending is my income, and my income is your spending so if everyone tries to simultaneously save, everyone is worse off. This is a classic collective action problem - what is in everyone's private best interest isn't in the interest of the community. Having a government step in with fiscal policy solves this situation.",
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      "title": "",
      "body": "Why do you think technological advancement is getting faster? Productivity growth is down in developed countries. The innovations you mention have less effect (or at least currently do) than things like refrigeration, antibotics, central heating, flight, phone, computing. In terms of happiness, the 21st century hasn't really had any technological advancements (bar medical ones) which improve happiness (unlike central heating or refrigeration which markedly improved living standards) - see https://en.wikipedia.org/wiki/Easterlin_paradox. Do you think that productivity growth will soon increase in the future suddenly despite the trend down?",
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      "body": "Resteemed by @resteembot! Good Luck!\nThe resteem was paid by @greetbot\nCurious?\nThe @resteembot's [introduction post](https://steemit.com/resteembot/@resteembot/how-to-use-resteembot-updated-2017824t202525149z)\nGet more from @resteembot with the #resteembotsentme initiative\nCheck out the great posts I already resteemed.",
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      "title": "",
      "body": "*\"My theory is that only really the government can issue debt efficiently...\"* Ok, you've lost me here.\n\nThe government and central bankers are manipulating the money supply and interest rates.  We need less of this, not more.",
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  "block": 18666547,
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  "timestamp": "2018-01-03T23:00:36",
  "op": [
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      "parent_author": "gleepower",
      "parent_permlink": "re-buggedout-re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180103t192548554z",
      "author": "buggedout",
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      "title": "",
      "body": "*\"...there has been a slowdown in technological growth in the 21st century...\"* Have you heard of blockchain technology?  Or Artificial Intelligence?  Even the internet has had more impact on society in the 21st even though it first arrived in the 20th century.  We are just getting started here and the rate of technological advancement is only getting faster.  I can already hear the screams from the Luddites who want it all to slow down!",
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      "parent_author": "buggedout",
      "parent_permlink": "re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180102t223445974z",
      "author": "gleepower",
      "permlink": "re-buggedout-re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180103t192827810z",
      "title": "",
      "body": "Negative interest rates are mad though, you would expect house price increases and *massive* stock price increases so that dividend yields, rents and interest rates are in line (adjusted for risk). Yet you don't... My theory is that only really the government can issue debt efficiently, and we've have a recent turn towards austerity. In addition, the private sector is highly indebted (although obviously an economy as a whole can't be in debt as for every borrower there is a lender).",
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      "parent_author": "buggedout",
      "parent_permlink": "re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180102t223445974z",
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      "permlink": "re-buggedout-re-gleepower-re-buggedout-why-invest-in-gold-and-silver-20180103t192548554z",
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      "body": "That's true - but many bonds and stocks have yields higher than inflation. I see no reason why gold prices will rise above inflation - it's use doesn't increase. Yes, there has been a slowdown in technological growth in the 21st century and the rapid increase of technology in the 20th century will likely never be repeated. But hopefully interest rates will eventually rise (yield curve is pretty dim tho) and productivity growth will improve (and therefore stocks as a whole).",
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      "parent_author": "gleepower",
      "parent_permlink": "introduce-yourself",
      "author": "newsteemians",
      "permlink": "introduce-yourself-newsteemians-01032018",
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      "body": "Welcome to Steem Community @gleepower! As a gentle reminder, please keep your master password safe. The best practise is to use your private posting key to login to Steemit when posting; and the private active key for wallet related transactions. \n\n In the New Steemians project, we help new members of steem by education and resteeeming their articles. Get your articles resteemed too for maximum exposure. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch ",
