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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://sputniknews.com/science/201802281062083478-thou-shalt-mine-bitcoin/",
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      "author": "kenigmatic",
      "body": "![bitcoin-altar.jpg](https://steemitimages.com/DQmZkw5Yhu8pqH38QQUjsFGUwV8HmXRgxpSPcjR9JpGV1dX/bitcoin-altar.jpg)\n\nThe “sacred” cryptoplace was organized on the wall of one of the city’s building, though its author is unknown.\n\nThe residents of Russia’s Yekaterinburg woke up one day to find that some provident citizen had organized a Bitcoin altar in the city for those who wish to pray for the digital currency’s well-being (and for the well-being of their crypto- and real wallets, no doubt). So, if you are a devoted worshiper of Bitcoin and wish it to return to its end-of-2017 glory, feel free to go on a pilgrimage to the “sacred cryptomecca.”\n\nThe altar itself is as simple as it can be — a Bitcoin logo in a frame encrusted with ordinary multicolored stones, hanging on the wall of a building on Proletarskaya street, inside of a pained orange circle, surrounded by the symbols of the US dollar and Russian ruble.\n \nBitcoin attracted investors’ attention at the beginning of 2017, as it started to rapidly rise in price. Over the course of the year it gained more than 1000%, with many finance experts calling the interest speculative and suggesting the Bitcoin market had turned into a bubble which could explode any moment. Bitcoin took a nosedive at the beginning of 2018, but later regained some of its value.",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.alternet.org/food/americas-richest-2-made-more-money-2017-cost-entire-safety-net",
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      "body": "![jeff-bezos-696x392.jpg](https://steemitimages.com/DQmWBPqpYBJ2Xkq4ti76nCeAXaMzbtBPQUJwBUed12L3mVm/jeff-bezos-696x392.jpg)How was their money made? Almost entirely by passively waiting for the stock market to go up. The data sources for this report are Forbes and Credit Suisse, both of which provide precise numbers for the worsening surge in America's wealth inequality. \n\nU.S. wealth increased by $8.5 trillion in 2017, with the richest 2% getting about $1.15 trillion (details here), which is more than the total cost of Medicaid (federal AND state) and the complete safety net, both mandatory and discretionary, including the low-income programs that make up the social support package derisively referred to as 'welfare.' \n\nSurprisingly, the richest 1% did not increase their wealth by much in 2017 (although they took nearly $4 trillion in 2016). That means the second half of the richest 2%, Americans with an average net worth of approximately $10 million, outgained the safety net all by themselves in the past year. \n\nAnother stunner: The richest 2-5%, those Americans with an average net worth of about $2.5 million, accumulated enough wealth in 2017 to pay for the safety net FOUR TIMES. \n\nTWO Men Made More Money than the Total Cost of Food Stamps \n\nFood stamps provide about $1.50 per meal for 42 million Americans, mostly children, the elderly, and the disabled, at a cost in 2017 of $64 billion. In the past year Jeff Bezos and Mark Zuckerberg have together accumulated over $64 billion in new wealth. \n\nJeff Bezos has used tax havens and high-priced lobbyists to avoid the taxes owed by his company. Mark Zuckerberg created a 'charitable' foundation, which in reality is a tax-exempt limited liability company, leaving him free to make political donations or sell his holdings, all without paying taxes. But in one year the two of them made enough from their investments to feed most of America's hungry. \n\nAnd Republicans Are Cutting Food Stamps? \n\nThe Republicans think the food stamp program is too costly and ridden with fraud. Apparently, $1.50 per meal for children and seniors is too costly for them. As for fraud, the U.S. Department of Agriculture has estimated that only 1 penny of every food stamp dollar is used fraudulently. To complete the insult and the injury, Republicans want to drop care packages on millions of Americans, as if they were third-world aid recipients, unable to make their own decisions. \n\nAmerican inequality is extreme, shameful, perverse, and growing. While over 100 million (2 out of 5) American adults are among the world's richest 10%, up to 50 million (1 out of 5) American adults are among the world's poorest 10%. \n\nYet by some unfathomable measure of ignorance or malice, Republicans cheer on the millionaire-making stock market while telling the most vulnerable Americans that they're spending too much on food.",
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      "author": "kenigmatic",
