Trade Associations - FISITA

Sex work is (not) work

Sex work is (NOT) work!

I saw a trend on Twitter the other day that said sex work is work! I of course, had to check into why this was trending and what was being said because, I have to strongly disagree that sex work is work. I don't care how long being a sex worker aka hooker, prostitute, etc... has been around. It's NOT work! It's not a career or a "job." I don't know how anyone can say that it is. It's not like your child wakes up one day and says I want to be a hooker when I grow up like they do wanting to be a doctor, lawyer, firefighter, etc... Most people who end up in the sex worker trade do so because they're forced into it one way or another; either because they're homeless, runaways, addicted to some kind of drug, forced into the sex trade, or something else. It's not something someone wakes up and decides they want to do for a living. Here is a history of prostitutes: Italian courtesans knew freedom like no other prostitutes of the Renaissance period. While most women during this time were only truly able to educate themselves if they were sent to a convent, courtesans were able to study freely.Furthermore, courtesans were able to obtain the same security and stability as married women, and, unlike married women, they were actually able to embrace their sexuality.Widely considered the best educated and most cultured women of their time, these women were able to hold philosophical conversations and discuss poetry with their clients, in addition to providing sex services. Their influence became so great that they were actually able to affect politics by sharing their views with the politicians among their clientele.Contrary to popular belief, Japanese geishas were not actually solicited for sex (instead, they were entertainers and hostesses). To mistake a geisha for a prostitute was thought to be an incredibly shameful and dishonourable transgression. On the other hand, oiran, or “play women,” were in fact sex workers.Oiran were the highest ranked prostitutes during Japan’s Edo period (early 1600s-mid 1800s)—during which time prostitution was allowed. Considered skilled enough to entertain nobles, oiran often used extremely formal language and utilized elaborate costuming for their entertainment.Since they were able to escape the heavy patriarchal hand that often affected married women, these prostitutes were able to maintain their own power and influence without any hindrance.Throughout history, prostitutes have not exclusively been women–as seen, for example, in the Turkish bathhouses of the Ottoman Empire. With the rise of these bathhouses in the 15th century, young boys known as tellaks would help to bathe and massage their male clients, and even service them sexually.Even though sodomy was illegal during this time, tellaks would find other ways to pleasure their customers and sometimes form close relationships with them. They were even allowed to keep all the money they earned and would be well compensated for any services they provided.India’s complex history of prostitution has, at one time or another, featured around nine different tiers of sex workers. At the bottom, you’d find devadasis, originating from the untouchable caste.Unwillingly sold by their parents at ages as low as four, these women are forever pledged to the goddess of fertility, Yellamma. As they’re unable to marry mortal men, they work until they’re no longer considered young and attractive, and are cast out to live the remainder of their lives as beggars.At the highest tier were the ganika. Masters of 64 types of performing arts, ganika had an extensive knowledge of music, painting, theatre, and poetry.Whereas common prostitutes found themselves residing within overcrowded brothels, these elite courtesans took residence in well-furnished homes and even had their own servants. Since they stood as women of not just beauty, but refined intellect and skill, they were respected enough to be brought to public functions, such as festivals and parties.Of all the women in Greece’s long history of prostitution, none were held to such high standards as the auletrides. During a time when sex services were taxed by the state, auletrides were skilled in more than just the art of sexual pleasure. Many proved themselves to be not only accomplished singers and dancers, but even gymnasts and fencers.When hired out to entertain private parties and meetings, these women could end up earning the modern equivalent of several thousand dollars with just a single evening’s worth of work. Overall, they were able to find a respectable place within their culture and even found themselves featured in countless works of art and literature.In present-day America, Nevada is the only state that legally allows prostitution, within designated locations. One such brothel, the Moonlite BunnyRanch, has proven to be a fair and decent place for sex workers to earn their living.Not only are there strict rules stating that men must be using latex condoms during any sexual activity, STD tests are administered weekly to each of the 500 women licensed to work at the brothel.Drug use is strictly forbidden within the premises and any sexual limits set by the women are to be strictly followed by their customers. On top of it all, many of the women are in charge of creating their own marketing databases and even handle promoting themselves online.Prostitution in present day, Canada; Current laws on sex work, introduced by the Conservative government in 2014, make it illegal to purchase or advertise sexual services and illegal to live on the material benefits from sex work). Although it is legal to sell sexual services, in some cases it is illegal to solicit in public areas.It is the first time in Canadian history that the exchange of sexual services for money is made illegal. The Canadian Department of Justice, claims that the new legal framework "reflects a significant paradigm shift away from the treatment of prostitution as 'nuisance', as found by the Supreme Court of Canada in Bedford, toward treatment of prostitution as a form of sexual exploitation that disproportionately and negatively impacts on women and girls". Many sex workers' rights organisations, however, argue that the new law entrenches and maintains harm against sex workers since sex workers are still committing a crime, albeit there is an immunity from arrest for material benefits and advertising.The new laws came in response to the Canada (AG) v Bedford_v_Bedford) ruling of the Supreme Court of Canada, which found to be unconstitutional the laws prohibiting brothels, public communication for the purpose of prostitution and living on the profits of prostitution. The ruling gave the Canadian parliament 12 months to rewrite the prostitution laws with a stay of effect so that the current laws remain in force. Amending legislation came into effect on December 6, 2014, which made the purchase of sexual services illegal. There has long been a general agreement that the status quo of prostitution in Canada was problematic, but there has been little consensus on what should be done. There is an ideological disagreement between those who want to see prostitution eliminated (prohibitionism), generally because they view it either as an exploitative or unacceptable part of society, and those advocating decriminalisation because they view sex workers as having agency and prostitution as a transaction; they also believe prohibition encourages the exploitation of sex workers by denying them legal and regulatory protections. The term "sex work" is used interchangeably with "prostitution" in this article, in accordance with the World Health Organisation (WHO 2001; WHO 2005) and the United Nations (UN 2006; UNAIDS 2002). The Conservative majority Government of Canada, however, was committed to a prohibitionist position, as was laid out in its new legislation introduced in 2014.While the act of exchanging sex for money has been legal for most of Canada's history, the prohibition of the activities surrounding the sex trade has made it difficult to practise prostitution without breaking any law. This is the first time that the exchange of sexual services for money is made illegal.Canada inherited laws from the United Kingdom. The first recorded laws dealing with prostitution were in Nova Scotia in 1759. Following Canadian Confederation in 1867, the laws were consolidated in the Criminal Code) in 1892. These dealt principally with pimping, procuring, operating brothels and soliciting. Most amendments to date have dealt with the latter; originally classified as a vagrancy offence, this was amended to soliciting in 1972, and communicating in 1985. Since the Charter of Rights and Freedoms became law, the constitutionality of Canada's prostitution laws have been challenged on a number of occasions, successfully so in 2013, leading to a new legislative approach introduced in 2014.Before the provisions were struck down, the Criminal Code made the following unlawful:
On March 26, 2012, the Ontario Court of Appeal struck down part of two provisions, subject to appeal, and the declaration is not in effect. An appeal was lodged with the Supreme Court of Canada on April 25, 2012, including an extension of the stay in effect. Lawyers for the respondents pointed out that the last minute appeal left them little time to respond. The activities related to sex work that are prohibited by law include operating a premises (sexual services establishment or brothel) where such activities take place, being found in such an establishment, procuring) for such purposes, and communicating such services (soliciting) in a public place, making it difficult to engage in prostitution without breaking any law. Automobiles are considered public spaces if they can be seen. On the other hand, working as an independent sex worker and private communication for such purposes (telephone, internet, e-mail, etc.) is legal. This ambivalence can cause confusion leading to one judge referring to the laws as 'Alice-in-Wonderland' and the Chief Justice of the Supreme Court referred to the situation as "bizarre":
We find ourselves in an anomalous, some would say bizarre, situation where almost everything related to prostitution has been regulated by the criminal law except the transaction itself. The appellants' argument then, more precisely stated, is that in criminalizing so many activities surrounding the act itself, Parliament has made prostitution de facto illegal if not de jure illegal., per Dickson CJ at page 44
The legal situation has also been challenged in the rulings of two courts in Ontario in Bedford v. Canada_v_Bedford)—the respondents/appellants are sex worker activists Terri-Jean Bedford, Amy Lebovitch, and Valerie Scott—which described the laws as 'ancient' and emphasised that the purpose of the laws was not to eradicate prostitution but to mitigate harms emanating from it: "We are satisfied that the challenged provisions are not aimed at eradicating prostitution, but only some of the consequences associated with it, such as disruption of neighbourhoods and the exploitation of vulnerable women by pimps." OCA at 169In a dissenting opinion (2:3) regarding the potential harm of the laws, the appellate justices wrote:
The 1985 addition of the communicating provision to the existing bawdy-house and living on the avails provisions created an almost perfect storm of danger for prostitutes. Prostitutes were first driven to the streets, and then denied the one defence, communication, that allowed them to evaluate prospective clients) in real time. OCA at 364
'Prostitution' is not defined in Canadian statute law, but is based on case law which deems that three elements are necessary to establish that prostitution is taking place: (i) provision of sexual services, (ii) the indiscriminate nature of the act (soliciting rather than choosing clients), and (iii) the necessity for some form of payment.On October 25, 2012, the Supreme Court of Canada granted leave to appeal and cross-appeal the Ontario Court of Appeal Bedford decision. The court also granted the motion to stay the Ontario Court of Appeal decision until judgement is passed, meaning that the Criminal Code sections at stake were still in force in Ontario. Chief Justice Beverley McLachlan wrote:
These appeals and the cross-appeal are not about whether prostitution should be legal or not. They are about whether the laws Parliament has enacted on how prostitution may be carried out pass constitutional muster. I conclude that they do not. I would therefore make a suspended declaration of invalidity, returning the question of how to deal with prostitution to Parliament.
In a decision dated December 20, 2013, the Supreme Court of Canada struck down the laws in question. They delayed the enforcement of their decision for one year—also applicable to the Ontario sections—to give the government a chance to write new laws. Following the announcement of the decision, Valerie Scott stated in the media that, regardless of the decision, sex workers must be involved in the process of constructing the new legislation: "The thing here is politicians, though they may know us as clients, they do not understand how sex work works. They won't be able to write a half-decent law. It will fail. That's why you must bring sex workers to the table in a meaningful way." In response, Peter MacKay, the Minister of Justice, introduced amending legislation, C-36, the "Protection of Communities and Exploited Persons Act" on June 4, 2014, which received first reading. It came into effect on December 6, 2014.The act is criticized by sex workers who believe that it is worse for their safety than the previous law because it forces the sex industry further underground.