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      "body": "*\"..the interest rate has been above inflation for the whole of the 20th century...\"*  was it?\n\nWhat about the 21st century?  We are now 17 years old into it and we've have negative real interest rates in a large part of the world since the GFC.  What worked for investors last century may not work this century is all I'm saying ;)",
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      "permlink": "re-aggroed-what-gives-crypto-value-a-letter-to-potential-investors-20180102t140810126z",
      "title": "",
      "body": "Fiat currency doesn't really have a set amount anymore. Millions of companies and governments have borrowed money and promised to exchange future goods and service in return. These debts are held by banks who issue deposits. This gives a backing to the USD or GBP. Stocks are valued at the present value of their future dividends. \n\nObviously though, most cryptos don't have backing assets or dividends so it's quite hard to value them. One way might be to think of the value of a bitcoin is that you can use it to put bytes on to the blockchain. Might write a post on this method.",
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      "body": "I think I might do a post on this but I still see no reason to invest in gold and silver - they generally go up with inflation. Conversely, money/bonds and stock generally have higher returns than inflation. If you held stocks or a bank account in 1900, since the interest rate has been above inflation for the whole of the 20th century and dividends have been higher, you'd be much better off than if you held gold. Fiat currency and stocks are backed by real goods and service whilst gold is a shiny metal. Sure if you want an asset that just goes up with inflation, I suppose it's useful?",
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      "permlink": "re-mooncryption-what-is-fractional-reserve-banking-and-is-it-fraud-20180102t135423015z",
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      "body": "Fractional-reserve banking operates much differently now a days. For a start, modern banks are much more restricted via capital requirements rather than liquidity requirements. As long as a bank is solvent, it can issue as many deposits as it likes. \n\nIt's not in any way a fraudalent practice - all it is an instuition holding long-term debts and financing them with short-term debts (i.e. bank deposits). \n\nMy post might help clear things up - https://steemit.com/bitcoin/@mooncryption/what-is-fractional-reserve-banking-and-is-it-fraud",
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      "body": "The balance sheet of the bank always has to balance - remember the bank lends to the same people it borrows from (as for every lender there is a borrower) so that's impossible. The more money the bank makes, the more the equity holders and deposit holders get. It's a circle that balances out to 0. \n\nhttps://steemit.com/finance/@gleepower/the-definition-of-a-bank",
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      "author": "gleepower",
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      "body": "This is quite old fashioned, modern banks are much more constrained by capital requirements than liquidity ones. That's what caps lending. As long as it's solvent, a bank can just keep issuing deposits without going through this process\n\nSee my blog post for more information - \nhttps://steemit.com/finance/@gleepower/the-definition-of-a-bank",
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      "parent_permlink": "finance",
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      "title": "The definition of a bank",
      "body": "(you can find this post also on my website - http://217.61.121.241/2018/01/02/bank_definition/)\n\n\nIn my opinion, there seem to be three central functions of a bank, of which each is fairly different. \n\n 1. The first function, which seems most obvious, is that banks are well-known and trustworthy institutions which people are happy to deposit their\n money in, whilst the companies which a bank lends to aren't necessarily as well-known or trustworthy (at least to most people).\n 2. The second function, is that banks maturity-transform assets. They make loans \n which may be paid off over a long period of time, such as 30 years. Yet the deposits the banks owe are short-term, often callable on demand! This \n property is what causes the feared bankrun, in which scared depositers suddenly withdraw all their money at once. This is called maturity \n transformation because the banks assets are long-term whilst the bank liabilities (deposits) are short-term.