      "body": "![jeff-bezos-696x392.jpg](https://steemitimages.com/DQmWBPqpYBJ2Xkq4ti76nCeAXaMzbtBPQUJwBUed12L3mVm/jeff-bezos-696x392.jpg)How was their money made? Almost entirely by passively waiting for the stock market to go up. The data sources for this report are Forbes and Credit Suisse, both of which provide precise numbers for the worsening surge in America's wealth inequality. \n\nU.S. wealth increased by $8.5 trillion in 2017, with the richest 2% getting about $1.15 trillion (details here), which is more than the total cost of Medicaid (federal AND state) and the complete safety net, both mandatory and discretionary, including the low-income programs that make up the social support package derisively referred to as 'welfare.' \n\nSurprisingly, the richest 1% did not increase their wealth by much in 2017 (although they took nearly $4 trillion in 2016). That means the second half of the richest 2%, Americans with an average net worth of approximately $10 million, outgained the safety net all by themselves in the past year. \n\nAnother stunner: The richest 2-5%, those Americans with an average net worth of about $2.5 million, accumulated enough wealth in 2017 to pay for the safety net FOUR TIMES. \n\nTWO Men Made More Money than the Total Cost of Food Stamps \n\nFood stamps provide about $1.50 per meal for 42 million Americans, mostly children, the elderly, and the disabled, at a cost in 2017 of $64 billion. In the past year Jeff Bezos and Mark Zuckerberg have together accumulated over $64 billion in new wealth. \n\nJeff Bezos has used tax havens and high-priced lobbyists to avoid the taxes owed by his company. Mark Zuckerberg created a 'charitable' foundation, which in reality is a tax-exempt limited liability company, leaving him free to make political donations or sell his holdings, all without paying taxes. But in one year the two of them made enough from their investments to feed most of America's hungry. \n\nAnd Republicans Are Cutting Food Stamps? \n\nThe Republicans think the food stamp program is too costly and ridden with fraud. Apparently, $1.50 per meal for children and seniors is too costly for them. As for fraud, the U.S. Department of Agriculture has estimated that only 1 penny of every food stamp dollar is used fraudulently. To complete the insult and the injury, Republicans want to drop care packages on millions of Americans, as if they were third-world aid recipients, unable to make their own decisions. \n\nAmerican inequality is extreme, shameful, perverse, and growing. While over 100 million (2 out of 5) American adults are among the world's richest 10%, up to 50 million (1 out of 5) American adults are among the world's poorest 10%. \n\nYet by some unfathomable measure of ignorance or malice, Republicans cheer on the millionaire-making stock market while telling the most vulnerable Americans that they're spending too much on food.",
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      "author": "cheetah",
      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.corbettreport.com/economists/",
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      "author": "kenigmatic",
      "body": "![james-corbett.jpg](https://steemitimages.com/DQmeUENWDfgN8PyLGGB9fAKeY7CECWNaNhJQx82tQjkKXeJ/james-corbett.jpg)The state of affairs in economics is not just embarrassing, it’s downright perplexing. Economics is a science, right? It must follow some ironclad laws of the physical universe then, mustn’t it? But somehow we always end up asking the same question: Why Are Economists Always Wrong?\n\nTRANSCRIPT\n\nQuick. When I say the word “economist,” what comes to mind? Fearless truth-teller? Sage wise man? Someone whose deep understanding of the complex web of billions upon billions of daily interactions in the sphere of human activity enables them to predict the outcome of those interactions years in advance with near certainty?…Or do you think of Paul Krugman?\n\nBe honest now. It’s Krugman, isn’t it?\n\nThat’s not just embarrassing, it’s perplexing. Economics is a science, right? It must follow some ironclad laws of the physical universe then, mustn’t it? But somehow we always end up asking the same question: Why Are Economists Always Wrong?\n\nThis is The Corbett Report.\n\nWhy is that? How can it be that a profession that likes to call itself a science (even a dismal science) and whose practitioners are entrusted with steering the economies of entire nations can be so consistently, horribly, laughably wrong? (Case in point: Paul Krugman.)\n\nWhy is it that these piercing intellects praised Bubbles Greenspan as “the Maestro” for saving the US from the consequences of the dot-com bubble by blowing an even more destructive housing bubble?\n\nWhy is that these wise men consistently laughed at the only people who dared to point out that the housing bubble was in fact a bubble?\n\nWhy is it that they now sing the praises of negative interest rates and other “innovations” that were once thought of as literally impossible?\n\nHow can the leading lights of the field be so stupendously wrong about the economic fallout of Brexit or the Trump election or a million other things and still be taken seriously by anyone?\n\nAsk an economist these questions and you’ll get any number of excuses as to why economic calculations are not quite as accurate as a physics equation, or as predictable as a chemical reaction. It turns out economics is not that kind of science, after all. I mean, what are you looking for? Certainty?\n\nSome of the more thoughtful economists will even offer compelling counter-analogies. In his 2013 op-ed, “Is Economics a Science?” (not-a-real) Nobel laureate Robert J. Shiller concedes that since macroeconomists are primarily concerned with policies and their outcomes, not raw data, it is more accurate to think of them as engineers rather than scientists.\n\n    “My belief is that economics is somewhat more vulnerable than the physical sciences to models whose validity will never be clear, because the necessity for approximation is much stronger than in the physical sciences, especially given that the models describe people rather than magnetic resonances or fundamental particles. People can just change their minds and behave completely differently. They even have neuroses and identity problems, complex phenomena that the field of behavioral economics is finding relevant to understanding economic outcomes.”