We should be able to differentiate between all-time-high in price of assets which is usually in US dollar and the real all-time-high in value. Gold was able to reach all-time-high in price if compared to UD dollar this year, but in real value, gold has not reached all-time-high since 1980. While bitcoin in just three years reached all-time-high today in price in US dollar but not yet reached all-time-high in real value as it needs to get to a price of $21,131.02 as a result of US dollar inflation too, but very possible this will only be achievable in just less than three years.

Inflation Actually Near 10% Using Older Measure

 April 2011

https://www.cnbc.com/id/42551209

In the interview that was conducted with @Sonnenshein^[1], Director @Grayscale^[2], when asked about the price, the answer was:


What is your comment on this talk and do you think that they will continue to buy more?

Is Bangladesh going to accept Cryptocurrency???

The solution: possible solution is highest taxes we ever seen in life.

In the present scenario, its mostly about who has the most factories and the most consumption in a global market. Several countries have emerged as alternatives to the US. China being the most prominent. Already, investors are banking on a Chinese resurgence and investments are flowing into China. The shitshow in USA in terms of sheer divisiveness, stupidity and Trumpism is a pale marker of its former glory. If the debt condition was to worsen, I wouldn't bank on the US economy to show a miracle turnaround.

The big tech companies(Google,Amazon,Microsoft,etc.) were making big profits during the pandemic.Now it's time for them to take bigger responsibility and pay higher taxes.

Biden will raise taxes on the rich,but the government will provide more financial support to the middle class,small businesses and the unemployed.

Anyway,the US GDP might go down in Q1 due to new lockdowns and the continuing pandemic,but the economy will slowly start to recover by the end of 2021(if the vaccine really works).

So how come this fiat based debt based system have not Collapsed yet?

Larry Williams won the 1987 World Cup Championship of Futures Trading from the Robbins Trading Company, where he turned $10,000 to over $1,100,000 (11,300%) in a 12-month competition with real money.

https://en.wikipedia.org/wiki/Larry_R._Williams#Career

Ray Dalio Admits He May Be Wrong About Bitcoin But Still Concerned of Government Ban?

Firstly, he claimed: “Bitcoin is not very good as a medium of exchange because you can[not] buy much with it (I presume that’s because it’s too volatile for most merchants to use, but correct me if I’m wrong).”

Secondly, he asserted: “it’s not very good as a store-hold of wealth because it’s volatility is great and has little correlation with the prices of what I need to buy so owning it doesn’t protect my buying power.”

$6 Billion United Nations Agency Launches Bitcoin, Ethereum Crypto Fund

In addition to investing cryptocurrency into early-stage, open-source companies working with children, the fund represents the first time any UN agency, much less one that generated $6.7 billion revenue last year, will be able to accept bitcoin and ethereum donations. The prototype, launched today with a donation of 1 bitcoin and 10,000 ether from the Switzerland-based Ethereum Foundation, has signed agreements with Unicef USA, Unicef France, Unicef Australia, and Unicef New Zealand to start accepting cryptocurrency donations immediately.

As the United Nations, which received $15 billion in donations last year, kicks off a new phase of development in which it sees itself as not only dispenser of aid but as a financial innovator, the ability to accept cryptocurrency donations and track exactly how they were spent could pave the way for a new, more transparent agency, leading to more donations.

https://www.forbes.com/sites/michaeldelcastillo/2019/10/08/6-billion-united-nations-agency-launches-bitcoin-ethereum-crypto-fund/

One of your own sources undercuts the claim you're trying to make.  Whereas you described the wage growth as "stunning," the source you're quoting to back you up has this to say:


Note that the article does not agree with your assessment that the wage growth is stunning. In fact, your source points out what you're missing. It's slow by comparison to the top 1%, who continue to accrue the vast majority of the benefits of the improving economy. The point is that whether it's wage growth or tax cuts, the benefits falling on the different classes are nowhere near equitable considering the middle class built the American economy and the rich are constantly looting the federal treasury to run ever larger deficits so they can have more money.  

The deficit is not sustainable. It wasn't sustainable before Trump took office, and then he supercharged how not sustainable it was by passing tax cuts that overwhelmingly benefited the rich.

I’m not the first person to notice this stunning wage growth. Writing in Bloomberg, economist Karl W. Smith describes the growth in income using a slightly different metric, real median household income.

“In 2016, real median household income was $62,898, just $257 above its level in 1999,” writes Smith. “Over the next three years it grew almost $6,000, to $68,703.”

Indeed, median household incomes increased from $64,300 to $68,700 in 2018 alone—an increase of $4,400. To put it another way, US incomes increased more in 2018 than the previous 20 years combined. (Household incomes were $61,100 in 1998 and $64,300 at the end of 2017.)

