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#YES i know the price is low its February and my pay is DOWN
bluewatsons · 6 years
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William Cheng, Taking Back the Laugh: Comedic Alibis, Funny Fails, 43 Critical Inquiry 528 (2017)
Eighteen days after 11 September 2001, a new season of Saturday Night Live premiered on schedule, making big headlines given how most other television programs were getting replaced by round-the-clock news coverage. The NFL and MLB called off games, the Emmys were doubly postponed, Rockstar delayed the release of Grand Theft Auto III (set in a fictionalized New York City), and Disney’s parks closed their doors.1 Entertainment across the United States—sitcoms, sports, rollercoasters—screeched to a halt, ground to zero. For SNL producer Lorne Michaels to reboot his laugh factory was saying something.2
Specifically, Michaels wanted the host Reese Witherspoon to say “fucking.”3 He told her to work the word into the opening monologue’s punchline, declaring he would happily pay whatever Federal Communications Commission (FCC) fines came their way. Although Witherspoon chickened out at the last minute (replacing the teleprompter’s fucking with the word balls for her joke, leaving the audience none the wiser), Michaels’s original plea conveyed how the arbitrary taboo of an F-bomb could feel ridiculously immaterial compared to the fire and brimstone a few miles away. With the world crashing down, a little uncensored fucking—scandalizing everyone but, really, no one—would have rhetorically embodied what all of the talking heads were claiming anyway: the country had been forever changed, no going back, no take-backs. After abundant media jabber about the death of irony, Michaels wished to send the message that, for at least one night, all bets were off and all laughs fair game.4 
Fast-forward to 18 June 2015, the night Jon Stewart ran out of jokes on The Daily Show.5As Stewart told a stunned audience, he couldn’t bring himself to write funny material in the wake of the previous afternoon’s massacre of nine black worshippers at a church in Charleston, South Carolina. Stewart’s silent treatment made loud news. The moratorium on comedy flashed across the internet as sagacious testament to the stupefying effects of tragedy.
At the time, the respective acts of foreign and domestic terrorism sent shocks through the citizenry’s collective funny bone, exploding entertainment’s permissions and proclivities. SNL dared to make ‘em laugh; The Daily Show dared to desist. Lorne Michaels wanted to take back laughter (to retrieve it and return it to the nation’s viewers); Jon Stewart sought to take out laughter (solemnly hushing the audience and flipping the studio soundscape on its head). Opposite tacks, yet both got away with it, snatching praise and publicity for good measure … funnily enough.
Laughing out of Court
Remember the last time someone told you to lighten up? It’s a gut punch, a low blow. Accusations of “why so serious?” feel like serious attacks, striking at a core failure of character in societies ruled by laugh tracks, witty tweets, and punny headlines.6 Even (or especially) in times of strife, humor should presumably serve as fantastic armor against no-good realities. But this armor is not so much iron as it is ironic; for within neoliberal logics, people who endure systemic oppression (blacks, queers, crips)—who might have the leastreason to lighten up arbitrarily—tend to be the ones who are most exhorted to gain a sense of humor, to take a joke, and to laugh things off. A quotidian illustration involves men who goad women to smile, as if an unhumored female countenance (Resting Bitch Face) were an affront to physiognomic aesthetics and social mores.7
Yet when disenfranchised people do appear overpeppy or do laugh out loud, they can get slammed anyway. On 22 August 2015, eleven women (ten black, one white), part of a book club called Sistahs on the Reading Edge, were kicked off the Napa Valley Wine Train because they allegedly made too much noise while celebrating a member’s birthday. For the record, when the laughers asked the maître d’ whether passengers had voiced complaints, he replied: “Well, people’s faces are uncomfortable.”8 In other (or no) words, the maître d’ addressed the noise violation by reading into the passengers’ silent expressions. The incident birthed the hashtag #LaughingwhileBlack, a spin on #DrivingwhileBlack. For a persecuted population to laugh, this meme suggests, risks circumstantial vulnerability and sanctions. Because minoritized individuals bear higher evidentiary loads for propriety, mirthful outbursts can sound amplified to suspicious or envious ears. Laughter may be damning not only for the chronically marginalized but also for anyone in temporary hot water—a child being lectured by parents, a student in detention, or a defendant on trial.
Consider the 1988 appellate proceedings of State v. Parker, in which the court found the defendant unremorseful based on his laughter during the prosecutor’s statements. Although laughter can bubble up from all kinds of feelings and conditions—nervousness, despair, incomprehension—this court’s litigious hearing of the defendant’s laughter pegged the act as evidence of impenitence or even evil.9
Alternatively, take the case of Sgt. Robert Bales, currently serving a life sentence for murdering sixteen Afghan civilians in 2012. During the trial, prosecutors played a phone recording of Bales and his wife laughing as they discussed the case—again, a putative blow to claims of remorse.10
In these instances, courts assumed that laughter spills secrets, always saying something. To extrapolate from Miranda warnings, anything you say—and any laugh let loose—may indeed be used against you in court. Most recently, the public doubled down on its vilification of former pharmaceutical CEO Martin Shkreli, who, when testifying before Congress in February 2016 (on charges of price-gouging drugs), repeatedly pleaded the Fifth Amendment while smirking and looking “as if he were about to burst out laughing.”11
Here, just the look of suppressed laughter—no less so than any sound of laughter—sufficed to cement Shkreli’s reputation as “the most hated man in America,” racking up accusations of immaturity and douchery to boot (fig. 1).12
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Figure 1. Martin Shkreli testifying before Congress.
Or rewind to the biblical story about the birth of Isaac. God tells Abram and Sarai, who are one hundred and ninety years young respectively, that they will bear a child. Incredulous, Abram falls facedown and laughs, enacting the first ROFL in Hebrew scripture. Later, when God repeats this prophecy, Sarai laughs to herself. God asks her (rhetorically, since He obviously knows the answer), “Is anything impossible for the LORD?”
“I did not laugh,” says the fearful Sarai.“Yes, you did laugh,” God replies.[Genesis 18:14–15]
It’s a classic case of He said, she said, except there’s little room for negotiation here; the He in this case is the final Word, the divine rule of law. Although Sarai tries to retract her laugh, God operates under the schoolyard principle of no take-backs. “Once laughed, a laugh persists,” points out Anca Parvulescu in her reading of this Bible passage. “God would not hear of it.”13 (Or, rather, God would not not hear of it.) Notably, both Abram and Sarai laughed, but God gave the latter a harder time. Gender politics aside, this discrepancy may owe to how Sarai laughed quietly (whereas Abram LOL-ed), as if attempting to get away with it. And if there’s one thing God can’t stand, as the Old Testament certifies, it’s people who underestimate his omniscience.
Such stories about laughter’s liabilities run counter to more common portrayals of laughter and humor as subversive, free, and empowering.14 Comedians and laughers, after all, often demand get-out-of-jail-free cards by professing something to be just a joke.15 The just in just a joke serves double duty, meaning not only only, but also fair, as in “all’s fair in love” and comedy. A homophobic punchline or an act of sexual harassment might dodge censure if the case can be made that it was performed in good fun.16 This is comedy’s signature alibi. Alibi hails from Latin’s alius and ibi, roughly meaning “someplace else.” With a license to kill, comedians are expected to boast, “Oh yes, I went there!”—there, meaning “someplace else,” out of bounds and beyond the pale. Comedy’s anything-goes exemptions conjure the Bakhtinian carnivalesque, a state of upheaval where “serious matters are suspended, things do not count, absolution is offered ex ante.”17 Comedic alibis can be so powerful that they drag errors and faux pas into the realm of respectability, enabling even the most egregious ethical or aesthetic failing to pass for … well, passing.18 Given how critical alchemy can turn just about any catastrophe into comic gold, the arena of risibility in today’s media appears virtually boundless.
For how many of us can claim immunity to comedy’s exculpatory rationales? Even Christie Davies, who has spent decades researching jokes and humor (in effect, studying why jokes matter), peppers his work with disclaimers concerning how jokes might not matter, noting that they do not “have any significant social consequences or express profound moral or existential truths.”19 Against the familiar notion of rapier wits, Davies insists that most jokes neither embody nor engender antipathy.20 A set-piece joke, he says, “cannot be used as a sword; it is merely decoration on the scabbard. Jokes are entertainment only, a mere laughing matter.”21 This said, excuses about levity don’t always succeed. Telling someone to “lighten up!” or “take a joke!” can fetch the killjoy retort that “you can’t joke your way out of this!” (an appeal against effectivity) or “you hurt my feelings!” (an appeal to affectivity). So while comedic alibis have potential to excuse failings of aesthetics and ethics, they might fail unto themselves—not least in the face of a hostile jury.
A familiar saying is that “against the assault of laughter, nothing can stand,” a Mark Twain gem uttered today in inspirational contexts (despite the lesser-known fact that it’s spoken by Satan in Twain’s novel).22 Beyond its advocacy of using mirth against malevolence, however, this quotation can be read another way: that when our bodies are assaulted by our own impulsive laughter, we show our cards and lose our moral credibility, leaving no leg—nothing—to stand on. If you snicker at a comedian’s racist joke, it becomes that much harder for you to scramble onto high ground because, listen, you laughed; the evidence is in the vibrations, right here (not someplace else, no alibi). Yes, you may argue after the joke that you were laughing cynically and knowingly at the structural racial injustices that fuel such cruel comedy, but by this point you’re necessarily on the defensive, carrying the burden of proof. In any case, having to say something was just a joke already implies that court is now in session, that some possible offense lies in need of retraction or explication. Complicating every aspect of the comedic alibi, furthermore, is the fact that people don’t always know (how to describe) why they laugh.23 And just as people hate explaining jokes, most loathe having to rationalize their laughter out loud.
In this article, I perform an acoustemology of comedy’s alibis in contemporary media. I listen for means by which laughter—its emission, contagion, suppression—can serve as audible barometers of how alibis either fly or bomb. A paradox emerges from the ways spontaneous-sounding laughter can simultaneously free us from societal scripts while shackling us within our own telltale, tittering bodies. A laugher’s accountability poses a moving target precisely because so much of comedy’s generic success relies on procedures of failure, impropriety, and breakage. Through three progressive cases, I delve into modern technologies of taking back laughter via the breaking and hacking of cultural texts. Each case features a do-it-yourself (DIY) phenomenon that exposes the stakes and choreographies of comedy’s consumer sovereignties: first, television fans who, through techniques of editing and recomposition, remove laugh tracks from comedies (The Big Bang Theory, Friends) or, inversely, add laugh tracks to dramas (Breaking Bad, The Wire), using the silence or surplus sound to break the show’s original mood; second, a YouTube game show that tries to make contestants break into smiles or laughter by presenting them with outrageous videos; and, third, Apollo Theater audience members who, through brash laughter and boos, use their collective judge-it-yourself authority to make or break the dreams of hopeful performers on amateur nights. All three of these examples hinge on the breakage of norms and the breaking in of new normals, embodying or eliciting laughter that may variously sound ambivalent, uncomfortable, or out of line. Lending a musicological ear to laughter’s stubborn materialities and technical hackability opens resonant perspectives into some of comedy’s funniest alibis. I conclude with a tribute to laughter’s Debbie Downer cousin: the groan.
Hacking Laughs: Big Bang Bombing
Bombing is the sonorous metaphor for the devastating silence that greets a floundering comedian. A maw of muteness engulfs the performer, turning an atmosphere of optimistic joybringing into cringe-worthy desperation. Just as bombs blast away landscapes, so bombing demolishes the ideal soundscapes of comedic call-and-response.
One domain of comedy where bombing remains virtually impossible is a television show with either a laugh track or a cued-to-laugh studio audience. So long as there’s no audio malfunction or audience reticence, every gag and punchline should fetch reliable, lively chuckles. But although producers have historically used laugh tracks to bestow this sense of liveliness and liveness, the tracks can strike a deadening tone. Slavoj Žižek says he experiences both catharsis and unease when he watches a show with canned laughter. “Even if I do not laugh,” he declares, “but simply stare at the screen, tired after a hard day’s work, I nevertheless feel relieved after the show …: my most intimate feelings can be radically externalized; I can literally ‘laugh and cry through another.’”24 Canned laughter—or, as Ron Rosenbaum calls it, “Mirth Muzak”—is as flat as funny gets.25 Ontologically, a recorded or synthesized laugh track is all surface, a veneer of jocund artifice; amplitudinally, decibels for canned chortles versus canned guffaws vary minimally, since television audio requires volume equalization according to the FCC, the European Broadcasting System, and comparable national broadcast-safe standards. Even at live tapings for sitcoms and stand-up comedy specials, audiences face flat-out restrictions in terms of how they’re supposed to sound. Audience members may be instructed to laugh and cheer as they normally would rather than in attention-grabbing ways. At a shooting for The Big Bang Theory, a producer told the audience, “Your mission is simple tonight—all you need to do is to sit back, relax; please do not identify your laughs.”26 This audience’s task was to mesh like a musical ensemble, to produce an orchestrated simulacrum of a laugh track (recorded, remixed, refined) for the benefit of home viewers, whose patronage remains, of course, what really matters in terms of ratings and revenue.
With either obedient studio audiences or synthesized sound files, a sitcom can opt for laughter as a formatted failsafe. No need for alibis, no risk of comic failure. But similar to Žižek, Jean Baudrillard has expressed bemusement at how “laughter on American television” resembles “the chorus in Greek tragedy,” such that “it is the screen that is laughing and having a good time.”27 For some critics, a laugh track already embodies affective alienation and failure. It epitomizes the potential falsities of laughter more generally, masking the fault lines of the homogenizing pleasure industry and its ransom promises of happiness. Technically, sounds of other people laughing in no way preclude ourselves from doing likewise. Yet this laughter, if heard as distracting or paternalistic or counterfeit, can seemingly yank the laughs out of our own mouths. Like a flat soda, a flat laugh track might leave a weird feeling on our tongues—all sugar and no pop, empty calories for the ingratiated body.
Although Žižek’s and Baudrillard’s hifalutin criticisms sound like familiar brands of Adornian spoilsport commentary, canned laughter has, since its inception, polarized popular audiences as well.28 One of the most picked-on sitcoms today is none other than The Big Bang Theory, which contains frequent and over-the-top laughs. Pushing against the show’s egregious laughter, fans (or hate-watchers) have lately experimented with taking out this laughter through basic sound editing and scene splicing. These tinkerers scrub out the laughter while leaving the visuals and narrative progression intact. The result of this DIY détournement is that characters’ japes crash into silences. A YouTube user named Sboss has released a series of such videos with the explanation: “Due to my hatred for the television show ‘The Big Bang Theory,’ I expose how unfunny the show actually is when you take out the laugh track.”29 According to Sboss (essentially a Big Bang truther), canned laughter is the shoddy alibi for the show’s comedic failings, both breeding and excusing unfunniness with a sonic smokescreen. Below is the transcript of a clip made by Sboss, a scene involving a drunk Raj on a horrendous first date with Lalita, an acquaintance from childhood.30
RAJ: [Smiles.] I can’t believe I’m sitting here next to little Lalita Gupta. [1 second of light laughter replaced by 1 second of silence, and so on.]
LALITA: [Smiles.] Well, you are.
R: [Smiles.] Little Lalita. That’s kind of fun to say. Little Lalita, little Lalita, little Lalita. [1 second of light laughter removed.] You should try it.
L: [Smiles.] No, it’s okay. [2.5 seconds of medium laughter removed.]
R: You have lost sooo much weight! [2 seconds of loud laughter removed.] It must have been difficult for you because you were so, so fat! [2.5 seconds of medium laughter removed.] Do you remember?
L: [Smiles.] Yes, I do.
R: [Smirks.] Of course you do. Who could forget being that fat? [1.5 seconds of medium laughter removed.]
L: [Smiles.] Well, I’ve been trying. [Half second of light laughter.]
R: So you’re a dental student. Are you aware that dentists have an extremely high suicide rate? [Half second of light laughter removed.] Not as high as, say, air traffic controllers, but then, there are far more dentists than air traffic controllers, so in pure numbers, you’re still winning! [Half second of light laughter removed.]
L: [Smiles.] Yay, me. [1 second of medium laughter removed.]
Especially for viewers who have seen the original episode, this minute-long segment’s omission of a laugh track can be earsplitting and mindbending. In total, thirteen seconds of laughter-turned-silence (almost a quarter of the clip’s runtime) blow a lot of dead air, a conversational vacuum made all the more awkward by Raj’s clueless giggles and Lalita’s politely rueful smiles. Without the noise of loyal laughers, Raj’s quips about obesity and suicide sound downright cruel. Barbs wither on the vine, and any imagined alibi of just joking! fails because no one is laughing. The gaping silences, however, cause the scene to fail so spectacularly that it stands to become funny on another level. No longer an aesthetically sensible text, the scene can tease laughter anew from the YouTube viewers who may find the metatextual manipulation absurd and subversive. Rather than laughing with the drunk Raj, we laugh at the laugh-deprived show. A taken-out laugh track enables viewers to take back their laughs, to reassert sovereignty over the choice of laughing and, moreover, to find humor in the bleak laughlessness.
On The Big Bang Theory and other laugh-heavy shows, part of what makes laughter sound fake is the rigidity with which it punctuates onscreen events: a character will say or do something funny, and laughter ensues (then stops); another character replies, and more laughter follows; and on it goes. Producers cannot afford to let laughter drown out the dialogue or excessively stall a scene’s pacing. Yet in real-life scenarios, people do not pause for laughter every five seconds, nor do laughers perfectly synchronize their outbursts. (Granted, if a friend tells a truly hilarious joke, it might cause everyone to crack up for a prolonged period of time, requiring people to catch their breaths; the point is, however, that these moments of dramatic hysterics are rare.) Tightly edited (or, with studio audiences, thoroughly instructed and choreographed), the laughter that erupts from sitcom one-liners boasts a sonic cleanliness in homogenized start-stop motions. At the same time, it is exactly these neat starts and stops that easily enable a sound-hacker to snip out the laughs without interfering with dialogue.
Even easier than removing a laugh track from a show is adding a laugh track using sound superimposition. One user did just this for the drama Breaking Bad. Besides interjecting laughter, the DIY video “Breaking Bad as a Sitcom” includes an upbeat musical intro, whooping cheers, a sentimental aww, genteel applause, and a cheery outro.31 The original scene is supposed to be unfunny, with Skyler White calling the cops on her estranged drug-dealing husband. Solely through sonic reframing, the affect short-circuits. Just a dash of well-timed laughter makes the scene funny. People have similarly added laugh tracks to shows and films such as The Wire and Schindler’s List (dir. Steven Spielberg, 1993), as well as to touchy scenes in sitcoms: Laura Winslow finding a racist slur spray-painted on her school locker in Family Matters; Will Smith getting reabandoned by his father on The Fresh Prince of Bel-Air; and little Stephanie Tanner mourning her deceased mother on Full House (fig. 2).32
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Figure 2. Serious moments overlaid with (and undercut by) laugh tracks on (left) Family Matters (season 2, episode 20) and (right) The Wire (season 4, episode 3).
Popular descriptions of laughter as a contagious force break down in instances where others’ laughter (canned tracks) make us less inclined to laugh or where we laugh largely in response to nonlaughter (redacted tracks). 33 Such affective flip-flop bears out in an episode of the dramedy Ally McBeal, when Ally goes on a first date with a man named Dennis, who, it turns out, has a low threshold for what he finds funny and, what’s worse, sports a massive braying laugh. In fact, during the date, he laughs and snorts so loudly that he draws the attention of nearby diners, who stop their conversations to stare. Ally, meanwhile, doesn’t laugh; she is embarrassed. The next day, Ally tells her friend Elaine, “I spent the rest of the date either talking about AIDS or the Holocaust or Linda Tripp, the most unfunny, horrible things I could think of: anything just to make him not laugh again.” 34 Ally, in sum, was trying to use her words to remove the laugh track—the overbearing sounds of Dennis’s inexplicable (and admittedly machinelike) vocalizations. Alas, she failed to mute or hack him. His automatonic mirth had no off switch. So later, in the company of Elaine and another coworker named Nelle, Ally finds Dennis and tries to do the next best thing—goad him into laughing so that her skeptical friends can at least hear firsthand how terrible he is. After the women tell several jokes—eliciting several fake outs along the way, leading Dennis to chuckle only lightly—he finally lets loose his obscene, gargantuan laugh. As Dennis howls, the three women are stunned into silence, albeit with mouths likewise agape (fig. 3). Dennis’s dramatic exhalations (laughs) and inhalations (snorts) suck up all the oxygen in the room, while Ally, Elaine, and Nelle remain motionless, breathless, speechless. The three women fail to stop his outburst once it starts, yet it is also this very failure that’s intended to tickle the show’s viewers, who stand to be moved, like Dennis, to laugh out loud.
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Figure 3. Dennis, Nelle, and Elaine in Ally McBeal (left to right).
For Ally, Dennis’s laughter turns out to be a deal breaker—unsurprising given that he breaks with conventions of polite conduct, breaks up flows of conversations, and sounds broken when he’s guffawing. Canned laugh tracks are bad enough. But a walking, talking laugh track? Inexcusable.
Laughable Games
Ally disapproved of Dennis not because he happened to laugh at offensive or discriminatory jokes (a would-be moral flaw) but rather because he laughed offensively and indiscriminately (apparently a far worse crime in the games of courtship). Confronted with Dennis’s outbursts, Ally and her friends understood neither what he found so funny nor why he laughed so much. Laughter indeed doesn’t always reveal accurate or actionable information. Its alibis and liabilities depend on legibility. A “laughing face,” says Murray Pomerance, “can indicate not mirth or release but secrecy, darkness, surrender, derision, and improbability.”35 Yet the point remains that when people laugh, their sonic and physiognomic excess tends to draw attention and thus to invite scrutiny. Because laughter can be hard to stifle, its leakages purportedly speak volumes, gurgling with confessional authenticity. The assumption is that people who are laughing may do so despite themselves, unintentionally revealing something in the process.36 For even when someone appears about to laugh (say, Martin Shkreli testifying before Congress), we might presume to know what they’re all about. Imminence of laughter telegraphs immanence of character … or so believed the tweeters and YouTube commenters whose hatred for Shkreli intensified at the mere sign of his smirking face.
Leave it to none other than YouTube—Broadcast Yourself!—to popularize the recursive spectacles of stifling laughter. Fine Brothers Entertainment’s React Channel initiated a recent series of YouTube videos called Laughing Challenges, which task contestants with suppressing smiles and chuckles while watching trending clips on YouTube. The slightest grin or chortle gets you booted from the competition. The winner is whoever keeps a steely face against the onslaught of humorous prods. For each contest, the camera cuts between twelve contestants and keeps an inset display of the footage that they are required to watch. Although, for the sake of fairness, all contestants watch the same series of videos, they will sometimes defiantly shout, “That’s not fair!”
upon breaking into grins or laughter at an irresistibly (unfairly) uproarious video. In one challenge, the contestants are shown a YouTube clip of a young man shrieking with laughter; some contestants manage to maintain a stony expression, but others don’t last long. The off-camera producer coyly accuses a young contestant: “Sydney, you smiled!” And like the Bible’s defensive Sarai (responding to the likewise disembodied voice of authority), Sydney tries to get away with it, protesting: “No, I didn’t! I didn’t! I didn’t! I didn’t!”37 Pleading to no avail, she is removed from the competition (fig. 4).
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Figure 4. We (YouTube viewers) are invited to laugh at Sydney trying not to laugh at an inset video of a man laughing. Besides the laugh factor, the mise-en-abyme operates medially and geometrically (rectangular screen within screen within screen).
The bankable purpose of these challenges is primarily to attract and to amuse YouTube viewers, who are encouraged to laugh at contestants attempting—and failing—to refrain from laughing. Watching someone aiming desperately to preserve a straight face can be a funny yet disquieting experience. As the Laughing Challenge contestants try to keep from smiling or laughing, they show bulging eyes, flaring nostrils, quivering cheeks, pursed lips, and other compensatory contortions (think of sci-fi scenes where an alien is about to burst out of someone’s face). The gestural excesses born of suppressed laughter end up visually sonifying this laughter anyway, as pressures that normally would escape from one’s throat find weird release from alternate orifices and pores. But for all of their funny fails, contestants may occasionally astonish us with how adeptly they succeed in curating a staid, blank expression. “I seem like a really cheerful person,” a winner named Becca declared darkly, “but when I want to, I can be dead inside.”38 If Becca took any aesthetic pleasure in the carousel of funny clips, she let nothing show.
In the age of YouTube, remarks Sianne Ngai, “what we might call Other People’s Aesthetic Pleasures have become folded into the heart of the artwork.”39 Affective responses refract and percolate through a palimpsest of spectators and spectacles. Ngai parses the case of the famous Double Rainbow video, in which the natural wonder of a double rainbow became upstaged by the effusive response of Paul Vasquez, who recorded it; Vasquez’s response was subsequently upstaged by millions of delighted YouTube viewers, parodists, and media commentators. “Aesthetic artifact and affective response,” Ngai points out, “were thus conflated in a way that ended up doubly short-circuiting the original object of aesthetic appreciation and leaving it behind.”40 Watching a Laughing Challenge, we likewise redistribute our attention and affects among a panoply of funny things. Were we to describe the laughing game with the stock preamble, “The funny thing about this is …,” we would fail to pin down a singular subject. But in this carnivalesque melting pot of recursive laughter, would we really care to explain why we’re laughing anyway? Or might we feel content to let this resonant laughter, like a good joke, stand on its own and speak for itself?
A Laughing Challenge on the React Channel appears to be just a game, just for laughs: safe spaces to frolic and fail in the name of entertainment. As contestants suppress laughter, or laugh at themselves for laughing, or make a YouTube viewer laugh at the laughability of nonlaughter, the spectacle of heavy-handed levity is both positively intense and intensely positive. But the chronic bright-sidedness of these games belies the possibility that the stakes can creep higher than their ludic façades. Predictably, many of the laughable videos shown to contestants involve, to riff on Ngai, Other People’s Epic Fails: falls, face-plants, notorious groin hits, and the sorts of obvious painful acts long featured on clip shows (America’s Funniest Home Videos), stunt shows (Jackass), game shows (Wipeout), and Tumblr blogs. These are physical injuries and sometimes near-death experiences. They are serious insofar as there might be visible evidence of maiming and trauma. In one Laughing Challenge that showed a montage of various people getting hit on the head, a young contestant named Anita proclaimed (while keeping her eyes obligatorily glued to the screen): “You know these people can die, right? I don’t laugh at that kind of stuff.” Now, maybe Anita truly found nothing funny about sadism. Or maybe she said this out loud in order to stymy her own impulse to laugh. (At the end of the challenge, after learning that she had won, Anita asked: “Can I laugh now?”—then undammed a huge guffaw.)41
What’s revealing here is that even when an epic fail does involve injury, its outrageous goals of knee-jerk amusement tend to stamp out a spectator’s long-term concerns. Viewers do not lose sleep wondering whether a crotch-smacked jackass has gone on to suffer permanent testicular damage or whether his health insurance will pick up medical fees. By subscribing to the comedic alibi that epic fails are all in good fun, viewers banish the inconvenient specter of killjoy consequence. In order to justify our externalized laughter at someone else’s expense, we may have to internalize—conjoining Lauren Berlant and Susan Sontag—a certain cruel optimism regarding the pain of others.42 Comedy’s alibis effectively make the very genre of epic fails possible.
Sure, we might feel mildly ashamed when laughing involuntarily at a video showing a skateboarder’s agonizing pratfall. We might even wish we could take back our laugh so as to disavow guilt over schadenfreude. Yet the advent of YouTube has complicated the power gradients in spectacles of harm and victimhood. Especially when a laughable injury goes viral, the viewers can plainly see its stratospheric page hits and up-votes, which convey not only that many other people must be laughing at the same thing (moral absolution via mass participation) but also that this epic fail has already become too big to fail (with the subject’s fifteen minutes of fame compensating for whatever damages enabled this lulz-mongering celebrity to begin with). Alibis of permissible laughter therefore become that much tighter when there’s safety in laughers’ numbers and when we assume, whether rightly or wrongly, that notorious butts are willing subjects who are handsomely paid for their troubles.
To nuance these assumptions, let’s eavesdrop on a Broadcast Yourself venue that preceded YouTube, an infamous stage where performers have sought fame, risked humiliation, and funnily bombed time and again: the Apollo Theater.
