Northern Data — Quacking of the Shady Bitcoin Mining ...

Russia and Ukraine are leaders for cloud mining

Russia and Ukraine are leaders for cloud mining

https://preview.redd.it/6aba4c86ska41.jpg?width=900&format=pjpg&auto=webp&s=ef765891046cbdce639816d4511be1e769e51f68
TokenInsight analysts published a research on mining market trends of 2019. It turned out that most bitcoins are minded in China, the USA, Canada, Northern Europe, Russia and Georgia.
Given that, the experts noted that Russia leads in the number of cloud mining users - the number of services’ unique visitors per month is 130,000 people. China has the second place with 80,000 clients, and Ukraine follows with 56,000 users. These high numbers in CIS countries are explained by the cold climate by the analysts.
TokenInsight added that they think the future of the cloud mining is in Russia.
submitted by bestchange_pr to bestchange [link] [comments]

Subreddit Stats: CryptoCurrency top posts from 2017-06-16 to 2020-03-29 14:02 PDT

Period: 1017.08 days
Submissions Comments
Total 934 259273
Rate (per day) 0.92 254.49
Unique Redditors 752 54249
Combined Score 2439059 2983723

Top Submitters' Top Submissions

  1. 55770 points, 8 submissions: DestroyerOfShitcoins
    1. CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! (26497 points, 3056 comments)
    2. Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. (17888 points, 1277 comments)
    3. So no one else finds it a bit odd that Verge is actually going up in price in a bear market, after a hack attack, after being outed for paying McAfee to promote it, and after the 1 developer begged for money from his own community to allegedly help pay his taxes? (2548 points, 867 comments)
    4. Not 2 days after the fall of BitConnect, and Trevon James is already promoting his next Ponzi scheme affiliate program in his latest video called Davor... the nerve of this guy! (2230 points, 412 comments)
    5. Cryptonick is selling a cryptocurrency course for $497, and yet he doesn't even know the difference between a public key and a private key... welcome to crypto folks! (1803 points, 238 comments)
    6. You guys have to stop expecting any of these business men of old to champion "decentralized" cryptocurrencies... it's just not going to happen. (1790 points, 449 comments)
    7. The bulls are back baby, and Ethereum is taking over the pairing business on exchanges... it's about time! (1642 points, 733 comments)
    8. Trevon James, legendary BitConnect scammer gets caught trying to cheat on Steemit, by up-voting shit on a fake account to make money... has this guy ever done anything honest in his entire life? (1372 points, 192 comments)
  2. 47580 points, 13 submissions: coinmoon_com
    1. Nasdaq is open to becoming cryptocurrency exchange, CEO says (17168 points, 830 comments)
    2. Facebook bans crypto advertising. Then says it’s working on its own crypto coin. Hypocrites! (6036 points, 335 comments)
    3. JUSTICE: Bitconnect Leader Arrested (4283 points, 315 comments)
    4. Apparently there is no SEC hearing on Ethereum today and it is all just orchestrated FUD. (2863 points, 437 comments)
    5. Nasdaq May Launch Bitcoin Trading in October 2018 (2650 points, 182 comments)
    6. UPbit audit confirms South Korea’s biggest Cryptocurrency Exchange was not at fault. It was all just FUD! (2328 points, 110 comments)
    7. LET THIS SINK IN: "Bitcoin has the potential to become the first worldwide currency and we're trying to make that happen" - NYSE Owner (2224 points, 587 comments)
    8. Coinbase Survey Shows 18% of all US Students Now Own Cryptocurrency (1793 points, 331 comments)
    9. Beyond Huge! With $10.7 trillion worth of assets under custody and administration, Northern Trust opens doors to Cryptocurrency hedge funds (1770 points, 143 comments)
    10. CNN Video: "People around the world are starting to trust Bitcoin more than the Central Banks". Damn Right! (1679 points, 434 comments)
  3. 44336 points, 8 submissions: arsonbunny
    1. Why we won't have a long term bear market, and how to systematically pick your future investments in crypto (14599 points, 917 comments)
    2. I've created an Excel Crypto Portfolio Tracker that draws live prices and coin data from CoinMarketCap.com. Here is how to create your own. (12287 points, 687 comments)
    3. Want to start fresh after the crypto crash? Here is a comprehensive guide on how to invest and prosper over the long term. (6087 points, 636 comments)
    4. This sub is a mess and needs to get out of the anger stage: How to move forward from the crash if you're a bagholder (3356 points, 392 comments)
    5. Understanding Tether: Why it accounts for a substantial part of the crypto market cap and why its the #1 outstanding issue in crypto markets today (2703 points, 709 comments)
    6. How and why exchanges are manipulating the price in order to capitalize on the new market dynamics (2361 points, 491 comments)
    7. I built these 3 fundamental valuation models for Bitcoin in Excel. Details in the comment. (1507 points, 109 comments)
    8. Understanding Bitcoin Futures: How they work and why they are NOT going to crash the crypto market (1436 points, 122 comments)
  4. 25819 points, 15 submissions: Kashpantz
    1. When you are a known scammer in the crypto space and get called out by one of your investors. Exciting times indeed. (2568 points, 237 comments)
    2. The Gloves Are Off. Ripple laying into J.P Morgan As They Enter The Crypto Space. (2091 points, 555 comments)
    3. The Scam That Is Volitility & Fees (2077 points, 322 comments)
    4. Crypto Explained By The Simpsons (2005 points, 134 comments)
    5. When Investingin In The Stocks Seems Crazy. (1983 points, 284 comments)
    6. Pretty much this sums it up for crypto and politics. (1831 points, 118 comments)
    7. Don't look at ATHs, the story starts when you look at ATLs. (1783 points, 223 comments)
    8. When things go bad in Argentina... Use Crypto (1782 points, 195 comments)
    9. Is this unjust? Where a bank can shut you down for investing in the cannabis industry even if it's legal in your country or state? A perfect use case for crypto where it is borderless and censorship resistant. No longer the banks are the gatekeepers of our own money. (1658 points, 280 comments)
    10. Some Simple Tips to Avoid Traps in the Crypto Sphere. (1558 points, 251 comments)
  5. 20147 points, 1 submission: Suuperdad
    1. I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. (20147 points, 1442 comments)
  6. 19965 points, 1 submission: Gabriel-Lewis
    1. Robinhood is launching a Crypto Trading app to compete with Coinbase (19965 points, 3895 comments)
  7. 19632 points, 1 submission: sash187
    1. Checkmate, Bill. (19632 points, 1097 comments)
  8. 18484 points, 1 submission: x2P
    1. Delta's app store description seems appropriate today. (18484 points, 317 comments)
  9. 17374 points, 4 submissions: Rupispupis
    1. When you're holding altcoins but your friends only heard of Bitcoin and all congratulate you because they think you had an incredible day (12352 points, 587 comments)
    2. It'd be sad if it wasn't funny (2174 points, 108 comments)
    3. Brave uncovers widespread surveillance of UK citizens by private companies embedded on UK council websites (1625 points, 80 comments)
    4. Ask, and ye shall receive (1223 points, 93 comments)
  10. 17265 points, 2 submissions: mtimetraveller
    1. The true power of Bitcoin 🔥 (14638 points, 1274 comments)
    2. Microsoft Excel recognizes Bitcoin as a currency (2627 points, 163 comments)