China economy: Beijing unveils $298bn tax cuts to boost growth

March 2019

Opening the annual session of China's parliament, he forecast slower growth of 6% - 6.5% this year, down from a target of around 6.5% in 2018.

China has struggled with a slowing economy and a US-led trade war.

It plans to boost spending, increase foreign firms' access to its markets, and cut billions of dollars in taxes.

https://www.bbc.com/news/business-47450223

how can crypto help us to survive?

Why did US incomes suddenly explode in 2018 after decades of tepid growth? The answer is not difficult to find.

For years, a school of economists has complained that US wages have been virtually stagnant for decades.

“Jobs are coming back, but pay isn’t. The median wage is still below where it was before the Great Recession,” former Labor Secretary Robert Reich said in 2015. “Last month, average pay actually fell.”

In fact, it’s not hard to find data showing that wages have barely increased since the 1970s, a figure many have used to stoke classy envy.

The truth is, there have always been problems with the claim that real wages (adjusted for inflation) have been stagnant for years. As economist Don Boudreaux has pointed out (see below), Reich and others overlook several important factors—including how inflation is calculated, compensation outside of wages such as healthcare, and the distinction between individuals and statistics.

https://www.youtube.com/watch?v=s6FmhXQ32Wo

The stagnant wage narrative was always mostly wrong. Federal Reserve data (which uses a chain-weighted price index) shows US hourly earnings have seen impressive growth in recent years.

Nevertheless, if one does choose to use Bureau of Labor Statistics data to measure family incomes over the last two decades, the picture is indeed a bit bleaker—at least it was.

Government statistics, which use the Consumer Price Index to measure inflation, show that from 2002 through 2015 median weekly earnings didn’t budge at all, but surged between 2018 and 2020.



I’m not the first person to notice this stunning wage growth. Writing in Bloomberg, economist Karl W. Smith describes the growth in income using a slightly different metric, real median household income.

“In 2016, real median household income was $62,898, just $257 above its level in 1999,” writes Smith. “Over the next three years it grew almost $6,000, to $68,703.”

Indeed, median household incomes increased from $64,300 to $68,700 in 2018 alone—an increase of $4,400. To put it another way, US incomes increased more in 2018 than the previous 20 years combined. (Household incomes were $61,100 in 1998 and $64,300 at the end of 2017.)



The question, of course, is why did US incomes suddenly explode after decades of tepid growth? The answer is not difficult to find.

The year 2017 saw massive deregulation and passage of the Tax Cuts and Jobs Act (TCJA). Estimates placed the deregulation savings at $2 trillion. But what was likely even a bigger factor was the cut businesses saw in corporate taxes.

Prior to 2017, the US had the highest corporate tax in the developed world (if not the whole world). With a top bracket of 35 percent, its corporate tax rate was higher than Communist China and socialist Venezuela.

This was a terrible policy on a number of levels. For starters, the revenue-maximizing rate of a corporate tax is 15-25 percent, which means anything above that isn’t even generating more revenue, it’s simply punitive and economically harmful. (Evidence bears this out. The United Kingdom, for example, reduced its corporate tax rate and saw revenues grow.)

Second, high corporate taxes actually hurt workers more than "Big Business." Tax experts point out that roughly 70 percent of what businesses earn in profits gets paid to workers in the form of wages and other benefits. So it’s no surprise to see that studies show that workers bear between 50 and 100 percent of the brunt of corporate income taxes.

But the reverse is also true: cutting corporate taxes leaves companies more capital to grow and invest.

“Lower corporate taxes increase rewards for improving techniques, technology, and increasing capital investments, which increase worker productivity and earnings,” writes economist Gary Galles. “They expand rewards for risk-taking and entrepreneurship in service of consumers. They reduce the substantial distortions caused by the tax. And those changes benefit others, such as workers and consumers.”

So in 2017, when the Tax Cuts and Jobs Act was signed into law, companies saw their tax rate fall from 35 percent to 21 percent. Just that fast, businesses suddenly had more capital to spend to grow their business, improve productivity, and hire more workers—and few things attract workers more than higher wages.

Media scoffed at the possibility that corporate tax cuts would actually result in wage increases for US workers. But the data speaks for itself: Families saw incomes increase faster than at any time in generations.

Moreover, though median wages surged, showing the benefits were broad-based, every segment benefited from these wage gains.

“The lowest quintile increased their pay more than the upper quintile,” Americans for Tax Reform president Grover Norquist recently pointed out in a conversation with FEE’s Brad Polumbo.

To be sure, reducing the corporate tax rate wasn’t the sole factor for the surge in wages, but it was likely by far the biggest.

The surge in family incomes no doubt helped soften the impact of the economic destruction the world suffered in 2020 during the recession precipitated by economic lockdowns during the coronavirus pandemic.