Judge-It-Yourself
In the Apollo Theater, Harlem’s house of boos, comedians and musicians perform for a jury of their peers. Marion J. Caffey, producer of Amateur Night at the Apollo, sets the scene:
We offer [audience members] what no one else offers them—the power of the boo…. When you watch little old ladies, Eurocentric ladies and African ladies and Asian ladies, man, power up their boo? And they’ve never booed a person in their lives? And the freedom that comes over them, when it’s like, “Is it OK?” To watch that transformation in the audience where, by the last person or second-to-the-last person, they feel like, “Hmmm … I’m gonna try this! Booo!” And it’s a timid boo! Yet, it is a boo from deep within.43
Caffey’s gleeful synopsis of the Apollo audience’s internal monologue makes the people sound akin to the metamorphosed participants of the Stanford Prison Experiment or Stanley Milgram’s shocking tests. Apollonites’ boos burst forth as if exposing an impish, repressed drive to judge and condemn. On Amateur Nights, an audience’s prolonged razzes will summon the Executioner, the Apollo’s tap-dancing avatar who uses a shepherd’s crook or a broom to usher struggling performers off the stage.44
If you watch any video recording of the Apollo’s jubilant spectators booing an amateur performer, what you hear and see is, yes, booing (out of puckered lips and oval mouths). What you also see—yet cannot hear—is people laughing at this spectacle of humiliation. Funnily enough, an acoustemology here requires sharp eyes; the staccato laughter is visible but virtually mute, drowned out by the wall of sostenuto boos.Amateur Nights at the Apollo operate under the yays and nays of spectatorial DIY. With considerable sovereignty, audience members take adjudication into their own power-tripping hands and, if dissatisfied, use their vocal cords to terminate a performance and to hit Play Next on the night’s set list.45
But despite the garish sights and sounds of the Apollo’s apparent mob mentality, audience members do not always agree. A performance can sometimes split a jury, especially at the outset. A famous yet frequently mischaracterized example is the 1988 debut of a thirteen-year-old Lauryn Hill, who, on the televised Showtime at the Apollo (featuring amateur artists along with more established performers), sang “Who’s Lovin’ You,” the 1960 Motown standard by William “Smokey” Robinson. Most click-baity websites emphasize that Hill was booed, a delicious outrage given that she would go on to win eight Grammys. Few writers mention, however, that if you listen closely to the full performance, the audience’s response undergoes several changes over the course of just two minutes.
HOST: Well, come on, Lauryn, we’re going to love you! Sing for us! [The audience cheers and applauds; applause fades as Hill begins to sing.]
LAURYN HILL: [Singing.] When I had you, I treated you bad [audience boos immediately] and wrong my dear. And boy since you been away, [boos crescendo but are counteracted by a bit of applause] dontcha know I sit around with my head hangin’ down, and I wonder who’s lovin’ you. [Boos and applause mix and jostle; both die down by the end of the first verse, leaving only some isolated cheers and jeers. In the three beats of rest between the first and second verses, someone from the audience shouts, “Move up to the mic!” Hill heeds the advice and keeps singing.] I should have never, ever made you cry, and boy since you been gone, [smattering of boos and cheers; cheers grow louder as Hill takes mic off its stand] dontcha know I sit around with my head hangin’ down, and I wonder who’s lovin’ you. [Audience vocalizations begin to die down, replaced by people clapping along to the song’s second and fourth beats.] Life without love is oh so lonely. I don’t think I’m gonna make it. [Clapping continues; there are no more audible boos by this point.] Dontcha know I sit around with my head hangin’ down, and I wonder who’s lovin’ you. [With ritenuto in the song’s final line, the clapping stops, then turns into full-on applause and a standing ovation.]46
Although Hill persevered through her performance and won the audience over, she reportedly cried afterwards backstage.47 And who could blame her? Belated applause doesn’t erase the horrors of initial boos, which must have felt particularly traumatic for a thirteen-year-old. Simply from watching this video, you would also never know that an unofficial rule prohibits Apollonites from booing children.48 The rule shows a vague institutional acknowledgement that even comedy’s alibis and free passes should have limits. The fact that this rule isn’t enforced, however, implies the existence of certain limits to these limits.
Seeing as how the term amateur (amator in Latin) connotes a person doing something out of love rather than for monetary gain or fame, the boos and jeers during Amateur Night may come across gratuitously dissonant. But this gratuitousness is the point. Within the magic circle of the Apollo Theater, politesse has no place. Entering the Apollo is like entering a video game or a carnival, as players and performers acquiesce to an otherworldly domain that rewrites codes of conduct, rechoreographs bodies, and rehearses trials by fire. Granted, Amateur Nights resemble mock trials rather than real ones. Juries and judges (audience members) and executioners (the Executioner) exhibit high-and-mighty personas that, by virtue of their overblown kitsch, signal the relatively soft stakes of the performances at hand. This doesn’t mean that boos can’t sting; it means that, in a colosseum where boos are part of the game, the consequences can seem diminutive because they operate prima facie under the comedic alibi, a vindication predicated on the phenomenal pleasures of aesthetic judgment and the consensual funniness of a booed, bombing artist.
As with Laughing Challenges, epic fails, and quandaries of sadism, the comedic alibi draws strength from the assumption that if enough people are laughing—if something is sufficiently funny by consensus—then the burden of responsibility becomes diffuse, soothing moral qualms along the way. Beyond the Apollo Theater, audiences’ cheers and laughter have long resounded as beacons of populist metrics. A clap-o-meter on the 1950s game show Opportunity Knocks claimed to measure audience response, though the machine was operated by a hidden person who manually turned the dial according to his own estimate of applause volumes. On America’s Got Talent (now in its eleventh season), the audience can boo and flash thumbs-downs to encourage judges to terminate a contestant’s audition. Off the live stage, there’s the well-named example of Funny or Die, a comedy website (founded by Will Ferrell and Adam McKay) that shows humorous videos open to viewers’ votes. If a video receives ample votes, it is deemed “funny” and stays on the main site; if it receives insufficient votes, it “dies” and descends into the website’s Crypt.49Like Reddit and other judge-it-yourself sites (along with, more generally, any online content algorithmically curated by search engine optimization), the game here is natural selection, where nonspreadability means virtual death. On a site such as Funny or Die, the binary system of up-voting or down-voting comes with the added benefit of obviating the need for anyone to elaborate on why a video passes as funny. If a video lives or dies, it is because the people have spoken and, in turn, because the humorous intricacies of the video need not be spoken. Systemically, the humor goes unexplained—which is, of course, how good jokes are said to remain.
Even as consumers today vote with their laughs, majority opinions leave room for dissent. Boos! might bump against Bravos! in the Apollo Theater, while trolls make their obligatory clamor on comment threads of beloved viral artifacts. In comedy reception, there’s also a sound that, within itself, personifies ambivalence and contradiction—laughter’s abject countersign: the groan.
Coda: Fade to Groan
Midway through the documentary Saturday Night Live in the 2000s: Time and Again, we see clips of past SNL sketches that pushed the limits of political correctness. One sketch involved Ben Affleck yelling at a “mentally challenged guy” (Fred Armisen) to shut up; another featured Jon Hamm encountering a grown-up trick-or-treater (Will Forte) “dressed up” as a sex offender.50 Former cast member Horatio Sanz reflected on the studio audience’s mixed reactions to these edgy moments: “What it would take to offend us [the cast] is a lot higher than I think most people. So when we hear groans in the audience, we kind of like it. If the laughter stops, then we don’t like it. But a groan and a laugh is probably the best thing you could ever ask for!”51 Groans mixed into laughter is like spice added to something nice, signaling affective equilibrium or illusions thereof.
For all of the critical thought devoted to laughter, it’s funny that groans have received almost no consideration. Groans are a regular and vital component of audiences’ responses to stand-up comedy, SNL, and talk show monologues. Superficially, a groan voices moral or aesthetic disapproval, suggesting that the comic has stepped out of bounds or failed to land a punchline. But as with the Apollo audience’s reactions to Lauryn Hill, the time-lapse soundscape is complicated whenever groans are involved: typically, a foul joke or bad pun will draw sharp laughter, followed by some groans (from audience members realizing belatedly that such material might not merit laughter), then more groans (with recognition of faux pas catching on), and then finally yielding a reuptake of laughter at the situational humor of this very quandary.52 These reactions launch a boomerang of affective display, a graceful A-B-A ternary form that affirms the comedy’s success, after all. In short, the game of groans is long exposure. A groan can’t erase a prior laugh but demonstrates an effort to take back the laugh—that is, not through subtraction but through the addition of a neutralizing or mitigating agent. Short of being able to turn back time (or to snip out a laugh track with the click of a mouse), a groan is the next best thing.53
So that you have a sense of your own body, try this: force yourself to laugh (it will likely sound artificial), listening as you do so, and then attempt to stop abruptly. How did your body feel at the moment of cessation? Probably uncomfortable, even vaguely painful. Now laugh again, but this time, let it give way to a groan, as if you’ve just heard someone’s joke, chuckled instinctively, then realized a second later that the joke is misogynistic and that you better stifle your outburst lest nearby people judge you. Chances are you found this second routine far easier on your lungs, throat, and mind. Physiologically, this is because a laugh-turned-groan involves a guttural quick-change with respiratory continuity. (Groaning merely takes the pulsations out of laughter’s exhalations.) It’s an awkward yet manageable transition, an exercise in glottal backpedaling that oozes apology and ambivalence. Admittedly, no less funny than the feeling of a groan is how groans sound. We stylize groans as monotone; while the utterance fades from loud to soft, the pitch stays mostly the same. A person groaning can thus sound almost nonhuman, like a machine emitting an error tone (indicating uncertainty over how to process the input of a joke). Maybe, then, groans have flown under our critical sonar in part because they come off as literal noise, plain and simple. Unlike bubbly laughter (music to the ears), groans sound and feel flat.
Any time we laugh, boo, or groan—inappropriately, inopportunely, involuntarily—the utterance vibrates stubbornly in the air, admissible as exhibit A to all who care to judge. Like touchy speech acts or an embarrassing text message that you regret immediately upon hitting Send, take-backs are technically impossible. Life isn’t a courtroom. We can’t officially ask to strike a line or a laugh from the record. Yet in the wake of offensive jokes, injuries, or even national catastrophes, people have simultaneously found reasons to laugh and not to laugh (recall the contrasting cases of post-9/11 SNL and post-Charleston The Daily Show) because with laughter, reason isn’t necessarily the point. Not only can laughter signify generously, but its verdict is also rarely final. Appeals abound, for even though the echoes of a laugh cannot be materially retracted, its hermeneutic terminus remains a shifting target.
Laughter isn’t always overflowing with intense secrets. Anyone claiming that a joke is just a joke could likewise insist that a laugh is just a laugh—a syntactic tautology working double duty as moral alibi. Minding the sociopolitical stakes of laughing out loud means recognizing how different people shoulder differing burdens of sonic, gestural, and physiognomic propriety and, by extension, how people face variable charges and convictions amid the difficulties of taking back a laugh. Given how laughing bugs can infect any of us, we should know that we don’t always know why people laugh. Modern hackers of laughter are producing humorous artifacts and performances that make such uncertainties wilder than ever. If laughter both begs inquiry and calls for interpretative forfeit, then it perpetually pleads alibis through its own semantic promiscuity. From one moment to the next, auditors of laughter might be tasked with condemning or forgiving a laugher, choosing between austere suspicion and benefit of the doubt. Resonating in our collective chuckle huts may be the funny feeling that, when we opt to humor others’ laughable excuses, we stand to be humored in kind.
Notes
1. See Scott Weems, Ha! The Science of When We Laugh and Why (New York, 2014), p. 52; Chris A. Kramer, “An Existentialist Account of the Role of Humor against Oppression,” Humor 26 (Oct. 2013): 629–51; Trevor J. Blank, The Last Laugh: Folk Humor, Celebrity Culture, and Mass-Mediated Disasters in the Digital Age (Madison, Wis., 2013), pp. 38–56; and Bill Ellis, “Making a Big Apple Crumble: The Role of Humor in Constructing a Global Response to Disaster,” in Of Corpse: Death and Humor in Folklore and Popular Culture, ed. Peter Narváez (Logan, Utah, 2003), pp. 35–79.
2. A well-known portion of this SNL premiere was the appearance of Mayor Rudolf Giuliani, to whom Lorne Michaels posed the question: “Can we be funny?” Giuliani deadpanned: “Why start now?”
3. Witherspoon’s tame joke featured a baby polar bear repeatedly asking his mom whether he’s really a polar bear. When the mom inquires why he keeps wondering this, he replies, “Because I’m fucking freezing!”—or, as Witherspoon told it, “Because I’m freezing my balls off!” (“Reese Witherspoon / Alicia Keys,” Saturday Night Live, 29 Sept. 2011).
4. See Eric Randall, “The ‘Death of Irony,’ and Its Many Reincarnations,” The Wire, 9 Sept. 2011, www.thewire.com/national/2011/09/death-irony-and-its-many-reincarnations/42298
5. See Ed Mazza, “Jon Stewart Says He Can’t Tell Jokes after Charleston Church Shooting,” Huffington Post, 19 June 2015, www.huffingtonpost.com/2015/06/18/jon-stewart-charleston-no-jokes_n_7618110.html
6. On stereotypes of the humorless feminist, see Mary Ann Doane, “Masquerade Reconsidered: Further Thoughts on the Female Spectator,” Discourse 11 (Fall–Winter 1988–89): 50. See also Judith Butler, “Feminism by Any Other Name,” interview by Rosi Braidotti, Differences 6 (1994): 27–61; Wendy Brown, “Resisting Left Melancholy,” Boundary 2 26 (1999): 19–27; and Sara Ahmed, “Feminist Killjoys (and Other Willful Subjects),” The Scholar and Feminist Online 8 (2010), sfonline.barnard.edu/polyphonic/print_ahmed.html
7. See Jessica Bennett, “I’m Not Mad. That’s Just My RBF,” New York Times, 1 Aug. 2015, www.nytimes.com/2015/08/02/fashion/im-not-mad-thats-just-my-resting-b-face.html?_r=0
8. Victoria Bond, “Dear White People, Laughing Is Not a Crime,” Al Jazeera America, 28 Aug. 2015, america.aljazeera.com/opinions/2015/8/dear-white-people-laughing-is-not-a-crime.html, emphasis added.
9. See Bryan H. Ward, “Sentencing without Remorse,” Loyola University Chicago Law Journal38 (Fall 2006): 151. The case was State v. Parker, 373 S.E.2d 558, 559 (N.C. Ct. App. 1988).
10. See Lewis Kamb, “Bales Faces Survivors of His Afghan Rampage,” Seattle Times, 20 Aug. 2013, www.seattletimes.com/seattle-news/bales-faces-survivors-of-his-afghan-rampage
11. Linette Lopez, “Martin Shkreli Could Not Stop Laughing during His Testimony to Congress,” Business Insider, 4 Feb. 2016, www.businessinsider.com/live-martin-shkreli-the-ceo-of-valeant-and-others-face-congress-2016-2
12. Zoe Thomas and Tim Swift, “Who Is Martin Shkreli—’the Most Hated Man in America’?” BBC, 3 Sept. 2015, www.bbc.com/news/world-us-canada-34331761
13. Anca Parvulescu, Laughter: Notes on a Passion (Cambridge, Mass., 2010), p. 18.
14. Gaëtan Brulotte, for example, insists on laughter’s wholesale subversiveness in this grandiose manner: “With laughter, the social machine creaks, its herd-like unanimity falters, its habitual cohesion breaks up, and its mechanical reactions break down” (Gaëtan Brulotte, “Laughing at Power,” in Laughter and Power, ed. John Parkin and John Phillips [Oxford, 2006], p. 15).
15. See Anthony Julius, Transgressions: The Offenses of Art (London, 2002), pp. 25–26. Closely related is what I’ve termed the “ludic alibi,” the excuse used by offenders who claim that they’re just playing a game, just horsing around; see William Cheng, Sound Play: Video Games and the Musical Imagination (New York, 2014), pp. 6–8, 130–32.
16. See Julie A. Woodzicka et al., “It’s Just a (Sexist) Joke: Comparing Reactions to Sexist versus Racist Communications,” Humor 28 (May 2015): 289–309; Elise Kramer, “The Playful Is Political: The Metapragmatics of Internet Rape-Joke Arguments,” Language in Society 40 (Apr. 2011): 137–68; and Michael Billig, Laughter and Ridicule: Towards a Critique of Humour(London, 2005), pp. 1–6, 11–21.
17. F. H. Buckley, The Morality of Laughter (Ann Arbor, Mich., 2005), p. 35. See also Muhammad A. Badarneh, “Carnivalesque Politics: A Bakhtinian Case Study of Contemporary Arab Political Humor,” Humor 24 (Aug. 2011): 305–27, and Lisa Gabbert and Antonio Salud II, “On Slanderous Words and Bodies-out-of-Control: Hospital Humor and the Medical Carnivalesque,” in The Body in Medical Culture, ed. Elizabeth Klaver (Albany, N.Y., 2009), pp. 209–27.
18. See J. L. Austin, “A Plea for Excuses: The Presidential Address,” Proceedings of the Aristotelian Society 57 (1956–1957): 1–30.
19. Christie Davies, Jokes and Targets (Indianapolis, 2011), p. 2.
20. See Egon Larsen, Wit as a Weapon: Political Joke in History (London, 1980), and Hans Speier, “Wit and Politics: An Essay on Power and Laughter” (1975), trans. and ed. Robert Jackall, American Journal of Sociology 103 (Mar. 1998): 1354.
21. Davies, Jokes and Targets, p. 267.
22. Mark Twain, The Mysterious Stranger (New York, 1916), p. 142. Immediately preceding this line, Satan says: “Power, money, persuasion, supplication, persecution—these can lift at a colossal humbug—push it a little—weaken it a little, century by century; but only laughter can blow it to rags and atoms at a blast” (ibid.).
23. See Peter Jelavich, “When Are Jewish Jokes No Longer Funny? Ethnic Humour in Imperial and Republican Berlin,” in The Politics of Humour: Laughter, Inclusion, and Exclusion in the Twentieth Century, ed. Martina Kessel and Patrick Merziger (Toronto, 2012), p. 24.
24. Slavoj Žižek, The Plague of Fantasies (London, 2008), p. 141.
25. Ron Rosenbaum, “Kanned Laffter,” in Media Culture: Television, Radio, Records, Books, Magazines, Newspapers, Movies, ed. James Monaco (New York, 1978), p. 137.
26. “The Big Bang Theory—Live Show Taping HD 720p,” YouTube, 1 Mar. 2014, www.youtube.com/watch?v=pEKm54STV2Q
27. Quoted in Mike Gane, “Baudrillard’s Sense of Humour,” Jean Baudrillard: Fatal Theories, ed. David B. Clarke et al. (1986; London, 2009), pp. 171, 172. See also Jacob Smith, Vocal Tracks: Performance and Sound Media (Berkeley, 2008), pp. 15–49; Parvulescu, Laughter, pp. 146–48; and Darragh McManus, “No Laughing Matter: Silence Is Golden When It Comes to Comedy TV Shows,” The Guardian, 24 Mar. 2010, www.theguardian.com/tv-and-radio/tvandradioblog/2010/mar/24/canned-laughter-track
28. See Max Horkheimer and Theodor Adorno, Dialectic of Enlightenment: Philosophical Fragments, trans. Edmund Jephcott ed. Gunzelin Schmid Noerr, (Stanford, Calif., 2002), p. 112, and Esther Leslie, Hollywood Flatlands: Animation, Critical Theory, and the Avant-garde(London, 2002), pp. 178–79.
29. “The Big Bang Theory—No Laugh Track 1 (Avoiding the Shamy),” YouTube, 2 Jan. 2012, www.youtube.com/watch?v=jKS3MGriZcs
30. “The Big Bang Theory—No Laugh Track 2 (Raj Is a Dick),” YouTube, 4 Jan. 2012, www.youtube.com/watch?v=dffCCSb1JCo
31. See “Breaking Bad as a Sitcom,” YouTube, 12 Sept. 2011, www.youtube.com/watch?v=-6v-ApehVbc
32. See “Inappropriate Laugh Track,” YouTube, 16 Apr. 2013, www.youtube.com/watch?v=iZjP_IoxCHU, and “Inappropriate Laugh Track 2,” YouTube, 13 Nov. 2013, www.youtube.com/watch?v=WSvkkTWrRGo
33. Various recent videos show everyday people transmitting laughter to one another, typically in enclosed and resonant spaces such as subway cars (effectively, viral videos about viral laughter); see the humorously titled “Contagious Laughter Is Contagious,” YouTube, 29 Nov. 2012, www.youtube.com/watch?v=fM45JMTpkBU
34. “In Search of Pygmies,” 14 Feb. 2000, Ally McBeal.
35. Murray Pomerance, “Introduction: The Great Corrective,” in The Last Laugh: Strange Humors of Cinema, ed. Pomerance (Detroit, 2013), p. 1.
36. See Mikita Brottman, Funny Peculiar: Gershon Legman and the Psychopathology of Humor(New York, 2004), p. 66.
37. “Try to Watch This without Laughing or Grinning #2,” YouTube, 23 Apr. 2015, www.youtube.com/watch?v=mxjjhQcODUE.
38. “Try to Watch This without Laughing or Grinning #5,” YouTube, 16 July 2015, www.youtube.com/watch?v=Ss39UktpXk0
39. Sianne Ngai, Our Aesthetic Categories: Zany, Cute, Interesting (Cambridge, Mass., 2012), p. 28.
40. Ibid.
41. “Try to Watch This without Laughing or Grinning #16,” YouTube, 4 Feb. 2016, www.youtube.com/watch?v=ed7BhyZrGaA&index=1&list=PL73YndQawY3PB6odG3R5ThUElhxBw8xaS
42. See Lauren Berlant, Cruel Optimism (Durham, N.C., 2011), pp. 3–6, and Susan Sontag, Regarding the Pain of Others (London, 2004), pp. 95–103.
43. Quoted in Christopher R. Weingarten, “Amateur Night at the Apollo: Behind the Boos of America’s Toughest Crowd,” Rolling Stone, 11 Mar. 2015, www.rollingstone.com/music/features/amateur-night-at-the-apollo-behind-the-boos-of-americas-toughest-crowd-20150311
44. Earlier incarnations of the Executioner included the Porto Rico and the Sandman.
45. On the declines and renaissances of audience sovereignty, see Richard Butsch, The Making of American Audiences: From Stage to Television, 1750–1990 (Cambridge, 2000), pp. 57–65; Danilyn Rutherford, Laughing at Leviathan: Sovereignty and Audience in West Papua (Chicago, 2012), pp. 10–22; and James H. Johnson, Listening in Paris: A Cultural History (Berkeley, 1996), pp. 228–35.
46. “Lauryn Hill at 13 Dings Who’s Lovin’ You (Amateur Night at the Apollo),” YouTube, 6 Feb. 2009, www.youtube.com/watch?v=gdwhGmvB7aA
47. See Touré, “The Mystery of Lauryn Hill,” Rolling Stone, 30 Oct. 2003, www.rollingstone.com/music/news/the-mystery-of-lauryn-hill-20031030
48. See Robert Smith, “Harlem’s Apollo Theater Gets Its Own Show,” NPR, 13 Feb. 2011, www.npr.org/2011/02/13/133729700/Harlems-Apollo-Theatre-Gets-Its-Own-Show
49. “About Funny or Die,” Funny or Die, www.funnyordie.com/about?_cc=__d___&_ccid=lzz1fg.nvrnjz. If a video receives an exceptionally high number of “funny” votes, it attains the status of “immortal.”
50. Saturday Night Live in the 2000s: Time and Again (Kenneth Bowser, dir., 2010).
51. Ibid.
52. For an example of the laugh-groan-laugh boomerang, see Louis C. K.’s 2015 SNL monologue (first aired 16 May 2015), in which he made fun of child molesters.
53. Just as people have taken out and added laugh tracks to television clips, so someone has replaced all laughter with groans for an episode of Two and a Half Men (to portray disparagingly that perhaps the show’s jokes are more groan-worthy than laugh-worthy); see “Laugh Track from ‘Two and a Half Men’ Replaced with GROAN Track (Video),” Huffington Post, 25 May 2011, www.huffingtonpost.com/2010/02/19/laugh-track-from-two-and_n_469362.html
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Is Bitcoin a fraud?
Cryptocurrencies are not fraud. Another thing is that criminals and speculators are taking advantage, that it is a real and realistic alternative to money right now or that it is viable in the long term. You are asking yourself the wrong questions.
That criminals have taken advantage of Bitcoin, for putting a cryptocurrency (right now there are 8,000 indexed currencies), to launder money or that the hitting culture is treating (and has treated cryptocurrencies in the last nine years) as if they were stock market peas. it means that the model is a fraud. In other words: the fact that there has been fraud taking advantage of the model does not mean that the model is fraudulent. Money is also laundered in dollars and in euros, and the dollar and the euro, as far as we know, are not a fraud. And, in the same way, although cryptocurrencies have been treated as a financial product, they are not an investment product per se either.. Not to mention that cryptocurrencies, as an investment, are tremendously volatile: today, a Bitcoin is worth 47,964 euros; 24 hours ago, 48,133 euros and on February 28 it was at 38,707 euros, but on February 23 it had reached 44,724 euros. And if you think of cryptocurrencies as an investment, it might have made sense to have invested in Bitcoin in 2009, like brothers Cameron and Tyler Winklevoss (the guys who denounced Mark Zuckerberg for 'stealing' their Facebook idea), and not now, when the chicharro This term on the Stock Market, which is used to refer to small, low-quality companies that sometimes have big rises, usually thanks to speculation, is already too mature. The problem, as always, are the questions we ask ourselves. You wonder if Bitcoin is a fraud, and you should be asking yourself other questions. Is there a real advantage right now to using cryptocurrencies instead of money? Is speculation with cryptocurrencies discrediting a model that could be interesting as a complementary economic transaction model? Does the technology behind cryptocurrencies have value? Were cryptocurrencies ready for public exposure so soon?  
Why is cryptocurrencies still defended as a fraud? "I think it is necessary to make it clear that cryptocurrencies are not a fraud in themselves, in any case it is people who commit fraud, either with cryptocurrencies or with legal tender. However, since it is an exclusively technological product and Currently highly speculative, and which aims to operate outside the established legal frameworks, it can be seen by those who commit criminal behavior as a perfect means to earn money without being detected by the authorities. Likewise, the lack of knowledge or information can also encourage its users to be victims of scams or simply their bad decisions ", explains Benja Andamientos, professor of Financial and Tax Law at the UOC and an expert in cryptocurrencies.
"On the other hand, I also believe that, given the threat posed by cryptocurrencies to central banks, one way to discredit their use and buy time so that legal tender digital currencies can be put into circulation is precisely to encourage this discourse from the estates precisely to induce the general belief that cryptocurrencies are a fraud and stop their widespread use. I am convinced that, once the digital currencies of central banks have been put into circulation, technology companies and companies will be allowed to financial companies do the same under strict regulation and control of the former, "continues AnGLES.
Cryptocurrencies are not a pyramid scam either. "On the one hand, there are people who invest in something without understanding it just because the value rises. On the other, the project of a decentralized global payment platform. When it is said that if it is a pyramid scam: absolutely not. A pyramid scam occurs when You promise a fixed return on the annual investment and you give that return with what the new investors put in. Nobody here offers a monthly return. Here what is there is that if this gets big, if it ends up working and ends up being used, You can pay in all places, people will need to buy Bitcoin. As there is a limited number there is a situation of supply and demand. If the supply is limited and the demand grows, the price has to rise. That is what people who believe in Bitcoin believe it has to come to pass. There are no dividends. You only earn money if you end up using a lot. If it is not used, it will have no value ", explains Víctor García Font, professor of Computer Science and Multimedia Studies at the UOC, and an expert in blockchain and cryptocurrencies.
"It is true that there are certain criminal activities that have seen the potential of cryptocurrencies to use them to their advantage. Anyway, if we look in which currencies the main criminal activities are committed, it is not in cryptocurrencies, but in dollars and euros. Most of the drug trafficking is done in dollars. And most of the money put in these environments is not for criminal activities. Most of it is for trading, which in my opinion does not benefit cryptocurrencies, but at least brings liquidity Works of art were also used to traffic drugs ... and to conclude that art only serves to traffic drugs would not be correct, "he adds.