\n\nThe irony is that, although Shiller almost certainly doesn’t realize it, he has just pinpointed the fundamental underlying flaw in the so-called “science” of economics. It is not just that there are some equations here and there that need refining. It is not an incomplete theorem that is getting closer and closer to the truth with every approximation. The field of economics is in fact built on an entirely false premise and thus cannot yield anything but results that are only coincidentally related to reality.\n\nThe false premise is to be found at the very root of the word itself: economics. The word “economics” is derived from the Greek greek meaning “household management.” The word was employed by Aristotle to analogize the management of a household to the management of a city-state. It is now employed by macroeconomists to describe the management of entire nations or of the globe itself.\n\nBut as F.A. Hayek points out in his landmark opus, Law, Legislation, and Liberty, this analogy is not merely wrong, it fundamentally obscures an important truth about the sphere of human activity that it purports to describe:\n\n    “An economy, in the strict sense of the word in which a household, a farm, or an enterprise can be called economies, consists of a complex of activities by which a given set of means is allocated in accordance with a unitary plan among the competing ends according to their relative importance. The market order serves no such single order of ends. What is commonly called a social or national economy is in this sense not a single economy but a network of many interlaced economies. Its order shares, as we shall see, with the order of an economy proper some formal characteristics but not the most important one: its activities are not governed by a single scale or hierarchy of ends.”\n\nMake no mistake: This quibble is not semantic. Although “economics” describes the study of resource allocation in line with a unitary plan to satisfy a single scale of value, that is manifestly not what “economists” are trying to describe. As Hayek explains, this is in fact a chief source of error in the study of economics itself:\n\n    “The belief that the economic activities of the individual members of society are or ought to be part of one economy in the strict sense of this term, and that what is commonly described as the economy of a country or a society ought to be ordered and judged by the same criteria as an economy proper, is a chief source of error in this field. But, whenever we speak of the economy of a country, or of the world, we are employing a term which suggests that these systems ought to be run on socialist lines and directed according to a single plan so as to serve a unitary system of ends.”\n\nThus, baked into the “economics” pie is the notion that the economist’s job is, as Shiller concedes, to fine-tune the unitary economic plan of a government or central planning council in the service of a single set of ends. Any guess whose ends these economists end up serving? Hint: It’s not yours.\n\nThis explains why classical economists concerned themselves with the ultimate form of “household management,” i.e., the creation of a centrally planned national or even global “economy.” As Ludwig von Mises elaborates in Human Action:\n\n    “The question which preoccupied the economists was whether a tailor could be supplied with bread and shoes if there was no government decree compelling the baker and the shoemaker to provide for his needs. The first thought was that authoritarian interference is required to make every specialist serve his fellow citizens. The economists were taken aback when they discovered that no such compulsion is needed. In contrasting productivity and profitability, self-interest and public welfare, selfishness and altruism, the economists implicitly referred to the image of a socialist system.\n    “Their astonishment at the ‘automatic,’ as it were, steering of the market system was precisely due to the fact that they realized that an “anarchic” state of production results in supplying people better than the orders of a centralized omnipotent government. The idea of socialism — a system of the division of labor entirely controlled and managed by a planning authority — did not originate in the heads of utopian reformers. These utopians aimed rather at the autarkic coexistence of small self-sufficient bodies; take, for instance, Fourier‘s phalanstère. The radicalism of the reformers turned toward socialism when they took the image of an economy managed by a national government or a world authority, implied in the theories of the economists, as a model for their new order.”\n\nIndeed, the dream of the economists has always been to be the engineers of the “new order” in the service of their natural employers, the central planners. This is why the conception of technocracy was so immediately appealing to the very overlap of economists and engineers that Shiller identifies as the true heart of economics.\n\nThis also explains why economists are doomed to fail in their attempts to construct the perfect set of policies for directing the national economy. There is no such thing as a unitary plan to balance out the needs of any group of humans, let alone entire nations. Worse yet for the would-be managers of human activity, even the idea of a “best fit” plan or some utilitarian “greater good” policy package for the direction of resource allocation is a pipe dream. Human values are incommensurable, to say nothing of material wants, needs and desires. The calculation of the ideal allocation of resources to meet all of those needs, fulfill those desires, and maintain those values is not just impossible but nonsensical.