Top Commenters

  1. arsonbunny (13668 points, 114 comments)
  2. martinkarolev (5448 points, 48 comments)
  3. hanzyfranzy (5299 points, 6 comments)
  4. Toyake (5151 points, 254 comments)
  5. Bungwads (5078 points, 1 comment)
  6. throwawayLouisa (4784 points, 408 comments)
  7. Raymikqwer (4768 points, 71 comments)
  8. JohnDalysJohn (4768 points, 2 comments)
  9. Thefriendlyfaceplant (4410 points, 324 comments)
  10. rockyrainy (4306 points, 117 comments)

Top Submissions

  1. CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant! by DestroyerOfShitcoins (26497 points, 3056 comments)
  2. I will tell you exactly what is going on here, this is critical information to understand if you are going to make money in this space. How prices work, and what moves them - and it's not money invested/withdrawn. by Suuperdad (20147 points, 1442 comments)
  3. Robinhood is launching a Crypto Trading app to compete with Coinbase by Gabriel-Lewis (19965 points, 3895 comments)
  4. Checkmate, Bill. by sash187 (19632 points, 1097 comments)
  5. Delta's app store description seems appropriate today. by x2P (18484 points, 317 comments)
  6. Listen up folks, if you "did", or still do promote cryptocurrency related scams, you will be called out on it via this sub-Reddit. We don't care about you, or your ill-gotten gains, we care about the general well-being of our community first and foremost. by DestroyerOfShitcoins (17888 points, 1277 comments)
  7. Nasdaq is open to becoming cryptocurrency exchange, CEO says by coinmoon_com (17168 points, 830 comments)
  8. The true power of Bitcoin 🔥 by mtimetraveller (14638 points, 1274 comments)
  9. Why we won't have a long term bear market, and how to systematically pick your future investments in crypto by arsonbunny (14599 points, 917 comments)
  10. Great news from Korea! Banks will allow cryptocurrency trading again from today and next week account registration is opened again. by riverflop (13419 points, 462 comments)

Top Comments

  1. 5078 points: Bungwads's comment in Checkmate, Bill.
  2. 4792 points: hanzyfranzy's comment in Bitcoin breaches $4000 in 15 minutes. What is happening 😳
  3. 3630 points: eNte19's comment in Enjoy the massacre. It could be a once in life opportunity.
  4. 3533 points: sakata_gintoki113's comment in Russian nuclear scientists arrested for trying to use one of Russia's most powerful supercomputers to mine Bitcoins
  5. 3462 points: JohnDalysJohn's comment in CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant!
  6. 2988 points: Xgatt's comment in CryptoNick is deleting all of his BitConnect videos, and so are his buddies. Please never forget what he and his cohorts did to so many people, and how much money those people lost in the process thanks to CryptoNick, Trevon James, and Craig Grant!
  7. 2909 points: dankmeter's comment in Coinbase/GDAX Warning - $50,000 Wire DEPOSIT Missing Since December 12th
  8. 2884 points: regecide2025's comment in No one was complaining about "manipulation" when it was going up from 2500 to 20,000 in less than 6 months.
  9. 2854 points: harambissimo's comment in Who would win?
  10. 2781 points: LivingWithWhales's comment in ETH has passed $900 and has retaken the #2 market cap spot from XRP
Generated with BBoe's Subreddit Stats
submitted by subreddit_stats to subreddit_stats [link] [comments]