\n 3. The third function, is that banks \n offer an easy way of transferring your assets - it's a long and lengthy process to transfer a share, bond or block of gold to someone, whilst a bank \n transfer these days is instant and feeless. \n\nThe problem here is that many instuitions have some of these functions but not all of them. For example, PayPal let's you transfer cash, so comes \nunder the third function. A mutual fund or private equity firm arguably comes under the first function, and maybe even under the third, but doesn't \ncome under the second. We might also even have a bank-like entity which does 2, and 3, but not 1. \n\n# The first function \n\nI think the trust function of a bank is probably the most essential of its functions. We can think of banks as an intermediary \nbetween entrepreneurs/companies and workers. There's a reason \"credit\" means belief or trust in latin. \nEntrepreneurs and firms offer future goods and services based on predictions \nand specialized knowledge. In return for these future goods and services, they buy workers using wages. However, workers \nwill refuse these futures goods and services, since they are not secure enough and not transferrable (this is partly related\nto the third function). For example, take the car manufacturing firm Tesla. Tesla promises to provide a constant \nstream of cars in the future - say 40 000 cars a year. However, their workers are unwilling to be paid in these \nfuture promises of cars. What instead happens is that a bank takes these promises of future cars from Tesla, and \ngives bank deposits in return. These bank deposits will be accepted as payment by the workers. In other words, banks \noperate as an *intermediatery* between the firms/entrepeneurs and the workers. \n\nBanks take the promise of future goods and services from the firms and give them back deposits. So they simulatenously \nlend to the firm (as they now possess a claim on these firms future goods and services) and borrow from \nthe firm (they have given the firm deposits). The firm then takes these deposits and uses them \nto pay the workers. You can think of bank deposits as a \"universal voucher\" not just for a specific firm goods and services, but for all \nfirm's goods and service in that country (or firms which the bank lends to).\n\n# The second function \n\nThis is the most contraversial function of banking. The promises for goods and services which the bank takes \nfrom firms are promises for *future* goods and services. The bank deposits are promises for *current* goods \nand services. This leads to the problem that if everyone withrew their deposits at once, then even a bank \nwhich has made wise and profitable loans will go bankrupt, since it can't at one time fund all of its investors \nat once. \n\nHowever, there is also a benefit to this - there is a utility in having liquid funds that can be accessed at \nany time. It also makes the deposits easier to transfer - an instant loan of $100 is always worth $100 (ignoring default \nrisk) whilst a loan of $100 receivable in a year is worth less than $100, but by how much? Having deposits \nbe instantly callable makes their valuation very simple. \n\n# The third function\n\nBanks can be used as payment providers - I can transfer my money easily and quickly using my bank. However, \nmany companies which aren't banks provide payment solutions (e.g. Stripe, paypal, cryptocurrencies). So truth\nbe told, it seems plausible that this function isn't a necessary part of banking. However, this function definitely \ninteracts with the other two in interesting ways. For example, having maturity transformed deposits makes it simpler \nto transfer them. Having deposits function as universal vouchers for goods and services adds to their transferability. \n\nHowever, in modern banking, bank deposits are never *truly* transferred. For example, say I had a bank deposit with \nLloyds bank (a UK bank) and wanted to send $100 to my friend whos has a Santander (a Spanish bank) account. If this transfer\nwent through then my friend would have $100 extra I.O.Us from Santander and I would have $100 less I.O.Us from Lloyds. However, \nan I.O.U of $100 from Santander is different to an I.O.U of $100 from Lloyds. If this had been a true transfer, then \nI would have $100 less I.O.Us from Lloyds, and my friend would have the *same* number of I.O.Us from Santander and \na $100 I.O.U from Lloyds. \n\nWhat happens in the modern banking system is that when I transfer $100 dollars to my friend, 3 things happen:\n\n1. Lloyds gives a $100 I.O.U to Santander (Lloyds borrows $100 from Santander)\n2. Lloyds removes a $100 I.O.U from me (Lloyds lend me $100)\n3. Santander gives a $100 I.O.U to my friend (Santander borrows $100 from my friend)\n4. Santander receives a $100 I.O.U from Lloyds (Santander lends $100 to Lloyds)\n\n(Really, 1. and 4. are the same as X borrowing Y is the same as Y lending to X, but having them duplicated illustrates the point)\n\nNow in practice, Lloyds and Santander will process so many transfers that they're lending to each other \nwill balance out. However, note that this is different to a cash transfer or a bond transfer, where \nthe issuer remains the same. E.g. if I sell you a stock or a share on an exchange, that is a transfer \nof an asset. \n\nSo with these three functions, we can define a bank as an entity which issues transferable, short-term debt and \nholds long-term debts.",
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      "permlink": "re-steem-network-re-introduce-yourself-20180102t133051-20180102t133816916z",
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      "body": "Thank you!",
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