Constitutional and case law

The passage of the Canadian Charter of Rights and Freedoms in 1982 allowed for the provision of challenging the constitutionality of laws governing prostitution in Canada in addition to interpretative case law. Other legal proceedings have dealt with ultra vires issues (whether a jurisdiction, such as a Provincial Government or municipality, has the powers to legislate on the matter).In 1990, the Supreme Court of Canada upheld the law which bans public solicitation of prostitution, arguing that the law had the goal to abolish prostitution, which was a valid goal. Reference re ss. 193 and 195.1 of Criminal Code, (the Prostitution Reference), [1990] 1 S.C.R. 1123 is a decision of the Supreme Court of Canada on the right to freedom of expression under section 2(b) of the Canadian Charter of Rights and Freedoms, and on prostitution. The Court held that, although the Criminal Code provision that prohibited communication for the purpose of engaging in prostitution was in violation of the right to freedom of expression, it could be justified under section 1 of the Charter and so it was upheld. The majority found, with a 5:2 split and both women dissenting, that the purpose of eliminating prostitution was a valid goal, and that the provision was rationally connected and proportional to that goal. Accordingly, the provision was upheld.In 2010, a decision of the Ontario Superior Court in Bedford v. Canada_v_Bedford) held that the key provisions of the Criminal Code dealing with prostitution (Keeping a bawdy house; Living off the avails; Soliciting or Communicating for the purpose) were invalid, but a stay of effect was put in place. This was appealed by the crown resulting in a decision by the Ontario Court of Appeal on March 26, 2012. That court upheld the lower court's ruling on bawdy houses, modified the ruling on living on the avails to make exploitation a criminal offence, but reversed the decision on soliciting, holding that the effect on communities justified the limitation. Two of the five judges dissented from the last ruling, stating that the law on solicitation was not justifiable. The court continued a stay of effect of a further twelve months on the first provision, and thirty days on the second.Both parties had up to sixty days to appeal this decision to the Supreme Court of Canada and on April 25, the federal government stated it would do so. On October 25, 2012, the Supreme Court of Canada agreed to hear the appeal.The Supreme Court also agreed to hear a cross-appeal by sex-trade workers on the Court of Appeal for Ontario's decision to ban solicitation. The Supreme Court of Canada heard the case on June 13, 2013, and overturned all restrictions on sex work, ruling that a ban on solicitation and brothels violated prostitutes' rights to safety.Meanwhile, a related challenge was mounted in British Columbia in 2007, but did not proceed due to a procedural motion by the Attorney General of Canada seeking dismissal on the grounds of lack of standing) by the litigants. This was upheld by the BC Supreme Court in 2008, but successfully appealed in 2010. The Attorney General then appealed this decision of the British Columbia Court of Appeal to the Supreme Court of Canada who released their decision on September 21, 2012. They dismissed the appeal enabling the case to once again proceed in the court of first instance.The Canadian Centre for Justice Statistics report Street Prostitution in Canada (1993) stated that police activity is mainly directed at the street level. Over 10,000 prostitution-related incidents were reported in 1992; 95% communicating offences and 5% bawdy-house and pimping offences.In 1997, they reported a sharp increase in the number of prostitution-related incidents recorded by police for 1995, following two years of decline. Since these are police figures they are just as likely to reflect enforcement rather than actual activity.[31] The report also stated that in the period 1991-5, 63 known prostitutes were murdered (5% of all women killed in Canada).[13]Separate reports have not been published since, but included in Crime Statistics in Canada. Data from the 2007 report show 5,679 offences in 2006 (17/100,000 population), and 4,724 in 2007 (14). This translates into a change in -17.6% between 2006 and 2007, and -27.6% between 1998 and 2007.[32]

Other

The exact number of people in sex work is not known, since this cannot be collected reliably. Estimates vary widely, and should be interpreted with caution.About 10% to 33% of all prostitutes have been estimated to work primarily outside, and are thus more visible.[33] The 2006 Subcommittee on Solicitation estimated 5-20%.[5]According to some estimates, most sex workers are young women (average 22-25), who began working between 16 and 20, most are single, and estimates of the number of prostitutes who have children suggest this is between 30-70%. In some field studies, 62% of prostitutes in Vancouver, 50% in Toronto, and 69% in Montréal claimed that they worked for themselves, while the presence and influence of pimps was more extensive in the Maritimes and on the Prairies. Drug use has been found to vary substantially by region and gender: it is highest in the Atlantic provinces, lowest in Québec, and appears to be a problem for the men more than the women. However, all these figures need to be interpreted with caution and compared to the general population.[33]A 1998 poll suggested 7% of Canadian men have paid for sex at least once in their life.[34] This is much lower than in the United States, where in 1994, 18% of men stated they had paid for sex[35] and 15% in 2004.[36] However, these polls cannot be directly compared because the questions asked in each were not identical.

Street prostitution

Nearly all law enforcement of the anti-prostitution laws concerns the people involved in street prostitution, with the other forms of prostitution being virtually ignored. The enforcement generally focuses on the prostitutes, and not on their customers.[37]

Effects of section 213 (communicating)

More than 90% of prosecutions are under section 213 (communicating). Consequently, it has become the target of criticism that, while designed to prevent public nuisance, it ignores public safety. In practice, the communication law has not altered the extent of street-based sex work, but merely displaced it, often to more dangerous locations.[7] The STAR project showed that relocation to poorly-lit, underpopulated areas reduced unwelcome attention by police and residents but increased the likelihood of 'bad dates'.[5]

Prostitution issues by province

While sex work exists in all cities, one that has received a large amount of publicity is Vancouver[38] due to poor socio-economic conditions in the Downtown Eastside, and the murder of a large number of women working in the sex trade, a disproportionate number of whom were aboriginal. "Body rub parlours" may be establishments in which sex work takes place, which would be illegal under bawdy house and communicating laws. Vancouver's milder climate may favour street prostitution. However sex workers and their support services in Vancouver have been very organised and vocal in responding to media criticisms.[39][40][41][42] They have an uneasy relationship with the police.[43][44] British Columbia has also been the area of Canada where most research has been carried out.The murders of 60+ sex workers, most of whom were Indigenous, from the downtown eastside of Vancouver in the 1990s and subsequent trials focussed national attention on the safety of sex workers under current legislation, which eventually led to court cases) challenging the constitutionality of those laws. These trials did not focus on the overrepresentation of Indigenous women and girls in street sex and trafficking trade which has been largely attributed to three main root causes: gender inequality, a subordinate place in settler-colonial society, and targeted violence; thus when paired with the racism aimed at the Indigenous population by the settler-colonial society, a violent attitude towards the bodies of Indigenous street workers is accepted. In 2011, a public inquiry into missing and murdered women again drew attention to the interaction between safety and legislation.[45][46][47] It is most likely that Pickton was able to kill those women, specifically because they'd been displaced from the Downtown core in the "stroll" bounded by Helmcken Street north Seymour to Nelson, east to Richards and south to Helmcken Street to the industrial area in the Downtown Eastside.In 2012, a young Victoria man was convicted on charges relating to the prostitution of a child online. He was sentenced) to three years in prison.[48]

Prostitution and health

A study was reported as showing that 26% of Vancouver's female sex workers were infected with HIV, and that Vancouver's overall prevalence of HIV was about 1.21%, six times higher than the national rate. Dr. Patricia Daly, chief medical health officer for Vancouver Coastal Health, was quoted as saying "Our message has always been that you should assume sex trade workers are HIV positive". This remark was criticised as offensive and inaccurate. Subsequent correspondence showed this figure to be misleading. The data actually represented injectable drug users attending health services. With more health related problems in middle age groups[49]Saskatchewan's HIV problems have received some publicity when health authorities blamed injectable drug users (IDU) and street sex workers in 2009. However HIV is uncommon amongst sex workers unless they are also IDUs and the Regina Street Workers Advocacy Project was critical of statements that demonised one group.[50]

Prostitution and minors

Child prostitution is illegal, but there are community concerns that it is a growing problem. While expansive claims have been made as to its extent, expert reports conclude that such estimates cannot be relied upon. For instance, a 2002 report of the Justice Institute of British Columbia states that "Because of the illicit nature of commercial sexual exploitation, there is no way to accurately measure the number of children and youth being commercially sexually exploited. Estimates of the number of commercially sexually exploited children and youth in Canada vary greatly."[51]

Federal initiatives

The Criminal Code was amended in 1988 to include child sexual abuse, and linking juvenile prostitution to the “procuring” section. In 1995, the Federal-Provincial-Territorial Working Group on Prostitution stated that these provisions “have been ineffective in bringing customers and pimps of youths involved in prostitution to justice.” They reported that charges under these provisions were rare, and that juvenile prostitutes and their clients continued to be charged under the general summary conviction offence prohibiting street prostitution, as with adults. Enforcement problems resulted from the reluctance of youths to testify against pimps, and the difficulty of apprehending clients.

Alberta[edit]

📷Entrance of the Queen's Bench of Alberta building (Calgary)Alberta's Child Welfare Act (1997) added the purchase of sex from someone under 18 as child abuse, with fines up to $2,000 and/or six months in jail in addition to Criminal Code penalties. The Protection of Children Involved in Prostitution Act (February 1999) provided that a child wanting to exit prostitution may access community support programs, but if not could be apprehended by police. They could then be confined for up to 72 hours in a protective safe house, where they can receive emergency care, treatment, assessment and planning. Customers and pimps can be charged with child sexual abuse and fined up to $25,000, 2 years jail or both.However, in July 2000, the law was ruled unconstitutional. The Provincial Court determined that it did not respect a child’s legal rights because it lacked the “procedural safeguards” to allow youth the right to answer allegations or seek judicial appeal. But in December the Court of Queen’s Bench quashed this. Nevertheless, the government had already introduced amendments ensuring that when a child is confined they be informed in writing as to why they were being confined, its duration, court dates and the right to legal representation. The child is also given an opportunity to contact Legal Aid and that they may request court review of the confinement.Amendments were also made to enable children to receive additional care and support, including extending the confinement period for up to five days and allowing for authorities to apply for a maximum of two additional confinement periods of up to 21 days each.

Recruitment

A 2002 British Columbia Government report[54] stated that some children end up in prostitution after running away from home, where they may have been victims of physical and/or sexual abuse. The report cited as causes of commercial sexual exploitation of children factors such as social isolation; low self-esteem; a dysfunctional family where violence and substance misuse were common; neglect; early sexual abuse or other traumatizing experience; dropping out of school; hidden disabilities, including Fetal Alcohol Syndrome—factors which pushed children into prostitution. Many children had a history of provincial care in a foster or group home, or living on their own, but some youth from well-functioning families had left home after a traumatic event becoming at risk of sexual exploitation once on the street. Some children came from families where prostitution was practised by other members, or from communities where prostitution was common.They found that some children were preyed upon by pimps who may slowly gain their trust, befriend them and provide them with food, accommodation and clothes before hooking them on drugs and alcohol and forcing them into sexual service. However, only a small proportion were found to be controlled in this manner, and older girls frequently introduced younger ones into the trade. Some pimps were considered as boyfriends, the report found. Pimps may use romantic techniques to seduce young girls. Where pimps appeared to be involved in recruitment, they worked in areas where young people congregate such as food courts in malls, community centres and schools, preferring unsupervised venues including fast food restaurants and bus stops but also supervised locations including drop-in programs, group homes, juvenile detention centres, youth shelters and treatment centres.[53] Runaway children are easily spotted by pimps at the bus and train stations of major Canadian cities.