Crypto News Recap for the week ending August 3rd

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

The Internet Cloud Has a Dirty Secret

The music video for “Despacito” set an Internet record in April 2018 when it became the first video to hit five billion views on YouTube. In the process, “Despacito” reached a less celebrated milestone: it burned as much energy as 40,000 U.S. homes use in a year.
Computer servers, which store website data and share it with other computers and mobile devices, create the magic of the virtual world. But every search, click, or streamed video sets several servers to work — a Google search for “Despacito” activates servers in six to eight data centers around the world — consuming very real energy resources.
A lot of them.
Today, data centers consume about 2% of electricity worldwide; that could rise to 8% of the global total by 2030, according to a study by Anders Andrae, who researches sustainable information and communications technology for Huawei Technologies Ltd.
U.S. data centers consumed 70 billion kilowatt-hours of electricity in 2014, the same amount that 6.4 million American homes used that year. Data centers need electricity to power their servers, storage equipment, backups, and power cooling infrastructure; most servers require temperatures below 80 degrees Fahrenheit to operate, and cooling can comprise up to 40% of electricity usage in conventional data centers.
“People don’t think about the backend consequences of Netflix streaming,” says Debra Tan, the director of Hong Kong-based nonprofit China Water Risk. “The information and communications technology (ICT) sector is probably one of the most power-hungry sectors going forward.”
The global shift toward what Tan calls “cloud-based societies”—and the rise of nascent tech like 5G networks, robotics, artificial intelligence, and cryptocurrencies—means electricity consumption in data centers will keep surging.

Data’s massive carbon footprint

Because servers are housed in nondescript data centers rather than factories with billowing smokestacks, the size of their carbon footprint is easily overlooked.
But the constant and increasing demand for connectivity means ever more energy funneled into these data centers, and much of that energy is non-renewable and contributes to carbon emissions. Data centers contribute 0.3% to global carbon emissions, according to Nature; the ICT sector as a whole contributes over 2%, and those numbers could increase.
The U.S. is home to 3 million data centers, or roughly one for every 100 Americans. A large number are clustered in Loudoun County in northern Virginia. Tech giants like Amazon, Microsoft, and Google operate data centers there, and county officials claim that 70% of the world’s Internet traffic flows through the area’s data centers.
Only 12% of Amazon’s Loudoun County data centers and 4% of Google’s are powered by renewable energy, despite their pledges to shift to 100% clean energy, according to Greenpeace. The region’s low commercial electricity rates make it an attractive site for power-guzzling data centers.
Debra Tan of China Water Risk says that American tech firms with a global presence like Google and Facebook must step up their existing commitments to clean energy, as must Chinese tech companies like Baidu, Alibaba, and Tencent, which sourced 67% of their energy from coal in 2017. China’s data center industry is the world’s second-largest, comprising 8% of the global market.
“The ICT sector can definitely lead the world in aggressive decarbonization because they’re the sector that will add on the most power going forward,” says Tan. “They have the capability [and] they have the scale.”

The data never ends

The Internet’s “never-ending creation of data” explains why electricity demand in data centers will likely surge in the future, says Huawei researcher Anders Andrae, who cites more advanced video, 5G networks, A.I. training, holography, and cryptocurrency mining as some of the drivers.
The energy consumption of Bitcoin mining has been a concern for many watching the rise of cryptocurrencies, and analysts have said Bitcoin mining consumes around 0.3% of global electricity (some skeptics argue that such estimates are exaggerated, however).
In China, the government is starting to crack down on the practice. Authorities in China’s Inner Mongolia province said earlier this month that they will no longer support the crypto mining industry, though they did not issue an official ban.
Inner Mongolia’s cheap electricity, thanks to a wealth of coal, is what first drew crypto miners to the far-flung province. In China, data centers get 73% of their power from coal and 23% from renewable sources. The country’s clean energy industry is still developing, so there is a lack of infrastructure compared to coal-powered sources, which are relatively cheap and abundant—China accounts for half of global coal consumption.
China’s data centers emitted 99 million tons of carbon dioxide in 2018 and will emit two-thirds more by 2023 unless industry addresses its energy consumption, per a 2019 study by Greenpeace and North China Electric Power University.
Ye Ruiqi, a climate and energy campaigner for Greenpeace East Asia, says that the initiative to move the industry towards renewable energy “must come from internet data center companies themselves.”
“We need to start addressing the carbon emissions and air pollutants associated with the source[s] of power that feed into our data centers.” Ye says, noting that a handful of Chinese companies have started shifting to renewables and “the results are promising.”
While consumers can make some daily changes to their consumption—streaming Netflix on medium quality rather than high-definition could save over 75% of carbon and water used—companies and governments must take the lead in the greening of the supply chain and development of renewable energy infrastructure, says Tan.
“We can get more efficient […] but our demand is also going to go up,” Tan says. “Your best bet is to go 100% renewables for the backend, cloud, all the transmission towers, et cetera. If you can get that infrastructure to green then there’s less pressure to curbing demand.”
It will be difficult, but if the sector takes action to shift from coal to renewable energy, electricity consumption can decouple from carbon emissions, Ye says: “Technology innovation doesn’t have to contradict [sustainable] development.”