\n\nAs author Sheldon Richman explains:\n\n    “While each person demonstrates his or her (changeable) ranking of ends through the choices made and actions taken, there is no social ranking of all the ends valued by all the individuals in the society. My desire, say, for a pizza dinner can’t be placed on a social value scale in order to see what it takes precedence over and what takes precedence over it. That simply makes no sense. Society is not an organism with a preference scale, and preferences cannot be compared interpersonally, because for each person preferences are subjective and ordinal.”\n\nSo if not economics, then what? How do we describe the study of the order that undeniably arises from the sum total of human activities? The tailor is supplied with bread and shoes, after all, and he supplies the baker and shoemaker with clothes. How do we understand this nearly unfathomably complex web of activities that bind humanity together if not through “economics?”\n\nNever fear, there is a word for that! The word is “catallactics,” which derives from the Greek verb καταλλάσσω, which means not only “to exchange” but also “to reconcile” in the sense of admission to a community, or changing from enemy to friend. The word in itself speaks of the profound connection that is possible from the act of mutually beneficial exchange, and changes the inflection entirely from the coercive management of human cattle for the benefit of a unitary plan (“economics”) to the creation of a community based on exchange and friendship (“catallactics”).\n\nAs Mises notes:\n\n    “The fundamental facts that brought about cooperation, society, and civilization and transformed the animal man into a human being are the facts that work performed under the division of labor is more productive than isolated work and that man’s reason is capable of recognizing this truth. But for these facts men would have forever remained deadly foes of one another, irreconcilable rivals in their endeavors to secure a portion of the scarce supply of means of sustenance provided by nature. Each man would have been forced to view all other men as his enemies; his craving for the satisfaction of his own appetites would have brought him into an implacable conflict with all his neighbors. No sympathy could possibly develop under such a state of affairs.”\n\nAs opposed to the war of all against all necessitated by the economic (mis)conception of the world is the cooperation implicit in the catallactic understanding of human action. Cooperation and exchange are the very basis of human civilization. Economy and central planning are their antitheses.\n\nThe role of the catallactician, then, is very different from that of the economist. The catallactician describes the order of human activity, quantifies and examines it. But directing that order? Managing it? Controlling it? Coercing its participants into a unitary plan of action? This is not even conceivable to the catallactician.\n\nSo, dear reader, you have (very likely) just learned a new concept and a new word. It might be beneficial to ask why you have spent your whole life learning about economics, listening to the pronouncements of economists and worrying about the functioning of the economy rather than learning about catallactics, listening to the descriptions of catallacticians and marveling at the functioning of the catallaxy. Why has this word been occluded from your understanding? Why has it never appeared in the newspaper or on the lips of any of your school teachers during your 12,000 hours of government-sponsored indoctrination? Is there a deeper lesson about the world and the way that it works that has been deliberately kept from you? And if so, to whose benefit does this skewing of your consciousness redound?\n\nI’ll leave you to ponder the significance of these questions on your own time. Meanwhile, it’s time to start examining, describing and participating in the catallaxy.\n\nFurther Reading –\n\nF.A. Hayek: “Law, Legislation, and Liberty”.\n\nLudwig von Mises:  “Human Action”.",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://lifehacker.com/protect-your-mind-as-much-as-you-protect-your-body-1823195718",
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      "body": "![Epictetus.jpg](https://steemitimages.com/DQmZy17Ntj56JTyjsBb5mn1D6BPHRYZ8bQHL5hN22Zi9ygb/Epictetus.jpg)\nWelcome back to Mid-Week Meditations, Lifehacker’s weekly dip into the pool of stoic wisdom, and a guide to using its waters to reflect on and improve your life.\n\nThis week’s selection comes from Epictetus in Enchiridion (28). He asks why we don’t value our mind’s protection the same as our body’s:\n\n“If a person gave your body to any stranger he met on his way, you would certainly be angry. And do you feel no shame in handing over your own mind to be confused and mystified by anyone who happens to verbally attack you?”\n\nHere’s another version:\n\n“If a person gave away your body to some passerby, you’d be furious. Yet you hand over your mind to anyone who comes along, so they may abuse you, leaving it disturbed and troubled—have you no shame in that?”\n\nWhat It Means\n\nThis question that Epictetus asks is in the form of a mini thought experiment. If you were walking along and somebody took your body and did whatever they liked with it, you’d be angry, right? So you do your best to keep people from touching, grabbing, or moving your body unless you authorize it.\n\nBut for some reason we don’t usually exercise such stalwart defenses when it comes to our minds. We hand our minds over to anyone and anything that comes along, be it an advertisement, a politician, a social media post, the news, or just a stranger who wants to put us down and disrupt our day. Doesn’t that bother you?\n\nWhat to Take From It\n\nThere are so many things out there that distract us, confuse us, make us doubt ourselves, get us angry, and push us in directions we never intended to go. This is because we let it happen. We choose to let those things in and affect us, and this is the unshakeable basis of stoicism itself.",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://unitysunday.wordpress.com/2018/02/16/unbelievable-man-begging-for-money-in-the-streets-caught-hiding-n252-million-in-his-pocket/",