Human trafficking in persons

In the early 1990s, pressure was building for action on the sexual exploitation of foreign children by Canadian tourists travelling abroad, even though the extent was unknown, leading to the introduction of a number of private member's bills.C-27 (1996) amended s. 7 of the Criminal Code to address this. s. 7(4.1) extended its extraterritorial provisions to 11 sexual and sex-related offences against minors (but does not specify purchase of sex), and applies Canadian law to foreign jurisdictions.Following enactment of C-27 in 1997, the Department of Justice was involved in the development of the United Nations’ Optional Protocol to the Convention on the Rights of the Child on the sale of children, child prostitution and child pornography, and Canada became a signatory in November 2001 (in force as of January 2002). At the same time C-15 simplified such prosecutions which had previously distinguished between prostitution and other forms of sexual abuse.[13]In 2009, Joy Smith introduced Bill C-268, An Act to amend the Criminal Code (minimum sentence for offences involving trafficking of persons under the age of eighteen years)). This Bill amended Section 279.01 of Canada’s Criminal Code to create a new offence for child trafficking with a five-year mandatory penalty. Bill C-268 has received broad support from stakeholders concerned with human trafficking including law enforcement, victims’ services, First Nations representatives, and religious and secular non-governmental organizations. MP Joy Smith worked with her colleagues across party lines to gain support for the legislation. On September 30, 2009, Bill C-268 received near unanimous support from Conservative, Liberal and NDP parties and was passed by the House of Commons, although opposed by the Bloc Québécois. On June 29, 2010, Bill C-268 was granted Royal Assent and became law. The successful passage of a Private Members Bill is rare and it is only the 15th time in the history of the Canada that a Private Members Bill amended the Criminal Code.
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Today's Pre-Market News [Wednesday, Feb. 20th, 2019]

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CVS Health – CVS reported adjusted quarterly profit of $2.14 per share, beating the $2.05 consensus estimate. However, revenue fell short of forecasts, and CVS also gave a weaker than expected full year outlook due to deterioration in its long-term care business.

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Garmin – The maker of GPS devices posted adjusted quarterly earnings of $1.02 per share, 22 cents a share above estimates. Revenue also came in above Wall Street forecasts, with Garmin reporting strength in its fitness and outdoor product lines.

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Gannett – The USA Today publisher fell 2 cents a share short of estimates, with adjusted quarterly profit of 44 cents per share. Revenue also missed forecasts. Gannett notes improvement in its digital business and said it remains committed to a goal of achieving more than half its ad revenue from digital sources.

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Apple – The company is hoping to combine its apps for the iPhone, iPad, and Mac by 2021, according to a Bloomberg report.

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Wolverine World Wide – The maker of shoe brands like Sperry, Hush Puppies, and Saucony earned an adjusted 52 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below forecasts, however, and the company's 2019 adjusted earnings forecast range falls largely below current consensus.

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Owens-Corning – The maker of insulation and other construction materials beat estimates by 12 cents a share, with adjusted quarterly profit of $1.38 per share. Revenue came in above estimates, as well.

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NxStage — The Federal Trade Commission approved the acquisition of the U.S.-based home dialysis equipment maker by Germany's Fresenius Medical Care. The companies agreed to sell NxStage's bloodline tubing business in order to win approval for the $2 billion transaction.

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Tesla – Tesla is planning to launch a leasing option for its Model 3 automobile, according to the news website Electrek. The site quotes an email sent to employees saying they would be able to lease a Model 3 within two weeks, although it did not specify when consumers will have that option.

STOCK SYMBOL: TSLA

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Teva Pharmaceutical – Teva settled with the US in a case involving the drugmaker's agreements with rivals. The government had charged that those agreements kept cheaper generic drugs off the market.

STOCK SYMBOL: TEVA

(CLICK HERE FOR LIVE STOCK QUOTE!)
LendingClub – LendingClub reported adjusted quarterly profit of three cents per share, a penny a share above estimates. The online lender's revenue was slightly below Wall Street forecasts. The company's 2019 revenue forecast of $765 million to $795 million falls below the consensus estimate of $796 million.

STOCK SYMBOL: LC

(CLICK HERE FOR LIVE STOCK QUOTE!)
Herbalife Nutrition – Herbalife came in 2 cents a share, ahead of estimates with adjusted quarterly profit of 63 cents per share. The health products maker's revenue came in slightly below consensus, however. Herbalife also raised its sales growth forecast for 2019.

STOCK SYMBOL: HLF

(CLICK HERE FOR LIVE STOCK QUOTE!)
Cadence Design – The maker of electronic design software reported adjusted quarterly profit of 52 cents per share, 5 cents a share above estimates. Revenue also beat Wall Street forecasts. Cadence gave stronger-than-expected earnings and revenue guidance for the current quarter and full year.

STOCK SYMBOL: CDNS

(CLICK HERE FOR LIVE STOCK QUOTE!)

DISCUSS!

What is on everyone's radar for today's trading day ahead here at wallstreetbets?

I hope you all have an excellent trading day ahead today on this Wednesday, February 20th, 2019! :)

submitted by bigbear0083 to wallstreetbets [link] [comments]

Today's Pre-Market News [Wednesday, Feb. 20th, 2019]

Good morning traders and investors of the StockMarket sub! Welcome to Wednesday! Here are your pre-market news this AM-

(CLICK HERE TO VIEW THE FULL SOURCE!)

Today's Top Headlines for Wednesday, February 20th, 2019

STOCK FUTURES CURRENTLY:

(CLICK HERE FOR STOCK FUTURES CHARTS!)

YESTERDAY'S MARKET MAP:

(CLICK HERE FOR YESTERDAY'S MARKET MAP!)

TODAY'S MARKET MAP:

(CLICK HERE FOR TODAY'S MARKET MAP!)

YESTERDAY'S S&P SECTORS:

(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)

TODAY'S S&P SECTORS:

(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)

TODAY'S ECONOMIC CALENDAR:

(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)

THIS WEEK'S ECONOMIC CALENDAR:

(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)

THIS WEEK'S UPCOMING IPO'S:

(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)

THIS WEEK'S EARNINGS CALENDAR:

($IQ $ORKU $WMT $CVS $BIDU $AAP $TTD $MDT $DPZ $DBX $GPC $HBC $SLCA $WIX $TSEM $CTB $KHC $HIMX $CSV $W $VIPS $TTS $BEAT$CTG $USAC $SAGE $RIG $OLED $EXAS $EXPD $AAWW $HFC $FTI $NBL $ET $WBT $NEO $ALLE $NBLX $ECL $GRMN $FELE $WLK)
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)

THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:

($CVS $BHC $WIX $HFC $GRMN $ADI $OC $CHFS $SO $GVA $HSIC $I $NM $SAH $TRGP $BDC $WWW $VPG $CRNT $LMRK $AROC $OMI $NI$ESEA $LAMR $ILPT $GEL $CNDT $FMS $GCI $GLDD $QUAD $VNTR $ETR $GSS $IPHS $GTX)
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)

THIS AFTERNOON'S POST-MARKET EARNINGS CALENDAR:

()
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS CALENDAR!]())
T.B.A.

EARNINGS RELEASES BEFORE THE OPEN TODAY:

(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)

EARNINGS RELEASES AFTER THE CLOSE TODAY:

(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)

YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:

(CLICK HERE FOR YESTERDAY'S UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S UPGRADES/DOWNGRADES LINK #2!)

YESTERDAY'S INSIDER TRADING FILINGS:

(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)

TODAY'S DIVIDEND CALENDAR:

(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #3!)

THIS MORNING'S MOST ACTIVE TRENDING TICKERS:

  • BHC
  • BTC.X
  • CVS
  • LTC.X
  • WORX
  • TSLA
  • ADI
  • CHFS
  • WIX
  • GRMN
  • CDNS
  • WWW
  • HSIC
  • FIT
  • NVTA
  • UBS
  • GOLD
  • GCI
  • ROKU
  • FIVN
  • MRKR
  • LMRK
  • BDC
  • LRN
  • TVTY
  • UVSP
  • FMS
  • QCRH
  • TLRY
  • BMA

THIS MORNING'S STOCK NEWS MOVERS:

(source: cnbc.com)
CVS Health – CVS reported adjusted quarterly profit of $2.14 per share, beating the $2.05 consensus estimate. However, revenue fell short of forecasts, and CVS also gave a weaker than expected full year outlook due to deterioration in its long-term care business.

STOCK SYMBOL: CVS

(CLICK HERE FOR LIVE STOCK QUOTE!)
Garmin – The maker of GPS devices posted adjusted quarterly earnings of $1.02 per share, 22 cents a share above estimates. Revenue also came in above Wall Street forecasts, with Garmin reporting strength in its fitness and outdoor product lines.

STOCK SYMBOL: GRMN

(CLICK HERE FOR LIVE STOCK QUOTE!)
Gannett – The USA Today publisher fell 2 cents a share short of estimates, with adjusted quarterly profit of 44 cents per share. Revenue also missed forecasts. Gannett notes improvement in its digital business and said it remains committed to a goal of achieving more than half its ad revenue from digital sources.

STOCK SYMBOL: GCI

(CLICK HERE FOR LIVE STOCK QUOTE!)
Apple – The company is hoping to combine its apps for the iPhone, iPad, and Mac by 2021, according to a Bloomberg report.

STOCK SYMBOL: AAPL

(CLICK HERE FOR LIVE STOCK QUOTE!)
Wolverine World Wide – The maker of shoe brands like Sperry, Hush Puppies, and Saucony earned an adjusted 52 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below forecasts, however, and the company's 2019 adjusted earnings forecast range falls largely below current consensus.

STOCK SYMBOL: WWW

(CLICK HERE FOR LIVE STOCK QUOTE!)
Owens-Corning – The maker of insulation and other construction materials beat estimates by 12 cents a share, with adjusted quarterly profit of $1.38 per share. Revenue came in above estimates, as well.

STOCK SYMBOL: OC

(CLICK HERE FOR LIVE STOCK QUOTE!)
Southwest Airlines – Southwest is investigating a surge in maintenance-related flight disruptions, according to Chief Operating Officer Mike Van de Ven. He issued a statement saying the increase had come despite no change in the airline's maintenance programs or policies. Separately, Goldman Sachs downgraded the stock to "sell" from "neutral," citing both valuation and a deterioration of profit margins due to its new flights to Hawaii.

STOCK SYMBOL: LUV

(CLICK HERE FOR LIVE STOCK QUOTE!)
NxStage — The Federal Trade Commission approved the acquisition of the U.S.-based home dialysis equipment maker by Germany's Fresenius Medical Care. The companies agreed to sell NxStage's bloodline tubing business in order to win approval for the $2 billion transaction.

STOCK SYMBOL: NXTM

(CLICK HERE FOR LIVE STOCK QUOTE!)
Tesla – Tesla is planning to launch a leasing option for its Model 3 automobile, according to the news website Electrek. The site quotes an email sent to employees saying they would be able to lease a Model 3 within two weeks, although it did not specify when consumers will have that option.

STOCK SYMBOL: TSLA

(CLICK HERE FOR LIVE STOCK QUOTE!)
Teva Pharmaceutical – Teva settled with the US in a case involving the drugmaker's agreements with rivals. The government had charged that those agreements kept cheaper generic drugs off the market.

STOCK SYMBOL: TEVA

(CLICK HERE FOR LIVE STOCK QUOTE!)
LendingClub – LendingClub reported adjusted quarterly profit of three cents per share, a penny a share above estimates. The online lender's revenue was slightly below Wall Street forecasts. The company's 2019 revenue forecast of $765 million to $795 million falls below the consensus estimate of $796 million.

STOCK SYMBOL: LC

(CLICK HERE FOR LIVE STOCK QUOTE!)
Herbalife Nutrition – Herbalife came in 2 cents a share, ahead of estimates with adjusted quarterly profit of 63 cents per share. The health products maker's revenue came in slightly below consensus, however. Herbalife also raised its sales growth forecast for 2019.