One of the requirements for a currency to be created (and to last over time) is that it has the agreement of all. Is this the main problem so that, apart from the speculative bubble, cryptocurrencies become a real alternative to traditional money? "Certainly, the use of a cryptocurrency or any other means of payment requires the agreement of the parties involved in an economic transaction, so that, until all market operators accept its use, it will be very difficult for them to convert. in an alternative to the legal tender currencies. If in addition, the regulator is not by the work so that this is possible, because more difficult if not impossible it will be that they obtain it ", points Angles.
"However, the main problem for them to become an alternative to traditional money is the refusal of countries and their central banks to lose one of their main elements of sovereignty: the creation of currency and control of the monetary system. Cryptocurrencies are a real threat against the current 'status quo' of central banks and other organizations and financial institutions that regulate and control the global market for legal tender and, indirectly, the financial system, "continues AnGLES. "In this regard, some central banks have already started to move and we will soon see legal tender digital currencies in circulation. China has announced the 'digital yuan' for next year,
Bitcoin: A limited number of operations per second
"You really have to take cryptocurrencies as if they were start-ups that are just starting. Bitcoin is a payment network. If I go down to the corner store, I see that I cannot pay with bitcoins. In fact, Bitcoin has technical problems that make that is not yet scalable. It works because it has few users. If we all had to pay right now as we pay with a traditional credit card, it would not work. It would not work because it accepts a limited number of operations per second. Work is being done to scale this , but it has not been solved yet. It will take a while. Bitcoin is working as a kind of digital gold, where you do not need to make many transactions, but large and few transactions are made. We will see if it consolidates. It is a very volatile investment and with a lot of risk ",warns García Font.
So is it a problem of timing? Have cryptocurrencies gained 'notoriety' before they were mature? "That popularity should have come when it would have been more mature ... probably ... is one of the risks of getting involved in all this. If someone has only gotten involved because the price goes up a lot and does not understand what is behind all this, if the Price goes down, they don't care anymore. If someone gets involved because they believe in decentralized technology and that this can solve problems, the fact that it can go down for a while shouldn't be a problem. If you take cryptocurrency as a start-up: If the idea is to have a global payment platform, until you have it, the start-up has not concluded ", replies García Font.
Can it really be used now? Is there movement to be interested in using it or is it too early? "It depends on what you want it for. If you are an entrepreneur and want to set up a new business model, this will help you. Decentralization opens up business opportunities. If you are a mere user and you like decentralization. If you spend your money on bitcoin there are very few stores that accept cryptocurrencies. There is no yes or no. If you have a new business model, well yes, you may need to buy Ether in order to use Ethereum. Or if you are an immigrant and need to transfer money to your country of origin, the same is more costly to use a cryptocurrency than to make a bank transfer, "he concludes.
Have you all enjoyed the Q/A Bitcoin Post!! Friends, your suggestions are always welcomed. Feel free and drop the message and also comment on the comment section, don’t hesitate to Contact us
Have a good day! See you all soon.
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allenmendezsr · 4 years
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Spot Winners
New Post has been published on https://autotraffixpro.app/allenmendezsr/spot-winners/
Spot Winners
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Perhaps not my best trait, but it is a passion I’ve had over the years: I LOVE TO GAMBLE! There is almost no better “high” than placing a few pounds on a horse than smiling your way to the cashier’s window with a winning ticket.
 I have been in the business a while and built up some useful contacts along the way, but still, the thrill of picking winning horses was not something I got to experience too often until I Went to Aintree Races one Sunday and my life completely changed.
I wont bore you with the particulars but to make a long story short I met became friends with a particular punter after meeting him though one of my close friends (an apprentice jockey you would know of about if you follow the sport.) 
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The type of punter who has Trainers, owners, breeders, jockeys, clockers, grooms, and expert handicappers on speed dial,
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For those of you that dont know, most bookmakers categorise the value each customer brings. Good customers, (or habitual losers) are A Grade and their system slides down according to the win-to-lose ratio of the customer.
As I fit the criteria of a “good customer” I was offered a position in his network as a commission agent, and I was more than happy to accept.
A commission agent is basically a middle man who places large bets on horses for people within the racing industry.
Myself and a team of others would place MASSIVE bets on his behalf as and when needed! His instructions were often to “Get as much on as you can” No limit!! in some cases £70,000 or more, and he would accept whatever was returned!
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Spot Winners odds are across the board. but like I said we never bet odds on shots and we always focus on VALUE! Do we always win? Of course not, no service does.
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Yes, we like to gamble. But NO, we do not like to lose.
Our source is very meticulous and extremely particular about his advice. Only three or four horses meet his precise criteria on any given day and on some days none at all.
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We are taking a risk by allowing private thoughts and opinions from racings elite to enter the public domain so if you do join us we ask that you keep this information to yourself!
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When that lmit is reached THIS SITE WILL BE CLOSED TO NEW MEMBERS! no favours, no second chances!
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* 40 2 spaces left as of Sunday, February 23, 2020 11:43 AM
I sincerely hope to see you on the other side.
Now I’m sure you’re eager to get started but before you do, please take a few moments to view our most frequently asked questions & answers.
Q: I’ve used other services and failed. What’s so good about yours?
A: It works! its that simple. These fly-by-night phonys just don’t have a clue when it comes to horse racing. We work with our clients to ensure you you get the best out of this service and there are no extra systems you need, no subscription charges or added fee’s for information and all of this is backed up with a full 60 day money back guarantee!
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Q: How Many selections get tipped find each Day?
A: We are highly selective about what we send to our clients On average 3 selections, usually more over the weekends, and on some days none at all (you’ll be notified about well in advance) Most tips are back to win or Each Way depending on odds.
Q: Can I contact you if I have any questions?
A:  Most other system creators have no longevity that’s because they have nil passion for betting or the horse racing itself. You won’t get none of that type of behaviour with me. Feel free to contact me at any time and i will get back to you as soon as possible Try it if you dont believe me [email protected]
* 40 2 spaces left as of Sunday, February 23, 2020 11:43 AM
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newstfionline · 7 years
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Portugal Dominated Angola for Centuries. Now the Roles Are Reversed.
By Norimitsu Onishi, NY Times, Aug. 22, 2017
LISBON--How the roles have reversed: The colonizer, some Portuguese contend, has been colonized.
On the Portuguese coast of Cascais, where the nation’s royal court used to summer, a new 14-story condominium building looms confidently by the sea. So many of its apartments have been bought by Angola’s ruling class--sometimes a handful at a time--that the development has a nickname: the “Angolans’ building.”
Along the grandest shopping boulevard in the capital, Lisbon, Angola’s elite buy designer suits and handbags by the armful. And on one corner, above Louis Vuitton, sits the local office of Africa’s richest woman, Isabel dos Santos, a billionaire from Angola who has become one of Portugal’s most powerful figures by buying large chunks of the country’s banking, media and energy industries.
The money flowing into Portugal comes from the colony it dominated, often brutally, for hundreds of years, Angola. Now, the African nation is a major oil producer that has been led for the last 38 years by Ms. dos Santos’s father, President José Eduardo dos Santos.
Angola’s ruling class has profited so much during his tenure--and channeled so much of that money into Portugal--that when Angola threatened to cut off ties in recent years in response to reports that Angolan officials were being investigated for corruption in Portugal, Portugal’s foreign minister promptly apologized, setting off an intercontinental debate about the changing power dynamics between the nations.
“We had it in our heads that Angola was a poor country that needed to be helped,” said Celso Felipe, a Portuguese journalist and author of the book “The Angolan Power in Portugal.”
“And suddenly they were able to help us and to buy things that we cannot buy,” he said. “It was like a housekeeper buying your house. That is awkward.”
The conditions in both countries created a perfect match: As Portugal reeled from a financial crisis a few years ago, Angolans were enjoying an oil boom that provided enormous opportunities for self-enrichment by the elite, particularly the president’s family and inner circle.
Angola is often listed as one of the world’s most corrupt nations. And Portugal has been singled out for its laxness in reining in money laundering and bribery, particularly in its dealings with Angolans, according to the Organization for Economic Cooperation and Development, the research and policy organization of the world’s richest countries.
“In Angola, they call Portugal the laundromat,” said Ana Gomes, a Portuguese lawmaker in the European Parliament and a member of Portugal’s governing Socialist Party. “It’s because it is.”
But the two nations’ relationship has now slipped into a tense and fluid period. Oil prices are down and Portugal’s economy is reviving, leading to a tweaking in the balance of powers between the two countries. And Mr. dos Santos is due to step down after Angolans elect a new president on Wednesday, leaving the future of those who have benefited from his four decades in power--both in Angola and in Portugal--unclear.
In a case that has angered the Angolan government, Angola’s vice president, Manuel Vicente, was charged in February with paying a $810,000 bribe to a Portuguese judge to quash a corruption investigation, the furthest an Angola-related case has moved in Portugal’s judicial system. The vice president was accused of, among other things, laundering money by buying apartments in the “Angolans’ building” on the coast of Cascais. He has denied the allegations.
With billions invested in Portugal, including in some of its biggest public companies, the Angolans have bought Portuguese wineries, newspapers, sports teams and other trophies of the super rich. With Portugal giving them access to the rest of Europe and beyond, they have been catapulted, in a few short years, to the world’s jet set.
Projecting both glamour and gravitas, Ms. dos Santos, worth $3.5 billion according to Forbes, mingles with Hollywood and European celebrities, and recently gave a speech at the London School of Economics--all of which she has documented on her Instagram account.
In the past two years, her family has made a splash at the Cannes Film Festival: Ms. dos Santos sat in the front row of fashion shows, and Kim Kardashian cooed over a 404-carat diamond paraded at a party thrown last year by de Grisogono, the Swiss jeweler now owned by the dos Santos family.
“Thought I’d seen it all, this is the biggest diamond I’ve ever seen,” Ms. Kardashian tweeted.
Ms. dos Santos was upstaged this year at Cannes only by her younger half brother, Danilo dos Santos, who was recently granted major shares in a new Angolan bank, according to the Angolan news media as well as politicians and businessmen in Luanda, Angola’s capital. At a charity auction, Mr. dos Santos, who is in his mid-20s, made the winning bid of 500,000 euros, or about $590,000, for a collection of photographs.
In the next few hours, as video of the auction spread on social media, his spending caused widespread outrage in Angola, where poor health care contributed to a yellow fever outbreak that killed more than 350 people last year.
But in the moment, basking in the applause, Mr. dos Santos and a companion walked up to the stage and were hugged by the M.C., the star Will Smith, who shouted, “500,000 euros! Yes, yes, yes!”
Mr. Smith added, “They look way too young to have 500,000 euros.”
Angola had been at war--fighting for independence, and then locked in a civil war--for four decades by the time peace arrived in 2002. Peace coincided with an extended oil boom that eventually propelled Angola, with only 25 million people, to become one of the top 20 oil producers in the world.
The boom disproportionately benefited Angola’s governing elite, who moved enormous sums abroad. Between 2002 and 2015, Angolan companies and individuals poured $189 billion outside the country into often opaque investments, according to the Catholic University of Angola’s Center for Studies and Scientific Research in Luanda.
Inside Angola, one of the world’s most unequal societies, half of the working population lives on less than $3.10 a day.
Meanwhile, its former colonial ruler, Portugal, suffered from a financial crisis that forced it to obtain a $111 billion bailout from international creditors and downgraded its national debt, rated junk to this day. Portugal was desperate for investment.
António Monteiro, a former foreign minister of Portugal and the chairman of the country’s largest private bank, Millennium BCP, said that investments from Angola had helped many Portuguese companies survive, including his bank.
“It was an investor that was very welcome and, in certain moments, the only investor in Portugal,” he said.
The problem was how the money was obtained.
Politicians and businesspeople in both countries say that Angola is dominated by allies of the president with tentacles in every corner of the economy, allowing them to amass great fortunes in politically connected deals under mysterious circumstances.
As Angola’s ruling elite sought to safeguard its wealth outside their country--knowing that Mr. dos Santos’s rule would eventually end--Portugal’s political and business elite more than obliged.
“If Angola was the front office of corruption, Portugal was the back office,” said João Batalha, the president of the Portuguese chapter of Transparency International.
In a scathing report, the O.E.C.D.’s working group on bribery said that Portugal’s “enforcement of the foreign bribery offense has been extremely low”--pointing out that cases involving Angola accounted for a third of all such bribery allegations against Portuguese firms. In a March report on money laundering and financial crimes, the United States State Department said, “Suspect funds from Angola are used to purchase Portuguese businesses and real estate.”
Portugal’s foreign minister, Augusto Santos Silva, said that the Portuguese judicial system investigated illicit investments without political interference. He said it had been a “mistake” for one of his predecessors, responding to news media reports that high-ranking Angolans were being investigated in Portugal, to visit Angola and apologetically take the Angolans’ side.
Still, Mr. Silva said that Angola’s growing power was a positive development. Unequal postcolonial relations, he said, would carry “the flavor of neocolonialism.”
Portuguese business leaders say that Angolan investments unfairly attract the kind of scrutiny that money from elsewhere, including China, does not.
Luis Míra Amaral--who until last year was chief executive of Banco Bic Portugal, a bank whose biggest shareholder is Isabel dos Santos--said that in Angola and some other African states, the same individuals tended to be both political and business leaders.
“It’s not realistic that a small country like Portugal would be able to change that,” said Mr. Amaral, a former Portuguese minister of industry and energy.
Mr. Amaral said that all Angolans had to “justify the money” they put into Portuguese banks by showing assets in Angola, to help prevent money laundering.
“When I see Isabel dos Santos putting money into Portugal because she has a number of big companies in Angola,” he said, pointing to her big stake in Unitel, Angola’s biggest cellphone operator, “it is easy to justify.”
“After, you can put another question: how she was able to create this company,” Mr. Amaral added with a laugh. “It’s another question. It’s not my problem as a banking manager.”
On her Twitter account, Ms. dos Santos identifies herself with just one word: entrepreneur.
Helped by public relations officials in Lisbon, Ms. dos Santos has put forward an image of herself as a self-made businesswoman. In a 2013 interview, she told the Financial Times that she had had business sense from a young age and sold chicken eggs when she was just 6.
In a written reply to emailed questions, Ms. dos Santos told The New York Times that the egg anecdote was meant “to show that since a young age I had an entrepreneurial spirit.”
But in Angola, the story about the eggs fueled widespread ridicule and anger.
Asked whether it was possible that Ms. dos Santos’s fortune was self-made, Marcolino Moco, a former prime minister of Angola, said, “It’s possible to make us laugh. All her wealth comes from the fact that her father is the law.”
In 2015, Transparency International included Ms. dos Santos on a list of 15 cases that symbolized “grand corruption.” She responded by saying that her investments were “transparent.”
Last year, her father appointed her chief executive of Sonangol, the state oil company that the president has used over the decades to further political and business interests. A group of lawyers has tried unsuccessfully to remove Ms. dos Santos from her post, arguing that she, with no management track record or experience in the oil industry, was appointed by her father to erase evidence of her father’s embezzlement at Sonangol before he steps down.
Her appointment as head of the state oil company gave Ms. dos Santos another platform internationally. In March, she was a speaker at the annual CERAWeek energy conference in Houston. In April, she spoke about being an entrepreneur at the London Business School.
Ms. dos Santos’s critics say she has tried to gain respectability in the West by using her ill-gotten gains in Angola and laundering them in Portugal--an accusation she rejects.
Respectability, some Angolans have found, can be acquired in Portugal--and lost.
Álvaro Sobrinho, the former chief executive of Banco Espírito Santo Angola, was born in Angola and now lives in Portugal, holding dual citizenship. In Portugal, he became the major shareholder in Sporting Lisbon, a major soccer team, and also bought two newspapers.
But he was eventually investigated by the Portuguese authorities for his role in the bank, the Angolan subsidiary of Portugal’s Banco Espírito Santo, which he headed for a decade until 2012. The bank was accused of misappropriating $5.7 billion by giving out loans--to the political elite and to Mr. Sobrinho himself--that were never repaid. Mr. Sobrinho has denied all accusations and has not been charged despite the long investigation.
But he is now regarded as a “thief” in Portugal, he said. He has sold off his newspapers. He said he had at least recovered his assets, which the Portuguese authorities had frozen for a few years. A court reaffirmed in May that the state cannot seize his assets, but prosecutors say that Mr. Sobrinho is still being investigated.
His assets include six apartments he owns with his family in Estoril Sol Residence in Cascais, the “Angolans’ building.” Brazilians, Russians and Portuguese, including some who made money doing business in Angola, also owned apartments but were never investigated for money laundering, he said.
“Only Angolans,” Mr. Sobrinho said, with bitterness.
The resentment, though, did not detract from his enjoyment of his apartments (“very beautiful, you can see the sea”) or of Cascais (“an amazing place”).
“The king used to live there,” he added.
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inbonobo · 7 years
Video
youtube
So #CEO #Kalanick argues with a #Uber #driver and Bloomberg takes that further (starts at 4:10).
See also:
Uber is a Scam
Why Uber Is Terrible - cracked
Uber pay stubs
Family Guy
Jimmy Kimmel
When Uber Chief Executive Officer Travis Kalanick takes an Uber, he prefers a black car, the high-end service his company introduced in 2010. On this particular night in early February—Super Bowl Sunday—Kalanick is perched in the middle seat, flanked by two female friends. Maroon 5’s “Don’t Wanna Know” plays, and Kalanick shimmies. He clutches his smartphone as the three make awkward conversation. The two women ask when his birthday is, and marvel that he’s a Leo. One of his companions appears to say, somewhat inaudibly, that she’s heard that Uber is having a hard year. Kalanick retorts, “I make sure every year is a hard year.” He continues, “That’s kind of how I roll. I make sure every year is a hard year. If it’s easy I’m not pushing hard enough.”
There’s no question that it’s been a hard year for Kalanick and Uber—or really, a bad year compressed down into an awful three months. And it keeps getting worse. That pleasant conversation between Kalanick and his friends in the back of an Uber Black? It devolved into a heated argument over Uber’s fares between the CEO and his driver, Fawzi Kamel, who then turned over a dashboard recording of the conversation to Bloomberg. Kamel, 37, has been driving for Uber since 2011 and wants to draw attention to the plight of Uber drivers. The video shows off Kalanick's pugnacious personality and short temper, which may cause some investors to question whether he has the disposition to lead a $69 billion company with a footprint that spans the globe.
In an email to staff Tuesday after publication of this story, Kalanick apologized to Kamel for treating him disrespectfully. “To say that I am ashamed is an extreme understatement,” Kalanick wrote. “My job as your leader is to lead…and that starts with behaving in a way that makes us all proud. That is not what I did, and it cannot be explained away. It’s clear this video is a reflection of me—and the criticism we’ve received is a stark reminder that I must fundamentally change as a leader and grow up. This is the first time I’ve been willing to admit that I need leadership help and I intend to get it.”
In December, Uber pulled its self-driving cars off the road in San Francisco after the California Department of Motor Vehicles said they were operating illegally without an autonomous vehicle license. In January, more than 200,000 people uninstalled their accounts, and #DeleteUber trended on Twitter, after the company was accused of undermining a New York taxi union strike protesting President Donald Trump’s refugee ban. On Feb. 2, Kalanick reluctantly left his spot on Trump’s business advisory council to appease the company’s liberal-leaning employees and users—not to mention its many immigrant drivers. On Feb. 19, a former software engineer at Uber wrote a blog post alleging that she had been propositioned for sex by her manager and that when she’d taken the issue to human resources, an HR rep had said that he wouldn’t be punished, in part, because he was a “high performer.” On Feb. 23, Alphabet’s autonomous car company Waymo sued Uber and its self-driving car company Otto, accusing an Uber employee of stealing trade secrets by downloading 14,000 files onto an external hard drive. On Monday, Uber’s head of engineering resigned after the company said it learned that he had faced a sexual harassment complaint at Alphabet, his former employer. He denied the allegations.
“Some people don't like to take responsibility for their own shit.”
The company has responded to the former engineer’s allegations by hiring the former U.S. attorney general Eric Holder to investigate the female software engineer’s claims. “What’s described here is abhorrent & against everything we believe in. Anyone who behaves this way or thinks this is OK will be fired,” Kalanick wrote on Twitter. On Waymo’s claims that Uber has stolen trade secrets, an Uber spokeswoman said, “We have reviewed Waymo’s claims and determined them to be a baseless attempt to slow down a competitor, and we look forward to vigorously defending against them in court.”
Despite it all, Uber’s business is growing, week after week. This is the service that Kalanick and his friend, Garrett Camp, dreamed up. Get a car in an instant, just like James Bond. They weren’t the first people to have that idea, but they were the ones who won—or at least the ones who have gotten the furthest. Camp stepped back and became chairman of the board, while Kalanick turned Uber into a global endeavor that operates in more than 400 cities. The company, which has its headquarters on Market Street in San Francisco, has more than 11,000 corporate employees. It has many more drivers—millions of them, scattered all over the world, working as independent contractors, without the health care and other benefits typically provided to full-time employees.
And the gig has gotten harder for longtime drivers. In 2012, Uber Black cost riders $4.90 per mile or $1.25 per minute in San Francisco, according to an old version of Uber's website. Today,  Uber charges $3.75 per mile and $0.65 per minute. Black car drivers get paid less and their business faces far more competition from other Uber services.
“That’s kind of how I roll. I make sure every year is a hard year. If it’s easy I’m not pushing hard enough.”
Kalanick has a reputation for being ferociously competitive and hard-charging. He’s the guy who has bragged about having earned the second-highest rank on Nintendo’s Wii tennis game. He’s still dogged by the fact that he once referred to Uber as “Boob-er” because it improved his dating prospects. Current and former employees say he can be empathetic when the mood strikes—or tyrannical when it doesn’t. Kalanick loves fighting over a good idea, which sometimes means admitting that his isn’t the best one. “Toe-stepping” is one of Uber’s cultural values.
Kalanick is trying to be a better listener. He met with more than 100 of Uber’s female employees at a meeting last week meant to address the morale crisis that followed the former software engineer’s blog post. Kalanick sounded some of the right notes, standing in front of the crowd. “There are people in this room who have experienced things that are incredibly unjust,” he said, according to a recording obtained by Buzzfeed. “I empathize with you, but I can never fully understand, and I get that. I want to root out the injustice. I want to get at the people who are making this place a bad place, and you have my commitment to make that happen, and I know it doesn't end there.”
Like Facebook’s Mark Zuckerberg before him, Kalanick is trying to learn how to empathize and communicate. But Kalanick at 40, compared with 32-year-old Zuckerberg, is having to change his ways later in life, and he’s often reluctant to tread too far from his intuitions. Even when Kalanick tries to empathize in his own way—which often means jumping into a dialectical argument of sorts— his temper can occasionally flare.
In Kamel's car, for example, Kalanick is seemingly at ease as the ride ends and his friends hop out of the car.
“You have a good one,” says the driver.
Kalanick says with an air of familiarity, “Good to see you man.”
Kamel replies, “Good to see you, too.”
Kalanick thinks the ride is over. But having the CEO in his car is an opportunity Kamel has been waiting for.
“I don’t know if you remember me, but it’s fine,” Kamel says. The pair begin talking shop, and Kalanick explains that they’re going to cut down on the number of black cars, which will reduce competition and should be good for Kamel.
Then Kamel says what every driver has been dying to tell Kalanick: “You’re raising the standards, and you’re dropping the prices.”
Kalanick: “We’re not dropping the prices on black.”
Kamel: “But in general the whole price is—”
Kalanick: “We have to; we have competitors; otherwise, we’d go out of business.”
Kamel: “Competitors? Man, you had the business model in your hands. You could have the prices you want, but you choose to buy everybody a ride.”
Kalanick: “No, no no. You misunderstand me. We started high-end. We didn’t go low-end because we wanted to. We went low-end because we had to because we’d be out of business.”
Kamel: “What? Lyft? It’s a piece of cake right there.”
Kalanick: “It seems like a piece of cake because I’ve beaten them. But if I didn’t do the things I did, we would have been beaten, I promise.”
The two bat that idea around, and Kamel brings the conversation back to his losses.
Kamel: “But people are not trusting you anymore. … I lost $97,000 because of you. I'm bankrupt because of you. Yes, yes, yes. You keep changing every day. You keep changing every day.”
Kalanick: “Hold on a second, what have I changed about Black? What have I changed?”
Kamel: “You changed the whole business. You dropped the prices.”
Kalanick: “On black?”
Kamel: “Yes, you did.”
Kalanick begins to lose his temper. “Bullshit,” he says.
Kamel: “We started with $20.”
Kalanick: “Bullshit.”
Kamel: “We started with $20. How much is the mile now, $2.75?”
Kalanick: “You know what?”
Kamel: “What?”
Kalanick: “Some people don't like to take responsibility for their own shit. They blame everything in their life on somebody else. Good luck!”
Kamel: “Good luck to you, but I know [you're not] going to go far.”
The door slams. Kamel drives away. Later, the Uber driver app prompts him to rate Kalanick, as he does all his riders. Kamel gives him one star.
(via bb)
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How to shop for a computer
Almost a year ago I published this guide on a website called personalcomputershopper.com. Long story short the project didn’t really catch on and I took it down just a few months later. But I still feel that the content is valuable and am preserving it here.
Last updated: February, 2017
Introduction
Amidst a crowded landscape of desktop, tablet, laptop, and hybrid options, it can be overwhelming to figure what kind of computer best suits your needs. This guide is a resource to help explain personal computing options, break down specifications, and explain in plain language how it all translates to everyday use. Finding the right computer for you is about striking a balance between what you need, what you want, and what you can afford.
Initial considerations
Before you start pricing out computers, stop and ask what you need the computer to be able to do. If you're planning to replace a computer could that computer be upgraded instead?
Do I really need to replace my computer? Can I upgrade what I already have?
Before we begin, it's worth the time to stop and ask this question. (If you're not replacing an existing computer then skip this.)
Are you replacing your computer because the old one died, because it's too old to run the latest software, or because you're just frustrated with how slow it's gotten? If the answer is the latter, and it's not more than a few years old, then consider whether a tuneup and/or upgrade is a better choice than replacement. Here are a few things you can try:
Tune up your computer. I recommend a free program called CCleaner. Once you've installed it take the following actions:
Analyze and sweep out the junk
Go through the list of installed programs and remove anything which isn't needed. If you're unsure about whether something is needed, check online at Should I Remove It?
Go through the list of startup files and disable services which aren't necessary. Be careful here not to disable anything critical like your wireless card or touchpad driver. Look for easy targets instead, like Adobe Acrobat Speed Launcher or iTunes Helper. Once they're disabled on startup it might take a couple extra seconds to open these items when you launch them, but that's time you save every time the computer boots up.
Install more memory. RAM is typically the easiest hardware to upgrade in a computer. Go to Crucial.com and use their Advisor tool or System Scanner to analyze your system. They'll let you know what type of memory your computer takes, the maximum amount that can be installed, and the number of open memory banks you have available.
The latter point is important when considering an upgrade - it's much more cost effective to fill an open memory slot than replace an existing chip.
It's also important to note the type of memory installed. DDR3 was the standard for the past several years, and DDR4 is the new standard in computers using Intel's latest CPUs (since around late-2015). Memory prices are low right now, expect to pay approximately $4 to $5 per gigabyte of DDR3 or $5 to $6 per gigabyte of DDR4 RAM. On the other hand DDR2 RAM was phased out several years ago, it has lower capacities, and now costs about considerably more per gigabyte than DDR3 or DDR4. If your computer takes DDR2 RAM then it's a far less cost effective upgrade, and that computer is probably at an age where it's due for replacement anyway.
Upgrade your hard drive to a solid state drive. From a performance standpoint an SSD is the most effective upgrade you can install in your computer. SSDs have lower capacities than traditional hard drives but perform 5-10x faster. That speed translates into dramatic increases in boot time, how quickly applications load, file access and search time. Up until recently an SSD upgrade came at a fairly high cost, but prices have now dropped to the point where most 250 GB SSDs now sell for between $60 and $130. To clone your existing hard drive you'll also need an external hard drive enclosure or USB to SATA cable, either of which cost around $10-$15. Upgrading to an SSD is a little more involved than installing RAM, but very do-able for desktops and most laptops. It's basically just a matter of cloning your disk and then swapping out the part.