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      "body": "![homeless-man-stockholm.jpg](https://steemitimages.com/DQmTfnqccj4ewiWJ7h213dMBCt1WRxngZL4LBHKofvGqV2d/homeless-man-stockholm.jpg)A SCRUFFY beggar menacing people for cash was arrested by police - who found more than half-a-million pounds in cash stuffed in his pockets.\n\nThe man was threatening people who would not hand him money outside the Resecentrum bus and train station in Uppsala, 50 miles north of Swedish capital Stockholm.\n\nWhen apprehended by officers, bank notes began tumbling from his jacket pockets as they discovered he was carrying approximately six million krona - around £535,000.\n\nPolice chief Jale Poljarevius said: \"I have never heard of so much money in a situation like this. There were just more and more bundles.\n\n\"Anyone who walks around with six million in cash will be a suspect of crime.\"\n\nThe largest note in Sweden is 1,000 krona, meaning he had at least 6,000 notes. It took officers more than a day to count it all.\n\nA spokesperson for Uppsala Police said the 55-year-old Swedish man was trying to get pennies for enough money to get a train ticket to his home in the west of the country.\n\nShe added: \"He was arrested on suspicion of money laundering. The prosecutor is carrying out an investigation to see whether he will be freed or appear in court in a few days.\n\n\"The people who called us said he was very angry when demanding money.\n\n\"We don't know whether he got this money through begging, if he won it in a lottery or it is the proceeds of crime.”",
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      "body": "![Hurricane-Maria.jpg](https://steemitimages.com/DQmawPC8M3Wr9KtkbXEFg8WZmZPt59a2kWDNAdkv84Rnw6j/Hurricane-Maria.jpg)Cryptocurrency entrepreneurs have moved to Puerto Rico to build a crypto utopia – initially dubbed Puertopia but now named Sol – where they plan to pay little in taxes.\n\nThe crypto expats also hope to demonstrate how the city of the future will look with blockchain methods used for most transactions alongside the development of a new digital cryptocurrency.\n\nBut it’s less clear about whose future – the few or the many – will be the driving force for change on the US territory.\n\nPuerto Rico was devastated by last year’s Hurricane Maria and, with inadequate aid from the US, it desperately needs investment to rebuild the island’s infrastructure. Puerto Rico was already facing severe financial difficulty before the calamity. It goes some way to explaining why local authorities are cautiously welcoming the arrival of cryptocurrency entrepreneurs on the island. But at what cost?\n\nThe term crypto-colonialism isn’t new. It was coined 18 years ago by Michael Herzfeld, but had nothing to do with cryptocurrencies – the bitcoin network didn’t come into existence until 2009.\n\nCrypto-colonialism originally referred to countries, such as Greece and Thailand, seeking to acquire political independence at the expense of massive economic dependence. And it used the original meaning of the word “crypto” – concealed, hidden or secret. Such countries are nominally independent, but their national culture is refashioned to suit foreign models. The term colonialism in this sense is not overt at the point of a gun, but covert through the subversion of norms and cultures.\n\nNotably, this definition of crypto-colonialism remains applicable to the socioeconomic consequences of crypto utopia.\nCrypto land\n\nThere is a deep link between libertarianism and the cryptocurrency movement. Cryptocurrencies such as bitcoin rely on a decentralised, extralegal and unregulated approach. But while the crypto billionaires will enjoy their Caribbean playground, poorer locals with little knowledge of the technology will be excluded.\n\nThe mostly male entrepreneurs, who moved to Puerto Rico last year and plan to do more than create a cryptocurrency bank, will perhaps bring crypto libertarian ideas to the island. Their vision is similar to another would-be crypto utopia, the Free Republic of Liberland, which claims to be a “micronation” camped on the western bank of the Danube river. It uses bitcoin as its “national” currency.\n\nBack on Sol, the wealthy crypto expats want to use the blockchain system for decentralised elections and even to issue citizenship ID. But we doubt that locals who are fighting poverty will be enthused by these ideas.\n\nThis behaviour reeks of disaster capitalism – the use of a natural or economic crisis to reshape and mould a society into one which entrenches a libertarian, hypercapitalistic worldview. When you are without power for months and feel ignored, any offer of help can seem a good lifeline with little thought for the consequences.