STOCK SYMBOL: HLF

(CLICK HERE FOR LIVE STOCK QUOTE!)
Cadence Design – The maker of electronic design software reported adjusted quarterly profit of 52 cents per share, 5 cents a share above estimates. Revenue also beat Wall Street forecasts. Cadence gave stronger-than-expected earnings and revenue guidance for the current quarter and full year.

STOCK SYMBOL: CDNS

(CLICK HERE FOR LIVE STOCK QUOTE!)

FULL DISCLOSURE:

bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.

DISCUSS!

What is on everyone's radar for today's trading day ahead here at StockMarket?

I hope you all have an excellent trading day ahead today on this Wednesday, February 20th, 2019! :)

submitted by bigbear0083 to StockMarket [link] [comments]

Today's Pre-Market News [Wednesday, Feb. 20th, 2019]

Good morning traders and investors of the stocks sub! Welcome to Wednesday! Here are your pre-market news this AM-

Today's Top Headlines for Wednesday, February 20th, 2019

STOCK FUTURES CURRENTLY:

(CLICK HERE FOR STOCK FUTURES CHARTS!)

YESTERDAY'S MARKET MAP:

(CLICK HERE FOR YESTERDAY'S MARKET MAP!)

TODAY'S MARKET MAP:

(CLICK HERE FOR TODAY'S MARKET MAP!)

YESTERDAY'S S&P SECTORS:

(CLICK HERE FOR YESTERDAY'S S&P SECTORS CHART!)

TODAY'S S&P SECTORS:

(CLICK HERE FOR TODAY'S S&P SECTORS CHART!)

TODAY'S ECONOMIC CALENDAR:

(CLICK HERE FOR TODAY'S ECONOMIC CALENDAR!)

THIS WEEK'S ECONOMIC CALENDAR:

(CLICK HERE FOR THIS WEEK'S ECONOMIC CALENDAR!)

THIS WEEK'S UPCOMING IPO'S:

(CLICK HERE FOR THIS WEEK'S UPCOMING IPO'S!)

THIS WEEK'S EARNINGS CALENDAR:

($IQ $ORKU $WMT $CVS $BIDU $AAP $TTD $MDT $DPZ $DBX $GPC $HBC $SLCA $WIX $TSEM $CTB $KHC $HIMX $CSV $W $VIPS $TTS $BEAT$CTG $USAC $SAGE $RIG $OLED $EXAS $EXPD $AAWW $HFC $FTI $NBL $ET $WBT $NEO $ALLE $NBLX $ECL $GRMN $FELE $WLK)
(CLICK HERE FOR THIS WEEK'S EARNINGS CALENDAR!)

THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:

($CVS $BHC $WIX $HFC $GRMN $ADI $OC $CHFS $SO $GVA $HSIC $I $NM $SAH $TRGP $BDC $WWW $VPG $CRNT $LMRK $AROC $OMI $NI$ESEA $LAMR $ILPT $GEL $CNDT $FMS $GCI $GLDD $QUAD $VNTR $ETR $GSS $IPHS $GTX)
(CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!)

THIS AFTERNOON'S POST-MARKET EARNINGS CALENDAR:

()
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS CALENDAR!]())
T.B.A.

EARNINGS RELEASES BEFORE THE OPEN TODAY:

(CLICK HERE FOR THIS MORNING'S EARNINGS RELEASES!)

EARNINGS RELEASES AFTER THE CLOSE TODAY:

(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #1!)
(CLICK HERE FOR THIS AFTERNOON'S EARNINGS RELEASES LINK #2!)

YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:

(CLICK HERE FOR YESTERDAY'S UPGRADES/DOWNGRADES LINK #1!)
(CLICK HERE FOR YESTERDAY'S UPGRADES/DOWNGRADES LINK #2!)

YESTERDAY'S INSIDER TRADING FILINGS:

(CLICK HERE FOR YESTERDAY'S INSIDER TRADING FILINGS!)

TODAY'S DIVIDEND CALENDAR:

(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #1!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #2!)
(CLICK HERE FOR TODAY'S DIVIDEND CALENDAR LINK #3!)

THIS MORNING'S MOST ACTIVE TRENDING TICKERS:

  • BHC
  • CVS
  • WORX
  • TSLA
  • ADI
  • CHFS
  • WIX
  • GRMN
  • CDNS
  • WWW
  • HSIC
  • FIT
  • NVTA
  • UBS
  • GOLD
  • GCI
  • ROKU
  • FIVN
  • MRKR
  • LMRK
  • BDC
  • LRN
  • TVTY
  • UVSP
  • FMS
  • QCRH
  • TLRY
  • BMA

THIS MORNING'S STOCK NEWS MOVERS:

(source: cnbc.com)
CVS Health – CVS reported adjusted quarterly profit of $2.14 per share, beating the $2.05 consensus estimate. However, revenue fell short of forecasts, and CVS also gave a weaker than expected full year outlook due to deterioration in its long-term care business.

STOCK SYMBOL: CVS

(CLICK HERE FOR LIVE STOCK QUOTE!)
Garmin – The maker of GPS devices posted adjusted quarterly earnings of $1.02 per share, 22 cents a share above estimates. Revenue also came in above Wall Street forecasts, with Garmin reporting strength in its fitness and outdoor product lines.

STOCK SYMBOL: GRMN

(CLICK HERE FOR LIVE STOCK QUOTE!)
Gannett – The USA Today publisher fell 2 cents a share short of estimates, with adjusted quarterly profit of 44 cents per share. Revenue also missed forecasts. Gannett notes improvement in its digital business and said it remains committed to a goal of achieving more than half its ad revenue from digital sources.

STOCK SYMBOL: GCI

(CLICK HERE FOR LIVE STOCK QUOTE!)
Apple – The company is hoping to combine its apps for the iPhone, iPad, and Mac by 2021, according to a Bloomberg report.

STOCK SYMBOL: AAPL

(CLICK HERE FOR LIVE STOCK QUOTE!)
Wolverine World Wide – The maker of shoe brands like Sperry, Hush Puppies, and Saucony earned an adjusted 52 cents per share for its latest quarter, 3 cents a share above estimates. Revenue came in below forecasts, however, and the company's 2019 adjusted earnings forecast range falls largely below current consensus.

STOCK SYMBOL: WWW

(CLICK HERE FOR LIVE STOCK QUOTE!)
Owens-Corning – The maker of insulation and other construction materials beat estimates by 12 cents a share, with adjusted quarterly profit of $1.38 per share. Revenue came in above estimates, as well.

STOCK SYMBOL: OC

(CLICK HERE FOR LIVE STOCK QUOTE!)
Southwest Airlines – Southwest is investigating a surge in maintenance-related flight disruptions, according to Chief Operating Officer Mike Van de Ven. He issued a statement saying the increase had come despite no change in the airline's maintenance programs or policies. Separately, Goldman Sachs downgraded the stock to "sell" from "neutral," citing both valuation and a deterioration of profit margins due to its new flights to Hawaii.

STOCK SYMBOL: LUV

(CLICK HERE FOR LIVE STOCK QUOTE!)
NxStage — The Federal Trade Commission approved the acquisition of the U.S.-based home dialysis equipment maker by Germany's Fresenius Medical Care. The companies agreed to sell NxStage's bloodline tubing business in order to win approval for the $2 billion transaction.

STOCK SYMBOL: NXTM

(CLICK HERE FOR LIVE STOCK QUOTE!)
Tesla – Tesla is planning to launch a leasing option for its Model 3 automobile, according to the news website Electrek. The site quotes an email sent to employees saying they would be able to lease a Model 3 within two weeks, although it did not specify when consumers will have that option.

STOCK SYMBOL: TSLA

(CLICK HERE FOR LIVE STOCK QUOTE!)
Teva Pharmaceutical – Teva settled with the US in a case involving the drugmaker's agreements with rivals. The government had charged that those agreements kept cheaper generic drugs off the market.

STOCK SYMBOL: TEVA

(CLICK HERE FOR LIVE STOCK QUOTE!)
LendingClub – LendingClub reported adjusted quarterly profit of three cents per share, a penny a share above estimates. The online lender's revenue was slightly below Wall Street forecasts. The company's 2019 revenue forecast of $765 million to $795 million falls below the consensus estimate of $796 million.

STOCK SYMBOL: LC

(CLICK HERE FOR LIVE STOCK QUOTE!)
Herbalife Nutrition – Herbalife came in 2 cents a share, ahead of estimates with adjusted quarterly profit of 63 cents per share. The health products maker's revenue came in slightly below consensus, however. Herbalife also raised its sales growth forecast for 2019.

STOCK SYMBOL: HLF

(CLICK HERE FOR LIVE STOCK QUOTE!)
Cadence Design – The maker of electronic design software reported adjusted quarterly profit of 52 cents per share, 5 cents a share above estimates. Revenue also beat Wall Street forecasts. Cadence gave stronger-than-expected earnings and revenue guidance for the current quarter and full year.

STOCK SYMBOL: CDNS

(CLICK HERE FOR LIVE STOCK QUOTE!)

DISCUSS!

What is on everyone's radar for today's trading day ahead here at stocks?

I hope you all have an excellent trading day ahead today on this Wednesday, February 20th, 2019! :)

submitted by bigbear0083 to stocks [link] [comments]

