Larry summer can't control the blockchain neither can the DCG.

Russia is planning to punish users of cryptocurrencies such as bitcoin, saying anonymous, difficult to trace transactions help kidnappers and money launderers.

The Finance Ministry in Moscow plans to submit legislation next month that would punish those who use digital currencies with fines as high as 2.5 million rubles ($38,000) and jail sentences of up to seven years. As opponents criticize such regulations as futile in the face of the growing popularity of bitcoin, Russia joins countries including Bolivia, Iceland and Vietnam in taking steps to criminalize it.

“Bitcoin can be used to finance the shadow economy and crimes, and this risk we cannot allow in the Russia’s financial system, which we are striving to make transparent and healthy,” the press service of the central bank said in an e-mail.

i have generated bitcoin vanity address with my name in front,its still free,and i just receive on my email,the address and private keys,but i never use my blockchain wallet anymore,is this also can use on coinbase??

I teach economics.. fiat currency is backed by the country and/or central bank issuing the currency. I literally said that in my post.


This is me 5 minutes ago, I had a student take it since you guys are such keyboard warriors what are your credentials in economics and finance?

Your understanding of money is honestly child-like. I talk to PhD economists all the time (that can't forecast their way out of a paper bag), so please, don't even try to intimidate me with claims of being a teacher. First of all, money is an abstract concept. It's an IOU to provide a good or service at a future date. This means all money is inherently debt based with pyramid and Ponzi elements to it, because at any given time, I can just boycott your currency in lieu of another one, or your govt backing it can just go south. Now you're left holding the bag, the trademark "unsustainable" element of any type of scam.

Get it through your head. Repeat after me. Anything used as currency on the planet is inherently an unsustainable scam. The only example which isn't one is completely theoretical. It's the form of currency used by the robots in the transformers cartoon called "energon". Blocks of pure energy that can be redeemed at face value at any time regardless of externalities.

The overwhelming majority of the price of gold is derived from network effect, not intrinsic value. It's so called "instrinsic value" is next to nothing in comparison. Not that intrinsic value really even exists in the first place. But just in this case, we'll pretend it does. The gap between the two values is so large for gold, if you believe the price of gold is only derived from "intrinsic value", you would literally be scamming people in the process of selling it at spot price, ripping them off for 10x or more than they should be paying. But they aren't paying for intrinsic value, they're paying for network effect, which lies somewhere between a mass delusion of conformity, to an economic motive to avoid slippage that creates a captive audience.

As for gold, every gold backed currency has failed because it's no different than fiat when used in that manner. The currency is just devalued as usual until one dollar is worth one atom of gold. The only way gold has any use is being circulated with the native coins in an economy. The only problem there is, gold has awful granularity, high friction in use, and counterparty risk, unless you plan to build your own gold vault and guard it yourself all day.

Gold has continuously failed as a currency due to these reasons. It can't be used natively in anything but a stone age economy, so they had to put it in vaults and issue IOUs, rendering it's existence pointless. It's one saving grace is a reorginzation of the financial structure after the bankers go bad, scam everyone, then the angry villagers kill them and find out just how much gold is really left.

As stated earlier, both gold and Bitcoin offer an economic Nash equilibrium for trade between individuals or nations since they can both be acquired on generally all continents (bitcoin is an open entropy system) and nobody really has a monopoly on them. The difference is, gold just doesn't work in a modern civilization while Bitcoin does. If you believe the economy will crash and send us back to the dark ages, buy gold. If you think there will be some kind of civilization left standing, buy Bitcoin. Or just buy both to hedge.

I agree. Rather than denying or putting under the carpet, lets discuss this issue in a great death. Racism is an evil which needs to be exposed in every possible manner.

President Obama was asked to discuss a bill that passed the Senate committee earlier this year that would allow the family members of individuals who were killed in terrorist attacks sponsored by foreign governments, to then sue those foreign governments.  Currently you are not allowed to do that.  This bill aims to change that and here is what Barack Obama thinks about it:

And what about this legislation in the congress that allow families to sue the Saudi government and other governments and different circumstances.

Obama: Exactly.  I'm opposed because of that second clause in your sentence, and that is, this is not just a bilateral US-saudi issue this is a matter of how generally the United States approaches our interactions with other countries.  If we open up the possibility that individuals in the United States can routinely start suing other governments, then we are also opening of the United States to being continually sued by individuals in other countries.  And that would be a bad precedent, because we're the largest superpower in the world, and we are everywhere, and we are in people's business all the time.  And if we are in a situation where we're suddenly being hauled into various courts, because of the claim that in some individuals been harmed, then that will tie us up and it could harm you US servicemen US diplomats

I think a family member of someone who died in 9/11, when they believe that there is good evidence that the Saudi's sponsored it.  Now we don't necessarily have access to that evidence because it has been redacted in the 9/11 Commission Report, which we're going to have video for you on that in just a second.  But we know from former US Senator Bob Graham was seen the pages as intelligence committee chair the pages that we don't have access to, he told 60 minutes that he believes the Saudi government did help the 9/11 hijackers, and so if that were the case not being able to get any sort of at least legal justice would be incredibly frustrating I would imagine what it does open up the door to a lot of other sorts of lawsuits if if or families and we had we lost three thousand people in 9/11

“We are being very careful, we can't say whose head it was,” army spokesman Major Felimon Tan told reporters, adding that tests would be carried out to identify the victim.

Residents found the head in the center of Jolo town. Tan said two men on a motorcycle were seen dropping a plastic bag containing the severed head.