More must-read stories from Fortune:

China is the world’s biggest coal user. Can it break the habit?
—How the [energy industry is using data to decarbonize itself
](https://fortune.com/2019/09/06/how-the-energy-industry-is-using-data-to-decarbonize-itself/)—Why solar execs say [the game is already over for non-renewable energy
](https://fortune.com/2019/09/06/non-renewable-energy-new-generation-solar-wind/)—BP’s CEO says he’ll sell oil projects to meet [Paris climate accord goals
](https://fortune.com/2019/09/12/bp-ceo-sell-oil-projects-paris-climate/)—Listen to our audio briefing, [_Fortune_500 Daily
](http://fortune.com/radio/)_Subscribe to[_The Loop](https://cloud.newsletters.fortune.com/fortune/newsletters/)_, a weekly look at the revolutions in energy, tech, and sustainability._
* More Details Here
submitted by acerod1 to Business_Analyst [link] [comments]

TIFU by making the person I was housesitting for think that I was a hacker trying to steal their identity.

Ran into a middle-aged friend from church at the store last week, got to talking, they're going out of town and need a cat sitter Thursday and Friday. I work 730-330, so I'm on that no problem I figure maybe I could make a quick buck, that's all cool. Wednesday, I drop by to get the rundown, meet the cats. She tells me I can watch TV, use the computer, whatever I like. Theres the bed I'll stay in, all that. Friday night, I'm planning on heading to my folks to stay the weekend. My job involves a lot of traveling to Northern Virginia, and my folks live in Maryland right now.
A few days ago, a friend and I had a conversation about programming, and he told me Python is a great language to start with. If I have a computer, starting to learn is easy peasy.
I pack a day bag Thursday night and head over, making sure to bring a phone charger and I bring my guitar and an amp so i can practice while I'm there. Everything is great, I watch jeopardy, feed the cats, and prepare for work the next day, with a lunch and all.
My boss texts me with the address for the job. Its up in Reston and I'm trying to figure out tomorrow and my weekend. I know I'm gonna be driving a lot, and Reston is closer to DC/MD than to my house. Finally, I call my mom and she says to meet up with her after work the next day. Shes coming down my way anyway, so I'll be able to feed the cats and all, but this makes it so i dont have to drive down and drive back up north. I also call my aunt who lives up toward the beltway and ask to spend the night.
So, before I call it a night, I make sure to pack most of my stuff that I'll need for the next day, including my phone charger. I left a couple things that I didnt wanna leave in my car while at work, like the guitar, but I packed up everything else to stay the night at my aunt's.
Okay, so that's Thursday, the mishmash of events leading to the fuck up started Friday.
Friday morning, leave my aunts and make sure I have everything. Work, head to moms, unload everything from my car and wait for her to get home. Leave my car there, head down to VA for errands and the like, she drops me off at cat house.
Alright we good. I'm there, taking care of cats, in time for jeopardy, waiting for them to get home. 8 rolls around, my phone is at 3% from navigating all day. I look for my charger. It dawns on me that my one charger I have is in my day bag in Maryland. They dont have any lying around. I go to plug in my guitar but realize I left a cable so that's a no go.. They wont be home til 10ish. Boredom sets in..
But they have the computer! Perfect, I'll just hop online. (Note I dont own a Windows PC so not having to surf on my phone or my cheap Chromebook is still kinda a big occasion for me.) This is where the tifu starts.
One friend of mine gave me a heads up about price movements on bitcoin so I load up Coinbase pro but forgot my password, bummer. Alright well maybe I could take a look at some python websites so I Google "python". This is cool, I logged into my email and bookmarked some of those links for later. Still bored though, so I load up cool math games cause RIP and play Bloons Tower Defense til they get home.
Her husband drops me off in town and we wait a couple minutes for mom to meet us. She calls him and asks about some stuff. "I mean hes still here, you can talk to him." She asks some questions about python and coinbase and bitcoin and I explain that the sites I visited were secure and she doesnt have to worry about viruses or anything. She explains that her and her husband had been the victim of identity theft once upon a time so she doesn't really like that stuff on her computer, even though closed all the windows and tabs before I left. She thought I was trying to steal her information from her computer.
Tl;dr: I cat sat for a family. Using their computer, I checked crypto prices and did some research on beginner programming lingo. They thought I was trying to hack into their computer.
submitted by mayoayox to tifu [link] [comments]