World History Timeline of Events Leading up to Bitcoin - In the Making

A (live/editable) timeline of historical events directly or indirectly related to the creation of Bitcoin and Cryptocurrencies
*still workin' on this so check back later and more will be added, if you have any suggested dates/events feel free to lemme know...
This timeline includes dates pertaining to:
Ancient Bartering – first recorded in Egypt (resources, services...) – doesn’t scale
Tally sticks were used, making notches in bones or wood, as a form of money of account
9000-6000 BC Livestock considered the first form of currency
c3200 BC Clay tablets used in Uruk (Iraq) for accounting (believed to be the earliest form of writing)
3000 BC Grain is used as a currency, measured out in Shekels
3000 BC Banking developed in Mesopotamia
3000 BC? Punches used to stamp symbols on coins were a precursor to the printing press and modern coins
? BC Since ancient Persia and all the way up until the invention and expansion of the telegraph Homing Pigeons were used to carry messages
2000 BC Merchants in Assyria, India and Sumeria lent grain to farmers and traders as a precursor to banks
1700 BC In Babylon at the time of Hammurabi, in the 18th century BC, there are records of loans made by the priests of the temple.
1200 BC Shell money first used in China
1000-600 BC Crude metal coins first appear in China
640 BC Precious metal coins – Gold & Silver first used in ancient Lydia and coastal Greek cities featuring face to face heads of a bull and a lion – first official minted currency made from electrum, a mixture of gold and silver
600-500 BC Atbash Cipher
A substitution Cipher used by ancient Hebrew scholars mapping the alphabet in reverse, for example, in English an A would be a Z, B a Y etc.
400 BC Skytale used by Sparta
474 BC Hundreds of gold coins from this era were discovered in Rome in 2018
350 BC Greek hydraulic semaphore system, an optical communication system developed by Aeneas Tacticus.
c200 BC Polybius Square
??? Wealthy stored coins in temples, where priests also lent them out
??? Rome was the first to create banking institutions apart from temples
118 BC First banknote in the form of 1 foot sq pieces of white deerskin
100-1 AD Caesar Cipher
193 Aureus, a gold coin of ancient Rome, minted by Septimius Severus
324 Solidus, pure gold coin, minted under Constantine’s rule, lasted until the late 8th century
600s Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty, 960–1279
c757–796 Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa
806 First paper banknotes used in China but isn’t widely accepted in China until 960
1024 The first series of standard government notes were issued in 1024 with denominations like 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn. In 1039 only banknotes of 5 guàn and 10 guàn were issued, and in 1068 a denomination of 1 guàn was introduced which became forty percent of all circulating Jiaozi banknotes.
1040 The first movable type printer was invented in China and made of porcelain
? Some of the earliest forms of long distance communication were drums used by Native Africans and smoke signals used by Native Americans and Chinese
1088 Movable type in Song Dynasty China
1120 By the 1120s the central government officially stepped in and produced their own state-issued paper money (using woodblock printing)
1150 The Knights Templar issued bank notes to pilgrims. Pilgrims deposited their valuables with a local Templar preceptory before embarking, received a document indicating the value of their deposit, then used that document upon arrival in the Holy Land to retrieve their funds in an amount of treasure of equal value.
1200s-1300s During the 13th century bankers from north Italy, collectively known as Lombards, gradually replace the Jews in their traditional role as money-lenders to the rich and powerful. – Florence, Venice and Genoa - The Bardi and Peruzzi Families dominated banking in 14th century Florence, establishing branches in many other parts of Europe
1200 By the time Marco Polo visited China they’d move from coins to paper money, who introduced the concept to Europe. An inscription warned, "All counterfeiters will be decapitated." Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were often left with a trustworthy person, and the merchant was given a slip of paper recording how much money they had with that person. Marco Polo's account of paper money during the Yuan Dynasty is the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his Country."
1252 Florin minted in Florence, becomes the hard currency of its day helping Florence thrive economically
1340 Double-entry bookkeeping - The clerk keeping the accounts for the Genoese firm of Massari painstakingly fills in the ledger for the year 1340.
1397 Medici Bank established
1450 Johannes Gutenberg builds the printing press – printed words no longer just for the rich
1455 Paper money disappears from China
1466 Polyalphabetic Cipher
1466 Rotating cipher disks – Vatican – greatest crypto invention in 1000 yrs – the first system to challenge frequency analysis
1466 First known mechanical cipher machine
1472 The oldest bank still in existence founded, Banca Monte dei Paschi di Siena, headquartered in Siena, Italy
1494 Double-entry bookkeeping system codified by Luca Pacioli
1535 Wampum, a form of currency used by Native Americans, a string of beads made from clamshells, is first document.
1553 Vigenere Cipher
1557 Phillip II of Spain managed to burden his kingdom with so much debt (as the result of several pointless wars) that he caused the world's first national bankruptcy — as well as the world's second, third and fourth, in rapid succession.
1577 Newspaper in Korea
1586 The Babington Plot
1590 Cabinet Noir was established in France. Its mission was to open, read and reseal letters, and great expertise was developed in the restoration of broken seals. In the knowledge that mail was being opened, correspondents began to develop systems to encrypt and decrypt their letters. The breaking of these codes gave birth to modern systematic scientific code breaking.
1600s Promissory banknotes began in London
1600s By the early 17th century banking begins also to exist in its modern sense - as a commercial service for customers rather than kings. – Late 17th century we see cheques slowly gains acceptance
The total of the money left on deposit by a bank's customers is a large sum, only a fraction of which is usually required for withdrawals. A proportion of the rest can be lent out at interest, bringing profit to the bank. When the customers later come to realize this hidden value of their unused funds, the bank's profit becomes the difference between the rates of interest paid to depositors and demanded from debtors.
The transformation from moneylenders into private banks is a gradual one during the 17th and 18th centuries. In England it is achieved by various families of goldsmiths who early in the period accept money on deposit purely for safe-keeping. Then they begin to lend some of it out. Finally, by the 18th century, they make banking their business in place of their original craft as goldsmiths.
1605 Newspaper in Straussburg
c1627 Great Cipher
1637 Wampum is declared as legal tender in the U.S. (where we got the slang word “clams” for money)
1656 Johan Palmstruch establishes the Stockholm Banco
1661 Paper Currency reappears in Europe, soon became common - The goldsmith-bankers of London began to give out the receipts as payable to the bearer of the document rather than the original depositor
1661 Palmstruch issues credit notes which can be exchanged, on presentation to his bank, for a stated number of silver coins
1666 Stockholms Banco, the predecessor to the Central Bank of Sweden issues the first paper money in Europe. Soon went bankrupt for printing too much money.
1667 He issues more notes than his bank can afford to redeem with silver and winds up in disgrace, facing a death penalty (commuted to imprisonment) for fraud.
1668 Bank of Sweden – today the 2nd oldest surviving bank
1694 First Central Bank established in the UK was the first bank to initiate the permanent issue of banknotes
Served as model for most modern central banks.
The modern banknote rests on the assumption that money is determined by a social and legal consensus. A gold coin's value is simply a reflection of the supply and demand mechanism of a society exchanging goods in a free market, as opposed to stemming from any intrinsic property of the metal. By the late 17th century, this new conceptual outlook helped to stimulate the issue of banknotes.
1700s Throughout the commercially energetic 18th century there are frequent further experiments with bank notes - deriving from a recognized need to expand the currency supply beyond the availability of precious metals.
1710 Physiocracy
1712 First commercial steam engine
1717 Master of the Royal Mint Sir Isaac Newton established a new mint ratio between silver and gold that had the effect of driving silver out of circulation (bimetalism) and putting Britain on a gold standard.
1735 Classical Economics – markets regulate themselves when free of intervention
1744 Mayer Amschel Rothschild, Founder of the Rothschild Banking Empire, is Born in Frankfurt, Germany
Mayer Amschel Rothschild extended his banking empire across Europe by carefully placing his five sons in key positions. They set up banks in Frankfurt, Vienna, London, Naples, and Paris. By the mid 1800’s they dominated the banking industry, lending to governments around the world and people such as the Vanderbilts, Carnegies, and Cecil Rhodes.
1745 There was a gradual move toward the issuance of fixed denomination notes in England standardized printed notes ranging from £20 to £1,000 were being printed.
1748 First recorded use of the word buck for a dollar, stemming from the Colonial period in America when buck skins were commonly traded
1757 Colonial Scrip Issued in US
1760s Mayer Amschel Rothschild establishes his banking business
1769 First steam powered car
1775-1938 US Diplomatic Codes & Ciphers by Ralph E Weber used – problems were security and distribution
1776 American Independence
1776 Adam Smith’s Invisible Hand theory helped bankers and money-lenders limit government interference in the banking sector
1781 The Bank of North America was a private bank first adopted created the US Nation's first de facto central bank. When shares in the bank were sold to the public, the Bank of North America became the country's first initial public offering. It lasted less than ten years.
1783 First steamboat
1791 Congress Creates the First US Bank – A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government. First Bank of the United States, a National bank, chartered for a term of twenty years, it was not renewed in 1811.
Previously, the 13 states had their own banks, currencies and financial institutions, which had an average lifespan of about 5 years.
1792 First optical telegraph invented where towers with telescopes were dispersed across France 12-25 km apart, relaying signals according to positions of arms extended from the top of the towers.
1795 Thomas Jefferson invents the Jefferson Disk Cipher or Wheel Cipher
1797 to 1821 Restriction Period by England of trading banknotes for silver during Napoleonic Wars
1797 Currency Crisis
Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system.
1799 First paper machine
1800 Banque de France – France’s central bank opens to try to improve financing of the war
1800 Invention of the battery
1801 Rotchschild Dynasty begins in Frankfurt, Holy Roman Empire – established international banking family through his 5 sons who established themselves in London, Paris, Frankfurt, Vienna, and Naples
1804 Steam locomotive
1807 Internal combustion engine and automobile
1807 Robert Fulton expands water transportation and trade with the workable steamboat.
1809 Telegraphy
1811 First powered printing press, also first to use a cylinder
1816 The Privately Owned Second Bank of the US was Chartered – It Served as the Main Depository for Government Revenue, Making it a Highly Profitable Bank – charter not renewed in 1836
1816 The first working telegraph was built using static electricity
1816 Gold becomes the official standard of value in England
1820 Industrial Revolution
c1820 Neoclassical Economics
1821 British gov introduces the gold standard - With governments issuing the bank notes, the inherent danger is no longer bankruptcy but inflation.
1822 Charles Babbage, considered the "father of the computer", begins building the first programmable mechanical computer.
1832 Andrew Jackson Campaigns Against the 2nd Bank of the US and Vetoes Bank Charter Renewal
Andrew Jackson was skeptical of the central banking system and believed it gave too few men too much power and caused inflation. He was also a proponent of gold and silver and an outspoken opponent of the 2nd National Bank. The Charter expired in 1836.
1833 President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US
By September 1833, government funds were being deposited into state chartered banks.
1833-1837 Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US
The total money supply rose from $150 million to $267 million
1835 Jackson Escapes Assassination. Assassin misfired twice.
1837-1862 The “Free Banking Era” there was no formal central bank in the US, and banks issued their own notes again
1838 First Telegram sent using Morse Code across 3 km, in 1844 he sent a message across 71 km from Washington DC to Baltimore.
1843 Ada Lovelace published the first algorithm for computing
1844 Modern central bank of England established - meaning only the central bank of England could issue banknotes – prior to that commercial banks could issue their own and were the primary form of currency throughout England
the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt.
1848 Communist Manifesto
1850 The first undersea telegraphic communications cable connected France in England after latex produced from the sap of the Palaquium gutta tree in 1845 was proposed as insulation for the underwater cables.
1852 Many countries in Europe build telegram networks, however post remained the primary means of communication to distant countries.
1855 In England fully printed notes that did not require the name of the payee and the cashier's signature first appeared
1855 The printing telegraph made it possible for a machine with 26 alphabetic keys to print the messages automatically and was soon adopted worldwide.
1856 Belgian engineer Charles Bourseul proposed telephony
1856 The Atlantic Telegraph company was formed in London to stretch a commercial telegraph cable across the Atlantic Ocean, completed in 1866.
1860 The Pony Express was founded, able to deliver mail of wealthy individuals or government officials from coast to coast in 10 days.
1861 The East coast was connected to the West when Western Union completed the transcontinental telegraph line, putting an end to unprofitable The Pony Express.
1862-1863 First US banknotes - Lincoln Over Rules Debt-Based Money and Issues Greenbacks to Fund Civil War
Bankers would only lend the government money under certain conditions and at high interest rates, so Lincoln issued his own currency – “greenbacks” – through the US Treasury, and made them legal tender. His soldiers went on to win the war, followed by great economic expansion.
1863 to 1932 “National Banking Era” Commercial banks in the United States had legally issued banknotes before there was a national currency; however, these became subject to government authorization from 1863 to 1932
1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany. By the time of Raiffeisen's death in 1888, credit unions had spread to Italy, France, the Netherlands, England, Austria, and other nations
1870 Long-distance telegraph lines connected Britain and India.
c1871 Marginalism - The doctrines of marginalism and the Marginal Revolution are often interpreted as a response to the rise of the worker's movement, Marxian economics and the earlier (Ricardian) socialist theories of the exploitation of labour.
1871 Carl Menger’s Principles of Economics – Austrian School
1872 Marx’s Das Capital
1872 Australia becomes the first nation to be connected to the rest of the world via submarine telegraph cables.
1876 Alexander Graham Bell patented the telephone, first called the electric speech machine – revolutionized communication
1877 Thomas Edison – Phonograph
1878 Western Union, the leading telegraph provider of the U.S., begins to lose out to the telephone technology of the National Bell Telephone Company.
1881 President James Garfield, Staunch Proponent of “Honest Money” Backed by Gold and Silver, was Assassinated
Garfield opposed fiat currency (money that was not backed by any physical object). He had the second shortest Presidency in history.
1882 First description of the one-time pad
1886 First gas powered car
1888 Ballpoint pen
1892 Cinematograph
1895 System of wireless communication using radio waves
1896 First successful intercontinental telegram
1898 Polyethylene
1899 Nickel-cadmium battery
1907 Banking Panic of 1907
The New York Stock Exchange dropped dramatically as everyone tried to get their money out of the banks at the same time across the nation. This banking panic spurred debate for banking reform. JP Morgan and others gathered to create an image of concern and stability in the face of the panic, which eventually led to the formation of the Federal Reserve. The founders of the Federal Reserve pretended like the bankers were opposed to the idea of its formation in order to mislead the public into believing that the Federal Reserve would help to regulate bankers when in fact it really gave even more power to private bankers, but in a less transparent way.
1908 St Mary’s Bank – first credit union in US
1908 JP Morgan Associate and Rockefeller Relative Nelson Aldrich Heads New National Monetary Commission
Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller.
1910 Bankers Meet Secretly on Jekyll Island to Draft Federal Reserve Banking Legislation
Over the course of a week, some of the nation’s most powerful bankers met secretly off the coast of Georgia, drafting a proposal for a private Central Banking system.
1913 Federal Reserve Act Passed