\nFight the power\n\nCrypto utopias can also cause severe environmental damage. Puerto Rico remains in a deep power crisis after Hurricane Maria, making the idea of Sol simply impractical. One bitcoin transaction consumes 215 kilowatt-hours (KWh), enough power to supply dozens of households on the island when the grid was at full capacity.\n\nThe annual electricity consumption for mining bitcoin increased from 9.5 terawatt-hours (TWh) per year to 48 TWh in the last 12 months – 2.5 times higher than Puerto Rico’s total consumption of 19 TWh. Resources and infrastructure, post-Hurricane Maria, are too stretched to support cryptocurrency mining on the island.\n\nCrypto rich kids made their fortune on the rapid growth of cryptocurrency markets – which are problematic due to their idiosyncratic risks. It’s a game for wealthy people who can cash out early and lock in gains, having been the developers of the bubbly product. This is characteristic of any bubble – those who get in early do well, those who cash in late do poorly.\nFive months after Hurricane Maria devastated Puerto Rico, 400,000 people are still living without power. Shutterstock\n\nOur recent research shows that cryptocurrency prices are relatively isolated from the shocks transmitted from other assets, such as gold and equities. But cryptocurrency prices are deeply interlinked with each other, so a fall in the price of bitcoin affects other virtual currencies.\n\nIf bitcoin can ride out its latest price fall, then it’s likely that crypto-colonialism will slowly spread around the globe. Crypto libertarians – if they follow the Sol model – could focus on those parts of the world that have been ravaged by earthquakes, tsunamis, hurricanes and economic crises.\n\nBut cryptocurrency has also become a panacea for economic recovery. In December, Venezuela announced a creation of a new cryptocurrency – dubbed “petro” – backed up by Venezuelan reserves of precious metals, oil and diamonds. It hopes to use this cryptocurrency to fight US sanctions, high inflation and low oil prices.\n\nHowever, bitcoin solutions for developing countries – previously known as neo-colonialism – shouldn’t be seen as the ultimate solution for disaster and crisis management. In the transition period, when the potential of cryptocurrencies and applications of blockchain are unexplored, we have to be sceptical of such initiatives as Sol.",
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      "body": "Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:\nhttps://www.cjr.org/special_report/rich-journalism-media.php",
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      "body": "![Billionaires-gone-wild.jpg](https://steemitimages.com/DQmNcadedfjiH3q98GbKfaebLmrPaigxYM6zERX5Bzuymg2/Billionaires-gone-wild.jpg)\n\nIn November, Joe Ricketts, the billionaire founder of online brokerage firm TD Ameritrade, patriarch of the family that owns the Chicago Cubs, million-dollar Trump donor, and father of the governor of Nebraska, shuttered DNAinfo, the local news startup he founded, and Gothamist, the network of city blogs he’d purchased just a few months earlier, in a fit of pique, after editorial employees organized a union. Shuttering the company meant nothing to him—DNAinfo reportedly lost money and the Gothamist network was not profitable enough to make an appreciable difference to a man with a net worth estimated at over $2 billion—but to me it meant that there was no longer a reporter assigned to cover my neighborhood in Brooklyn and its Halloween Dog Parades, community board meetings about unsafe intersections, and new tiki-bar openings.\n\nMy loss, I’m aware, is small potatoes compared to that of the reporter herself, and her dozens of suddenly jobless colleagues. But I know a little bit about how it feels when a billionaire with inexplicable power over you takes your job away out of what seems like personal spite: I was the last editor of Gawker, before it went bankrupt and ceased publication, the result of years of legal warfare secretly funded by billionaire Facebook investor Peter Thiel.\n\nIt is one thing—an infuriating thing, granted—to lose your job because of “the market.” When your factory shuts down because labor is cheaper overseas or when your magazine folds because luxury watch companies shifted their marketing budgets to Instagram influencers, you may rage and despair, but you also probably saw it coming, in industry-wide economic trends that were impossible to ignore. But when your livelihood is disrupted because of the whims of one powerful person—when the invisible hand is replaced by one very visible and shockingly capricious one—it is a much more bewildering experience. And it is one more journalists can expect to experience in the near future, as the economic power of the 0.01 percent increases and the revenue models underpinning traditional news-gathering shops break down.\n\nIt’s rote at this point to observe that many of the ways the media landscape has been transformed in the 21st century have oddly caused it to more closely resemble the media landscape of the 18th and 19th centuries, from the flourishing of a more openly partisan press to the erosion of the norms of “professionalism” that were built up in the era of post-war prosperity and supposed national consensus. Another throwback: The press baron. Not since the 19th century have so many individuals had so much power over the press.