[Table] IAmA: I am Steve Horwitz, economist, professor at St Lawrence University, and bleeding heart libertarian . AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2014-02-28
Link to submission (Has self-text)
Questions Answers
Do you think the relative unpopularity of economic liberty (laissez faire) as a policy is due to people's lack of knowledge or some predilection in favor of tangible, sold 'plans' over the unpredictability of freedom? Or neither or some mix of both? All great questions. I think your instinct is right here: people prefer the (false) security of a "plan" than the more open-ended promise of market discovery. Part of the way to deal with that is to point out how often those plans fail and their propensity to generate unintended consequences that make matters WORSE and then generate a demand for more intervention, etc..
As a followup, how do you convince people to put their faith in free markets and free people without promising some specific plan or specific outcome? Saying "the free market will fix it" doesn't seem satisfying to most people. If you can't trust a lot of people to solve smaller problems in decentralized ways with a functioning feedback process, how can you trust a small number to solve big problems with a crappy feedback process?
Do you support open borders? If so, do you think a large enough influx of immigrants from a different culture could produce such negative externalities in the process of assimilation that on net, they destroy more wealth than they create? My friend Bryan Caplan did an AMA a little while back and I have the same views as he does on open borders, which is keep 'em wide open. I don't fear the scenario you lay out here because there's no history to support it. Immigrants who come here do so because they want to make their lives better and help their families in the process. As they assimilate, they will not just complete "become us," we will become more like them. Thinik about all the ways in which what was once immigrant food and culture have become part of who we are as Americans (that pizza you're eating..). Assimilation is a two-way street and has many more positive than negative externalities. Plus, it's a simple matter of human rights and bleeding heart libertarianism that we should give those with the least all around the world the opportunity to make a better life for themselves by recognizing their right to move to where the opportunities are and create work and property contracts with those who live there. I simply cannot see how any libertarian can support anything less than open borders on both practical and moral grounds.
What is a bleeding heart libertarian? I'd also like to tackle this one early. BHLs come in various flavors. What we all seem to share is that we think the primary moral concern of libertarians, if not any political philosophy, should be how well our preferred system will do for the least well off among us. For some of my BHL colleagues is is that concern that is the moral justification for any system, i.e., libertarianism is only moral justified in so far as it improves the lives of the least well off. For others, like me, it's more about rhetoric and style. I believe that libertarianism DOES serve their interests very well, but I think it's more that we should focus our arguments and our rhetoric on that point, rather than thinking it serves as the ultimate moral justification.
BHLs generally believe that libertarianism can meet the ENDS of our leftist friends concerned with social justice but through the MEANS of freedom.
So "a rising tide lifts all boats" will now be stated as...hmmm... "Free people make better choice for themselves and have better outcomes"? It lifts ALL boats, but it also lifts the LEAST WELL OFF boats the most.
Not much freedom if you are poor. How about "you're far more likely to be poor if you have no freedom." The Berlin Wall was not there to keep people in WEST Germany.
WARNING: I am a Marxist, please do not be alarmed. With that out of the way, I was wondering if you could answer this question from a Libertarian standpoint: With industry as vast and as awe-inspiring as it is today I was wondering why you think it is still a good idea to continue the practice of private ownership over the goods that industry produces? It seems to me that, in light of current global economic "problems" (to say the least), we could simply cut the bullshit. Put people into industries, have them (the workers) collectively run the workplace. With people who aren't concerned with competition but cooperation it seems that they would most likely focus on lifting themselves (them being the community of whichever particular area, town,city,village,whatever) out of poverty, and if we continue this practice across countries, the entire globe even, it seems that we could lift massive amounts of poverty and ignorance off of millions of people. Why bother bickering about this-or-that style of Capitalism, why not just throw the damn thing overboard, like we did feudalism, and finally start using industry for more than profit hoarding and worthless vanity items? THanks for the question. I think you radically undersestimate the problems of determining how to use resources in ways that improve economic well-being. First, markets ARE about cooperation. Did you make your shirt? I'm guessing not. That shirt was make through the cooperation of millions of people from across the globe, coordinating their activity through the prices, profits, and losses of the market. Markets are the most powerful form of social cooperation (and globally so) that humans have ever discovered. You need to get beyond the competition/cooperation binary.
Second, in order to know how best to use resource to improve people's lives, we need to know their value. That requires a standard of comparison that relates back to people's wants and needs. And that is what prices do. Monetary exchange and the price system are form of extra-linguistic communication that enable us to assess value. To have meaningful prices, we need them to arise from actual exchanges by real people in real markets. And that requires private ownership, especially of capital. How would all of these firms know 1) what to make 2) how to make it? It is market prices, profits, and loss that facilitate the social learning process that enables us to answer these questions.
Profit is a social signal and what justifies using markets is that they are the only way we have of answering all of these questions about what to produce and how to produce it. If we get rid of markets, we are not giving the tin man a heart, we are Oedipus poking out our eyes.
What do you think of the latest developments affecting the bitcoin ecosystem? To be honest, I don't follow bitcoin that closely. I have long believed that we need to get rid of central banks, so I'm in favor of anything that creates an alternative to central banking, thus I"m rooting for bitcoin. But I'm also skeptical about it because I'm not convinced it will be anything more than a niche way of engaging in very sophisticated multi-lateral barter, but with limits. That said, I want it to stick around if for no other reason than to show folks that you don't need government to get sound money. Because... you don't.
How would we regulate the economy without central banks? The history of economies without central banks and with truly competitive monetary systems is that they are much more stable and much less prone to bank failures and monetary mischief than ones with central banks. Canada did not have a central bank til the 1930s and never had the problems the US did. Link to www.coordinationproblem.org