Two days before Christmas, while many members of Congress were away on vacation, the Federal Reserve Act was passed, creating the Central banking system we have today, originally with gold backed Federal Reserve Notes. It was based on the Aldrich plan drafted on Jekyll Island and gave private bankers supreme authority over the economy. They are now able to create money out of nothing (and loan it out at interest), make decisions without government approval, and control the amount of money in circulation.
1913 Income tax established -16th Amendment Ratified
Taxes ensured that citizens would cover the payment of debt due to the Central Bank, the Federal Reserve, which was also created in 1913.The 16th Amendment stated: “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”
1914 November, Federal Reserve Banks Open
JP Morgan and Co. Profits from Financing both sides of War and Purchasing Weapons
J.P. Morgan and Co. made a deal with the Bank of England to give them a monopoly on underwriting war bonds for the UK and France. They also invested in the suppliers of war equipment to Britain and France.
1914 WWI
1917 Teletype cipher
1917 The one-time pad
1917 Zimmerman Telegram intercepted and decoded by Room 40, the cryptanalysis department of the British Military during WWI.
1918 GB returns to gold standard post-war but it didn’t work out
1919 First rotor machine, an electro-mechanical stream ciphering and decrypting machine.
1919 Founding of The Cipher Bureau, Poland’s intelligence and cryptography agency.
1919-1929 The Black Chamber, a forerunner of the NSA, was the first U.S. cryptanalytic organization. Worked with the telegraph company Western Union to illegally acquire foreign communications of foreign embassies and representatives. It was shut down in 1929 as funding was removed after it was deemed unethical to intercept private domestic radio signals.
1920s Department stores, hotel chains and service staions begin offering customers charge cards
1921-1929 The “Roaring 20’s” – The Federal Reserve Floods the Economy with Cash and Credit
From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period.[3] This artificially created another “boom”.
1927 Quartz clock
1928 First experimental Television broadcast in the US.
1929 Federal Reserve Contracts the Money Supply
In 1929, the Federal Reserve began to pull money out of circulation as loans were paid back. They created a “bust” which was inevitable after issuing so much credit in the years before. The Federal Reserve’s actions triggered the banking crisis, which led to the Great Depression.
1929 October 24, “Black Thursday”, Stock Market Crash
The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else.
1930s The Great Depression marked the end of the gold standard
1931 German Enigma machines attained and reconstructed.
1932 Turbo jet engine patented
1933 SEC founded - passed the Glass–Steagall Act, which separated investment banking and commercial banking. This was to avoid more risky investment banking activities from ever again causing commercial bank failures.
1933 FM Radio
1933 Germany begins Telex, a network of teleprinters sending and receiving text based messages. Post WWII Telex networks began to spread around the world.
1936 Austrian engineer Paul Eisler invented Printed circuit board
1936 Beginning of the Keynesian Revolution
1937 Typex, British encryption machines which were upgraded versions of Enigma machines.
1906 Teletypewriters
1927 Founding of highly secret and unofficial Signal Intelligence Service, SIS, the U.S. Army’s codebreaking division.
1937 Made illegal for Americans to own gold
1938 Z1 built by Konrad Zuse is the first freely programmable computer in the world.
1939 WWII – decline of the gold standard which greatly restricted policy making
1939-45 Codetalkers - The Navajo code is the only spoken military code never to have been deciphered - "Were it not for the Navajos, the Marines would never have taken Iwo Jima."—Howard Connor
1940 Modems
1942 Deciphering Japanese coded messages leads to a turning point victory for the U.S. in WWII.
1943 At Bletchley Park, Alan Turing and team build a specialized cipher-breaking machine called Heath Robinson.
1943 Colossus computer built in London to crack the German Lorenz cipher.
1944 Bretton Woods – convenient after the US had most of the gold
1945 Manhattan Project – Atom Bomb
1945 Transatlantic telephone cable
1945 Claude E. Shannon published "A mathematical theory of cryptography", commonly accepted as the starting point for development of modern cryptography.
C1946 Crypto Wars begin and last to this day
1946 Charg-it card created by John C Biggins
1948 Atomic clock
1948 Claude Shannon writes a paper that establishes the mathematical basis of information theory
1949 Info theorist Claude Shannon asks “What does an ideal cipher look like?” – one time pad – what if the keys are not truly random
1950 First credit card released by the Diners Club, able to be used in 20 restaurants in NYC
1951 NSA, National Security Agency founded and creates the KL-7, an off-line rotor encryption machine
1952 First thermonuclear weapon
1953 First videotape recorder
1953 Term “Hash” first used meaning to “chop” or “make a mess” out of something
1954 Atomic Energy Act (no mention of crypto)
1957 The NSA begins producing ROMOLUS encryption machines, soon to be used by NATO
1957 First PC – IBM
1957 First Satellite – Sputnik 1
1958 Western Union begins building a nationwide Telex network in the U.S.
1960s Machine readable codes were added to the bottom of cheques in MICR format, which speeded up the clearing and sorting process
1960s Financial organizations were beginning to require strong commercial encryption on the rapidly growing field of wired money transfer.
1961 Electronic clock
1963 June 4, Kennedy Issued an Executive Order (11110) that Authorized the US Treasury to Issue Silver Certificates, Threatening the Federal Reserve’s Monopoly on Money
This government issued currency would bypass the governments need to borrow from bankers at interest.
1963 Electronic calculator
1963 Nov. 22, Kennedy Assassinated
1963 Johnson Reverses Kennedy’s Banking Rule and Restores Power to the Federal Reserve
1964 8-Track
1964 LAN, Local Area Networks adapters
1965 Moore’s Law by CEO of Intel Gordon Moore observes that the number of components per integrated circuit doubles every year, and projected this rate of growth would continue for at least another decade. In 1975 he revised it to every two years.
1967 First ATM installed at Barclay’s Bank in London
1968 Cassette Player introduced
1969 First connections of ARPANET, predecessor of the internet, are made. started – SF, SB, UCLA, Utah (now Darpa) – made to stay ahead of the Soviets – there were other networks being built around the world but it was very hard to connect them – CERN in Europe
1970s Stagflation – unemployment + inflation, which Keynesian theory could not explain
1970s Business/commercial applications for Crypto emerge – prior to this time it was militarily used – ATMs 1st got people thinking about commercial applications of cryptography – data being sent over telephone lines
1970s The public developments of the 1970s broke the near monopoly on high quality cryptography held by government organizations.
Use of checks increased in 70s – bringing about ACH
One way functions...
A few companies began selling access to private networks – but weren’t allowed to connect to the internet – business and universities using Arpanet had no commercial traffic – internet was used for research, not for commerce or advertising
1970 Railroads threatened by the growing popularity of air travel. Penn Central Railroad declares bankruptcy resulting in a $3.2 billion bailout
1970 Conjugate coding used in an attempt to design “money physically impossible to counterfeit”
1971 The US officially removes the gold standard
1971 Email invented
1971 Email
1971 First microcomputer on a chip
1971 Lockheed Bailout - $1.4 billion – Lockheed was a major government defense contractor
1972 First programmable word processor
1972 First video game console
1973 SWIFT established
1973 Ethernet invented, standardized in ‘83
1973 Mobile phone
1973 First commercial GUI – Xerox Alto
1973 First touchscreen
1973 Emails made up more than ¾ of ARPANET’s packets – people had to keep a map of the network by their desk – so DNS was created
1974 A protocol for packet network intercommunication – TCP/IP – Cerf and Kahn
1974 Franklin National Bank Bailout - $1.5 billion (valued at that time) - At the time, it was the largest bank failure in US history
1975 New York City Bailout - $9.4 billion – NYC was overextended
1975 W DES - meant that commercial uses of high quality encryption would become common, and serious problems of export control began to arise.
1975 DES, Data Encryption Standard developed at IBM, seeking to develop secure electronic communications for banks and large financial organizations. DES was the first publicly accessible cipher to be 'blessed' by a national agency such as the NSA. Its release stimulated an explosion of public and academic interest in cryptography.
1975 Digital camera
1975 Altair 8800 sparks the microprocessor revolution
1976 Bretton Woods ratified (lasted 30 years) – by 80’s all nations were using floating currencies
1976 New Directions in Cryptography published by Diffie & Hellman – this terrified Fort Meade – previously this technique was classified, now it’s public
1976 Apple I Computer – Steve Wozniak
1976 Asymmetric key cryptosystem published by Whitfield Diffie and Martin Hellman.
1976 Hellman and Diffie publish New Directions in Cryptography, introducing a radically new method of distributing cryptographic keys, contributing much to solving key distribution one of the fundamental problems of cryptography. It brought about the almost immediate public development of asymmetric key algorithms. - where people can have 2 sets of keys, public and private
1977 Diffie & Hellman receive letter from NSA employee JA Meyer that they’re violating Federal Laws comparable to arms export – this raises the question, “Can the gov prevent academics from publishing on crypto?
1977 DES considered insecure
1977 First handheld electronic game
1977 RSA public key encryption invented
1978 McEliece Cryptosystem invented, first asymmetric encryption algorithm to use randomization in the encryption process
1980s Large data centers began being built to store files and give users a better faster experience – companies rented space from them - Data centers would not only store data but scour it to show people what they might want to see and in some cases, sell data
1980s Reaganomics and Thatcherism
1980 A decade of intense bank failures begins; the FDIC reports that 1,600 were either closed or received financial assistance from 1980 to 1994
1980 Chrysler Bailout – lost over $1 billion due to major hubris on the part of its executives - $1.5 billion one of the largest payouts ever made to a single corporation.
1980 Protocols for public key cryptosystems – Ralph Merkle
1980 Flash memory invented – public in ‘84
1981 “Untraceable Electronic Mail, Return Addresses and Digital Pseudonumns” – Chaum
1981 EFTPOS, Electronic funds transfer at point of sale is created
1981 IBM Personal Computer
1982 “The Ethics of Liberty” Murray Rothbard
1982 Commodore 64
1982 CD
1983 Satellite TV
1983 First built in hard drive
1983 C++
1983 Stereolithography
1983 Blind signatures for untraceable payments
Mid 1980s Use of ATMs becomes more widespread
1984 Continental Illinois National Bank and Trust bailed out due to overly aggressive lending styles and - the bank’s downfall could be directly traced to risk taking and a lack of due diligence on the part of bank officers - $9.5 billion in 2008 money
1984 Macintosh Computer - the first mass-market personal computer that featured a graphical user interface, built-in screen and mouse
1984 CD Rom
1985 Zero-Knowledge Proofs first proposed
1985 300,000 simultaneous telephone conversations over single optical fiber
1985 Elliptic Curve Cryptography
1987 ARPANET had connected over 20k guarded computers by this time
1988 First private networks email servers connected to NSFNET
1988 The Crypto Anarchists Manifesto – Timothy C May
1988 ISDN, Integrated Services Digital Network
1989 Savings & Loan Bailout - After the widespread failure of savings and loan institutions, President George H. W. Bush signed and Congress enacted the Financial Institutions Reform Recovery and Enforcement Act - This was a taxpayer bailout of about $200 billion
1989 First commercial emails sent
1989 Digicash - Chaum
1989 Tim Berners-Lee and Robert Cailliau built the prototype system which became the World Wide Web, WWW
1989 First ISPs – companies with no network of their own which connected people to a local network and to the internet - To connect to a network your computer placed a phone call through a modem which translated analog signals to digital signals – dial-up was used to connect computers as phone lines already had an extensive network across the U.S. – but phone lines weren’t designed for high pitched sounds that could change fast to transmit large amounts of data
1990s Cryptowars really heat up...
1990s Some countries started to change their laws to allow "truncation"
1990s Encryption export controls became a matter of public concern with the introduction of the personal computer. Phil Zimmermann's PGP cryptosystem and its distribution on the Internet in 1991 was the first major 'individual level' challenge to controls on export of cryptography. The growth of electronic commerce in the 1990s created additional pressure for reduced restrictions.[3] Shortly afterward, Netscape's SSL technology was widely adopted as a method for protecting credit card transactions using public key cryptography.
1990 NSFNET replaced Arpanet as backbone of the internet with more than 500k users
Early 90s Dial up provided through AOL and Compuserve
People were leery to use credit cards on the internet
1991 How to time-stamp a digital doc - Stornetta
1991 Phil Zimmermann releases the public key encryption program Pretty Good Privacy (PGP) along with its source code, which quickly appears on the Internet. He distributed a freeware version of PGP when he felt threatened by legislation then under consideration by the US Government that would require backdoors to be included in all cryptographic products developed within the US. Expanded the market to include anyone wanting to use cryptography on a personal computer (before only military, governments, large corporations)
1991 WWW (Tim Berners Lee) – made public in ‘93 – flatten the “tree” structure of the internet using hypertext – reason for HTTP//:WWW – LATER HTTPS for more security
1992 Erwise – first Internet Browser w a graphical Interface
1992 Congress passed a law allowing for commercial traffic on NSFNET
1992 Cpherpunks, Eric Hughes, Tim C May and John Gilmore – online privacy and safety from gov – cypherpunks write code so it can be spread and not shut down (in my earlier chapter)
1993 Mosaic – popularized surfing the web ‘til Netscape Navigator in ’94 – whose code was later used in Firefox
1993 A Cypherpunks Manifesto – Eric Hughes
1994 World’s first online cyberbank, First Virtual, opened for business
1994 Bluetooth
1994 First DVD player
1994 Stanford Federal Credit Union becomes the first financial institution to offer online internet banking services to all of its members in October 1994
1994 Internet only used by a few
1994 Cybercash
1994 Secure Sockets Layer (SSL) encryption protocol released by Netscape. Making financial transactions possible.
1994 One of the first online purchases was made, a Pizza Hut pepperoni pizza with mushrooms and extra cheese
1994 Cyphernomicon published – social implication where gov can’t do anything about it
1994-1999 Social Networking – GeoCities (combining creators and users) – had 19M users by ’99 – 3rd most popular after AOL and Yahoo – GeoCities purchased by Yahoo for $3.6B but took a hit after dotcom bubble popped and never recovered – GC shut down in ‘99
1995-2000 Dotcom bubble – Google, Amazon, Facebook: get over 600M visitors/year
1995 DVD
1995 MP3 term coined for MP3 files, the earlier development of which stretches back into the ‘70s, where MP files themselves where developed throughout the ‘90s
1995 NSFNET shut down and handed everything over to the ISPs
1995 NSA publishes the SHA1 hash algorithm as part of its Digital Signature Standard.
1996, 2000 President Bill Clinton signing the Executive order 13026 transferring the commercial encryption from the Munition List to the Commerce Control List. This order permitted the United States Department of Commerce to implement rules that greatly simplified the export of proprietary and open source software containing cryptography, which they did in 2000 - The successful cracking of DES likely helped gather both political and technical support for more advanced encryption in the hands of ordinary citizens - NSA considers AES strong enough to protect information classified at the Top Secret level
1996 e-gold
1997 WAP, Wireless Access Point
1997 NSA researchers published how to mint e cash
1997 Adam Back – HashCash – used PoW – coins could only be used once
1997 Nick Szabo – smart contracts “Formalizing and Securing Relationships on Public Networks”
1998 OSS, Open-source software Initiative Founded
1998 Wei Dai – B-money – decentralized database to record txs
1998 Bitgold
1998 First backdoor created by hackers from Cult of the Dead Cow
1998 Musk and Thiel founded PayPal
1998 Nick Szabo says crypto can protect land titles even if thugs take it by force – said it could be done with a timestamped database
1999 Much of the Glass-Steagal Act repealed - this saw US retail banks embark on big rounds of mergers and acquisitions and also engage in investment banking activities.
1999 Milton Friedman says, “I think that the Internet is going to be one of the major forces for reducing the role of government. The one thing that's missing, but that will soon be developed, is a reliable e-cash - a method whereby on the Internet you can transfer funds from A to B without A knowing B or B knowing A.”
1999 European banks began offering mobile banking with the first smartphones
1999 The Financial Services Modernization Act Allows Banks to Grow Even Larger
Many economists and politicians have recognized that this legislation played a key part in the subprime mortgage crisis of 2007.
1999-2001 Napster, P2P file sharing – was one of the fastest growing businesses in history – bankrupt for paying musicians for copyright infringement