\n\n\nIt’s important to remember that Ricketts only had that power because no one else wanted to spend the money to do what he was doing (before he got mad and decided to stop). He thought he might eventually make money doing hyper-local reporting across the country, but he hadn’t yet, and no one else is trying on his scale. That is not meant to suggest he should be considered a heroic failure, it’s mainly to say that an industry that relies on the Joe Rickettses of the world to sustain itself is in deep trouble.\n\nThe press baron model works out so long as people want to be press barons. Generally, billionaires buy or start media outlets either for money or influence. There are ostensibly benevolent examples, of course. After personally purchasing The Washington Post, Amazon founder Jeff Bezos has received a great deal of credit for investing in serious investigative journalism and giving the paper the resources to achieve major “digital growth,” as the press releases say. I worked (oh so briefly) for eBay founder Pierre Omidyar’s First Look Media, home to lots of great journalists given the resources necessary to do important work. I know Omidyar believes strongly and sincerely in the importance of independent journalism to a free society.\n\nBut with Google and Facebook sucking up the majority of the ad money, going into publishing eventually only makes sense if you have particular things you want published. I have no doubt that Bezos and Omidyar believe in the missions of their organizations, but they are both quite upfront about not wanting to run them as charities. They both want to “save” journalism as a business. The trouble will come when the billionaires who think that way discover that, even if they once had one very good idea that made them very rich, they probably don’t have the one good idea that will “crack the code” of making it profitable to run a large and expensive news-gathering organization. Those who initially decide to fund journalism out of a sense of selfless civic virtue will get bored or get tired of losing money, leaving only those funding it for some other, probably political purpose. (The Guardian is currently engaged in a fascinating experiment to see how long a rich man’s money and the economic laws of compound interest can be used to sustain a money-losing, public-interest-serving journalism shop.)\n\nThe ones who are doing a pure influence play—and have enough money stockpiled to afford not to care if it works as a business—have the advantage over everyone else. The fact that Gawker had the readership and revenue to sustain itself didn’t, in the end, make a whit of difference to the people who made the decision to kill it off, just as the Gothamist network’s modest profitability made no difference to Ricketts—and just as, in another sense, the financial viability of Breitbart News means little to billionaire backer Rebekah Mercer, nor that of The Federalist to whichever wealthy interests are secretly bankrolling that conservative publication. In this world it makes more sense, from the billionaire’s perspective, to fund Breitbart than own DNAinfo. Both will probably lose money, but one of them might help get a president elected.\n\n \n\nIn retrospect, it seems inevitable that American journalism’s professional norms around fairness and ethics emerged at a time when newspapers and magazines were good investments for normal financial reasons. Safe investments attract safe corporate investors. Corporations like clear standards of conduct and don’t like offending huge numbers of potential customers, which is how Yellow Journalism gave way to “All the News That’s Fit to Print” and the mainstream media as we knew it. The market played a big role in determining content. A big city paper could lean a little to the left or the right, but it couldn’t go full–John Birch or all–in Yippie without losing the thing that gave it power: monopolistic access to the eyeballs of the city’s literate adults.\n\nNew economic rules determine new forms. We’re already seeing market forces that have nothing to do with audience preference—let alone “public interest”—drive changes in how news is gathered and reported. After building what resembled newsrooms of yore, Mashable, Mic, and Vocativ eliminated dozens of editorial jobs in the now familiar “pivot to video,” in spite of the fact that readers, being readers, prefer text: Most literate adults can read a paragraph much faster than it takes for a preroll advertisement to load and then hear that paragraph get read aloud over stock photography. But major brands have expressed their spending preferences for video inventory and thus media companies seek to satisfy their demand. No one really believes it’ll work, where “work” means preserve thousands of jobs gathering news as opposed to crafting branded content videos tailored to the latest Facebook algorithm changes.\n\nThis is the dark timeline: Journalism-agnostic media investors learn news can’t “scale” and then jump ship just as soon as they’ve finished killing off both the corporate and independent legacy press businesses, leaving the fate of the industry to ungodly rich people with very idiosyncratic personal agendas.\n\nWhat’s happening to the press is reflective of the broader transformation of our society. Rule by supposedly benevolent technocratic elites is giving way—in large part due to the fecklessness of those technocrats—to straight plutocracy. And really, that only makes sense in an era in which everyone feels like their lives are, in important and fundamental ways, in thrall to the whims of a few mega-rich people. Our cities promise to remake themselves to please Bezos. A few GOP donors threaten to close their checkbooks, and the entire federal tax code is sloppily rewritten. Chris Hughes sneezes, and The New Republic catches a cold.