Prof. Horwitz, given your work on family, what changes do you think should be considered to welfare policies? In my ideal libertarian world, the need for such assistance would be far less and it would be provided by the various institutions of civil society. If you haven't read Dave Beito's From Mutual Aid to the Welfare State, there's the place to start. If the state is going to be involved, I would like to see two kinds of related changes. We need to get away from welfare systems that create perverse incentives that discourage the formation of healthy families. The tax/welfare system is so full of special interest nonsense that it creates huge incentives for poor folks not to get married, when doing so can be one (but not the only) way to help them climb the income ladder. The second change is to move toward some sort of basic guaranteed income program. It's not my first best, but it's far better than the status quo. If nothing else, it has far less overhead cost to taxpayers and gets rid of many of the perverse incentives of the current welfare system, especially with respect to marriage adn families. It's also FAR less intrusive on people's privacy.
Wouldn't guaranteed income give people even more of an incentive not to work? It's not clear that it's worse than the status quo and at far less cost. But yes, that's a potential problem and the literature on BGI tries to deal with it. You should google the recent discussion of this topic on bleeding heart libertarians.
Wouldn't a UBI be a forced redistribution of wealth that flies in the face of the non-aggression principal? Again, it's a second best.
Plus, I don't ground my libertarianism in the non-aggression principle. If you could show me that a world with a large government was better than a world with a small or non-existent one, I'd be fine with the large government. I care about consequences first and foremost.
Are there any areas of research where you'd like to see more libertarians focusing their efforts? Are there any areas that draw too much focus from libertarians? Thank you for doing an AMA! In general, there's too many damn economists! I think there are a ton of interesting questions that we should be tackling with more gusto. I'd like to see us do more on family and children, which is why I am working on a book on that topic, but I'd like to see it from a variety of perspectives, such as psychology. I don't think libertarians have done enough history. There are so many interesting historical episodes that could benefit from a reading through the eyes of Mises or Hayek or other libertarian thinkers, including outside economics. I'd love an army of young libertarian scholars taking on those topics, especially the ones related to race and gender, to show how the standard readings of those events, which tend to support bigger government, actually tend to show that government causes way more problems than it cures.
What is your opinion on the Civil Rights Act of 1964? The CRA did two things. One, it banned government sponsored discrimination such as that associated with Jim Crow (and let's not forget that Jim Crow was the state and that many private firms opposed it). Two, it banned private discrimination on the basis of race - the counter at Woolworth's.
The first was a HUGE gain for liberty and I obviously support it strongly. One element of libertarianism/classical liberalism is that IF there's a state, it must treat all citizens the same. Equality before the law is a libertarian principle.
The second was a loss for liberty - the loss of freedom of association and that's a bad thing. On net, the gains of the CRA, in my view, strongly outweighed the losses, and in the imperfect world of politics, it was the best anyone was going to get in 1964. Had I been in Congress as a libertarian, I would have voted for it.
One additional note though: with the advent of fast communications technology and the net, the belief that markets and civil society could not sufficiently punish private discriminators seems farfetched. Can you imagine what people would do on Yelp (or here!) if a restaurant put up a "no blacks served" sign? Or a "no gays" one? It's harder for bigots to hide these days, esp. when the tolerance level for those behaviors is so low.
So yes, the CRA wasn't perfect from a libertarian perspective, but it was a big improvement.
What is one thing you believe that most libertarians do not? Or: What is one thing you disagree with most libertarians about? I love this question. I think the answer to both is the same: I am much more sympathetic to feminism, even of the non-libertarian sort, than are most libertarians. The result is a lot of arguments. I think that libertarians have done to feminism exactly what libertarians accuse others of doing to us: taking the most extreme and silly people as representative of what's typical. My experience of 25 years in academia with lots of left feminists is that the libertarian caricature of them is simply unrecognizable. Yes, that caricature exists, but those are the Alex Jones's of feminism - they are not the typical one, even among academics.
What's the state of libertarianism in other parts of the world? Not only in Europe, but perhaps in Asia, Africa and Latin America? How's it'views in Austria? :-) What do you think happens in Malaysia, Hong Kong and Cayman Islands, is libertarian philosophy used to justify part of the status quo there? Are you in contact with any intellectual from there? Where is libertarianism, as an offical party, is stronger and where has it won elections, finally if so, how did it go? TKS! I have never been more optimistic about the growth and influence of libertarian ideas globally than I am now. In particulary, the growth of STudents for Liberty across the world as well as the ways in which technology has made ideas and resources available, along with the development of dozens of think tanks, are good evidence that these ideas are developing a presence and being heard globally.
What's the best financial advice you have for young people? Let's start with an easy one: Pay your bills on time. Seriously. If you establish a reputation for being someone who lives up to their promises and understands the importance of financial trust, other things will follow from there. This is so important for things like your credit rating and the like. If you're in college or just out, this should be your priority. After that? Just remember that you will have a future and the future you will be happy that the present you did not put him/her in too much debt and that you saved something for a rainy day or two. But the easy best advice: pay your bills on time all the time.
So your saying paying 60,000 a year for SLU isn't a great investment. It isn't for everyone! Depends on your net cost, your ability to handle debt, what you want to do with your life etc. For some people it is a great investment, not for others. I'm not someone who thinks everyone should go to college.
If state intervention is generally counterproductive, why do the Nordic/Western European countries rank higher than the United States does in quality of life, education, environment, etc.? Because many of those countries actually have freer economies than the US, which now ranks 17th free across the globe, as the commenter below notes.
If you could debate any intellectual and/or public figure who would it be? Rachel Maddow. I want to wipe that smug smile right off her face. :)
I would love to see that! Mostly because you're the one who's coming off smug right now. Nicely played.