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What is the Tiberius Coin?

What is the Tiberius Coin?

https://preview.redd.it/0kby5o21w9k11.jpg?width=1365&format=pjpg&auto=webp&s=0218e32abdf565d5dfd507a84f27c4ce40c9fc01
The Tiberius Coin (“T-Coin”) is the first crypto-financial product that grants you direct ownership to a basket of strategic metals that we believe are key to forward-thinking technologies. Tokens act like ownership receipts for an identical allocation and quantity of metals. The metal is held and audited by independent warehouses, and available for delivery on request.
Every digital token should simply be thought of as digital identification of the ownership of:
  • Technology metals: 25g copper, 5g tin
  • Electric Vehicle metals: 25g aluminum, 6g nickel, 1g cobalt
  • Stability metals: 3mg gold, 1.5mg platinum
We only mint tokens after the metal has been independently audited, so you know that it corresponds to existing material, and because of this, the token price can never hit zero. Tiberius Coin has all the upside of the technology markets, but none of the downside commonly associated with bitcoin and other volatile cryptos.
Human prosperity in its very essence is derived from technology’s ability to create value. Over $32 trillion of new economic growth will be unleashed by technologies such as advanced robotics and AI (+US$ 11tn), the Internet of Things and cloud technology (+US$ 12tn), and autonomous electric vehicles (+US$ 4.5tn).
All you have to do is look to the future and see that growth and technology are intertwined. An unstoppable movement has already begun. Everyday devices are becoming “smarter,” technology is becoming more integrated and wearable, and all of these devices and the hardware are all made of metal.
With Tiberius Coin, you can take the first step in profiting from the metal markets as they grow. For decades, commodities have been gated, making it difficult for retail investors to take part. But we’re changing that. Now, retail investors can take part in the metal markets using the power of the blockchain.

But Why Invest?

Everyone agrees that technology is unstoppable, but investing in companies can be risky because timely competition can cause a stock to go to zero. Even in cases where there is a clear commodity theme, like the inevitability of electric vehicles, how can you choose the right investment? Stocks are a relatively risky way to get exposure to these trends.
By their very nature, emerging technologies need to be better or cheaper in order to win market share. Profit margins shrink for investors in companies like Telsa due to the need to engineer cost parity of electric vehicles relative to regular automobiles. In cases like this, it is the shareholder who takes the hit, not the consumer.
Natural resources companies are also not the best way to benefit from the technology trend. Mining operations are often based in emerging market countries, where governments are known to seize a large part of the profit margin.
All the technology metals in our basket have been chosen to benefit from a strategic commodity theme. And all of them, with the exception of gold, have industrial uses and will always command some intrinsic value. Our metal basket can be delivered on request, which creates a price floor for the token.
The Tiberius Coin will list under the ticker TCX. At the time of writing, each TCX token has an intrinsic value close to US$ 0.70.
In essence, the Tiberius Coin presents less price risk than other cryptocurrencies. Although the metal-backed cryptocurrency has multiple applications, the Tiberius Coin is simply safer and more transparent. Safety means both stability and security and all of this leads to increased transparency across the board.

https://preview.redd.it/qte7xts7w9k11.png?width=1000&format=png&auto=webp&s=b227addf6370237e977a9e7b9cd63fa322c4abb6

Who Uses the T-Coin

Investors
The T-Coin provides exposure to the cryptocurrency market, but is designed to have a price floor. This means it can never, and will never, go to zero or be exposed to the same risks as traditional cryptocurrencies.
Correlation Protection When Cryptocurrency Markets Crash
There is a huge bottleneck between cryptocurrencies and fiat currencies (e.g. USD, EUR). Only a few cryptocurrencies can be exchanged for fiat, driving huge price drops when these few crypto-to-fiat liquidity channels become distressed.
General Cryptocurrency Market Hedge
The T-Coin is not only more stable in price, but it solves the biggest problem in the crypto market, crypto-to-fiat liquidity. The T-Coin is not only easily exchangeable for commodities, but the commodities themselves are uncorrelated to cryptocurrency markets.
Cryptocurrency Market Participation
We are in the midst of the legitimization of cryptocurrencies as an asset class, which means a huge inflow of institutional capital. The T-Coin risk profile perfectly lends itself as an investment vehicle for funds, family offices, and high net worth individuals. The T-Coin is an excellent sales pitch for the new entrant money manager desiring crypto exposure. These types of investors may have less trust in crypto than millennials, but they do have a lot more capital.
Consumers: Both Retail and Industrial
T-Coin enables all the clever applications of the blockchain, except now with more manageable price risk.
Wealth Management Tool
If you combine the previous points, you can see that the T-Coin provides ideal exposure to a de-correlated, inflation-hedged, currency-hedged basket of metals – perfectly combining investment solutions with consumer finance.
Consumers of Metal
T-Coin offers value for metal traders and corporations alike. For example, treasury departments of large automotive companies traditionally sit on a lot of cash, yet they continually consume metal.