\n\n \n\nWe shouldn’t romanticize the days when the nation’s agenda was determined in a handful of Midtown Manhattan conference rooms. (Though if you got into the industry after 2001 you’re allowed to romanticize the expense accounts, catered dinners, and office bar carts.) But the mere fact that corporations were beholden to even small groups of people—stock holders, boards of directors, Wall Street analysts—made them more accountable than our new generation of owners.\n\nThe force of public opinion can compel a corporation to change course. MSNBC recently hired left-wing comedian Sam Seder back on as a contributor after firing him in response to a ginned-up alt-right campaign to purposely misinterpret an old joke he made about Roman Polanski. The realization of how easy it is for an outraged and organized group to sway a massive corporation was the foundational insight of Gamergate, the right-wing online backlash freakout that created the mold for the modern bad-faith right-wing pressure campaign.\n\n \n\nIt is one thing to lose your job because of “the market.” It is much more bewildering when your livelihood is disrupted by the whims of one person.\n\n \n\nBut a stubborn billionaire—and billionaires are frequently quite stubborn—can’t be moved by anything but criminal prosecution or confiscatory taxation. The billionaire owner has no board or shareholders to appease. The billionaire’s entire existence is a constant reminder that he or she is beholden to no one.\n\nEven if you don’t directly work for the billionaire, the billionaire can determine what you work on. David Koch is a major sponsor of America’s misnomered, largely privately financed “public broadcasting,” and NOVA, PBS’s flagship science series, has been notorious for not covering climate change. Sometimes he exerts his will more directly: A few years ago, The New Yorker’s Jane Mayer reported that plans to air a documentary on PBS stations about the Koch brothers’ purchasing of great political influence were squashed to avoid offending such major public television donors.\n\nIn the near term, this shift largely determines what sort of journalist it is profitable to be. One promising model is to tailor your content to grant the wealthy an advantage they don’t already enjoy. This includes mega-paywalls which block off reporting to only those with a (usually financial) stake in the subject—like intelligence briefings for the C-suite class or real-time oil refinery status updates for energy traders. Mike Allen and Jim VandeHei left Politico, a pioneer of this model in political reporting, to launch Axios, a startup narrowly focused on lobbyists and those who hire them. This kind of thing began in finance, of course. Michael Bloomberg’s eponymous company perfected the model by which people who can afford tens of thousands of dollars in subscription fees get the best and fastest information while the rest of us are generously provided, gratis, with arguments for making public housing more flammable.\n\n\nAnother way to make yourself useful to the billionaire class is to literally attack their political enemies. Take, for example, James O’Keefe, the would-be Michael Moore of the far right, whose hidden camera stunts have never proved particularly trustworthy, but have been tremendously useful politically. His biggest splash recently was his utterly botched attempt to entrap The Washington Post into reporting a false allegation of sexual assault against Roy Moore, then a candidate for US Senate from Alabama. By the normal standards of reporting and objective reason, the operation was a spectacular failure. He proved only that the Post was being incredibly careful and responsible in its reporting on Moore. But O’Keefe won’t suffer the normal blowback that a “journalist” would for dreaming up this fiasco, because he’s playing an entirely different game, with different rules. Thanks to the generosity of his backers, including the Mercer family, O’Keefe made $300,000 last year. Nearly every journalist I know—even the very bad ones—has much higher ethical standards and makes much less money.\n\nBut this is now something that publishers, editors, and individual journalists will need to be mindful of for the foreseeable future: Billionaires will pay people to destroy you, using any underhanded tactics they can think of. And there’s nothing you can do about it. (Unless, perhaps, you can convince your billionaire boss to sue theirs.)\n\nOddly, in their spending habits, which frequently fly in the face of traditional economic theory on rational self-interest, right-wing media investors seem to show a more sincere belief in the power of the press than many ostensibly liberal publishers. Why buy alt-weeklies in this environment—as a secretive cabal of apparently conservative investors did to LA Weekly—unless you believe that alt-weeklies, and the stories they publish, fundamentally matter? Why did casino mogul and Trump mega-donor Sheldon Adelson buy the Las Vegas Review-Journal—anonymously, at first—unless he believed that controlling a newspaper in his hometown was important to his business and political interests?\n\nWhen a billionaire buys a journalism outlet to shut down the critical reporting they do on politicians and businesses, or pays a dirty tricks specialist to “sting” your publication, it is an endorsement of the idea that journalism matters.\n\nThat might sound like a rallying cry, but in the absence of any plan to save the industry from the 0.01 percent, it can only be an observation.",
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