In most laptops at least one memory bay and the hard drive are easily accessible by removing a panel on the bottom of the unit, but it's not always the case. I recommend searching online for a copy of the service manual before buying parts to upgrade. And remember, when undertaking any computer upgrade always disconnect the power cord, remove the battery, and touch something metal to discharge any static electricity before touching any internal components.
Do I need a desktop, laptop, or tablet?
Yes.
OK, really, that answer is a little contrite but it's a start. Here's a quick breakdown:
Desktop computers generally offer the most bang for your buck and the most customization options. They can be well suited for resource-intensive applications. They're just not portable.
Laptops offer a complete computer in a portable package. They can be attached to a full size keyboard and monitor at your workstation just like a desktop, and are generally well suited for everyday productivity. Laptops are somewhat more expensive than desktop computers for the same amount of computing power, while being not as customizable, upgradable, or easy to repair as desktop computers.
Tablet computers are generally cheaper and less powerful than either desktops or laptops. They are also the smallest and most portable option. A tablet computer has a touchscreen but no built-in keyboard. In general they are best suited towards web surfing, media consumption, and gaming. Tablets are less well suited for everyday productivity.
For a deeper look at the differences among categories I highly recommend checking out the Computer Buying Guide on GCFLearnFree.org.
There are some variations on the market which blur the lines between categories, such as convertible laptops and all-in-one desktops.
Convertible laptops (sometimes called 2-in-1 laptops) combine the features of a laptop and a tablet. They can be used either like a traditional laptop or as a touchscreen device without the keyboard. The transformation is accomplished by the screen hinging around 360 degrees, pivoting to lay flat against the keyboard, or detaching altogether. Convertible laptops are feature-rich but come at a cost. While they're priced similarly to laptops they typically offer less bang for the buck, and are generally bulkier than a true tablet.
All-in-one desktop computers have their components built in to the display. As a result they're more compact and very well suited for environments where space is at a premium, such as a kiosk, on a kitchen counter, or at the register of a retail establishment. The compromise is that they often use components designed for laptops and thus have the same disadvantages compared to desktops in terms of price, customization options, upgradability, and difficulty to repair.
What operating system should I choose?
Microsoft Windows
Windows is by far the most widely used operating system installed on personal desktop and laptop computers, with a market share around 85 to 90%. Consider it a default option suitable for most uses.
Apple OS X
OS X is the operating system that powers Apple Mac computers, and has roughly 10% market share. People who prefer OS X often cite its refined user experience and simplicity. Macs are particularly popular among artists, musicians, designers, and software developers.
Apple operating systems are closed platforms which are limited to running only on devices manufactured by Apple. OS X only runs on Macs, iOS only runs on iPads and iPhones. And OS X integrates tightly with iOS, so if you use an iPhone and/or iPad there are several ways in which Macs provide seamless transitions between using those devices and using your computer.
Apple devices have a reputation for premium quality and cutting edge design, and their customer service via in-store support is among the best in the industry. Their quality and style comes at a cost though. Macs typically cost at least 50% more than other computers with comparable specifications.
There is a common notion that Macs are more secure than Windows computers. This is true, though not because OS X is inherently more secure. Most malware targets Windows' bigger market. Macs are less frequently targeted but not impervious to malware and threats do exist. Mac owners are well advised to not take security for granted.
It's worth noting that Macs are capable of running Windows in addition to OS X, either via dual booting or third-party virtualization software which enables running both operating systems at the same time. Getting the best of both worlds in this way requires adding the cost of a Windows license on top of the already higher cost of a Mac though.
Generally I advise that you go for a Mac if you strongly prefer the operating system, if the integration with other Apple devices is important to you, if you work in an industry where applications specific to your job are only available for Mac, and if you're comfortable with paying Apple's price premium. If none of those things describe your situation, then you're probably better off getting more bang for your buck with a Windows PC.
Google Chrome
Chrome OS by Google is a minimalist operating system built around the Chrome web browser. Chromebooks (laptops) and Chromeboxes (desktops) offer essentially just that web browser plus access to a few system settings. All applications run inside of Chrome. Some of those applications run offline, but most are dependent on internet connectivity to function.
The main advantages are cost - most Chrome OS computers sell for under $250; and security - since Chrome OS doesn't actually install programs locally they're nearly impervious to malware. The main disadvantage is the inability to install programs locally. If you need your computer to run Microsoft Office or any other local software (not web browser based) then Chrome OS is not the right choice.
For more information about whether a Chromebook is right for you, see this guide on GCFLearnFree.org.
Chromebooks and Chromeboxes have become popular options for education and computer lab scenarios. They're great for situations where all you need is a lightweight computer to access the internet. We have a Chromebook that's an ideal everyday kitchen counter laptop at home and occasional travel computer.
Google has been moving towards converging Chrome OS and Android for a couple of years, and it was recently revealed that all Chromebooks launching in 2017 will be compatible with Android apps. While it's yet to be seen how well this is going to work, the implication is that the Chromebooks of the future will also work as de-facto Android tablets.
Tablet and mobile operating systems - iOS, Android, Fire OS, Windows
If you're shopping for a tablet computer the operating system choices are a little different.
iOS is Apple's tablet and mobile operating system, running on iPads and iPhones. As with OS X it is a closed system which is limited to only these devices manufactured by Apple, devices which largely defined the modern tablet and smartphone markets when they were released. iOS integrates tightly with OS X and is also renowned for it's elegance and simplicity. The Apple made devices it runs on are premium hardware and are priced accordingly in the market.
Android is an open source tablet and mobile operating system backed by Google, which runs on devices manufactured by dozens of manufacturers. It is the primary competitor to iOS on tablet and mobile devices, long since surpassing it in market share to become the most widely used operating system on the planet. Android is a much more customizable operating system than iOS, with greater flexibility for users to control the look-and-feel and for applications to access more of the hardware settings and share data with other applications. The Android user experience has come a long way in recent years catching up to iOS, but because many manufacturers overlay custom "skins" and features the end result varies. Fragmentation is a serious issue in the Android ecosystem, and security implications in particular are a cause for concern. From a hardware standpoint, Android devices run the gamut from premium hardware on par with Apple devices down to extremely inexpensive hardware. In general Android devices provide better bang for the buck, and current pricing trends (especially in the smartphone market) are that mid range to high end hardware is rapidly getting cheaper.
Fire OS is a heavily customized version of Android made by Amazon and used on Amazon's Kindle Fire line of tablets. Fire OS does not incorporate Google services, including the Google Play store from which most Android applications are published. As a result, only Android applications listed in the Amazon Appstore can be installed on a Fire device. Fire OS is far less customizable than other Android devices and is largely geared around delivering content from Amazon. Because the hardware is subsidized by Amazon, Fire devices provide better value for the money than most other devices on the market. Other advantages are durability and strong customer support.
Microsoft Windows has been trying and struggling for years to gain a foothold in the tablet and mobile OS marketplaces. According to one report, 2015 was the year that Microsoft "finally got tablets right," estimating that their market share had just surged to 10% and projecting growth to 18% by 2018. Windows tablets can run the same software that runs on Windows desktop and laptop PCs, are are increasingly displacing laptops and desktops at the lower end of the personal computer market. Hardware options run the gamut from less expensive hardware that's priced on par with mid range Android and low end iOS tablets, up to very high end options with the same internal components as higher end PCs that are priced accordingly.
The brain analogy
After you've decided on a type of computer and operating system, then you need to find a computer in that class which can do what you need it to do. I'm a fan of analogies, so here's one which explains core computer components like areas of a brain:
Tumblr media
cpu = information processing (Parietal lobe)
graphics = visual processing (Occipital lobe)
ram = short term memory (Frontal lobe)
storage = long term memory (Temporal lobe)
The key when looking at computer specifications is to understand which tasks each of these areas impact and how they translate to your computing needs.
CPU
The CPU (Central Processing Unit) is the core component that basically determines how smart your computer is. Brainpower and cost are directly related here so it pays to choose wisely. When thinking about how much computing power you need, consider the following:
A low end CPU is all you need to surf the internet, answer email, and store some photos
A mid range CPU does a better job with multitasking, word processing, spreadsheets, desktop publishing, light photo editing or casual gaming.
A high end CPU is necessary if you're planning to use the computer for processing intensive tasks such as database queries, complex spreadsheet calculations, video editing, heavy photo editing, or graphically intense gaming.
When shopping for a CPU you'll find that they're primarily measured in clock speed and cores.
Clock speed determines how fast the CPU can think, and the faster it can think the more quickly it can complete demanding tasks.
Number of cores determines how many tasks the CPU can process at once. Some software, especially more sophisticated and demanding programs, can utilize multiple processing cores simultaneously to spread their workload out and make the most of higher-end CPUs.
The finer points: Other CPU characteristics include cache size, type and amount of memory supported, and integrated graphics capabilities.
The cache is a small amount of memory built directly on the processor die. It helps a CPU think more quickly by reducing the average time needed to access frequently used data.
Type and amount of memory supported determine what kind of and how much RAM (i.e. short term memory) can be installed in the computer.
Integrated graphics capabilities determine how many monitors can be connected, their maximum display resolution, and how well the computer can handle tasks like playing videos games or rendering media.
In mainstream computers the CPU costs between $40 and $450, making it potentially the most expensive part in your computer. The CPU is also anywhere from extremely difficult to impossible to upgrade later. In general it helps to understand how powerful a processor you need right now, but if your budget can support going a step higher in this area that's a wise investment for the long run. Several years down the line a little more powerful processor might help stave off obsolescence a bit longer.
Graphics processor (GPU)
The Graphics Processing Unit (GPU) determines how good your computer is at rendering images. For most users the integrated graphics capabilities built in to modern CPUs are more than sufficient. An Intel spokesman was quoted in January 2016 as saying that they "have improved graphics 30 times what they were five years ago" and noting that the integrated graphics inside Intel's 6th generation Core processors can handle three 4K monitors simultaneously. This illustrates the point that for several years mainstream processors have been more than capable of driving multiple displays and playing high definition video. The only reason you might need a discrete graphics card is you have specific applications which require extra graphics processing power, such as video editing, moderate-to-heavy Photoshop use, building a gaming rig, or wanting to hook up a virtual reality headset. Some much higher-end applications such as CAD rendering, medical imaging, and machine learning also make use of GPU acceleration.
On the laptop side of the PC market, there are limited GPU options available - ranging primarily from entry level to mid-range graphics cards, and largely marketed as gaming computers. On the desktop side of the PC market there are myriad options and the sky is the limit for how much graphical oomph (and cost!) you can build in.
Random access memory (RAM)
When shopping for a computer it's important to get a machine with enough memory to handle the tasks you're going to use it for. Having more memory than you need doesn't provide any performance benefit, but having less than you need can severely slow things down. RAM size is equivalent to your computer's short term memory capacity. If it fills up entirely then the computer resorts to page file swaps transferring information to and from disk storage (long term memory) at far slower speeds.
To gauge how much memory you need, think about the applications you run and how much multi-tasking you do. Keep in mind that web browsers can utilize a lot of memory, and the more tabs and windows you keep open the more they use. If you're the type that keeps dozens of browser tabs open so you can go back to them later, you might need a little extra RAM in your computer for that to not slow you down. An easy way to check how much RAM you're using right now is to click Ctrl-Shift-Esc (on a Windows computer) to open the task manager. Check your memory utilization in the performance tab. And if it's at or near 100%, try closing some browser tabs and then check again.
Generally, in 2017 I recommend getting a computer with at least 8 GB of RAM and 16 GB preferred. If your computing needs are light then 4 GB might work, but be wary. Even if the computer you buy has enough memory to run smoothly right now, will it still be enough two or three years down the line? As time goes on software gets increasingly demanding and utilizes more and more memory.
The good news is that in most cases adding more RAM is the easiest thing to upgrade later on down the line. On many laptops there's a panel on the underside which you can open to expose one or both of the memory module ports. Taking out one screw and adding (or replacing) the chip in that slot is pretty much all there is to it. Be aware that this isn't the case on all laptops though - some models are not user-serviceable (i.e. not easily opened up), some have the RAM slots deep inside the machine, and some even have the RAM soldered to the mainboard which makes them impossible to upgrade. If you plan to upgrade the RAM later, verify that's possible before purchasing.
Disk storage
Disk storage is a computer's long term or non-volatile memory. (As opposed to RAM which is called volatile memory because its contents clear out every time the power goes off.) Disk storage retains what's written to it. It's where your operating system and applications are installed, and where your data resides.
Hard disk drives (HDDs) long ago attained capacities far greater than most people need for everyday use. Whether you have a 500 GB, 1 TB, or 2 TB hard drive, disk space for normal computer operations will never be a problem. (Media file storage - such as music, videos, or high resolution photos - may be a different story.) So rather than capacity I prefer to focus on performance. While some hard drives are a little faster than others (5,400 RPM models versus 7,200 RPM models), the truly radical jump in performance comes with an upgrade to a solid state drive (SSD).
SSDs utilize a different architecture than HDDs. Rather than a magnetic platter spinning on a ball bearing, an SSD is comprised of NAND flash cells. SSDs have no moving parts, hence the "solid state" moniker. For this reason they also use less energy, generate less noise and heat, and are less susceptible to damage from a physical shock than HDDs. And SSD performance - data read and write speeds - is 5-to-10 times faster than an HDD. Which means the computer boots that much faster, every program loads that much faster, file system searches and opening files happen that much faster, etc., etc.
In this day and age I discourage buying any computer without an SSD, or if you do find a great deal on a machine which only has an HDD then plan to upgrade it to an SSD right away (and turn that HDD into an external hard drive by putting it in an enclosure). It's true that SSDs are still many times more expensive per gigabyte than HDDs, but considering that HDDs are far bigger than you probably need the cost difference between an oversized HDD and a right-sized SSD isn't very much. Go for the smaller, higher-performing solution and either use a high-capacity external hard drive or install a second high-capacity HDD in your desktop for those media files.
I do however recommend not going too small on the SSD. I've seen Windows computers with 128GB SSDs fill up to capacity after a few years of update files piling up, Outlook data stores growing, and remnants left by other software sticking around. It's possible but painful to use disk cleanup utilities to fight a full disk. 256GB SSDs are a marginal step up in price and worth it to save the headache later.
There's also a middle ground called a Solid State Hybrid Drive (or SSHD) which pairs a traditional hard drive with a small (usually 8GB) flash memory cache to accelerate it. SSHDs offer the capacity of an HDD with better performance, at a slightly higher cost. They're nowhere near as high performing as a pure SSD though. If you absolutely need lots of disk storage inside your laptop (not on an external drive), then an SSHD is a viable option to enhance performance over a traditional HDD while maintaining high capacity.
A new cutting edge of SSD technology has begun to appear in higher end laptops and the newest desktop computer mainboards. New M.2 SSDs utilizing a PCI express 3.0 (x4) interface now offer speeds 3-to-7 times faster than top-of-the-line conventional SSDs. The primary reason is because those conventional SSDs use the same SATA form factor and interface as traditional HDDs. The SATA 3 specification maxes out at a 550MB/second transfer rate. Most HDDs only deliver about 60-100MB/second speed, but SATA SSDs have been hitting the limit of the spec on both read and write speeds for quite some time. Current top-of-the-line PCIe SSDs are clocking 3.5GB/second read and 2GB/second write speeds, beginning to approach the 4GB/second maximum of the specification.
The rest of the computer
Since we've covered the core components with the brain analogy, the remainder of this guide will cover the rest of the computer; such as how to shop for a display, how to choose peripherals (keyboards, mice, webcams, etc.), and what the differences are among USB types. While these things aren't as big or expensive a part of the decision as the core computer parts, they ultimately play a big part in your computing experience and should be considered as a part of your overall budgeting and purchasing decision.
What to look for in a monitor or laptop display
Screen size and resolution are the main things to look for in a computer display, though not the only things.
Size is pretty self-explanatory, it's measured diagonally in inches. Most computer monitors and laptop displays now utilize a widescreen 16:9 aspect ratio. Resolution is quantified by the number of pixels (or dots) on the screen. Higher resolution displays can render a sharper picture, but more to the point they also just simply display more information. More room for information on the screen gives you more room to work, which helps increase productivity.
When shopping, know that higher resolution and/or bigger isn't always better. High resolution displays that are physically smaller will be information dense but text may appear quite small on the screen. If your eyesight isn't well suited to this level of information density then you may be better off with a larger size / lower resolution screen. Or you can compensate by turning text scaling up to make things more readable. It's also worth noting that older versions of Windows (prior to Windows 10) did not do a great job of scaling up to very high resolution screens. This is an area in which Windows 10 has greatly improved and Mac OS X has long performed better.
Laptop display considerations
It's still common to find laptop displays with only 1366 x 768 resolution on the lower end of the market. In mid range and higher laptops 1920 x 1080 is standard. On the high end, there are many with QHD (2560 x 1440), 3200 x 1800, or 4K (3840 x 2160) resolutions available as well. The Microsoft Surface Book offers a 13.5" display with a 3:2 aspect ratio and 3000 x 2000 resolution.
If you're shopping for a MacBook, the current generation MacBook Air offers only 1440 x 900 resolution. All other MacBook models have Retina Displays - the 12" MacBook at 2304 x 1440, the 13" MacBook Pro at 2560 x 1600, and the 15" MacBook Pro at 2880 x 1800. The term Retina Display was invented by Apple to denote a screen with very high pixel density.
There are two main types of laptop displays - glossy and matte. Glossy displays are shinier and colors appear brighter on them. However they reflect more light and are more prone to glare and reflections when used in direct sunlight. Matte screens (sometimes labeled anti-glare) have fewer of these problems though generally aren't as attractive as glossy screens. Windows laptops come in both varieties while MacBooks now are only available with glossy screens.
Another thing to look for in a laptop display is whether it has a touchscreen. This is pretty self-explanatory. For my part I've become accustomed to touch enabled laptops and like the option of interfacing with the computer that way, sometimes my finger is just closer to the screen than it is to the trackpad. Touchscreen displays are always glossy and the option adds some cost. They're now commonly found on mid-range and higher Windows laptops, and also available on a few Chromebook models. MacBooks do not yet offer touchscreens.
No matter what type, size, or resolution your laptop has - remember that you can also hook it up to a computer monitor when working at your desk. with the built in laptop display sitting alongside it as a second screen. Just be sure to compare the display output ports available on the laptop to the inputs on the monitor when planning this setup.
Peripherals - webcams, keyboards, mice
This guide wouldn't be complete without covering the important yet often overlooked peripherals which round out your computing experience.
When it comes to the keyboard and mouse on your desk, many people are content with the cheap keyboard and mouse packaged with a consumer desktop. Or with using the keyboard and trackpad built in to the laptop. There's nothing wrong with these, they get the job done, but there are other options which can provide greater comfort and enhance productivity for power users.
When considering laptops the quality of the built in keyboard and trackpad generally follows the overall expense of the computer; cheaper laptops have poorer input devices, more expensive laptops have better ones. I recommend reading reviews for mentions of how a specific model you're considering performs. Lenovo has a reputation for making some of the best laptop keyboards on their higher end business models but not on their lower end consumer models. Business class laptops from Dell and HP also generally have very good keyboards. And Apple MacBooks have a reputation for good keyboards and best-in-class trackpads. Many mid to high end laptops now also offer backlit keyboards, which is a very nice feature to have. The keyboard on your laptop is not at all upgradable so it's wise to consider this carefully when shopping.
A wireless keyboard and mouse set is a common desktop upgrade. They can be a good option to reduce cord clutter and provide better range of motion, are available at a wide range of price points, and some of the higher end options add additional features and comfort.
For a high end ergonomic option, Microsoft's new Surface Ergonomic Keyboard is garnering some rave reviews.
A mechanical keyboard is another option to consider. This PC World article does a good job of explaining the benefits of a mechanical keyboard. It boils down to durability and a superior typing experience. Mechanical keyboards are expensive though, usually selling for $75 to $200 or more.
"Gaming" keyboards and mice offer nifty lighting features and the ability to program automated keystroke combinations at the push of a button. I put gaming in quotation marks because while the equipment is marketed towards gamers, the functionality can also enhance other productivity.
There's not a lot to say about webcams which are built in to laptop computers. For the most part they're basic quality without much variation in the market. USB webcams for your desktop setup vary widely in quality and features. As with keyboards and mice I'm partial to Logitech products for their quality and reasonable prices. Logitech webcams range from the basic C270 which usually sells for $20 to $30 up to the business focused C930 which offers full high definition video and motion tracking and usually sells for around $100.
Buying guide - where to shop for a computer
The approach I recommend for buying a computer is to first get a general idea of what you need, then decide what your budget is, then try to find the best deal on something that fits. If you're in the market for a desktop PC and have the capacity to build it yourself, that's going to garner the best result in terms of flexibility and price-to-performance ratio, while likely being more reliable than anything you can buy off-the-shelf. In the absence of that here are some suggestions for finding the best deal possible:
Pounce on a sale or coupon
The trend these days is towards flash sales and coupons with extremely limited time periods or quantity caps. The bad news is that a deal you see today could very well be gone tomorrow. The good news is that there's always another deal right around the corner. Doing your homework up front to figure out what you need and are willing to spend can position you to pounce on a great deal once you see it. Here are some places to find those hot deals:
PC Mag best deals
Dealhacker
The Wirecutter Deals
Tech Bargains
eDeal Info
Slickdeals
Apple Insider Deals
Be aware that that while these sites list many of the best deals out there, not everything they list is a bargain. It's wise to always double-check the price against other sources before pulling the trigger.
Retail stores (online or brick-and-mortar)
The Microsoft Store (both online and physical locations) has emerged in recent years as a top tier place to purchase a computer. Their specialty is the "Microsoft Signature Edition" line of PCs which come free of any the pre-installed bloatware that many manufacturers load up their products with. Microsoft Stores also offer a very good customer service experience, and training and troubleshooting assistance on the products they sell. Their pricing is generally decent, and they get competitive with regular coupon offerings. I don't recommend buying cables or peripherals here, because while the quality of what they offer is generally great their prices on these items are not competitive.
The Apple Store is a good place to buy the latest and greatest Mac, and if you shop their online store you can customize the specifications. The advantage of buying directly through Apple is their selection, customer service and support. Apple typically does not compete on price. If you're hunting for a better deal on a new Mac, a couple of good places to shop are B & H or Adorama. Both often run discounts on new Macs, though be mindful to check whether you're buying the latest model and weigh that against the discount.
Amazon is my go to place for cables, monitors, keyboards, mice, and miscellaneous peripherals. They usually win on price and selection when shopping for these items. Understand though that although Amazon has many great deals available, not everything on there is a good deal. In fact there's a strange regular phenomenon on Amazon where sellers in their marketplace list antiquated technology for sale at absurd prices. Buyer beware. Also, while Amazon is generally great for computer parts and secondary items, it's a very hit-or-miss place to purchase an actual computer. PCs are not their specialty, the specs listed can be spotty, and pricing is all over the place. Again, some good deals are available but be cautious and always compare them to other sellers before purchasing. You can also compare Amazon against itself before buying, through a price tracking website called CamelCamelCamel.
Newegg is another go to place for monitors, peripherals, and computer parts. It also can be a very good place to shop for a computer, as their search function typically does a very good job of filtering specifications and their descriptions do a good job of listing what's under the hood. Newegg is generally competitive with their day-to-day pricing and very competitive with their coupon codes and sale pricing, which you can find (or sign up to get via email) here.
Micro Center is the only remaining brick-and-mortar computer parts retail chain in the U.S. It is a great place to buy components, monitors, and various accessories. It's a decent place to buy computers themselves and they offer the benefit of having a competent service department. Be aware though that Micro Center's floor sales staff is not always highly knowledgeable, and they work on a commission or incentive structure. Sometimes I get the impression that they try to steer customers towards certain products which are in their interest to sell more of. My observation is that Micro Center's prices can generally be hit or miss. Some of their in-store only computer component deals (such as Intel processors) are by far the best pricing available anywhere. Advertised prices are generally very competitive. But their pricing on some other items can be on the high side. Overall I recommend shopping there when building a computer, and can accept that a little higher price on some components is both the cost of convenience and offset by lower prices on other components.
I don't typically recommend buying a computer at a retail chain which doesn't specialize in this area, but Costco is an exception. My observation is that their prices are moderate, not the best but also not outrageous. Where they shine however is that every computer they sell comes with Costco Concierge Services, which extends the warranty to a 2nd year and provides free technical support by phone. Taking advantage of this does require being a Costco member, but it's a solid option for non-technical computer shoppers in particular.
Refurbished, used, and closeouts
Shopping for a pre-owned computer can be a high-risk high-reward proposition. I have some experience buying refurbished equipment. I've never had any issue with a refurbished computer monitor, but have seen a fair number of issues with refurbished PCs. I've also seen some fantastic deals on them, typically priced on the low end of the market for high end computers that are a few years old. If you do choose to shop for a refurb, make sure you check the warranty period up front and test the machine thoroughly after receiving it. And only ever buy from reputable sources.
Closeout models are a lower-risk proposition but don't always have as much of an upside. The latest model computers go on sale too, just maybe not as often or as sharply as the older models. So shop around and weigh the price against both the age of the computer and how much comparable computers of the latest generation are going for.
A few reputable places to shop for refurbished, used, and closeout computers are:
Buydig
Woot
Overstock
Dell Outlet
eBay -- Sometimes major retailers use eBay to clear out quantities of older or refurbished equipment, often at great prices. Aside that be careful to only buy from reputable sellers here.
The market for refurbished Macs is a little different. Due to initial cost and quality their resale life stretches on longer. And as a result there are several shops out there who make a business of buying, refurbishing, and selling used Macs. If you go this route make sure that the seller is reputable, check their warranty policy, and look to see if they're upgrading the memory and hard drive. A few reputable places to shop for a used Mac are:
Affordamac
Mac of All Trades
Powermax
Where not to shop for a computer
Best Buy. Their prices on bigger ticket items like computers and monitors might not be bad, but their markup on cables and small accessories is hideous, and their Geek Squad Goon Squad service department has a lengthy and well documented history of customer nightmare stories. Including mine. Shop there if you want to, but steer clear of their extended warranties and do not trust their service department.
Craigslist or any public classified ad. Most people selling goods through classified ads or sites like Craigslist are legitimate sellers, but they often don't understand how quickly computers depreciate and thus tend to overestimate the value of their used computer. So there are a lot of not-very-good deals advertised out there. And sometimes there are deals listed which just seem too good to be true, and sometimes those are - the computer might be stolen or you might be walking in to a dangerous situation. If you do choose to shop for a used computer from a stranger, compare the price that the seller is asking against an advanced eBay search for Sold listings of the same or a comparable machine. Ask them questions about where they got the computer and ask them to provide proof of ownership - if they balk or try to brush your questions off, walk away immediately. And if you do buy from them, meet at a Craigslist Safe Zone or well-lit public location.
Retail stores that don't specialize in computers generally aren't a great place to buy a computer. Their employees typically aren't very knowledgeable, prices tend to be moderately high, and cable and small accessory prices tend to be extremely high. Some of the stores which fit this profile are Wal-Mart, Target, Sears, Kmart, and Radio Shack. Big box office supply stores such as Staples and Office Depot are a small step up. In a pinch I would prefer them to the alternatives, but not as a first option.