On election day, there are a lot of libertarians making a point of the fact they don't vote. Do you vote? How do libertarians expect to change government if you don't vote? I do not vote. I don't think it's immoral/wrong to vote. I just think that's largely ineffective.
Social change comes from changing the climate of ideas, like doing an AMA, or teaching economics, or doing a program on House of Cards, or writing a letter to the editor, or dozens of other acts of engaged, concerned citizenship we might choose to engage in. Voting, to me, is just not an effective path to social change.
Is there a better term than "invisible hand" which is often mocked, to describe the invisible hand? Great question. It shouldn't get the bad press it does, as Smith was a genius who people outside economics should be reading and taking way more seriously than they do. I tend to use "spontaneous order" which is usually associated with Hayek, though he got it from the philosopher-chemist Michael Polanyi. The idea is that the order of the market is the product of human action, but not human design. You can talk of "emergent order" as well, as "emergence" in that sense is hot in complexity theory and the sciences.
But I think the best way to do this, especially with lefitsts, is to make the analogies to evolution by natural selection. If people believe that the natural world is orderly but without a designer, then they should be open to the argument that the social world is too. If you think "Intelligent Design" is a joke in biology, then you should think "Intelligent Economic Planning" is the equivalent joke in economics. HEre's an old and short blog post of mine on this issue: Link to www.coordinationproblem.org
After NYTimes published an article attacking Rand Paul you made comments about how libertarians ought to "call out" people with racist/sexist et al attitudes within the movement; you also personally stated your refusal to cooperate with such persons, even in efforts against the state. The answer to your last question is yes. I have plenty of libertarian friends who believe things I think are wrong, but we still work together productively. That's one of the healthiest signs in our movement - we HAVE disagreements and can work together in spite of them.
I was wondering, do you really believe there should be such red lines in the sand, even if you and the other person agree on a majority of public policy issues? If so, what is your own personal red line? Do you think it's possible for libertarians to cooperate on the issues they agree on whilst criticizing each other on the things they disagree on? If a person or institution continually supports positions that I think are deeply wrong, and especially when I think that position also undermines the good work being done by other libertarians, we should call them out on it. Social pressure and shunning is not coercion. It's freedom of disassociation. And we should use it.
Steve, what do you say to "established" - read Keynesian economists who argue that libertarians are not "evidence" focused or logically consistent? One thing I do is point them to the link below and open a discussion about what we mean by "evidence": Link to www.cato-unbound.org It's also important to remember the economics world does not divide into two groups: "libertarians" and "Keynesians." There are all kinds of flavors here and we need to recognize those differences.
What is the best way to try to convince/change the minds of those who are generally inclined toward state intervention to solve problems? Show them the practical consequences of intervention and of markets. This is why we need really good empirical work, especially good history. For example, the more we write and talk about the Great Recession and have a great command of the facts to explain why it was a failure of policy not markets, the more likely we are to push people in our direction. History is very powerful in setting people's narratives and we need counter-narratives. I also think that we need to be very mindful of our rhetoric. We CANNOT say things that allow others to tag us as racists/sexists etc, or that we don't care about the poor. And we need to be unafraid to call out leftists (for example) who make that accusation over policy differences. Objecting to minimum wage laws is NOT racist and people who say it is need to be called out both for their historical ignorance (it's the MW laws that are racist!) and for their refusal to discuss in good faith.
How do you feel about the state helping those who can't help themselves? For example, should the state step in for cases of child/elder abuse? These are IMO some of the hardest issues for libertarians. Let me stay with child abuse. I think first we have to distinguish abuse and neglect. I think with neglect, there are ways that non-state institutions can work with families to improve outcomes. And, importantly, we have to ask "compared to what?" Perhaps the child is in less than optimal circumstances, but will that be improved upon if the state moves them somewhere else?
In general, I think that there are Hayekian reasons to think that parents have the best knowledge and incentives to do what's right for their kids, so the bar for state intervention should always be quite high - and the state should bear the burden of proof.
If we are talking abuse, then different story. If the state has the responsibility for protecting the rights of adults against violence from others, then it has that same right with respect to children and violence form their parents. I am a strong defender of parental rights, but those do not extend to clear cases of abuse (as opposed to mild forms of corporal punishment). But even here, the state should be working with extended family, friends, and organizations like synagogues or churches or the like to find solutions that minimize the impact on kids.
As to how an anarchist society would handle these situations, my honest answer is that I do not know.
Where is the brightline between neglect and abuse? Punishment to some people is much harsher than others. A girl recently died of hypothermia near where I live because staying outside in a barn was used as punishment. THere's not a brightline. We shouldn't expect one either. That's why these issues are so hard.
Do you get along with the Keynsians or do you sit on oppostie sides of the room at the faculty Christmas party? Every single one of my closest friends on the SLU faculty is a leftist.
Consortin' with the enemy, eh? ;) I'm a consorter from way back.
Keynesians are "leftists" like Republicans are "capitalists". In fact even calling Keynesians, who are by definition capitalist, "leftists" is sort of silly. That said, I know this AMA is dead and I don't expect a response but as a left libertarian I just wanted to say that chafed me a little. I meant leftist. Not Keynesian. My friends on the faculty are leftists not Keynesians.
Related to your research on families, what do you think about the advice (usually coming from the right) that one of the most beneficial things the poor can do to improve their lot in life is to get married? There's some truth to that, but it's more complicated than it's been presented as. Married people DO have much better outcomes along almost any measure you care to look at (including their sex lives). But that doesn't mean you should just "get married" regardless of who the other person is and what your particular circumstances are. And as I noted earlier, public policy distorts the incentives to marry in ways that encourages it where it shouldn't and discourages it where people could benefit from marriage. So yeah, marriage is good for people (gays and lesbians too), but that's not "get married no matter what."