Whether the wage gains continue may depend to some extent on the permanency of the corporate tax cut. Former Vice President Joe Biden, who appears poised to become the next US president, has signaled he’d restore the corporate tax to its 35 percent rate or raise it to 28 percent.

“Biden would make our business tax higher than China’s,” Norquist quipped. (He’s not wrong. China’s corporate tax rate stands at 25 percent.)

This appears unlikely to happen, however. Even if Biden’s claim was more than campaign rhetoric, it appears unlikely that he’ll have enough votes in the Senate to roll back the tax cuts.


https://fee.org/articles/us-household-incomes-increased-more-in-2018-than-in-the-previous-20-years-combined/

On the other side of the pond, a couple of NBA teams decided not to fiddle with the blockchain tech but instead embrace cryptocurrencies as a whole by allowing their fans to pay for tickets and other stuff with Bitcoin. In fact, one of these teams, the Sacramento Kings, have been doing this since 2014, while the other team, the Dallas Mavericks, started to accept the cryptocurrency in 2019. Litecoin is also welcome in America – a year ago it was named the official cryptocurrency of the Miami Dolphins, an NFL team from Florida.

“RCEP will soon be ratified by signatory countries and take effect, contributing to the post-COVID pandemic economic recovery,” said Nguyen Xuan Phuc, prime minister of Vietnam, which hosted the ceremony as ASEAN chair.

RECP will take already low tariffs on trade between member countries still lower, over time.

The European Union (EU) is inching closer to formally ending the use of end-to-end encryption by web platforms such as Signal and WhatsApp, following a spate of Islamist terror attacks in Austria and France.

In a draft resolution document leaked to Austrian TV network ORF, which can be read in full here, the EU said it recognised the value of encryption as a “necessary means of protecting fundamental rights”, but at the same time “competent authorities in the area of security and criminal justice” needed to be able to exercise their lawful powers in the course of their work.

Previous European Council conclusions delivered at the beginning of October declared that the bloc planned to “leverage its tools and regulatory powers to help shape global rules and standards”, and that funds from its Recovery and Resilience Facility are to be used to enhance the EU’s ability to protect against cyber threats, to provide for a secure comms environment – possibly through quantum encryption – and, crucially, “to ensure access to data for judicial and law enforcement processes”.

The document states: “Law enforcement is increasingly dependent on access to electronic evidence to effectively fight terrorism, organised crime, child sexual abuse (particularly its online aspects), as well as a variety of cyber-enabled crimes. For competent authorities, access to electronic evidence is not only essential to conduct successful investigations and thereby bring criminals to justice, but also to protect victims and help ensure security.

“The principle of security through encryption and security despite encryption must be upheld in its entirety. The European Union continues to support strong encryption. Encryption is an anchor of confidence in digitisation and in protection of fundamental rights and should be promoted and developed.

“Protecting the privacy and security of communications through encryption and at the same time upholding the possibility for competent authorities in the area of security and criminal justice to lawfully access relevant data for legitimate, clearly defined purposes in fighting serious and/or organised crimes and terrorism, including in the digital world, are extremely important. Any actions taken have to balance these interests carefully.”

ORF’s reporting noted the similarity in some of the document’s wording to the October 2020 statement from the Anglophone Five Eyes surveillance alliance, notably around enabling law enforcement access to content in a readable and usable format where authorisation is lawfully issued.

Subject to the receipt of further comments and wording suggestions by midday on Thursday 12 November, the revised text of the resolution is set to be presented to the Council Working Group on Cooperation in the National Security Sector on 19 November and then to the Council of Permanent Representatives of the EU Member States.

ProPrivacy’s Ray Walsh described the move as a massive threat to data privacy and a disappointing change given that the EU has previously been, by and large, in favour of privacy for European citizens.

“Providing backdoors into people’s messages creates ongoing access for government agencies to everyone’s private messages, without reducing the ability for criminals to send encrypted messages via other covert means on the dark web,” said Walsh.

“Removing strong encryption from consumer-facing platforms is detrimental to large numbers of people, including journalists, human right activists, and even the politicians themselves who are rushing through this legislation.”

Competent cyber security authorities are largely now in agreement that the contention that strong encryption technology can co-exist with purposely built backdoors is completely contrary to the principles of cryptography – secure encryption means that only those who control data can access it, and attempting to change this introduces cyber security vulnerabilities.

“Robust encryption relies on the secure transmission of data between two parties using keys that are only known to them,” said Walsh. “Removing strong end-to-end encryption creates vulnerabilities that can be exploited not just by EU government agencies, but also by anybody – including hackers, cyber criminals and state-sanctioned operatives from foreign governments – with the technical ability to discover that purposefully created backdoor.”

https://www.computerweekly.com/news/252491755/EU-moves-closer-to-encryption-ban-after-Austria-France-attacks