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heatherrdavis1 · 4 years
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Ethereum 2.0 Confusion BTC Hash Drop Bitcoin Going Viral Ethereum Like Facebook & Fixed Rates
VIDEO TRANSCRIPT
Low where everybody, welcome back for another video. Hope you’re all doing well and that you’re all having a great day to start things off in. Very confusing. Weird. Odd. Don’t really no news. With a newly launched multi-client test net Theorem 2.0 is on track to meet its phase zero pre launch requirements. In theory, I’m co-founder of Italic, Budarin said on Monday, kicking off Quoin Desk’s Consensus Distributed Conference Beta and discussed the latest progress. In particular, he highlighted the recent release of the first Ethan 2.0 multi-client test net. The launch of the new network, dubbed She Lazy, is a major milestone for a Theorem 2.0 development. It is, or since it is a what? It is a yes. It is a hard, prelaunch requirement that two or more compatible clients run a test net together for at least two months. Right now, the sleezy network features two clients. They are Lighthouse and PRISM, the tech who and nimbies clients have also sinked with lazy and will soon run their validators on the test net with four clients and to operate on the test net. Lazy is laying the ground for the official multi-client test net that the theory and foundation will deploy in the near future. Here we go. Justin Drake, a researcher at the Theory and Foundation, previously said that the team is hoping to release phase zero may net before the 30th of July, the fifth anniversary of the theory and 1.0. But the launch schedule pushed repeatedly from the initial date since January quarter three, January 3rd of quarter two to now quarter three. It is unclear whether the project can follow through on the July timeframe. I’m pretty sure you see where this is all going. This one tying directly into this hearing reports of a July launch date, Theorem 2.0 Metallic Budarin said he misheard the question at a conference and now clarifies further as to the launch of the official launch of Winning Theorem 2.0 is going to be in a response on Twitter conversation discuss the July launch date. Vitaly responded by saying, Yeah, I did not say July. Perhaps the question contained the word July, but I did not hear July when it was asked. OK, I definitely should have heard Juline the question. It was my mistake. End quote. It happened yesterday at the virtual conference consensus, which is currently underway. Vitaly notes that he misheard the question when the when the confirmed what who wrote this? Which confirmed the launch is still on track. Early on February, another developer seemed to have 95 percent confidence in a July launch, which was then referred back to the reports to which he gave a thumbs up. Later in an e-mail. This is ridiculous. Later, in an email response to Coin Desk, the organizer of the conference clarified. My actual stance is that Ethe too is on track and that there aren’t any unexpected bumps in the road. Test nets are coming along, etc.. But I defer to the club. Calev client devs on timelines and if they are now saying quarter three more broadly than I believe them, since 2019, the developing team has made progress with a series of initial launch of the second chain, but none can. Who wrote this? But none complete. The last significant development was the initiation of the proof of state protocol, but only a on a public test net without daps applications as mark contract platform. So for those of you who are not paying attention. The news that we are getting right now, at least over the last 36 hours, is that apparently and even I think it says it’s somewhere around here as well. If I’m not mistaken, about. But up. Pop up. Yeah. Apparently, a lot of people are like, what’s going on? I heard July. You heard July. Everyone knows her. July. The news that we are now getting is that. Not July, Vitalii never heard. July, he should have heard July and therefore maybe not to July. It says, nevertheless, the community was still looking into a July launch. Yeah, because we’ve heard about that for the last four or five months. The CEO of Oak Coin, Jason Liow, expressed disbelief on his own bid being misled. He said, I’m shocked. But others in the community also mentioned July like we all. Heard July, and I mentioned this a couple of months ago. Remember, remember, I said? I have a feeling that what’s happening with Cardno is going to be pushed back. We all heard May. And then as we got closer to May, the May timeframe became. Oh, yeah. This is this is for family and friends, too. To test it out. And I said a theorem needs to really get moving because we are in a we’re in a very. The word is an unexpected time. I mean, yes, yes, yes. Gibbs’. Yeah, it’s actually completely unexpected. But the coins have to kind of start getting a move on, as it were. And I said the most ridiculous thing would be, I think I said this in February or March, is if we start getting closer to July and we hear the O. July. Is that a month? Oh, no. There’s there’s there’s no July, any theorem. So the news that we’re getting now is quarter three. January, February, March, April, May, June, July, August, September. That now puts us anywhere between July to September. As quarter three that we have all seen and you heard me say. Where you theory home 2.0. I am not losing faith or losing hope. Is like just get a move on already. If this is only the phase zero launch, we’re going to have very big problems because the full release of a theory M 2.0 is probably going to take a good three to four years at this point. So, yeah, that is the I mean, this news was all over the place. A lot of people are scouring the Internet trying to find information about him saying July, the July information. The interesting part is that we all heard July in some form or fashion, as was quoted multiple times. I haven’t mentioned about a good two two weeks ago. Who cares about the exact time frame? One of italic uterine was on stage or is talking somewhere. And he was. We’re still on track. Everything’s good. And everyone took that as an okay for the July time frame. So apparently, Terry Yttrium Theorem 2.0 is still being worked on. It’s still going to happen. But apparently the 30th of July that we all heard is apparently no. Anyway, I mean, I called it and I give it. I don’t even I I don’t even want to give a timeframe. I was going to say even for a Cardno, I give them around to July when they’re going to try and push it back once again. But I listen. I mean, at at at at at this point, it kind of is what it is that the fact that so many of these projects have lasted this long with this amount of delay is just extravagantly amazing. Let’s move on. Next up, bitcoins hash rate, the measure of miners performances appears to have dropped by about 16 percent after the third, having as miners now generate twice less from the block subsidy. According to the bloc’s estimates, the daily miner revenue has dropped by about 44 percent after the having from sixteen point one million to around nine million U.S. dollars. Most of the older ASIC mining equipment, such as the anti miner S9, is now on profitable. The new Djenne devices, such as the Anta Miner s 17 and what’s miner M 30? S remain a vastly profitable. The cash rate appears to be down from one hundred and twenty two Exxon hashes to one hundred and two over the four largest mining pools. Those, those, those and those pool and seems to have lost the largest amount of cash rate, approximately 30 percent, with the BTC dot com losing around 10 percent. This was to be expected. We spoke about this yesterday. The news that we had at the beginning of yesterday’s video was at the hash rate had spiked. I assume that was because everyone was like, well, let’s try to get more Bitcoin. And then they realise that the reward has been cut in half and it is more difficult to mine Bitcoin now. So this was to be expected. But, yeah, this is also passing around in the news a lot as a lot of people are. I don’t wanna say sensationalizing things. However, when you get a drop in hash rated any point, but it happens all the time whether Bitcoin has happened or not. It tends to make a lot of news. And I guess the news that we had before that apparently miners would start turning off their machines if it was not profitable enough for them to be able to mine Bitcoin, then here we are. The news that we also had a couple of months ago, about a month ago, maybe an exact month, was that I think Bitcoin has to be air quotes, I think above twelve or thirteen thousand dollars in order to it to be for it to remain extremely profitable for actual miners to stay in the game, as it were anyway. Yeah, that’s the Bitcoin news there was today. You may have noticed like a lack of price news. There was no price news nowhere. Not noting that no matter where I looked, there was nothing negative and or positive. The prices have relatively gone sideways since the having has taken place. No real ups or downs? No. What’s the word predicted drops yet and no predicted sky rocket things, at least at the moment. Yeah. Let’s move on. Next up, while trainees trades while trading Chinese yuan for bitcoin may technically be banned in China. That hasn’t stopped the country’s citizens from talking up a storm about cryptocurrency. This was made clear on Sunday when Sam. Mao, CSO of Block’s Dream, noted that according to data from Weibo or Weibo, which is that Chinese Twitter air quoted Bitcoin was a trending topic. This is the third time that this has happened the past two weeks, according to a screenshot of Weibo Ibos, the trending list from the 10th of May. Shared by Mao, a search term mentioning Bitcoin’s price drop was recently the 13th most popular term on the platform. This is noticeable as Weibo. Weibo is a platform used. I haven’t had no idea what to say. Use my literally. Wow. Four hundred million people monthly. Showing how excited the Chinese are about BTC. Here is a list right here. I do not read Mandarin. Therefore, I’m going to keep scrolling down. The popularity of Bitcoin in China seems to be somewhat tied to an article shared by the finance column known as CCTV. What the biggest television broadcast went on there. Their television broadcaster is called C.C.. Kind of putting a hat on a hat. CCTV is the predominant state owned television network in mainland China. They call it CCTV. The point is, despite the banning of trading within China of Bitcoin, it appears to remain very popular. We had news like this a couple of weeks ago as well. It wasn’t this guy from Block’s dream, but someone else had posted. I think that Bitcoin was the what was it, the second or third most popular trending topic in China? Four, 400 million is a lot of people for 400 million users just on this one app alone. That’s more than the entirety of the United States. That’s a huge amount of people. Can you imagine if we had a situation where on just American Twitter or American Facebook or American Instagram, where Bitcoin was the second or 13th, the most spoke spoken about topic in the entire country? That’d be completely insane. So I wonder what would happen if people in China had complete access to I mean, their government also knows that they can’t give them complete access because of things like this. Can you imagine what for? If Bitcoin had had become the number two trending topic, especially a news article called like Bitcoin price rise amongst 400 million people, these 400 million people would have at least tried to purchase a million. Satoshi is each at least, which would have definitely done something to the price anyway. Yeah. That’s the. We bo y bo Twitter number 13 news for today. I mean, it’s it’s it’s it’s it’s very unsurprising. This is why I keep mentioning Bitcoin’s a lot more popular than people. Believe or understand, a lot of times we kind of put ourselves in our own bubble, whether it be here on the channel or with our friends or community, what have you. We don’t realize that there are hundreds of millions of people around the world who are also they know the name Bitcoin and are either on the cusp of buying Bitcoin or already own Bitcoin. It is a quite the fascinating indeed. Let’s move on. Next up, with crypto currencies, there are no cash flow statements or balance sheets and investor can analyze to get a good sense of their intrinsic value. This makes it hard for a conservative Wall Street players such as Warren Buffett who analyze their instead nope investments and by discounting cash flows from dripping from dipping. Who keeps writing these weird words? And I can’t read. According to hedge fund manager Mike Novogratz, though, he theorems that dollar value is predicated on the concept of a network effect, which is an economic concept that the value of a network B that technology or money is predicated on how many people use it. Over the past decade, cryptocurrency is have formed market capitalizations in the billions and billions of dollars, according to Crypto Slate’s Coin Reinking Page. There are currently over 16 coins worth over one billion dollars and fifty five worth over one hundred million dollars. That raises the question what is behind these high valuations? How could projects just years old be worth so much? For those of you who want the answer, a lot of them are inflated completely in price. These coins aren’t being used. So when you see a coin where ninety nine percent of all transactions are happening through a weather app or another coin where ninety five percent of all transactions are happening just between two addresses. Hum. You realize that these things are the word fraudulent comes to mind. However it comes more down to these things are overvalued and should not be valued even over a million dollars because no one’s really using them for a theorem. At least it’s a simple network effect. Speaking on a panel at the ethereal virtual summit. The latest virtual crypto conference, former Goldman Sachs partner Mike Novogratz shared his sentiment with you, Theorem co-founder Joseph Luban. And for Cats’ News or Katz for four oh four forecast y. Spell it that way. Forecast the dots news g allow. He argued that he theorem garnering a 20 billion dollar market cap is based on a confluence of a different used cases on the block chain, such as decentralized finance, enterprise applications or stable coins, garnering a vast amount of users, which then creates a network effect that increases prices exponentially. This contradicts the belief that he theorem is only valuable because it facilitates ISO’s, which was a popular sentiment in 2018. He said one of the things for the theorem narrative is valuing the network, kind of like we do with Facebook. The more network effect you get, the better. Like getting Teather to migrate its coin. We theory M brings people using that to the network. Mike Michael Novogratz is a hyper ethereal and hyper bitcoin bull. This is actually I’m surprised it took so long for this to actually come to the light. If that kind of makes any sense. This is a major reason for the valuation of Bitcoin. Usually you don’t hear. Why is Bitcoin worth so much when you get the news that Bitcoin last year transacted over a trillion dollars? Eighth largest currency, what have you, so on and so forth. These these discussions kind of disappear because you understand that regardless of what anyone Warren Buffett, he might say about Bitcoin, we know that Bitcoin is being used as being accumulated, is being passed back and forth. People are being paid in Bitcoin, buying flights, a Bitcoin, what have you. But we never usually get this discussion for a theory. I mean, usually focuses around the idea that a theorem is only good for ISO’s NRD five projects. But it comes down to also if other people continue to build their stuff on top of you theorem and therefore ether in some ways being used or the ether theory of network is being used by tens of millions of hundreds of millions of people around the world. And therefore the network also have has tons of value. However, you can’t really do that with 15 transactions per second. So, yeah, I mean, it’s just it’s just a very weird and odd conversation because. When people ask me and have been asking before which coins I’m into when they are usually shocked that I’m rarely only kind of paying attention to a couple of coins, it’s because of that. It’s because we can mathematically see transactions going through the the Arpey ledger. We can see how many people are actually using Bitcoin. We can see based off of metrics that a theorem remains popular regardless of how slow it’s currently going, and also the companies and countries who are going to be building on top of it. But then you get into discussions. I’m not going even name other coins because I can feel the the the angry comments coming. These other coins aren’t being used. Their usage has dropped exponentially, has nothing to really do with the price. Price is a different kind of metric for people who are exclusively trying to invest in these things. When you get the actual usage of them, it pales in comparison to the top three. And I guess this is why they are the top three and subsequently why Teather is in the top four. Regardless of how many Teather are actually being printed, Teather is laid out across. What is it, five or six, seven different block chains and is being used actively on a daily basis. So in some odd apocalyptic way, it garners that position as the fourth largest coin. But then you get the other coins. They’re not really being used. Speculation is not a usage or talking about that. You’re going to be building a platform on top of them to be able to mimic something that he Theorem X, Arpey or Bitcoin is doing doesn’t also really garner value. So I’m expecting still at some points, a great crash, a great wave to wash away unworthy coins within the cryptocurrency space. That does not mean that a lot of coins that I am holding, a lot of alt coins will not go up in value. Of course, they are going to go up in value at some point because people will be able to push the prices up. The hype cycles will return. And at that point, I will be cashing out of a lot of them. However, as far as long term. Growth holdings. There’s a reason once again why institutions use you really are just focusing on two coins. It’s because other coins have to kind of prove themselves and if they don’t, they’ll be washed away and then they’ll be replaced by other copycats who also claim to be able to do the same exact thing. And that’s just how things go. Oh, yeah. Let’s move on. Next up, Weiss ratings predicts that the value of gold will increase once 19 is over, but says its upside pales in comparison to that of Bitcoin. According to the crypto ratings agency, the digital nature of Bitcoin gives it several advantages over gold. The traditional hedge against inflation. Government bureaucrats cannot inflate away the purchasing power of your gold like they can with Fiat. But do they can send in storm troopers stomping in to seize it? In 1933, the US president famously confiscated all of the gold in America. Well, that’s nice of him. Australia’s 1959 Banking Act empower the government to force private citizens to turn in their gold for paper. And the 1966 British labour movements made it illegal for any person to own more than four pieces of precious. What was wrong with governments? Don’t think stuff like this can’t still happen. Bankrupt spendthrift governments, especially when their banks are against banks, backs are against the wall. We’ll grab at just about any assets they can lay their hands on. Yeah, this is and that’s definitely true. Bitcoin is also more mobile than gold, argues Weiss ratings, because it requires costly permits and protection during transport. The same is true when it comes to storage. Gold needs a secure location, like a vault or a bank. But Bitcoin does not have the same requirements because there is no physical assets to store. Sure, it’s clear that Weiss Ratings likes Bitcoin. We’re seeing a lot of I don’t know why it why why this particular year, we used to see maybe thrice a year discussions as to the Bitcoin v. gold argument. However, this is like a like a weekly thing now where people are talking about the power of Bitcoin over gold. Maybe they’re just trying to get other people to understand. I don’t know. It’s it’s clear that Bitcoin has many advantages over gold. And at least in my eyes, that Bitcoin is going to. Incredibly outperform gold over the short, near, long, far forever term, being up nine million. If gold had gone up nine million percent since 2009, I would guess everyone should buy some gold. But it’s Bitcoin that has gone up nine million percent. So it’s clear that there is a, at least for me, a clear winner in all of this. Good job wise. Keep keep spreading the. The Bitcoin news, as it were. And to finish things off, she’s shaking his robot hand. That is the weirdest thing of it. Is he? OK. A researcher from the crypto asset firm paradigm. Has co-authored a white paper for a new decentralized finance or DFI lending protocol based with fixed interest rates. The White Paper for yield, a protocol was written by paradigms. Dan Robinson and Alan Neame. Berg, who announced the project on the 8th of May named Berg, also announced that yield protocol has received seed investment from a paradigm which will be designated toward building the initial version of the product. The theory and based protocol purports to introduce fixed term fixed rate lending and interest rate markets to decentralized finance. Those of you who do not know a lot of these. D decentralized finance protocols that give a yearly interest rates, yearly returns on your money. They have fluctuating rates like you would not believe. I have a friend who is actually into a couple of these things. He does side jobs. He breaks Web sites. He does all these things for companies and they pay him. I believe in. And Di D.A., I think he gets paid and die, I remember. Anyway, the point is he then puts that dye into other projects, which then allow him to get an interest rate. He was showing me some of the rates. Like some days it can be like twenty two percent. Other days it’s like for some days at zero point one. And that doesn’t really shine. I mean, nobody really wants to know. If you put your money into something, you want to know that you’re going to get a consistent, even if it’s just five percent is going to be a consistent five percent abody once twenty two percent and then a zero the next day. That does not sound fun. Yields white paper describes a standard for a token that settles based on the value of a target asset on a specified future date and which is backed by some quantity of a collateral asset while defies protocol like maker Dow have garnered significant popularity within the crypto community over the past years. The floating nature interest rates associated with these vehicles have proven to be subject to significant volatility. Yeah, here we go with with maker loans fluctuating between zero point five percent and 20 percent during 2019. No, thank you. This is why I think staking is going to be a very big thing as long as we have a a year long, if not a two to four year long fixed interest rate on some of the stake in coins. I think that is going to really take off. There’s no way that I want zero point five percent on my money. And then I have to hope that the next week or the next month is going to give me a a 20 percent, which would be great. But then if the next month at that is giving me two percent, then, you know, I, I can’t deal with all that emotion. So I hope this works out for them. I’m sure we will have eventually some type of a relatively fixed interest rate even in the in any traditional markets. There is never a 1000 Prosek percent fixed interest rate. You’ve seen the before your whole life. We have five percent, two percent, four percent. It’s though roughly ranges around the same number. But people need the word isn’t clarity consistency when it comes to their investment. So good luck to them. I hope that works out for them because I also think that Devi is going to be very big in just a matter of, you know, you got to make good money before you actually put your money into it. As always, a very special thank you to my patriot and supporters, Professor Walli from Gunbower University, Utopia. Five, six, nine. Yashar not a Moonman Hi X Arpey the pothead Joshua Vinyard Martin story or Tongo Lolo song go Lolo knows Bromo John starts in the animal reader a biblio phobia. Tomalis Adam Grayslake Mohammed Ronie Master Ventures in Thailand. Jared Schnieder Wild Night Owl to Fortune to the World Crypto Joe Bankroll Network Adobo Crypto Artist Cody 3D Nicolas Where on Earth one piece will love Damian set soon a Nick Kanigher Richie Rich at their Vlad the Impaler Praksis Nick Munjal Laborie Anthony Charles Jim Garner Jeremy Fox Minting Coins Miller Hitchhikes Every Day and Cowslips Leg Day Yes to crypto buddy make both face any time. Fitness amongst staff are medic seventeen bake me a cake Take a robot show Nyssa on crypto with LANL Crayola Michala you are Allen Hold on I have to sneeze. Thank you all very very much for your support. Thank you to everyone who is a member of the channel by clicking the little join button below. And thank you to everyone who has subscribed to the new channel. I am still very shocked. Thank you very much. I am happy for the the but the looks now. Wait, wait. Well the support support out of think. That’s what I wanted to say. But thank you for the support on the new channel. I do appreciate it a lot. At the moment the market is basically exactly where it was about a day or two ago. Bitcoin is currently up by one point three, six percent. Every other coin is down by point thirteen point zero, one point six six point two three point zero seven, neither here nor there. There’ve been tons of fluctuations, but we seem to always revert back to the same area, more or less where we were before. You have some anomalies with coins going up. Lumens is going up. Sure. SOS, Tron, Shaw, SOS. Did you buy it? I mean, I, I was going to make a joke, but it just doesn’t. You know what I was going to say anyway. Yeah. The markets what I think a lot of people were expecting huge spikes up or huge slams down or price is kind of being all over the place, but it seems to be neither here nor there. I saw an article earlier discussing that if Bitcoin does happen to pass by nine thousand and that I think it was nine thousand one hundred and maintains it for closing, I eat twenty four hours, give or take, then we could potentially see some movements upward in price. Yeah, I don’t know. Yeah. I really just simply don’t know. I do hope that you all enjoyed. I do hope that you all are having a great day. A great morning, a great afternoon, a great evening, wherever you are, wherever you might be. I do hope that it is absolutely fantastic. All of you remember. Of this year, if we get near the end of quarter to which we are current, where we’re at quarter to quarter to and we still don’t have any Theorem 2.0, we can use that as a reference point. Thank you all once again for watching and or listening. And I will most certainly be talking to you all soon. See you.