Do you worry that a free market is too concerned with the present and not suited to deal with long term problems, like climate change? Hypothetically, if we could see that the free market was bringing about a catastrophe, should we intervene with our best idea of what suitable regulation would be? Do you think a system in which the participants are almost exclusively concerned with what will happen in the next 2, 4, or 6 years is MORE capable of thinking in the long term than the owners of capital who can pass its value to others over an indefinite time frame? I think that markets are far better able to think about the long run than is the political system, assuming that the right institutional structure is in place in the market.
How would we even know the market was bringing about a catastrophe? What's the sort of scenario you have in mind? (It probably shouldn't be climate change because that has to account for gov't)
Do you deny the positive effects of the 2009 American Recovery Act (ARA) on the U.S. economy? China has used both a market-based and state-based approach in concert to create a strong economy. Does this indicate to you that the state should have some economic control? Yes I deny them. Where was the "market-based" approach? And where is the strong economy? Millions have left the labor force. Unemployment remains notably higher than was predicted if we passed the ARRA. Private investment is still very low. The recovery in employment is the slowest since the Great Depression.
So, does this theory reject the phenomenon that markets will overheat, or ever need to be stimulated? Markets are not physical systems, they are human ones. Using metaphors from physical systems gets us off on the wrong track.
Are you relating the free-market to House of Cards? How is the online class going to be structured and what will it be about? Also, can you pinpoint an event in history where a free-market system has prevailed? It's about how HoC shows the failures of the political system through the lens of Public Cholce Theory. You will get to see some video lectures by me as well as other videos on line, plus participate in online discussions on Facebook and real-time chats.
Do you watch Parks and Rec? If so, how do you feel about Ron Swanson's portrayal of Libertarianism? I don't. I should. So I can't answer this one. Sorry.
Do you think our lack of growth comes from a deficiency of inflation like the Federal Reserve suggests? Do you think we are experiencing deflation/stagflation that is being papered over by monetary easing/competitive devaluation or do you believe the FED is 'exporting' inflation to EM currencies through carry trades given the inflation rates of the EM markets? We are not suffering from too little inflation. We are suffering from too much regulation, too much uncertainty, too much anti-business rhetoric, and a central bank that won't adhere to the rule of law. (And it's the Fed not the FED - sorry, pet peeve :) ).
Tonight is TV night with my GF. House of Cards or True Detective? Which show should I start tonight? I haven't watched TD, but man do I love House of Cards.
Hey Steve. Should they legalize pot, or what? They should legalize pot... and "what", as well. :)
How do you respond to the accusation that you don't care about poor people when you oppose raising the minimum wage? (This happened to me, recently.) I send them here: Link to www.fee.org
Why free markets are both the most efficient and most resilient systems? Because they are best at discovering and making use of dispersed, contextual, and often inarticulate human knowledge. They are social learning processes with very powerful feedback processes that help us know when we've made mistakes and provide incentives to correct them.
Markets aren't better because people make fewer mistakes in the market than in government (think about all the restaurants that fail). They are better because those failures take place in an institutional structure that provides knowledge and signals for everyone else to correct them in ways that political institutions do not.
What are your thoughts on the arguments that market anarchists like Michael Huemer and Roderick Long put forward? Specifically in regards to markets in law and defense. I consider myself to be a market anarchist (at least most days). While I'm not sure I can provide an answer to how markets and civil society might solve every problem, I have yet to be convinced by an explanation for how the state could. The burden of proof is on the state and it hasn't met it yet, but that doesn't mean we "know" markets/voluntary social cooperation have the answers to the tough questions like those.
I am much more persuaded by arguments for polycentric legal systems than for privatized defense. But here too - does anyone really believe that gov't does a good job defending us, especially when we consider the rent-seeking involved and the ways in which the tools the state adopts to "defend" us quickly oppress us - think the NSA/war on terror.
I"ll take my chances with the unknown over the known evil.
What are you having for dinner? Mediocre Mexican is the plan. That's as good as Mexican gets up here in the hinterlands.
What's your response to more Rothbardian readings of Human Action that take more radical claims about the supremacy of a priorism? I would LOVE to come to Hillsdale. I've talked with folks there about doing so, but we can't seem to find a time that works.
Also, would you mind coming to Hillsdale College sometimes soon to give a lecture if I say pretty please and promise a brownie? I think those Rothbardian readings are mistaken. Here's some thoughts on Mises and methodology that might explain why: Link to www.cato-unbound.org
Do you feel the Austrian School was strengthened or discredited internationally as a result of the Great Recession? Only reason I've asked is that I've heard both and you seem to be a more credible source on the issue then some other media sources I could name. Strengthened. Austrians have had more positive attention, and deservedly so, because I do think that Austrian theory provides a very powerful lens with which to understand the boom, bust, and crisis. Link to www.fee.org
Any good books about economy for a high schooler? You can always start with "Economics in One Lesson". Also a new book by Howard Baetjer "Free Our Markets."
Prof. Horwitz, what books (either by Hayek or about him) do you consider the best for a student to start learning about F.A.? Individualism and Economic Order Constitution of Liberty
Favorite rush song/album? "Natural Science" and "Moving Pictures" Link to myslu.stlawu.edu
How many Bitcoins did you lose in this "Magic the Gathering Online Exchange" silliness? Zero. I own none. I have never owned any.
I've never listened to Rush. What song should I start with? Wow. THat depends. What's your taste in music and how much of a libertarian are you? :)
Are you a feminist? I'd like to think so, but others might disagree.
What are your thoughts on monetary inflation? What do you believe would be a better system than the federal reserve determining how much new money to print? I am an advocate of "free banking." Link to www.youtube.com
What's your favorite part of northern ny? Ps. I don't miss the cold. The people.
What do you suggest against the prisoner's dillemma? Find me a real world case where the parties could not communicate and/or solve the problem through the reputational effects of repeated play.
Last updated: 2014-03-04 19:49 UTC
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