Via https://www.cryptosharks.net/ethereum-confusion-btc-hash-drop-bitcoin-going-viral/
source https://cryptosharks.weebly.com/blog/ethereum-20-confusion-btc-hash-drop-bitcoin-going-viral-ethereum-like-facebook-fixed-rates
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jeffrmayhugh · 4 years
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Ethereum 2.0 Confusion, BTC Hash Drop, Bitcoin Going Viral, Ethereum Like Facebook & Fixed Rates
VIDEO TRANSCRIPT
Low where everybody, welcome back for another video. Hope you’re all doing well and that you’re all having a great day to start things off in. Very confusing. Weird. Odd. Don’t really no news. With a newly launched multi-client test net Theorem 2.0 is on track to meet its phase zero pre launch requirements. In theory, I’m co-founder of Italic, Budarin said on Monday, kicking off Quoin Desk’s Consensus Distributed Conference Beta and discussed the latest progress. In particular, he highlighted the recent release of the first Ethan 2.0 multi-client test net. The launch of the new network, dubbed She Lazy, is a major milestone for a Theorem 2.0 development. It is, or since it is a what? It is a yes. It is a hard, prelaunch requirement that two or more compatible clients run a test net together for at least two months. Right now, the sleezy network features two clients. They are Lighthouse and PRISM, the tech who and nimbies clients have also sinked with lazy and will soon run their validators on the test net with four clients and to operate on the test net. Lazy is laying the ground for the official multi-client test net that the theory and foundation will deploy in the near future. Here we go. Justin Drake, a researcher at the Theory and Foundation, previously said that the team is hoping to release phase zero may net before the 30th of July, the fifth anniversary of the theory and 1.0. But the launch schedule pushed repeatedly from the initial date since January quarter three, January 3rd of quarter two to now quarter three. It is unclear whether the project can follow through on the July timeframe. I’m pretty sure you see where this is all going. This one tying directly into this hearing reports of a July launch date, Theorem 2.0 Metallic Budarin said he misheard the question at a conference and now clarifies further as to the launch of the official launch of Winning Theorem 2.0 is going to be in a response on Twitter conversation discuss the July launch date. Vitaly responded by saying, Yeah, I did not say July. Perhaps the question contained the word July, but I did not hear July when it was asked. OK, I definitely should have heard Juline the question. It was my mistake. End quote. It happened yesterday at the virtual conference consensus, which is currently underway. Vitaly notes that he misheard the question when the when the confirmed what who wrote this? Which confirmed the launch is still on track. Early on February, another developer seemed to have 95 percent confidence in a July launch, which was then referred back to the reports to which he gave a thumbs up. Later in an e-mail. This is ridiculous. Later, in an email response to Coin Desk, the organizer of the conference clarified. My actual stance is that Ethe too is on track and that there aren’t any unexpected bumps in the road. Test nets are coming along, etc.. But I defer to the club. Calev client devs on timelines and if they are now saying quarter three more broadly than I believe them, since 2019, the developing team has made progress with a series of initial launch of the second chain, but none can. Who wrote this? But none complete. The last significant development was the initiation of the proof of state protocol, but only a on a public test net without daps applications as mark contract platform. So for those of you who are not paying attention. The news that we are getting right now, at least over the last 36 hours, is that apparently and even I think it says it’s somewhere around here as well. If I’m not mistaken, about. But up. Pop up. Yeah. Apparently, a lot of people are like, what’s going on? I heard July. You heard July. Everyone knows her. July. The news that we are now getting is that. Not July, Vitalii never heard. July, he should have heard July and therefore maybe not to July. It says, nevertheless, the community was still looking into a July launch. Yeah, because we’ve heard about that for the last four or five months. The CEO of Oak Coin, Jason Liow, expressed disbelief on his own bid being misled. He said, I’m shocked. But others in the community also mentioned July like we all. Heard July, and I mentioned this a couple of months ago. Remember, remember, I said? I have a feeling that what’s happening with Cardno is going to be pushed back. We all heard May. And then as we got closer to May, the May timeframe became. Oh, yeah. This is this is for family and friends, too. To test it out. And I said a theorem needs to really get moving because we are in a we’re in a very. The word is an unexpected time. I mean, yes, yes, yes. Gibbs’. Yeah, it’s actually completely unexpected. But the coins have to kind of start getting a move on, as it were. And I said the most ridiculous thing would be, I think I said this in February or March, is if we start getting closer to July and we hear the O. July. Is that a month? Oh, no. There’s there’s there’s no July, any theorem. So the news that we’re getting now is quarter three. January, February, March, April, May, June, July, August, September. That now puts us anywhere between July to September. As quarter three that we have all seen and you heard me say. Where you theory home 2.0. I am not losing faith or losing hope. Is like just get a move on already. If this is only the phase zero launch, we’re going to have very big problems because the full release of a theory M 2.0 is probably going to take a good three to four years at this point. So, yeah, that is the I mean, this news was all over the place. A lot of people are scouring the Internet trying to find information about him saying July, the July information. The interesting part is that we all heard July in some form or fashion, as was quoted multiple times. I haven’t mentioned about a good two two weeks ago. Who cares about the exact time frame? One of italic uterine was on stage or is talking somewhere. And he was. We’re still on track. Everything’s good. And everyone took that as an okay for the July time frame. So apparently, Terry Yttrium Theorem 2.0 is still being worked on. It’s still going to happen. But apparently the 30th of July that we all heard is apparently no. Anyway, I mean, I called it and I give it. I don’t even I I don’t even want to give a timeframe. I was going to say even for a Cardno, I give them around to July when they’re going to try and push it back once again. But I listen. I mean, at at at at at this point, it kind of is what it is that the fact that so many of these projects have lasted this long with this amount of delay is just extravagantly amazing. Let’s move on. Next up, bitcoins hash rate, the measure of miners performances appears to have dropped by about 16 percent after the third, having as miners now generate twice less from the block subsidy. According to the bloc’s estimates, the daily miner revenue has dropped by about 44 percent after the having from sixteen point one million to around nine million U.S. dollars. Most of the older ASIC mining equipment, such as the anti miner S9, is now on profitable. The new Djenne devices, such as the Anta Miner s 17 and what’s miner M 30? S remain a vastly profitable. The cash rate appears to be down from one hundred and twenty two Exxon hashes to one hundred and two over the four largest mining pools. Those, those, those and those pool and seems to have lost the largest amount of cash rate, approximately 30 percent, with the BTC dot com losing around 10 percent. This was to be expected. We spoke about this yesterday. The news that we had at the beginning of yesterday’s video was at the hash rate had spiked. I assume that was because everyone was like, well, let’s try to get more Bitcoin. And then they realise that the reward has been cut in half and it is more difficult to mine Bitcoin now. So this was to be expected. But, yeah, this is also passing around in the news a lot as a lot of people are. I don’t wanna say sensationalizing things. However, when you get a drop in hash rated any point, but it happens all the time whether Bitcoin has happened or not. It tends to make a lot of news. And I guess the news that we had before that apparently miners would start turning off their machines if it was not profitable enough for them to be able to mine Bitcoin, then here we are. The news that we also had a couple of months ago, about a month ago, maybe an exact month, was that I think Bitcoin has to be air quotes, I think above twelve or thirteen thousand dollars in order to it to be for it to remain extremely profitable for actual miners to stay in the game, as it were anyway. Yeah, that’s the Bitcoin news there was today. You may have noticed like a lack of price news. There was no price news nowhere. Not noting that no matter where I looked, there was nothing negative and or positive. The prices have relatively gone sideways since the having has taken place. No real ups or downs? No. What’s the word predicted drops yet and no predicted sky rocket things, at least at the moment. Yeah. Let’s move on. Next up, while trainees trades while trading Chinese yuan for bitcoin may technically be banned in China. That hasn’t stopped the country’s citizens from talking up a storm about cryptocurrency. This was made clear on Sunday when Sam. Mao, CSO of Block’s Dream, noted that according to data from Weibo or Weibo, which is that Chinese Twitter air quoted Bitcoin was a trending topic. This is the third time that this has happened the past two weeks, according to a screenshot of Weibo Ibos, the trending list from the 10th of May. Shared by Mao, a search term mentioning Bitcoin’s price drop was recently the 13th most popular term on the platform. This is noticeable as Weibo. Weibo is a platform used. I haven’t had no idea what to say. Use my literally. Wow. Four hundred million people monthly. Showing how excited the Chinese are about BTC. Here is a list right here. I do not read Mandarin. Therefore, I’m going to keep scrolling down. The popularity of Bitcoin in China seems to be somewhat tied to an article shared by the finance column known as CCTV. What the biggest television broadcast went on there. Their television broadcaster is called C.C.. Kind of putting a hat on a hat. CCTV is the predominant state owned television network in mainland China. They call it CCTV. The point is, despite the banning of trading within China of Bitcoin, it appears to remain very popular. We had news like this a couple of weeks ago as well. It wasn’t this guy from Block’s dream, but someone else had posted. I think that Bitcoin was the what was it, the second or third most popular trending topic in China? Four, 400 million is a lot of people for 400 million users just on this one app alone. That’s more than the entirety of the United States. That’s a huge amount of people. Can you imagine if we had a situation where on just American Twitter or American Facebook or American Instagram, where Bitcoin was the second or 13th, the most spoke spoken about topic in the entire country? That’d be completely insane. So I wonder what would happen if people in China had complete access to I mean, their government also knows that they can’t give them complete access because of things like this. Can you imagine what for? If Bitcoin had had become the number two trending topic, especially a news article called like Bitcoin price rise amongst 400 million people, these 400 million people would have at least tried to purchase a million. Satoshi is each at least, which would have definitely done something to the price anyway. Yeah. That’s the. We bo y bo Twitter number 13 news for today. I mean, it’s it’s it’s it’s it’s very unsurprising. This is why I keep mentioning Bitcoin’s a lot more popular than people. Believe or understand, a lot of times we kind of put ourselves in our own bubble, whether it be here on the channel or with our friends or community, what have you. We don’t realize that there are hundreds of millions of people around the world who are also they know the name Bitcoin and are either on the cusp of buying Bitcoin or already own Bitcoin. It is a quite the fascinating indeed. Let’s move on. Next up, with crypto currencies, there are no cash flow statements or balance sheets and investor can analyze to get a good sense of their intrinsic value. This makes it hard for a conservative Wall Street players such as Warren Buffett who analyze their instead nope investments and by discounting cash flows from dripping from dipping. Who keeps writing these weird words? And I can’t read. According to hedge fund manager Mike Novogratz, though, he theorems that dollar value is predicated on the concept of a network effect, which is an economic concept that the value of a network B that technology or money is predicated on how many people use it. Over the past decade, cryptocurrency is have formed market capitalizations in the billions and billions of dollars, according to Crypto Slate’s Coin Reinking Page. There are currently over 16 coins worth over one billion dollars and fifty five worth over one hundred million dollars. That raises the question what is behind these high valuations? How could projects just years old be worth so much? For those of you who want the answer, a lot of them are inflated completely in price. These coins aren’t being used. So when you see a coin where ninety nine percent of all transactions are happening through a weather app or another coin where ninety five percent of all transactions are happening just between two addresses. Hum. You realize that these things are the word fraudulent comes to mind. However it comes more down to these things are overvalued and should not be valued even over a million dollars because no one’s really using them for a theorem. At least it’s a simple network effect. Speaking on a panel at the ethereal virtual summit. The latest virtual crypto conference, former Goldman Sachs partner Mike Novogratz shared his sentiment with you, Theorem co-founder Joseph Luban. And for Cats’ News or Katz for four oh four forecast y. Spell it that way. Forecast the dots news g allow. He argued that he theorem garnering a 20 billion dollar market cap is based on a confluence of a different used cases on the block chain, such as decentralized finance, enterprise applications or stable coins, garnering a vast amount of users, which then creates a network effect that increases prices exponentially. This contradicts the belief that he theorem is only valuable because it facilitates ISO’s, which was a popular sentiment in 2018. He said one of the things for the theorem narrative is valuing the network, kind of like we do with Facebook. The more network effect you get, the better. Like getting Teather to migrate its coin. We theory M brings people using that to the network. Mike Michael Novogratz is a hyper ethereal and hyper bitcoin bull. This is actually I’m surprised it took so long for this to actually come to the light. If that kind of makes any sense. This is a major reason for the valuation of Bitcoin. Usually you don’t hear. Why is Bitcoin worth so much when you get the news that Bitcoin last year transacted over a trillion dollars? Eighth largest currency, what have you, so on and so forth. These these discussions kind of disappear because you understand that regardless of what anyone Warren Buffett, he might say about Bitcoin, we know that Bitcoin is being used as being accumulated, is being passed back and forth. People are being paid in Bitcoin, buying flights, a Bitcoin, what have you. But we never usually get this discussion for a theory. I mean, usually focuses around the idea that a theorem is only good for ISO’s NRD five projects. But it comes down to also if other people continue to build their stuff on top of you theorem and therefore ether in some ways being used or the ether theory of network is being used by tens of millions of hundreds of millions of people around the world. And therefore the network also have has tons of value. However, you can’t really do that with 15 transactions per second. So, yeah, I mean, it’s just it’s just a very weird and odd conversation because. When people ask me and have been asking before which coins I’m into when they are usually shocked that I’m rarely only kind of paying attention to a couple of coins, it’s because of that. It’s because we can mathematically see transactions going through the the Arpey ledger. We can see how many people are actually using Bitcoin. We can see based off of metrics that a theorem remains popular regardless of how slow it’s currently going, and also the companies and countries who are going to be building on top of it. But then you get into discussions. I’m not going even name other coins because I can feel the the the angry comments coming. These other coins aren’t being used. Their usage has dropped exponentially, has nothing to really do with the price. Price is a different kind of metric for people who are exclusively trying to invest in these things. When you get the actual usage of them, it pales in comparison to the top three. And I guess this is why they are the top three and subsequently why Teather is in the top four. Regardless of how many Teather are actually being printed, Teather is laid out across. What is it, five or six, seven different block chains and is being used actively on a daily basis. So in some odd apocalyptic way, it garners that position as the fourth largest coin. But then you get the other coins. They’re not really being used. Speculation is not a usage or talking about that. You’re going to be building a platform on top of them to be able to mimic something that he Theorem X, Arpey or Bitcoin is doing doesn’t also really garner value. So I’m expecting still at some points, a great crash, a great wave to wash away unworthy coins within the cryptocurrency space. That does not mean that a lot of coins that I am holding, a lot of alt coins will not go up in value. Of course, they are going to go up in value at some point because people will be able to push the prices up. The hype cycles will return. And at that point, I will be cashing out of a lot of them. However, as far as long term. Growth holdings. There’s a reason once again why institutions use you really are just focusing on two coins. It’s because other coins have to kind of prove themselves and if they don’t, they’ll be washed away and then they’ll be replaced by other copycats who also claim to be able to do the same exact thing. And that’s just how things go. Oh, yeah. Let’s move on. Next up, Weiss ratings predicts that the value of gold will increase once 19 is over, but says its upside pales in comparison to that of Bitcoin. According to the crypto ratings agency, the digital nature of Bitcoin gives it several advantages over gold. The traditional hedge against inflation. Government bureaucrats cannot inflate away the purchasing power of your gold like they can with Fiat. But do they can send in storm troopers stomping in to seize it? In 1933, the US president famously confiscated all of the gold in America. Well, that’s nice of him. Australia’s 1959 Banking Act empower the government to force private citizens to turn in their gold for paper. And the 1966 British labour movements made it illegal for any person to own more than four pieces of precious. What was wrong with governments? Don’t think stuff like this can’t still happen. Bankrupt spendthrift governments, especially when their banks are against banks, backs are against the wall. We’ll grab at just about any assets they can lay their hands on. Yeah, this is and that’s definitely true. Bitcoin is also more mobile than gold, argues Weiss ratings, because it requires costly permits and protection during transport. The same is true when it comes to storage. Gold needs a secure location, like a vault or a bank. But Bitcoin does not have the same requirements because there is no physical assets to store. Sure, it’s clear that Weiss Ratings likes Bitcoin. We’re seeing a lot of I don’t know why it why why this particular year, we used to see maybe thrice a year discussions as to the Bitcoin v. gold argument. However, this is like a like a weekly thing now where people are talking about the power of Bitcoin over gold. Maybe they’re just trying to get other people to understand. I don’t know. It’s it’s clear that Bitcoin has many advantages over gold. And at least in my eyes, that Bitcoin is going to. Incredibly outperform gold over the short, near, long, far forever term, being up nine million. If gold had gone up nine million percent since 2009, I would guess everyone should buy some gold. But it’s Bitcoin that has gone up nine million percent. So it’s clear that there is a, at least for me, a clear winner in all of this. Good job wise. Keep keep spreading the. The Bitcoin news, as it were. And to finish things off, she’s shaking his robot hand. That is the weirdest thing of it. Is he? OK. A researcher from the crypto asset firm paradigm. Has co-authored a white paper for a new decentralized finance or DFI lending protocol based with fixed interest rates. The White Paper for yield, a protocol was written by paradigms. Dan Robinson and Alan Neame. Berg, who announced the project on the 8th of May named Berg, also announced that yield protocol has received seed investment from a paradigm which will be designated toward building the initial version of the product. The theory and based protocol purports to introduce fixed term fixed rate lending and interest rate markets to decentralized finance. Those of you who do not know a lot of these. D decentralized finance protocols that give a yearly interest rates, yearly returns on your money. They have fluctuating rates like you would not believe. I have a friend who is actually into a couple of these things. He does side jobs. He breaks Web sites. He does all these things for companies and they pay him. I believe in. And Di D.A., I think he gets paid and die, I remember. Anyway, the point is he then puts that dye into other projects, which then allow him to get an interest rate. He was showing me some of the rates. Like some days it can be like twenty two percent. Other days it’s like for some days at zero point one. And that doesn’t really shine. I mean, nobody really wants to know. If you put your money into something, you want to know that you’re going to get a consistent, even if it’s just five percent is going to be a consistent five percent abody once twenty two percent and then a zero the next day. That does not sound fun. Yields white paper describes a standard for a token that settles based on the value of a target asset on a specified future date and which is backed by some quantity of a collateral asset while defies protocol like maker Dow have garnered significant popularity within the crypto community over the past years. The floating nature interest rates associated with these vehicles have proven to be subject to significant volatility. Yeah, here we go with with maker loans fluctuating between zero point five percent and 20 percent during 2019. No, thank you. This is why I think staking is going to be a very big thing as long as we have a a year long, if not a two to four year long fixed interest rate on some of the stake in coins. I think that is going to really take off. There’s no way that I want zero point five percent on my money. And then I have to hope that the next week or the next month is going to give me a a 20 percent, which would be great. But then if the next month at that is giving me two percent, then, you know, I, I can’t deal with all that emotion. So I hope this works out for them. I’m sure we will have eventually some type of a relatively fixed interest rate even in the in any traditional markets. There is never a 1000 Prosek percent fixed interest rate. You’ve seen the before your whole life. We have five percent, two percent, four percent. It’s though roughly ranges around the same number. But people need the word isn’t clarity consistency when it comes to their investment. So good luck to them. I hope that works out for them because I also think that Devi is going to be very big in just a matter of, you know, you got to make good money before you actually put your money into it. As always, a very special thank you to my patriot and supporters, Professor Walli from Gunbower University, Utopia. Five, six, nine. Yashar not a Moonman Hi X Arpey the pothead Joshua Vinyard Martin story or Tongo Lolo song go Lolo knows Bromo John starts in the animal reader a biblio phobia. Tomalis Adam Grayslake Mohammed Ronie Master Ventures in Thailand. Jared Schnieder Wild Night Owl to Fortune to the World Crypto Joe Bankroll Network Adobo Crypto Artist Cody 3D Nicolas Where on Earth one piece will love Damian set soon a Nick Kanigher Richie Rich at their Vlad the Impaler Praksis Nick Munjal Laborie Anthony Charles Jim Garner Jeremy Fox Minting Coins Miller Hitchhikes Every Day and Cowslips Leg Day Yes to crypto buddy make both face any time. Fitness amongst staff are medic seventeen bake me a cake Take a robot show Nyssa on crypto with LANL Crayola Michala you are Allen Hold on I have to sneeze. Thank you all very very much for your support. Thank you to everyone who is a member of the channel by clicking the little join button below. And thank you to everyone who has subscribed to the new channel. I am still very shocked. Thank you very much. I am happy for the the but the looks now. Wait, wait. Well the support support out of think. That’s what I wanted to say. But thank you for the support on the new channel. I do appreciate it a lot. At the moment the market is basically exactly where it was about a day or two ago. Bitcoin is currently up by one point three, six percent. Every other coin is down by point thirteen point zero, one point six six point two three point zero seven, neither here nor there. There’ve been tons of fluctuations, but we seem to always revert back to the same area, more or less where we were before. You have some anomalies with coins going up. Lumens is going up. Sure. SOS, Tron, Shaw, SOS. Did you buy it? I mean, I, I was going to make a joke, but it just doesn’t. You know what I was going to say anyway. Yeah. The markets what I think a lot of people were expecting huge spikes up or huge slams down or price is kind of being all over the place, but it seems to be neither here nor there. I saw an article earlier discussing that if Bitcoin does happen to pass by nine thousand and that I think it was nine thousand one hundred and maintains it for closing, I eat twenty four hours, give or take, then we could potentially see some movements upward in price. Yeah, I don’t know. Yeah. I really just simply don’t know. I do hope that you all enjoyed. I do hope that you all are having a great day. A great morning, a great afternoon, a great evening, wherever you are, wherever you might be. I do hope that it is absolutely fantastic. All of you remember. Of this year, if we get near the end of quarter to which we are current, where we’re at quarter to quarter to and we still don’t have any Theorem 2.0, we can use that as a reference point. Thank you all once again for watching and or listening. And I will most certainly be talking to you all soon. See you.
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scottmapess · 4 years
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Ethereum 2.0 Confusion, BTC Hash Drop, Bitcoin Going Viral, Ethereum Like Facebook & Fixed Rates
VIDEO TRANSCRIPT
Low where everybody, welcome back for another video. Hope you’re all doing well and that you’re all having a great day to start things off in. Very confusing. Weird. Odd. Don’t really no news. With a newly launched multi-client test net Theorem 2.0 is on track to meet its phase zero pre launch requirements. In theory, I’m co-founder of Italic, Budarin said on Monday, kicking off Quoin Desk’s Consensus Distributed Conference Beta and discussed the latest progress. In particular, he highlighted the recent release of the first Ethan 2.0 multi-client test net. The launch of the new network, dubbed She Lazy, is a major milestone for a Theorem 2.0 development. It is, or since it is a what? It is a yes. It is a hard, prelaunch requirement that two or more compatible clients run a test net together for at least two months. Right now, the sleezy network features two clients. They are Lighthouse and PRISM, the tech who and nimbies clients have also sinked with lazy and will soon run their validators on the test net with four clients and to operate on the test net. Lazy is laying the ground for the official multi-client test net that the theory and foundation will deploy in the near future. Here we go. Justin Drake, a researcher at the Theory and Foundation, previously said that the team is hoping to release phase zero may net before the 30th of July, the fifth anniversary of the theory and 1.0. But the launch schedule pushed repeatedly from the initial date since January quarter three, January 3rd of quarter two to now quarter three. It is unclear whether the project can follow through on the July timeframe. I’m pretty sure you see where this is all going. This one tying directly into this hearing reports of a July launch date, Theorem 2.0 Metallic Budarin said he misheard the question at a conference and now clarifies further as to the launch of the official launch of Winning Theorem 2.0 is going to be in a response on Twitter conversation discuss the July launch date. Vitaly responded by saying, Yeah, I did not say July. Perhaps the question contained the word July, but I did not hear July when it was asked. OK, I definitely should have heard Juline the question. It was my mistake. End quote. It happened yesterday at the virtual conference consensus, which is currently underway. Vitaly notes that he misheard the question when the when the confirmed what who wrote this? Which confirmed the launch is still on track. Early on February, another developer seemed to have 95 percent confidence in a July launch, which was then referred back to the reports to which he gave a thumbs up. Later in an e-mail. This is ridiculous. Later, in an email response to Coin Desk, the organizer of the conference clarified. My actual stance is that Ethe too is on track and that there aren’t any unexpected bumps in the road. Test nets are coming along, etc.. But I defer to the club. Calev client devs on timelines and if they are now saying quarter three more broadly than I believe them, since 2019, the developing team has made progress with a series of initial launch of the second chain, but none can. Who wrote this? But none complete. The last significant development was the initiation of the proof of state protocol, but only a on a public test net without daps applications as mark contract platform. So for those of you who are not paying attention. The news that we are getting right now, at least over the last 36 hours, is that apparently and even I think it says it’s somewhere around here as well. If I’m not mistaken, about. But up. Pop up. Yeah. Apparently, a lot of people are like, what’s going on? I heard July. You heard July. Everyone knows her. July. The news that we are now getting is that. Not July, Vitalii never heard. July, he should have heard July and therefore maybe not to July. It says, nevertheless, the community was still looking into a July launch. Yeah, because we’ve heard about that for the last four or five months. The CEO of Oak Coin, Jason Liow, expressed disbelief on his own bid being misled. He said, I’m shocked. But others in the community also mentioned July like we all. Heard July, and I mentioned this a couple of months ago. Remember, remember, I said? I have a feeling that what’s happening with Cardno is going to be pushed back. We all heard May. And then as we got closer to May, the May timeframe became. Oh, yeah. This is this is for family and friends, too. To test it out. And I said a theorem needs to really get moving because we are in a we’re in a very. The word is an unexpected time. I mean, yes, yes, yes. Gibbs’. Yeah, it’s actually completely unexpected. But the coins have to kind of start getting a move on, as it were. And I said the most ridiculous thing would be, I think I said this in February or March, is if we start getting closer to July and we hear the O. July. Is that a month? Oh, no. There’s there’s there’s no July, any theorem. So the news that we’re getting now is quarter three. January, February, March, April, May, June, July, August, September. That now puts us anywhere between July to September. As quarter three that we have all seen and you heard me say. Where you theory home 2.0. I am not losing faith or losing hope. Is like just get a move on already. If this is only the phase zero launch, we’re going to have very big problems because the full release of a theory M 2.0 is probably going to take a good three to four years at this point. So, yeah, that is the I mean, this news was all over the place. A lot of people are scouring the Internet trying to find information about him saying July, the July information. The interesting part is that we all heard July in some form or fashion, as was quoted multiple times. I haven’t mentioned about a good two two weeks ago. Who cares about the exact time frame? One of italic uterine was on stage or is talking somewhere. And he was. We’re still on track. Everything’s good. And everyone took that as an okay for the July time frame. So apparently, Terry Yttrium Theorem 2.0 is still being worked on. It’s still going to happen. But apparently the 30th of July that we all heard is apparently no. Anyway, I mean, I called it and I give it. I don’t even I I don’t even want to give a timeframe. I was going to say even for a Cardno, I give them around to July when they’re going to try and push it back once again. But I listen. I mean, at at at at at this point, it kind of is what it is that the fact that so many of these projects have lasted this long with this amount of delay is just extravagantly amazing. Let’s move on. Next up, bitcoins hash rate, the measure of miners performances appears to have dropped by about 16 percent after the third, having as miners now generate twice less from the block subsidy. According to the bloc’s estimates, the daily miner revenue has dropped by about 44 percent after the having from sixteen point one million to around nine million U.S. dollars. Most of the older ASIC mining equipment, such as the anti miner S9, is now on profitable. The new Djenne devices, such as the Anta Miner s 17 and what’s miner M 30? S remain a vastly profitable. The cash rate appears to be down from one hundred and twenty two Exxon hashes to one hundred and two over the four largest mining pools. Those, those, those and those pool and seems to have lost the largest amount of cash rate, approximately 30 percent, with the BTC dot com losing around 10 percent. This was to be expected. We spoke about this yesterday. The news that we had at the beginning of yesterday’s video was at the hash rate had spiked. I assume that was because everyone was like, well, let’s try to get more Bitcoin. And then they realise that the reward has been cut in half and it is more difficult to mine Bitcoin now. So this was to be expected. But, yeah, this is also passing around in the news a lot as a lot of people are. I don’t wanna say sensationalizing things. However, when you get a drop in hash rated any point, but it happens all the time whether Bitcoin has happened or not. It tends to make a lot of news. And I guess the news that we had before that apparently miners would start turning off their machines if it was not profitable enough for them to be able to mine Bitcoin, then here we are. The news that we also had a couple of months ago, about a month ago, maybe an exact month, was that I think Bitcoin has to be air quotes, I think above twelve or thirteen thousand dollars in order to it to be for it to remain extremely profitable for actual miners to stay in the game, as it were anyway. Yeah, that’s the Bitcoin news there was today. You may have noticed like a lack of price news. There was no price news nowhere. Not noting that no matter where I looked, there was nothing negative and or positive. The prices have relatively gone sideways since the having has taken place. No real ups or downs? No. What’s the word predicted drops yet and no predicted sky rocket things, at least at the moment. Yeah. Let’s move on. Next up, while trainees trades while trading Chinese yuan for bitcoin may technically be banned in China. That hasn’t stopped the country’s citizens from talking up a storm about cryptocurrency. This was made clear on Sunday when Sam. Mao, CSO of Block’s Dream, noted that according to data from Weibo or Weibo, which is that Chinese Twitter air quoted Bitcoin was a trending topic. This is the third time that this has happened the past two weeks, according to a screenshot of Weibo Ibos, the trending list from the 10th of May. Shared by Mao, a search term mentioning Bitcoin’s price drop was recently the 13th most popular term on the platform. This is noticeable as Weibo. Weibo is a platform used. I haven’t had no idea what to say. Use my literally. Wow. Four hundred million people monthly. Showing how excited the Chinese are about BTC. Here is a list right here. I do not read Mandarin. Therefore, I’m going to keep scrolling down. The popularity of Bitcoin in China seems to be somewhat tied to an article shared by the finance column known as CCTV. What the biggest television broadcast went on there. Their television broadcaster is called C.C.. Kind of putting a hat on a hat. CCTV is the predominant state owned television network in mainland China. They call it CCTV. The point is, despite the banning of trading within China of Bitcoin, it appears to remain very popular. We had news like this a couple of weeks ago as well. It wasn’t this guy from Block’s dream, but someone else had posted. I think that Bitcoin was the what was it, the second or third most popular trending topic in China? Four, 400 million is a lot of people for 400 million users just on this one app alone. That’s more than the entirety of the United States. That’s a huge amount of people. Can you imagine if we had a situation where on just American Twitter or American Facebook or American Instagram, where Bitcoin was the second or 13th, the most spoke spoken about topic in the entire country? That’d be completely insane. So I wonder what would happen if people in China had complete access to I mean, their government also knows that they can’t give them complete access because of things like this. Can you imagine what for? If Bitcoin had had become the number two trending topic, especially a news article called like Bitcoin price rise amongst 400 million people, these 400 million people would have at least tried to purchase a million. Satoshi is each at least, which would have definitely done something to the price anyway. Yeah. That’s the. We bo y bo Twitter number 13 news for today. I mean, it’s it’s it’s it’s it’s very unsurprising. This is why I keep mentioning Bitcoin’s a lot more popular than people. Believe or understand, a lot of times we kind of put ourselves in our own bubble, whether it be here on the channel or with our friends or community, what have you. We don’t realize that there are hundreds of millions of people around the world who are also they know the name Bitcoin and are either on the cusp of buying Bitcoin or already own Bitcoin. It is a quite the fascinating indeed. Let’s move on. Next up, with crypto currencies, there are no cash flow statements or balance sheets and investor can analyze to get a good sense of their intrinsic value. This makes it hard for a conservative Wall Street players such as Warren Buffett who analyze their instead nope investments and by discounting cash flows from dripping from dipping. Who keeps writing these weird words? And I can’t read. According to hedge fund manager Mike Novogratz, though, he theorems that dollar value is predicated on the concept of a network effect, which is an economic concept that the value of a network B that technology or money is predicated on how many people use it. Over the past decade, cryptocurrency is have formed market capitalizations in the billions and billions of dollars, according to Crypto Slate’s Coin Reinking Page. There are currently over 16 coins worth over one billion dollars and fifty five worth over one hundred million dollars. That raises the question what is behind these high valuations? How could projects just years old be worth so much? For those of you who want the answer, a lot of them are inflated completely in price. These coins aren’t being used. So when you see a coin where ninety nine percent of all transactions are happening through a weather app or another coin where ninety five percent of all transactions are happening just between two addresses. Hum. You realize that these things are the word fraudulent comes to mind. However it comes more down to these things are overvalued and should not be valued even over a million dollars because no one’s really using them for a theorem. At least it’s a simple network effect. Speaking on a panel at the ethereal virtual summit. The latest virtual crypto conference, former Goldman Sachs partner Mike Novogratz shared his sentiment with you, Theorem co-founder Joseph Luban. And for Cats’ News or Katz for four oh four forecast y. Spell it that way. Forecast the dots news g allow. He argued that he theorem garnering a 20 billion dollar market cap is based on a confluence of a different used cases on the block chain, such as decentralized finance, enterprise applications or stable coins, garnering a vast amount of users, which then creates a network effect that increases prices exponentially. This contradicts the belief that he theorem is only valuable because it facilitates ISO’s, which was a popular sentiment in 2018. He said one of the things for the theorem narrative is valuing the network, kind of like we do with Facebook. The more network effect you get, the better. Like getting Teather to migrate its coin. We theory M brings people using that to the network. Mike Michael Novogratz is a hyper ethereal and hyper bitcoin bull. This is actually I’m surprised it took so long for this to actually come to the light. If that kind of makes any sense. This is a major reason for the valuation of Bitcoin. Usually you don’t hear. Why is Bitcoin worth so much when you get the news that Bitcoin last year transacted over a trillion dollars? Eighth largest currency, what have you, so on and so forth. These these discussions kind of disappear because you understand that regardless of what anyone Warren Buffett, he might say about Bitcoin, we know that Bitcoin is being used as being accumulated, is being passed back and forth. People are being paid in Bitcoin, buying flights, a Bitcoin, what have you. But we never usually get this discussion for a theory. I mean, usually focuses around the idea that a theorem is only good for ISO’s NRD five projects. But it comes down to also if other people continue to build their stuff on top of you theorem and therefore ether in some ways being used or the ether theory of network is being used by tens of millions of hundreds of millions of people around the world. And therefore the network also have has tons of value. However, you can’t really do that with 15 transactions per second. So, yeah, I mean, it’s just it’s just a very weird and odd conversation because. When people ask me and have been asking before which coins I’m into when they are usually shocked that I’m rarely only kind of paying attention to a couple of coins, it’s because of that. It’s because we can mathematically see transactions going through the the Arpey ledger. We can see how many people are actually using Bitcoin. We can see based off of metrics that a theorem remains popular regardless of how slow it’s currently going, and also the companies and countries who are going to be building on top of it. But then you get into discussions. I’m not going even name other coins because I can feel the the the angry comments coming. These other coins aren’t being used. Their usage has dropped exponentially, has nothing to really do with the price. Price is a different kind of metric for people who are exclusively trying to invest in these things. When you get the actual usage of them, it pales in comparison to the top three. And I guess this is why they are the top three and subsequently why Teather is in the top four. Regardless of how many Teather are actually being printed, Teather is laid out across. What is it, five or six, seven different block chains and is being used actively on a daily basis. So in some odd apocalyptic way, it garners that position as the fourth largest coin. But then you get the other coins. They’re not really being used. Speculation is not a usage or talking about that. You’re going to be building a platform on top of them to be able to mimic something that he Theorem X, Arpey or Bitcoin is doing doesn’t also really garner value. So I’m expecting still at some points, a great crash, a great wave to wash away unworthy coins within the cryptocurrency space. That does not mean that a lot of coins that I am holding, a lot of alt coins will not go up in value. Of course, they are going to go up in value at some point because people will be able to push the prices up. The hype cycles will return. And at that point, I will be cashing out of a lot of them. However, as far as long term. Growth holdings. There’s a reason once again why institutions use you really are just focusing on two coins. It’s because other coins have to kind of prove themselves and if they don’t, they’ll be washed away and then they’ll be replaced by other copycats who also claim to be able to do the same exact thing. And that’s just how things go. Oh, yeah. Let’s move on. Next up, Weiss ratings predicts that the value of gold will increase once 19 is over, but says its upside pales in comparison to that of Bitcoin. According to the crypto ratings agency, the digital nature of Bitcoin gives it several advantages over gold. The traditional hedge against inflation. Government bureaucrats cannot inflate away the purchasing power of your gold like they can with Fiat. But do they can send in storm troopers stomping in to seize it? In 1933, the US president famously confiscated all of the gold in America. Well, that’s nice of him. Australia’s 1959 Banking Act empower the government to force private citizens to turn in their gold for paper. And the 1966 British labour movements made it illegal for any person to own more than four pieces of precious. What was wrong with governments? Don’t think stuff like this can’t still happen. Bankrupt spendthrift governments, especially when their banks are against banks, backs are against the wall. We’ll grab at just about any assets they can lay their hands on. Yeah, this is and that’s definitely true. Bitcoin is also more mobile than gold, argues Weiss ratings, because it requires costly permits and protection during transport. The same is true when it comes to storage. Gold needs a secure location, like a vault or a bank. But Bitcoin does not have the same requirements because there is no physical assets to store. Sure, it’s clear that Weiss Ratings likes Bitcoin. We’re seeing a lot of I don’t know why it why why this particular year, we used to see maybe thrice a year discussions as to the Bitcoin v. gold argument. However, this is like a like a weekly thing now where people are talking about the power of Bitcoin over gold. Maybe they’re just trying to get other people to understand. I don’t know. It’s it’s clear that Bitcoin has many advantages over gold. And at least in my eyes, that Bitcoin is going to. Incredibly outperform gold over the short, near, long, far forever term, being up nine million. If gold had gone up nine million percent since 2009, I would guess everyone should buy some gold. But it’s Bitcoin that has gone up nine million percent. So it’s clear that there is a, at least for me, a clear winner in all of this. Good job wise. Keep keep spreading the. The Bitcoin news, as it were. And to finish things off, she’s shaking his robot hand. That is the weirdest thing of it. Is he? OK. A researcher from the crypto asset firm paradigm. Has co-authored a white paper for a new decentralized finance or DFI lending protocol based with fixed interest rates. The White Paper for yield, a protocol was written by paradigms. Dan Robinson and Alan Neame. Berg, who announced the project on the 8th of May named Berg, also announced that yield protocol has received seed investment from a paradigm which will be designated toward building the initial version of the product. The theory and based protocol purports to introduce fixed term fixed rate lending and interest rate markets to decentralized finance. Those of you who do not know a lot of these. D decentralized finance protocols that give a yearly interest rates, yearly returns on your money. They have fluctuating rates like you would not believe. I have a friend who is actually into a couple of these things. He does side jobs. He breaks Web sites. He does all these things for companies and they pay him. I believe in. And Di D.A., I think he gets paid and die, I remember. Anyway, the point is he then puts that dye into other projects, which then allow him to get an interest rate. He was showing me some of the rates. Like some days it can be like twenty two percent. Other days it’s like for some days at zero point one. And that doesn’t really shine. I mean, nobody really wants to know. If you put your money into something, you want to know that you’re going to get a consistent, even if it’s just five percent is going to be a consistent five percent abody once twenty two percent and then a zero the next day. That does not sound fun. Yields white paper describes a standard for a token that settles based on the value of a target asset on a specified future date and which is backed by some quantity of a collateral asset while defies protocol like maker Dow have garnered significant popularity within the crypto community over the past years. The floating nature interest rates associated with these vehicles have proven to be subject to significant volatility. Yeah, here we go with with maker loans fluctuating between zero point five percent and 20 percent during 2019. No, thank you. This is why I think staking is going to be a very big thing as long as we have a a year long, if not a two to four year long fixed interest rate on some of the stake in coins. I think that is going to really take off. There’s no way that I want zero point five percent on my money. And then I have to hope that the next week or the next month is going to give me a a 20 percent, which would be great. But then if the next month at that is giving me two percent, then, you know, I, I can’t deal with all that emotion. So I hope this works out for them. I’m sure we will have eventually some type of a relatively fixed interest rate even in the in any traditional markets. There is never a 1000 Prosek percent fixed interest rate. You’ve seen the before your whole life. We have five percent, two percent, four percent. It’s though roughly ranges around the same number. But people need the word isn’t clarity consistency when it comes to their investment. So good luck to them. I hope that works out for them because I also think that Devi is going to be very big in just a matter of, you know, you got to make good money before you actually put your money into it. As always, a very special thank you to my patriot and supporters, Professor Walli from Gunbower University, Utopia. Five, six, nine. Yashar not a Moonman Hi X Arpey the pothead Joshua Vinyard Martin story or Tongo Lolo song go Lolo knows Bromo John starts in the animal reader a biblio phobia. Tomalis Adam Grayslake Mohammed Ronie Master Ventures in Thailand. Jared Schnieder Wild Night Owl to Fortune to the World Crypto Joe Bankroll Network Adobo Crypto Artist Cody 3D Nicolas Where on Earth one piece will love Damian set soon a Nick Kanigher Richie Rich at their Vlad the Impaler Praksis Nick Munjal Laborie Anthony Charles Jim Garner Jeremy Fox Minting Coins Miller Hitchhikes Every Day and Cowslips Leg Day Yes to crypto buddy make both face any time. Fitness amongst staff are medic seventeen bake me a cake Take a robot show Nyssa on crypto with LANL Crayola Michala you are Allen Hold on I have to sneeze. Thank you all very very much for your support. Thank you to everyone who is a member of the channel by clicking the little join button below. And thank you to everyone who has subscribed to the new channel. I am still very shocked. Thank you very much. I am happy for the the but the looks now. Wait, wait. Well the support support out of think. That’s what I wanted to say. But thank you for the support on the new channel. I do appreciate it a lot. At the moment the market is basically exactly where it was about a day or two ago. Bitcoin is currently up by one point three, six percent. Every other coin is down by point thirteen point zero, one point six six point two three point zero seven, neither here nor there. There’ve been tons of fluctuations, but we seem to always revert back to the same area, more or less where we were before. You have some anomalies with coins going up. Lumens is going up. Sure. SOS, Tron, Shaw, SOS. Did you buy it? I mean, I, I was going to make a joke, but it just doesn’t. You know what I was going to say anyway. Yeah. The markets what I think a lot of people were expecting huge spikes up or huge slams down or price is kind of being all over the place, but it seems to be neither here nor there. I saw an article earlier discussing that if Bitcoin does happen to pass by nine thousand and that I think it was nine thousand one hundred and maintains it for closing, I eat twenty four hours, give or take, then we could potentially see some movements upward in price. Yeah, I don’t know. Yeah. I really just simply don’t know. I do hope that you all enjoyed. I do hope that you all are having a great day. A great morning, a great afternoon, a great evening, wherever you are, wherever you might be. I do hope that it is absolutely fantastic. All of you remember. Of this year, if we get near the end of quarter to which we are current, where we’re at quarter to quarter to and we still don’t have any Theorem 2.0, we can use that as a reference point. Thank you all once again for watching and or listening. And I will most certainly be talking to you all soon. See you.
source https://www.cryptosharks.net/ethereum-confusion-btc-hash-drop-bitcoin-going-viral/ source https://cryptosharks1.blogspot.com/2020/05/ethereum-20-confusion-btc-hash-drop.html
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cryptosharks1 · 4 years
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Ethereum 2.0 Confusion, BTC Hash Drop, Bitcoin Going Viral, Ethereum Like Facebook & Fixed Rates
VIDEO TRANSCRIPT
Low where everybody, welcome back for another video. Hope you’re all doing well and that you’re all having a great day to start things off in. Very confusing. Weird. Odd. Don’t really no news. With a newly launched multi-client test net Theorem 2.0 is on track to meet its phase zero pre launch requirements. In theory, I’m co-founder of Italic, Budarin said on Monday, kicking off Quoin Desk’s Consensus Distributed Conference Beta and discussed the latest progress. In particular, he highlighted the recent release of the first Ethan 2.0 multi-client test net. The launch of the new network, dubbed She Lazy, is a major milestone for a Theorem 2.0 development. It is, or since it is a what? It is a yes. It is a hard, prelaunch requirement that two or more compatible clients run a test net together for at least two months. Right now, the sleezy network features two clients. They are Lighthouse and PRISM, the tech who and nimbies clients have also sinked with lazy and will soon run their validators on the test net with four clients and to operate on the test net. Lazy is laying the ground for the official multi-client test net that the theory and foundation will deploy in the near future. Here we go. Justin Drake, a researcher at the Theory and Foundation, previously said that the team is hoping to release phase zero may net before the 30th of July, the fifth anniversary of the theory and 1.0. But the launch schedule pushed repeatedly from the initial date since January quarter three, January 3rd of quarter two to now quarter three. It is unclear whether the project can follow through on the July timeframe. I’m pretty sure you see where this is all going. This one tying directly into this hearing reports of a July launch date, Theorem 2.0 Metallic Budarin said he misheard the question at a conference and now clarifies further as to the launch of the official launch of Winning Theorem 2.0 is going to be in a response on Twitter conversation discuss the July launch date. Vitaly responded by saying, Yeah, I did not say July. Perhaps the question contained the word July, but I did not hear July when it was asked. OK, I definitely should have heard Juline the question. It was my mistake. End quote. It happened yesterday at the virtual conference consensus, which is currently underway. Vitaly notes that he misheard the question when the when the confirmed what who wrote this? Which confirmed the launch is still on track. Early on February, another developer seemed to have 95 percent confidence in a July launch, which was then referred back to the reports to which he gave a thumbs up. Later in an e-mail. This is ridiculous. Later, in an email response to Coin Desk, the organizer of the conference clarified. My actual stance is that Ethe too is on track and that there aren’t any unexpected bumps in the road. Test nets are coming along, etc.. But I defer to the club. Calev client devs on timelines and if they are now saying quarter three more broadly than I believe them, since 2019, the developing team has made progress with a series of initial launch of the second chain, but none can. Who wrote this? But none complete. The last significant development was the initiation of the proof of state protocol, but only a on a public test net without daps applications as mark contract platform. So for those of you who are not paying attention. The news that we are getting right now, at least over the last 36 hours, is that apparently and even I think it says it’s somewhere around here as well. If I’m not mistaken, about. But up. Pop up. Yeah. Apparently, a lot of people are like, what’s going on? I heard July. You heard July. Everyone knows her. July. The news that we are now getting is that. Not July, Vitalii never heard. July, he should have heard July and therefore maybe not to July. It says, nevertheless, the community was still looking into a July launch. Yeah, because we’ve heard about that for the last four or five months. The CEO of Oak Coin, Jason Liow, expressed disbelief on his own bid being misled. He said, I’m shocked. But others in the community also mentioned July like we all. Heard July, and I mentioned this a couple of months ago. Remember, remember, I said? I have a feeling that what’s happening with Cardno is going to be pushed back. We all heard May. And then as we got closer to May, the May timeframe became. Oh, yeah. This is this is for family and friends, too. To test it out. And I said a theorem needs to really get moving because we are in a we’re in a very. The word is an unexpected time. I mean, yes, yes, yes. Gibbs’. Yeah, it’s actually completely unexpected. But the coins have to kind of start getting a move on, as it were. And I said the most ridiculous thing would be, I think I said this in February or March, is if we start getting closer to July and we hear the O. July. Is that a month? Oh, no. There’s there’s there’s no July, any theorem. So the news that we’re getting now is quarter three. January, February, March, April, May, June, July, August, September. That now puts us anywhere between July to September. As quarter three that we have all seen and you heard me say. Where you theory home 2.0. I am not losing faith or losing hope. Is like just get a move on already. If this is only the phase zero launch, we’re going to have very big problems because the full release of a theory M 2.0 is probably going to take a good three to four years at this point. So, yeah, that is the I mean, this news was all over the place. A lot of people are scouring the Internet trying to find information about him saying July, the July information. The interesting part is that we all heard July in some form or fashion, as was quoted multiple times. I haven’t mentioned about a good two two weeks ago. Who cares about the exact time frame? One of italic uterine was on stage or is talking somewhere. And he was. We’re still on track. Everything’s good. And everyone took that as an okay for the July time frame. So apparently, Terry Yttrium Theorem 2.0 is still being worked on. It’s still going to happen. But apparently the 30th of July that we all heard is apparently no. Anyway, I mean, I called it and I give it. I don’t even I I don’t even want to give a timeframe. I was going to say even for a Cardno, I give them around to July when they’re going to try and push it back once again. But I listen. I mean, at at at at at this point, it kind of is what it is that the fact that so many of these projects have lasted this long with this amount of delay is just extravagantly amazing. Let’s move on. Next up, bitcoins hash rate, the measure of miners performances appears to have dropped by about 16 percent after the third, having as miners now generate twice less from the block subsidy. According to the bloc’s estimates, the daily miner revenue has dropped by about 44 percent after the having from sixteen point one million to around nine million U.S. dollars. Most of the older ASIC mining equipment, such as the anti miner S9, is now on profitable. The new Djenne devices, such as the Anta Miner s 17 and what’s miner M 30? S remain a vastly profitable. The cash rate appears to be down from one hundred and twenty two Exxon hashes to one hundred and two over the four largest mining pools. Those, those, those and those pool and seems to have lost the largest amount of cash rate, approximately 30 percent, with the BTC dot com losing around 10 percent. This was to be expected. We spoke about this yesterday. The news that we had at the beginning of yesterday’s video was at the hash rate had spiked. I assume that was because everyone was like, well, let’s try to get more Bitcoin. And then they realise that the reward has been cut in half and it is more difficult to mine Bitcoin now. So this was to be expected. But, yeah, this is also passing around in the news a lot as a lot of people are. I don’t wanna say sensationalizing things. However, when you get a drop in hash rated any point, but it happens all the time whether Bitcoin has happened or not. It tends to make a lot of news. And I guess the news that we had before that apparently miners would start turning off their machines if it was not profitable enough for them to be able to mine Bitcoin, then here we are. The news that we also had a couple of months ago, about a month ago, maybe an exact month, was that I think Bitcoin has to be air quotes, I think above twelve or thirteen thousand dollars in order to it to be for it to remain extremely profitable for actual miners to stay in the game, as it were anyway. Yeah, that’s the Bitcoin news there was today. You may have noticed like a lack of price news. There was no price news nowhere. Not noting that no matter where I looked, there was nothing negative and or positive. The prices have relatively gone sideways since the having has taken place. No real ups or downs? No. What’s the word predicted drops yet and no predicted sky rocket things, at least at the moment. Yeah. Let’s move on. Next up, while trainees trades while trading Chinese yuan for bitcoin may technically be banned in China. That hasn’t stopped the country’s citizens from talking up a storm about cryptocurrency. This was made clear on Sunday when Sam. Mao, CSO of Block’s Dream, noted that according to data from Weibo or Weibo, which is that Chinese Twitter air quoted Bitcoin was a trending topic. This is the third time that this has happened the past two weeks, according to a screenshot of Weibo Ibos, the trending list from the 10th of May. Shared by Mao, a search term mentioning Bitcoin’s price drop was recently the 13th most popular term on the platform. This is noticeable as Weibo. Weibo is a platform used. I haven’t had no idea what to say. Use my literally. Wow. Four hundred million people monthly. Showing how excited the Chinese are about BTC. Here is a list right here. I do not read Mandarin. Therefore, I’m going to keep scrolling down. The popularity of Bitcoin in China seems to be somewhat tied to an article shared by the finance column known as CCTV. What the biggest television broadcast went on there. Their television broadcaster is called C.C.. Kind of putting a hat on a hat. CCTV is the predominant state owned television network in mainland China. They call it CCTV. The point is, despite the banning of trading within China of Bitcoin, it appears to remain very popular. We had news like this a couple of weeks ago as well. It wasn’t this guy from Block’s dream, but someone else had posted. I think that Bitcoin was the what was it, the second or third most popular trending topic in China? Four, 400 million is a lot of people for 400 million users just on this one app alone. That’s more than the entirety of the United States. That’s a huge amount of people. Can you imagine if we had a situation where on just American Twitter or American Facebook or American Instagram, where Bitcoin was the second or 13th, the most spoke spoken about topic in the entire country? That’d be completely insane. So I wonder what would happen if people in China had complete access to I mean, their government also knows that they can’t give them complete access because of things like this. Can you imagine what for? If Bitcoin had had become the number two trending topic, especially a news article called like Bitcoin price rise amongst 400 million people, these 400 million people would have at least tried to purchase a million. Satoshi is each at least, which would have definitely done something to the price anyway. Yeah. That’s the. We bo y bo Twitter number 13 news for today. I mean, it’s it’s it’s it’s it’s very unsurprising. This is why I keep mentioning Bitcoin’s a lot more popular than people. Believe or understand, a lot of times we kind of put ourselves in our own bubble, whether it be here on the channel or with our friends or community, what have you. We don’t realize that there are hundreds of millions of people around the world who are also they know the name Bitcoin and are either on the cusp of buying Bitcoin or already own Bitcoin. It is a quite the fascinating indeed. Let’s move on. Next up, with crypto currencies, there are no cash flow statements or balance sheets and investor can analyze to get a good sense of their intrinsic value. This makes it hard for a conservative Wall Street players such as Warren Buffett who analyze their instead nope investments and by discounting cash flows from dripping from dipping. Who keeps writing these weird words? And I can’t read. According to hedge fund manager Mike Novogratz, though, he theorems that dollar value is predicated on the concept of a network effect, which is an economic concept that the value of a network B that technology or money is predicated on how many people use it. Over the past decade, cryptocurrency is have formed market capitalizations in the billions and billions of dollars, according to Crypto Slate’s Coin Reinking Page. There are currently over 16 coins worth over one billion dollars and fifty five worth over one hundred million dollars. That raises the question what is behind these high valuations? How could projects just years old be worth so much? For those of you who want the answer, a lot of them are inflated completely in price. These coins aren’t being used. So when you see a coin where ninety nine percent of all transactions are happening through a weather app or another coin where ninety five percent of all transactions are happening just between two addresses. Hum. You realize that these things are the word fraudulent comes to mind. However it comes more down to these things are overvalued and should not be valued even over a million dollars because no one’s really using them for a theorem. At least it’s a simple network effect. Speaking on a panel at the ethereal virtual summit. The latest virtual crypto conference, former Goldman Sachs partner Mike Novogratz shared his sentiment with you, Theorem co-founder Joseph Luban. And for Cats’ News or Katz for four oh four forecast y. Spell it that way. Forecast the dots news g allow. He argued that he theorem garnering a 20 billion dollar market cap is based on a confluence of a different used cases on the block chain, such as decentralized finance, enterprise applications or stable coins, garnering a vast amount of users, which then creates a network effect that increases prices exponentially. This contradicts the belief that he theorem is only valuable because it facilitates ISO’s, which was a popular sentiment in 2018. He said one of the things for the theorem narrative is valuing the network, kind of like we do with Facebook. The more network effect you get, the better. Like getting Teather to migrate its coin. We theory M brings people using that to the network. Mike Michael Novogratz is a hyper ethereal and hyper bitcoin bull. This is actually I’m surprised it took so long for this to actually come to the light. If that kind of makes any sense. This is a major reason for the valuation of Bitcoin. Usually you don’t hear. Why is Bitcoin worth so much when you get the news that Bitcoin last year transacted over a trillion dollars? Eighth largest currency, what have you, so on and so forth. These these discussions kind of disappear because you understand that regardless of what anyone Warren Buffett, he might say about Bitcoin, we know that Bitcoin is being used as being accumulated, is being passed back and forth. People are being paid in Bitcoin, buying flights, a Bitcoin, what have you. But we never usually get this discussion for a theory. I mean, usually focuses around the idea that a theorem is only good for ISO’s NRD five projects. But it comes down to also if other people continue to build their stuff on top of you theorem and therefore ether in some ways being used or the ether theory of network is being used by tens of millions of hundreds of millions of people around the world. And therefore the network also have has tons of value. However, you can’t really do that with 15 transactions per second. So, yeah, I mean, it’s just it’s just a very weird and odd conversation because. When people ask me and have been asking before which coins I’m into when they are usually shocked that I’m rarely only kind of paying attention to a couple of coins, it’s because of that. It’s because we can mathematically see transactions going through the the Arpey ledger. We can see how many people are actually using Bitcoin. We can see based off of metrics that a theorem remains popular regardless of how slow it’s currently going, and also the companies and countries who are going to be building on top of it. But then you get into discussions. I’m not going even name other coins because I can feel the the the angry comments coming. These other coins aren’t being used. Their usage has dropped exponentially, has nothing to really do with the price. Price is a different kind of metric for people who are exclusively trying to invest in these things. When you get the actual usage of them, it pales in comparison to the top three. And I guess this is why they are the top three and subsequently why Teather is in the top four. Regardless of how many Teather are actually being printed, Teather is laid out across. What is it, five or six, seven different block chains and is being used actively on a daily basis. So in some odd apocalyptic way, it garners that position as the fourth largest coin. But then you get the other coins. They’re not really being used. Speculation is not a usage or talking about that. You’re going to be building a platform on top of them to be able to mimic something that he Theorem X, Arpey or Bitcoin is doing doesn’t also really garner value. So I’m expecting still at some points, a great crash, a great wave to wash away unworthy coins within the cryptocurrency space. That does not mean that a lot of coins that I am holding, a lot of alt coins will not go up in value. Of course, they are going to go up in value at some point because people will be able to push the prices up. The hype cycles will return. And at that point, I will be cashing out of a lot of them. However, as far as long term. Growth holdings. There’s a reason once again why institutions use you really are just focusing on two coins. It’s because other coins have to kind of prove themselves and if they don’t, they’ll be washed away and then they’ll be replaced by other copycats who also claim to be able to do the same exact thing. And that’s just how things go. Oh, yeah. Let’s move on. Next up, Weiss ratings predicts that the value of gold will increase once 19 is over, but says its upside pales in comparison to that of Bitcoin. According to the crypto ratings agency, the digital nature of Bitcoin gives it several advantages over gold. The traditional hedge against inflation. Government bureaucrats cannot inflate away the purchasing power of your gold like they can with Fiat. But do they can send in storm troopers stomping in to seize it? In 1933, the US president famously confiscated all of the gold in America. Well, that’s nice of him. Australia’s 1959 Banking Act empower the government to force private citizens to turn in their gold for paper. And the 1966 British labour movements made it illegal for any person to own more than four pieces of precious. What was wrong with governments? Don’t think stuff like this can’t still happen. Bankrupt spendthrift governments, especially when their banks are against banks, backs are against the wall. We’ll grab at just about any assets they can lay their hands on. Yeah, this is and that’s definitely true. Bitcoin is also more mobile than gold, argues Weiss ratings, because it requires costly permits and protection during transport. The same is true when it comes to storage. Gold needs a secure location, like a vault or a bank. But Bitcoin does not have the same requirements because there is no physical assets to store. Sure, it’s clear that Weiss Ratings likes Bitcoin. We’re seeing a lot of I don’t know why it why why this particular year, we used to see maybe thrice a year discussions as to the Bitcoin v. gold argument. However, this is like a like a weekly thing now where people are talking about the power of Bitcoin over gold. Maybe they’re just trying to get other people to understand. I don’t know. It’s it’s clear that Bitcoin has many advantages over gold. And at least in my eyes, that Bitcoin is going to. Incredibly outperform gold over the short, near, long, far forever term, being up nine million. If gold had gone up nine million percent since 2009, I would guess everyone should buy some gold. But it’s Bitcoin that has gone up nine million percent. So it’s clear that there is a, at least for me, a clear winner in all of this. Good job wise. Keep keep spreading the. The Bitcoin news, as it were. And to finish things off, she’s shaking his robot hand. That is the weirdest thing of it. Is he? OK. A researcher from the crypto asset firm paradigm. Has co-authored a white paper for a new decentralized finance or DFI lending protocol based with fixed interest rates. The White Paper for yield, a protocol was written by paradigms. Dan Robinson and Alan Neame. Berg, who announced the project on the 8th of May named Berg, also announced that yield protocol has received seed investment from a paradigm which will be designated toward building the initial version of the product. The theory and based protocol purports to introduce fixed term fixed rate lending and interest rate markets to decentralized finance. Those of you who do not know a lot of these. D decentralized finance protocols that give a yearly interest rates, yearly returns on your money. They have fluctuating rates like you would not believe. I have a friend who is actually into a couple of these things. He does side jobs. He breaks Web sites. He does all these things for companies and they pay him. I believe in. And Di D.A., I think he gets paid and die, I remember. Anyway, the point is he then puts that dye into other projects, which then allow him to get an interest rate. He was showing me some of the rates. Like some days it can be like twenty two percent. Other days it’s like for some days at zero point one. And that doesn’t really shine. I mean, nobody really wants to know. If you put your money into something, you want to know that you’re going to get a consistent, even if it’s just five percent is going to be a consistent five percent abody once twenty two percent and then a zero the next day. That does not sound fun. Yields white paper describes a standard for a token that settles based on the value of a target asset on a specified future date and which is backed by some quantity of a collateral asset while defies protocol like maker Dow have garnered significant popularity within the crypto community over the past years. The floating nature interest rates associated with these vehicles have proven to be subject to significant volatility. Yeah, here we go with with maker loans fluctuating between zero point five percent and 20 percent during 2019. No, thank you. This is why I think staking is going to be a very big thing as long as we have a a year long, if not a two to four year long fixed interest rate on some of the stake in coins. I think that is going to really take off. There’s no way that I want zero point five percent on my money. And then I have to hope that the next week or the next month is going to give me a a 20 percent, which would be great. But then if the next month at that is giving me two percent, then, you know, I, I can’t deal with all that emotion. So I hope this works out for them. I’m sure we will have eventually some type of a relatively fixed interest rate even in the in any traditional markets. There is never a 1000 Prosek percent fixed interest rate. You’ve seen the before your whole life. We have five percent, two percent, four percent. It’s though roughly ranges around the same number. But people need the word isn’t clarity consistency when it comes to their investment. So good luck to them. I hope that works out for them because I also think that Devi is going to be very big in just a matter of, you know, you got to make good money before you actually put your money into it. As always, a very special thank you to my patriot and supporters, Professor Walli from Gunbower University, Utopia. Five, six, nine. Yashar not a Moonman Hi X Arpey the pothead Joshua Vinyard Martin story or Tongo Lolo song go Lolo knows Bromo John starts in the animal reader a biblio phobia. Tomalis Adam Grayslake Mohammed Ronie Master Ventures in Thailand. Jared Schnieder Wild Night Owl to Fortune to the World Crypto Joe Bankroll Network Adobo Crypto Artist Cody 3D Nicolas Where on Earth one piece will love Damian set soon a Nick Kanigher Richie Rich at their Vlad the Impaler Praksis Nick Munjal Laborie Anthony Charles Jim Garner Jeremy Fox Minting Coins Miller Hitchhikes Every Day and Cowslips Leg Day Yes to crypto buddy make both face any time. Fitness amongst staff are medic seventeen bake me a cake Take a robot show Nyssa on crypto with LANL Crayola Michala you are Allen Hold on I have to sneeze. Thank you all very very much for your support. Thank you to everyone who is a member of the channel by clicking the little join button below. And thank you to everyone who has subscribed to the new channel. I am still very shocked. Thank you very much. I am happy for the the but the looks now. Wait, wait. Well the support support out of think. That’s what I wanted to say. But thank you for the support on the new channel. I do appreciate it a lot. At the moment the market is basically exactly where it was about a day or two ago. Bitcoin is currently up by one point three, six percent. Every other coin is down by point thirteen point zero, one point six six point two three point zero seven, neither here nor there. There’ve been tons of fluctuations, but we seem to always revert back to the same area, more or less where we were before. You have some anomalies with coins going up. Lumens is going up. Sure. SOS, Tron, Shaw, SOS. Did you buy it? I mean, I, I was going to make a joke, but it just doesn’t. You know what I was going to say anyway. Yeah. The markets what I think a lot of people were expecting huge spikes up or huge slams down or price is kind of being all over the place, but it seems to be neither here nor there. I saw an article earlier discussing that if Bitcoin does happen to pass by nine thousand and that I think it was nine thousand one hundred and maintains it for closing, I eat twenty four hours, give or take, then we could potentially see some movements upward in price. Yeah, I don’t know. Yeah. I really just simply don’t know. I do hope that you all enjoyed. I do hope that you all are having a great day. A great morning, a great afternoon, a great evening, wherever you are, wherever you might be. I do hope that it is absolutely fantastic. All of you remember. Of this year, if we get near the end of quarter to which we are current, where we’re at quarter to quarter to and we still don’t have any Theorem 2.0, we can use that as a reference point. Thank you all once again for watching and or listening. And I will most certainly be talking to you all soon. See you.
source https://www.cryptosharks.net/ethereum-confusion-btc-hash-drop-bitcoin-going-viral/
0 notes
preciousmetals0 · 4 years
Text
Oil Be Back … With Fake Pork and Coke
Oil Be Back … With Fake Pork and Coke:
The Reverse Beverly Hillbillies
Have you ever wanted to own your own barrel of oil? You know, just for funsies?
Well, you are in luck! Due to pandemic lockdowns, plunging demand and a lack of storage space — the price of crude oil plummeted to the low, low price of about $1.25 today. Heck, 10-year-old me could’ve bought a few barrels with his pocket change.
On Monday, they were even paying you to take the stuff. Yes, that’s right. Negative oil prices. We can add that to the list of records set by the pandemic market.
“This moment is of course historical and could not better illustrate the price-utopia that the market has been in since March, when the full scale of the oversupply problem started to become evident but the market remained oblivious,” said Louise Dickson, Rystad Energy’s oil market analyst.
But the big problem isn’t oil, per se.
Despite the rising popularity of electric vehicles and the global green energy movement (Woah there! Not you, America!), many planes, trains and automobiles still run on Texas tea. Because of this, demand will recover … eventually.
The problem is where to put millions of barrels of oil while the world rides out the pandemic. We’re literally running out of places to put the stuff.
The main storage hub for West Texas crude in Cushing, Oklahoma, contains about 55 million barrels. It can only hold about 75 million. Furthermore, roughly 45% of the oil currently there has arrived since February.
This lack of storage is forcing prices into the basement, because no one wants to (or can) take delivery — hence, the recent spate of negative oil prices.
No, no … we’ll pay you to take it!
The Takeaway:
So, why don’t we just produce less oil?
It seems like a no-brainer, right?
The problem is that, while oil is literally just lying around in vast underground pools, someone must pull all that oil up and refine it.
For better or worse, that’s not a process that you can just pause and put on hold for a rainy day. There are startup and shutdown costs involved, and thousands of jobs would be lost.
Furthermore, getting oil out of the ground is ungodly expensive.
Companies take out massive loans to fund exploration, drilling, transportation and refining.
Those costs rise the harder it is to get oil out of the ground.
Take U.S. shale oil, for example. According to Banyan Hill’s oil expert, Matt Badiali:
You take nine of the worst shale players: Comstock, Callon, WPX, Pioneer, SM, Noble, Parsley, Hess and Antero. They haven’t been cash flow positive in the last seven years. None of them. AND they owe over $37 billion in long-term debt. Somebody is going to get hung out to dry when they go bankrupt. And there is a real chance that all nine could file this year.
By now, you’re probably asking yourself: “What’s the point of all this? What does it mean for me?”
The bottom line is that there’s more short-term pain coming for the oil sector — especially for U.S. shale companies.
However, once the glut of oil dissipates and an economic recovery eventually sets in, battered and bruised oil companies — the ones left standing — will be amazing investment opportunities.
Until then, it doesn’t hurt to look for alternatives … and guess who already has one lined up and ready to go? Banyan Hill expert Paul Mampilly, that’s who.
Paul Mampilly … in my oil market? It’s … well, it’s very unlikely.
Most of you know Paul from his tech research on 5G, self-driving vehicles and so on. But all that big tech still needs energy to run on — and you can be sure it’s not oil.
Instead, Paul found a new technology that releases “endless energy.” (Great Stuff urges everyone to obey the laws of thermodynamics). It’s not solar or wind, and it operates 24/7 virtually free of charge. Better still, he pinpointed the one tiny company that holds all 100 patents on this technology.
Click here to learn more.
The Good: The Other, Other White Meat
Beyond Meat Inc. (Nasdaq: BYND) is going to Starbucks and … well, beyond.
According to a report on CNBC, Starbucks Corp. (Nasdaq: SBUX) will add Beyond Meat’s meat alternatives to its menu in China. Starbucks has about 31,000 locations globally, with roughly 5,000 or so in China. (All of which are open right now, Luckinly.)
That’s a lot of not-meat.
But the real kicker is Beyond Meat’s alternative pork products. China is home to the world’s largest collection of pork eaters. The country raised some 500 million pigs last year, compared to about 140 million in the U.S.
But African swine flu and the COVID-19 pandemic severely hampered China’s capacity for makin’ bacon. In other words, the Starbucks deal could turn into a massive opportunity for Beyond Meat if it’s faux-pork products catch on with Chinese consumers.
The Bad: The Power of Coke Compels You!
If there’s one thing the Coca-Cola Co. (NYSE: KO) knows, it’s how to market a product. In today’s quarterly earnings report, the company turned the full force of its marketing prowess on investors.
Overall, Coke beat first-quarter earnings expectations by $0.07 per share on revenue that rose 7.2% to $8.6 billion. Not too shabby, but we all know the real news this earnings season is guidance.
Looking ahead, Coke yanked its 2020 guidance faster than a kid running away from a Diet Coke and Mentos grenade. However, CEO James Quincey followed that news with a heavy dose of optimism:
We’ve been through challenging times before as a company, and we believe we’re well positioned to manage through and emerge stronger. The power of the Coca-Cola system is our greatest strength in times of crisis.
The power of the Coca-Cola system compels you! The power of the Coca-Cola system compels you!
The power of the … Woah. Almost got pulled in there. The core of Coke’s message is that the company expects a solid recovery in the second half … like pretty much every other company releasing earnings this quarter.
I’m not gonna lie, Coke’s first-quarter earnings were solid. But I’m going to wait and see how sales hold up during the thick of the pandemic before I share a Coke with anyone right now.
The Ugly: A Cash-Conservation Crisis
As a University of Kentucky fan, I like chanting “Go Big Blue!” just as much as the next Kentuckian. But few things are less deserving of the “Big Blue” moniker than International Business Machines Corp.  (NYSE: IBM) — especially after last night’s earnings report. (How’s that for an awkward transition?)
The lone bright spot? Earnings fell nearly 10% to $1.84 per share, beating the consensus estimate. However, for the 28th time in the past 32 quarters, IBM reported a year-over-year drop in sales. Revenue declined 3.35% to $17.57 billion, missing Wall Street’s expectations.
IBM blamed the miss on “cash conservation” due to a “noticeable change in client priorities.” In short, IBM’s clients aren’t buying more software as they deal with more pressing needs.
“We believe that IBM’s comments about cash conservation is perhaps the key takeaway for software investors,” Evercore ISI Analyst Kirk Materne told clients.
If we’re being honest here, comments about cash conservation are probably the key takeaway from more than just the software sector. It’s the theme of this entire earnings season.
We’re only down 15% from the all-time high of Feb. 19…but it seems to me the world is more than 15% screwed up. — Howard Marks, Oaktree Capital founder.
Today’s Quote of the Week comes from a CNBC interview with Howard Marks.
So, remember a couple of weeks ago, when we talked about the stock market not representing the U.S. economy? Yeah, about that…
With the rest of the financial media crowing on and on about the “remarkable recovery this” and “next bull market that,” this week’s return to volatility feels less like disaster and more like facing reality. (How much relief does it take to get to the chewy center of a relief rally? A 1% … a 2%…)
Here’s my point: Is the economy today only 15% weaker than it was back in February?
I don’t need to rattle off more jobs data and corporate uncertainty to you … it’s already everywhere you look. And the fact that we don’t see this economic strain reflected in the market just deepens the gorge between them.
Now, it might not seem so from today’s news, but I’m all for positivity and keeping optimistic — 100% promise! But being “inappropriately positive,” as Marks put it, only sets us up with ludicrous expectations that may be ripped away from you in an instant.
Stick with Great Stuff and Banyan Hill, and you won’t have to worry about having the rug pulled out from under you, the wool pulled over your eyes or the — you get the idea.
Great Stuff: Oils Well That Ends Well
It’s that time again! We’re only two days away from this week’s edition of Reader Feedback. Have you fed the beast yet? What’s stopping you?!
Drop us a line at [email protected]. We love reading each and every one of your questions, comments, concerns, rants, raves, secrets, recipes, gossip — you name it.
Who knows? We might pick out your email to respond to this Thursday!
In the meantime, don’t forget to check out Great Stuff on social media. If you can’t get enough meme-y market goodness, follow Great Stuff on Facebook and Twitter.
Until next time, be Great!
Regards,
Joseph Hargett
Editor, Great Stuff
0 notes
goldira01 · 4 years
Link
The Reverse Beverly Hillbillies
Have you ever wanted to own your own barrel of oil? You know, just for funsies?
Well, you are in luck! Due to pandemic lockdowns, plunging demand and a lack of storage space — the price of crude oil plummeted to the low, low price of about $1.25 today. Heck, 10-year-old me could’ve bought a few barrels with his pocket change.
On Monday, they were even paying you to take the stuff. Yes, that’s right. Negative oil prices. We can add that to the list of records set by the pandemic market.
“This moment is of course historical and could not better illustrate the price-utopia that the market has been in since March, when the full scale of the oversupply problem started to become evident but the market remained oblivious,” said Louise Dickson, Rystad Energy’s oil market analyst.
But the big problem isn’t oil, per se.
Despite the rising popularity of electric vehicles and the global green energy movement (Woah there! Not you, America!), many planes, trains and automobiles still run on Texas tea. Because of this, demand will recover … eventually.
The problem is where to put millions of barrels of oil while the world rides out the pandemic. We’re literally running out of places to put the stuff.
The main storage hub for West Texas crude in Cushing, Oklahoma, contains about 55 million barrels. It can only hold about 75 million. Furthermore, roughly 45% of the oil currently there has arrived since February.
This lack of storage is forcing prices into the basement, because no one wants to (or can) take delivery — hence, the recent spate of negative oil prices.
No, no … we’ll pay you to take it!
The Takeaway:
So, why don’t we just produce less oil?
It seems like a no-brainer, right?
The problem is that, while oil is literally just lying around in vast underground pools, someone must pull all that oil up and refine it.
For better or worse, that’s not a process that you can just pause and put on hold for a rainy day. There are startup and shutdown costs involved, and thousands of jobs would be lost.
Furthermore, getting oil out of the ground is ungodly expensive.
Companies take out massive loans to fund exploration, drilling, transportation and refining.
Those costs rise the harder it is to get oil out of the ground.
Take U.S. shale oil, for example. According to Banyan Hill’s oil expert, Matt Badiali:
You take nine of the worst shale players: Comstock, Callon, WPX, Pioneer, SM, Noble, Parsley, Hess and Antero. They haven’t been cash flow positive in the last seven years. None of them. AND they owe over $37 billion in long-term debt. Somebody is going to get hung out to dry when they go bankrupt. And there is a real chance that all nine could file this year.
By now, you’re probably asking yourself: “What’s the point of all this? What does it mean for me?”
The bottom line is that there’s more short-term pain coming for the oil sector — especially for U.S. shale companies.
However, once the glut of oil dissipates and an economic recovery eventually sets in, battered and bruised oil companies — the ones left standing — will be amazing investment opportunities.
Until then, it doesn’t hurt to look for alternatives … and guess who already has one lined up and ready to go? Banyan Hill expert Paul Mampilly, that’s who.
Paul Mampilly … in my oil market? It’s … well, it’s very unlikely.
Most of you know Paul from his tech research on 5G, self-driving vehicles and so on. But all that big tech still needs energy to run on — and you can be sure it’s not oil.
Instead, Paul found a new technology that releases “endless energy.” (Great Stuff urges everyone to obey the laws of thermodynamics). It’s not solar or wind, and it operates 24/7 virtually free of charge. Better still, he pinpointed the one tiny company that holds all 100 patents on this technology.
Click here to learn more.
The Good: The Other, Other White Meat
Beyond Meat Inc. (Nasdaq: BYND) is going to Starbucks and … well, beyond.
According to a report on CNBC, Starbucks Corp. (Nasdaq: SBUX) will add Beyond Meat’s meat alternatives to its menu in China. Starbucks has about 31,000 locations globally, with roughly 5,000 or so in China. (All of which are open right now, Luckinly.)
That’s a lot of not-meat.
But the real kicker is Beyond Meat’s alternative pork products. China is home to the world’s largest collection of pork eaters. The country raised some 500 million pigs last year, compared to about 140 million in the U.S.
But African swine flu and the COVID-19 pandemic severely hampered China’s capacity for makin’ bacon. In other words, the Starbucks deal could turn into a massive opportunity for Beyond Meat if it’s faux-pork products catch on with Chinese consumers.
The Bad: The Power of Coke Compels You!
If there’s one thing the Coca-Cola Co. (NYSE: KO) knows, it’s how to market a product. In today’s quarterly earnings report, the company turned the full force of its marketing prowess on investors.
Overall, Coke beat first-quarter earnings expectations by $0.07 per share on revenue that rose 7.2% to $8.6 billion. Not too shabby, but we all know the real news this earnings season is guidance.
Looking ahead, Coke yanked its 2020 guidance faster than a kid running away from a Diet Coke and Mentos grenade. However, CEO James Quincey followed that news with a heavy dose of optimism:
We’ve been through challenging times before as a company, and we believe we’re well positioned to manage through and emerge stronger. The power of the Coca-Cola system is our greatest strength in times of crisis.
The power of the Coca-Cola system compels you! The power of the Coca-Cola system compels you!
The power of the … Woah. Almost got pulled in there. The core of Coke’s message is that the company expects a solid recovery in the second half … like pretty much every other company releasing earnings this quarter.
I’m not gonna lie, Coke’s first-quarter earnings were solid. But I’m going to wait and see how sales hold up during the thick of the pandemic before I share a Coke with anyone right now.
The Ugly: A Cash-Conservation Crisis
As a University of Kentucky fan, I like chanting “Go Big Blue!” just as much as the next Kentuckian. But few things are less deserving of the “Big Blue” moniker than International Business Machines Corp.  (NYSE: IBM) — especially after last night’s earnings report. (How’s that for an awkward transition?)
The lone bright spot? Earnings fell nearly 10% to $1.84 per share, beating the consensus estimate. However, for the 28th time in the past 32 quarters, IBM reported a year-over-year drop in sales. Revenue declined 3.35% to $17.57 billion, missing Wall Street’s expectations.
IBM blamed the miss on “cash conservation” due to a “noticeable change in client priorities.” In short, IBM’s clients aren’t buying more software as they deal with more pressing needs.
“We believe that IBM���s comments about cash conservation is perhaps the key takeaway for software investors,” Evercore ISI Analyst Kirk Materne told clients.
If we’re being honest here, comments about cash conservation are probably the key takeaway from more than just the software sector. It’s the theme of this entire earnings season.
We’re only down 15% from the all-time high of Feb. 19…but it seems to me the world is more than 15% screwed up. — Howard Marks, Oaktree Capital founder.
Today’s Quote of the Week comes from a CNBC interview with Howard Marks.
So, remember a couple of weeks ago, when we talked about the stock market not representing the U.S. economy? Yeah, about that…
With the rest of the financial media crowing on and on about the “remarkable recovery this” and “next bull market that,” this week’s return to volatility feels less like disaster and more like facing reality. (How much relief does it take to get to the chewy center of a relief rally? A 1% … a 2%…)
Here’s my point: Is the economy today only 15% weaker than it was back in February?
I don’t need to rattle off more jobs data and corporate uncertainty to you … it’s already everywhere you look. And the fact that we don’t see this economic strain reflected in the market just deepens the gorge between them.
Now, it might not seem so from today’s news, but I’m all for positivity and keeping optimistic — 100% promise! But being “inappropriately positive,” as Marks put it, only sets us up with ludicrous expectations that may be ripped away from you in an instant.
Stick with Great Stuff and Banyan Hill, and you won’t have to worry about having the rug pulled out from under you, the wool pulled over your eyes or the — you get the idea.
Great Stuff: Oils Well That Ends Well
It’s that time again! We’re only two days away from this week’s edition of Reader Feedback. Have you fed the beast yet? What’s stopping you?!
Drop us a line at [email protected]. We love reading each and every one of your questions, comments, concerns, rants, raves, secrets, recipes, gossip — you name it.
Who knows? We might pick out your email to respond to this Thursday!
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andrewdburton · 4 years
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Love in the time of coronavirus (or: What to do when the stock market crashes)
Can you feel it? There's panic in the streets! We're in the middle of a stock market crash and the hysteria is starting again. As I write this, the S&P 500 is down six percent today — and 17.3% off its record high of 3386.15 on February 19th.
Media outlets everywhere are sharing panicked headlines.
All over the TV and internet, other financial reporters are filing similar stories. And why not? This stuff sells. It's the financial equivalent of the old reporter's adage: “If it bleeds, it leads.”
Here's the top story at USA Today at this very moment:
But here's the thing: To succeed at investing, you have to pull yourself away from the financial news. You have to ignore it. All it'll do is make you crazy.
Note: This is an updated version of the article I publish whenever the stock market crashes. I last shared it on 21 January 2016. Some comments are from previous versions of the piece.
Bad Behavior
The sad truth is that people tend to pour money into stocks during bull markets — after the stocks have been rising for some time. Speculators pile on, afraid to miss out. Then they panic and bail out after during a stock market crash. By buying high and selling low, they lose a lot.
It's often small individual investors like you and me who make these mistakes. During the Great Recession, one Get Rich Slowly reader shared the following story:
“I'm in the [financial] industry…I can tell you now that when the markets tanked during October [2008], people with less than (approximately) 100k behaved significantly different from investors with 100k+ in the market. Also, people who did not have an emergency fund behaved significantly different than those who did, generally to their own detriment.
“These actions lead me to believe that people with substantial assets tend to ride out the market and not worry about short-term fluctuations, whereas people with smaller amounts of assets lock in losses by removing assets from the market at poor times. Then, when/if they get back in, they’ve missed out on several days of big gains…
“As it was happening I was shocked by the clear income demarcation that seemed to separate rational behavior from irrational behavior. Do small investors make behavioral mistakes that keep them from becoming wealthy?“
Instead of selling during a downturn, it's better to buck the trend. Follow the advice of billionaire Warren Buffett, the world's greatest investor: “Be fearful when others are greedy, and be greedy when others are fearful.”
In his 1997 letter to Berkshire Hathaway shareholders, Buffett made a brilliant analogy: “If you plan to eat hamburgers throughout your life and are not a cattle producer, should you wish for higher or lower prices for beef?” You want lower prices, of course: If you're going to eat lots of burgers over the next 30 years, you want to buy them cheap.
Buffett completes his analogy by asking, “If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period?”
Even though they're decades away from retirement, most investors get excited when stock prices rise (and panic when they fall). Buffett points out that this is the equivalent of rejoicing because they're paying more for hamburgers, which doesn't make any sense: “Only those who will [sell] in the near future should be happy at seeing stocks rise.” He's driving home the age-old wisdom to buy low and sell high.
Doing this can be tough. For one thing, it goes against your gut. During a stock market crash, the last thing you want to do is buy more. Besides, how do you know the market is near its peak or its bottom? The truth is you don't. The best solution is to make regular, planned investments — no matter whether the market is high or low.
Meanwhile, ignore the financial news.
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No News is Good News
The mass media is in the business of selling news, and to do that, they sensationalize it. Fueled by the over-eager reporting, irrational exuberance can quickly turn to pervasive gloom. Neither state of mind makes sense. They're both extremes that lead investors to make poor choices.
For example, I know a couple of people who “invested” in Bitcoin when it was all over the news. Now they wish they hadn't but they bought into the hype. My brother lost two homes to foreclosure and declared bankruptcy because he bought into the U.S. housing bubble during the mid 2000s.
Meanwhile, the people I know who ignore financial tend to prosper.
The May 2008 issue of the AAII Journal featured an article entitled “The Stock Market and the Media: Turn It On, But Tune It Out” in which author Dick Davis argued that daily market movement is often illogical and/or arbitrary. Except for obvious catalysts — military coups, natural disasters, the coronavirus — nobody knows what makes the market move on any given day. Short-term changes appear random. Besides, as we just learned from Warren Buffett, they aren't really relevant if you have a long-term investment horizon (which is probably the case for most of you).
To the long-term investor, daily market movements are mostly noise and filler. “What's important is repetition or the lack of it,” Davis writes. A trendline is more useful than a datapoint.
“I believe one of the worst things that can happen to a long-term investor is to be instantly and totally informed about his stock. In most cases, spot news fades into irrelevance over time…Big market moves may be inexplicable, but a long-term or dollar-cost averaging approach precludes the need for explanations.”
You can watch the daily investment news, but don't let it sway your decisions. “Focus on the long term,” Davis writes, “and you can ignore the media's distortions.”
Davis isn't the only one to believe that no news is good news. Research backs him up. In Why Smart People Make Big Money Mistakes (and How to Correct Them), the authors cite a Harvard study of investment habits. The results?
“Investors who received no news performed better than those who received a constant stream of information, good or bad. In fact, among investors who were trading [a volatile stock], those who remained in the dark earned more than twice as much money as those whose trades were influenced by the media.”
Though it may seem reckless to ignore financial news, the book argues that it's not: “Long-term investors need not concern themselves with yesterday's closing price or tomorrow's quarterly earnings reports.” Make your decisions based on your personal financial goals and a pre-determined investment strategy, not on whether the market jumped or dropped yesterday.
“But This Time Is Different!”
Whenever the stock market crashes, there are folks who cry, “This time is different!” This time the market won't recover. This time the economy is going to be mired in a morass for years. Or decades. Or forever. So far, “this time” has never been different.
But I'll admit: This time does feel a little different. Yes, I believe that much of this panic is just that — panic. And I expect that, overall, this downturn will mirror previous downturns. That said, the coronavirus is real. Despite the admonitions of certain self-proclaimed experts, the coronavirus is not the flu. It's far deadlier. And even when it's not fatal, it can be debilitating. (Did you know that 5% of cases in China require artificial respiration? Another 15% require oxygen therapy? That's not the flu.)
The coronavirus is having real effects on the global economy. And those effects may linger for months — or years.
Take Apple, for instance. One of the world's largest companies, Apple's profits depend on a regular product cycle, one that routinely introduces updates to existing gadgets while occasionally introducing new ones. But the coronavirus is going to delay many of its planned 2020 announcements. Plus, it's gumming up production of existing items. The bottom line? Apple's numbers are going to be a mess this year.
Apple isn't alone. The coronavirus is wreaking havoc with the global economy — and I suspect this is just the beginning.
Italy is restricting travel and canceling all public events.
The city of Austin, Texas canceled the South by Southwest festival.
Sporting events around the world have been affected. Games have been postponed or canceled. Some are being played without spectators. And even the summer Olympics — scheduled to start on July 24th — are in danger of being delayed.
Here in Portland, we've had the coronavirus for about ten days now. The first diagnosed case came from a person employed at a school just five miles from our house. This has caused panicked runs on Costco and Wal-Mart.
Yesterday, Kim and I attended two crowded events: a Broadway musical (Frozen) and a Portland Timbers soccer match. Both had light attendance. (The official Timbers stats show a max-capacity crowd of 25,218 but that's bullshit. There were empty seats all around.)
All this is to say: The coronavirus has already affected the national economy, and it's only going to get worse. Your best defense? An ongoing campaign to develop a strong personal economy.
The National Economy vs. Your Personal Economy
Obviously, the national economic situation affects our personal financial decisions to some degree.
When unemployment soars, it's important to maintain an adequate emergency savings and to limit your use of debt. When the stock market crashes, you need to understand your investment objectives, and how these relate to your risk tolerance and your investment timeline. (And when the stock market is up, you need to ask the same questions.)
Regardless the state of the national economy, ultimately you are responsible for your personal economy. A money boss is proactive, preparing for problems before they occur. When times are flush, you need to set something aside for the future. Then, when things turn dark and dismal, you'll be better shielded from the slings and arrows of outrageous fortune.
A strong personal economy is built on personal-finance fundamentals such as these:
Clear financial goals. You need to know why you're earning and saving money. Where do you want to be in five years? Ten? How do you want to get there?
An adequate emergency fund. Experts disagree on how big an emergency fund should be. Some say six months, some say twelve, and others say three. I say it should be large enough to let you sleep at night when the economy gets rocky. (And the best time to save is before you need the money.)
Limited use of debt. If you use debt, use it wisely. A mortgage isn't a bad thing, and neither are student loans. A car loan is borderline, though, and borrowing to buy a television is foolish. Use debt only when needed. If you suspect you may lose your job or encounter some other big life change, then get rid of debt completely.
The practice of thrift. When your personal economy is good, it's easy to get lulled into complacency. You start buying organic ketchup and eating in fancy restaurants. You take bigger vacations. But if you can master the art of frugality when times are fat, you'll be better able to practice it when times are lean.
Smart investing for the future. Lastly, invest wisely. Don't let the news lead you to make emotional decisions. Buy low and sell high. If you weren't willing to sell your investments when the Dow was near 30,000, then how in the world does it make sense to sell them when the Dow is near 25,000?
The foundation of a strong personal economy is education. To become a wise investor, you must be an educated investor. And you must recognize what you can and cannot control. The national (and global) economy affects your personal economy, but ultimately all you can control are your personal finances.
I'm overly fond of this analogy, so I'll share it again: The national economy is like a river. Sometimes the water is still and deep. Sometimes the current is swift. Sometimes snags and rapids block the river. Your personal economy is like a boat on that river. Your goal is to reach the river's mouth, and to do so you have to keep the boat in working order. You have to avoid the snags and rapids, which means advance preparation. Mostly, your trip down the river is pleasant. From time to time, though, things can get hairy. If you're not careful, in fact, your boat can capsize. Through it all, the river flows in one direction — and daily, well-prepared sailors reach their destinations.
The Bottom Line
I know market downturns can be scary. But here's the thing: If this volatility makes you nervous, if it causes you to make bad decisions, then maybe you've put too much money into the stock market. Volatility is one of the fundamental features of stocks.
On average, the stock market returns 10% per year (around 7% when adjusted for inflation). But average is not normal.
Recent history is typical. The following table shows the annual return for the S&P 500 over the past twenty years (not including dividends):
The S&P 500 earned an average annualized return of 6.06% for the twenty-year period ending in 2019. But zero of these years generated stock market returns close to the average for that time span. (2007 came closest to average with a return of 3.53% — still more than 2.50% off the average.)
Short-term market movements aren’t an accurate indicator of long-term performance. What a stock or fund did last year doesn’t tell you much about what it’ll do during the next decade.
In Benjamin Graham's classic The Intelligent Investor, he writes:
“The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. He should never buy a stock because it has gone up or sell one because it has gone down. He would not be far wrong if this motto read more simply: “Never buy a stock immediately after a substantial rise or sell one immediately after a substantial drop.“
If you believe stock prices are still high, then steer clear of the market. If you think they're low, then buy. And remember: Unless you sell your stocks, you haven't lost anything at this point — it's all on paper.
During the tech bubble of the late 1990s, I was part of an investment club. My friends and I chortled with glee as we bought tech stocks (Celera Genomics, Home Grocer, Triquint Semiconductor) near the top of the market. We thought we were going to be rich. We weren't laughing so hard when the bubble popped; we closed the club and sold the stocks at huge losses. What lesson did I learn? The time to buy is when prices are low, not when they're high.
I believe that for the average long-term investor, the best course of action right now is to make regular scheduled purchases of low-cost diversified index funds.
That's what I've done in the past. If I had money to invest, that's what I'd be doing today.
Further reading: Eight years ago, my buddy J.L. Collins wrote a great article about market crashes and how to handle them. Jeremy from Go Curry Cracker has written about exposure therapy, about how repeatedly “losing” $100,000 (or more) in the stock market has desensitized him to the experience. And Mrs. Frugalwoods has a great artricle about the zen art of losing money.
from Finance https://www.getrichslowly.org/what-to-do-when-the-stock-market-crashes/ via http://www.rssmix.com/
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kpsoa97xs-blog · 5 years
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What kind of questions are on the Nevada Drivers Permit Test?
What kind of questions are on the Nevada Drivers Permit Test?
Ive been studying my *** off with this website http://driving-tests.org/nevada/. Aced all 5 practice tests along with the Fines and Limits test and reading through my handbook. But I read some of the comments saying most of these questions aren t on the test so I don t want to be studying the wrong material. I m just wondering what sort of questions are on it and how hard is it?
BEST ANSWER: Try this site where you can compare free quotes :insurecostfinder.xyz
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