Benefits of the T-Coin

We’ve worked hard to develop a cryptocurrency that offers more than just a volatile ride in the market. We believe in equal access to the commodities markets and that’s what we’ve accomplished with the Tiberius Coin.
More Stable
Given there is less price risk during normal trading: the Tiberius Coin has a market price which is less volatile than other cryptocurrencies and can only drop by a certain amount because the market price of the token is supported by the intrinsic value of the underlying metal.
More Secure
Even if the global economy and cryptocurrency markets collapse, the underlying metal is 100% collateralised and provides you with a secure storage of wealth.
What Are You Waiting For?
The Tiberius Initial Sale starts in October 1st 2018. You have a rare opportunity to take part in one of the biggest shifts in the cryptocurrency markets. We’re ready this October, are you?
Stay up to date with the latest information about Tiberius Coin. Join the official Telegram discussion today!

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Oil is not a drug: Oil dependence is not an addiction

Oil consumption and dependency of modern civilisation is often described as "an addiction". I'm going to argue here that it is not that, though the distinctions are at times subtle. This essay is inspired by a post of Brent Eubanks at The Other Place.
The etymology of addiction is "to give oneself up to some practice", from Latin, ad + dicere, "to declare". So the addict gives herself up to her addiction.
There's also the German term, particularly for morphine addiction: Morphiumsuch, or, as Bobby Shaftoe translates that in Neal Stephenson's Cryptonomicon, morphine-seeky. The addict craves and seeks morphine ... or whatever else is the root of their addiction.
This ... isn't terribly unlike the obsession of modern technological civilisation to oil: we seek it, we crave it, and we will go to unforgivable lengths to get it.

A bad impulse

But there's a part of this which isn't captured. The Century Dictionary definition of addiction you'll find at the etymology link above is: "It is a yielding to impulse, and generally a bad one."
The problem with addictions, the ones we tend to get obsessed about, is that they are bad. And usually, pretty immediately and obviously bad. A hangover is something you feel the day after, withdrawal after a short period of use.
Oil, and other fossil fuels, have turned out to be harmful -- after a century or more of use. But I cannot say they were immediately and obviously harmful. Used in modest and moderate amounts, they weren't, and in fact were used because they allowed us to do more things whilst avoiding many of the negative consequences of how we'd been doing them before. Heat. Light. Transportation. Motive energy. Information transmission and processing.
Without felling forests, or flooding streets with horse urine, or burying them under horse droppings or dropped horses. Moving at more than the 5-10 miles per hour of all previous transport mechanisms. Etc., etc. Oil especially cleaned the streets, waterways, and air of the consequences of animal, wood, and coal utilisation, up through about the 1950s, when automobile smog could no longer be ignored. (Coal smog had been a problem for a while.)
(I'm also skipping over other issues, especially lead in petrol, though you could come up with long lists.)

Acting on perception

The thing oil is more like than heroin, or cocaine, or mescaline -- substances which alter the body's perceptions or sensation, is food: that which gives the body fundamental vitality.
Oil, and coal and gas, are cheap food. Cheap fuel.
Which is to say: for a little bit of effort, or accrued liquidity (financial wealth, money), you can get a whole lot of capacity to do stuff ... for very little expense.
The fundamental characteristic of an addiction is that it is a demand-side modification. It's not that drugs are cheap (thought this is often a component), it's that drugs change your perceived desire for the drug. It's morphine seeky, not morphine costy.
Oil is like cheap food. Possibly like junk food. But the major elements are the cost and the abundance.

Price pressure

I've been thinking a lot of what happens when you suddenly make things cheap -- when you manipulate the cost-side of a relationship, or more accurately, the price side.
I'm still developing the concept, the formulation is still in process, and some of you have heard this. There's a fragmentary, sprawling, and unfinished treatment of cost, price, and value if you like.
The short version: much of economics is about three distinct though related concepts: cost, price, and value. (Much of the confusion within economics comes from trying to make these one thing, or perhaps two things. They're not.) Basically:
In the long term: cost <= price < value. In the short term, none of those relationships need hold, and "short term" can go on for a long time: "The market can remain irrational ...".[1] And for various historical reasons, accidents, and/or Grand Conspiracies, accounting and treatment is idiosyncratic, ideological, incomplete, irrational, and idiotic. (This is the other "Five I's" network.)
Price is fundamentally behavioural, and depends on specific states, including psychology, risk, knowledge, vulnerabilities, etc., of the parties involved. And there are a lot of times when it behaves strangely -- people can be willing to pay far too much, or accept far too little. Or the usual relations between supply and demand can be come inverted: people seeking more of a thing as its price rises (Geffen and Veblen goods), or providing more of it as the price falls below maintanance levels, especially labour. And extractive resources, including oil.

Price is BATNA

Best alternative to negotiated agreement.
That is, if either party in an exchange has the option of walking away from that exchange, and securing other terms from some other counterparty, or delaying trade until more favourable circumstances are presented, then that alternative exchange defines the price. One statement of this is Ricardo's Law of Rent. Another is Humphrey Bogart's "fuck you" money.
If there is no alternative to the present agreement, for one party, then price is specifically what the party with alternatives chooses to set it. Regardless of the long-term viability of that price.
And where BATNA is death -- biological or financial -- behaviour gets outright strange -- the normal "laws" of markets simply don't apply. The present value of avoiding imminent death can be far higher than the long-term rational perspective of such a decision. Removing one's own arm with a pocketknife isn't something that's reasonable to do until it is.[2]
A petroleum example: in 1928 Texas, an oil well operator's BATNA was about $1 - $2 per barrel of oil (nominal). Which is to say, the market price fetched a buck or two per barrel (this is about $10 - $20 in current dollars, loosely). And on that basis, an oil prospector could raise capital or secure loans, buy or lease a drilling rig, pay roughnecks, run a jack-head pump, etc., and service his debts and stockholders.
By 1930, two things had changed BATNA markedly: October 29th, 1929, and Pappy Joiner's Daisy Bradford #3. The first was the Wall Street stock market bubble which precipitated (or marked) the start of the first Great Depression. The second was the East Texas Oil Field discovery, still the largest onshore oil find in the conterminous lower 48 states.
BATNA fell to $0.13.
Buyers had dried up, due to the general depression. And supply had skyrocketed. In the short term, oil's demand is fairly inelastic -- you can only burn so much lamp oil or motor-car fuel.
The problem was that well-operators' cost structures were predicated on a $1/bbl price. And those loans weren't going to walk away, nor the labour or pump fuel keep showing up (well-head gas excepted) if there was no revenue. BATNA for those operators was financial insolvency, losing everything.
Think about it: imminent risk of going flat broke whilst sitting atop the biggest liquid hydrocarbon reserve ever found to that date. How the hell do you die broke sitting on top of a gold mine?[3]
The oilmen had to pump, regardless of the price, or lose everything they had to date. And I won't even mention Rule of Capture or 10-yard-square leases, derrick-forests, and overpumping. And there was no national demand.
BATNA fell to $0.02.
That is: the only option to avoid imminent death was to meet current variable expenses for so long as possible, as well as to keep the rig next door -- literally 10 yards away in many cases -- from pumping out the Black Gold from under your own feet. Falling price increased production, as it will in desperate conditions.
The situation was cured, if you want to call it that, when the governors of Texas and Oklahoma called in the national guard (and Texas Rangers) to sieze wellhead production under force of arms and enforce a production quota system. Other changes saw field production "unitised" (limiting the total rate of extraction, number and placement of wells, etc.), and ultimately a national system, overseen, naturally, by the Texas Railroad Commission, which defined the global oil market through 1971. Read Daniel Yergin's The Prize, specifically chapter 13, for much of this.
Oil and markets, it turns out, play poorly.[4]
I argue that the definition of an extractive resource is one whose price is set too low -- below replacement, replenishment, or alternative levels -- but that's another rant.

Relative price dictates behaviour

What's at play in the above account is the role of price, on both sides, production and consumption, on behaviour.
Oil is (initially) attractive to prospectors, because it offers the promise of high price payoff to low effort.
It's attractive (initially) to consumers, because it offers the promise of high value payoff to low price.
Omitted in this is the consideration of the factors of production, which includes the 100-million-years timescale of formation and replacement, or the replacement by alternatives: biofuels, synfuels, or non-fuel-based energy systems. That's significant, represents a draw down of a vast accumulated capital, and is something I address elsewhere, but it's not our story here.
For the consumer, the point about oil was that it was so much superior, and at a lower price, than any alternative. You cannot compete with price on principle absent some global normalising element.
In lighting, oil replaced candles or whale-oil lanterns. (And shortly after, electric light replaced oil and gas.)
In transport, horses, their raising, training, feeding, stabling, mucking, vetting, and slow and short range, were replaced by automobiles and lorries.
In shipping, the whole infrastructure of coal management and bunkering (the crew required simply to shovel coal was huge) was replaced with a system of pipes and valves. Ship refueling took hours, not days.[5]
On rail, oil-fired steam offered similar advantages, prior to diesel-electric and electric traction.
On the demand side, prices are significant in two significant ways:
Another hydraulic analogy which comes to mind is stream capture. Here, various processes may result in the wholesale diversion of a water flow from one channel to another, with massive disruption downstream of both the old and new channels. A classic case where this process is being, or is attempted to be, actively managed is on the Atchafalya River / Old River Structure interface. This is the subject of John McPhee's "Atchafalaya" (included in his excellent book The Control of Nature). There's a history of hydraulic economic models. The Lower Mississippi may prove to be one of the larger and slower of these.

Cursed

Where oil and resources are particularly pernicious, though, is in how they affect national or regional economies: the resource curse. Dutch disease. The Resource Curse.
In a region rich in oil, there's a high financial reward to any oil-based activities: drilling, refining, trade. Other economic activities simply cannot compete. Oil sucks all the economic oxygen out of the room, so to speak.
I increasingly think of such price dynamics as equivalent to pressure differentials, operating on some fabric medium -- a rubbery sheet, if you will. A favourable price differential sucks that sheet over itself with startling effectiveness. The differential doesn't have to be large, it need only be sufficient. And it's not the absolute size of the differential which matters, but the relative magnitude.
You'll see this elsewhere in economics. Minimum-wage debates: a statutory minimum wage, or better, an employer of last resort, sets a price floor, such that, beneath it, the consumer of labour has no BATNA (their alternative is "no labour will offer itself), whilst the supplier of labour has universal BATNA (their alternative is any other employer, or the EoLR, at the price floor).
Gresham's Law is a manifestation of this: If there are two variants of a product, X' and X", where the intrinsic cost of X' > X", but the market price is the same (that is, X' is "good X" and X" is "bad X"), then, the discerning supplier of X'` will withhold it from the market so long as he is able. In the situation where some alternative market does reward X' > X", then Good X will flee the first market and trade only in the second.
High-purity coin, exchange value set by face value or fiat, is not traded, or exits the country (melted for bullion or traded on commodity value) because that's where the price vacuum draws it.
A human capital brain drain operates under similar manners: high-skilled talent, the result of either innate capabilities or training, will tend to move to a market in which it is sufficiently rewarded. Or alternatively, if you practice systemic discrimination against, repression of, or genocide upon, some population, it will tend to evade the negative reward aspects of those dynamics.
The alternatives to oil are other fuel or energy-transformation systems:
A frequent fallacy is to think that a changed price or cost structure will play itself out within a current built infrastructure, trade, commerce, or social system. If you want to understand why, say, 19th century projections of future technological development seem so quaint, it is because they hold those structures constant whilst injecting the technology into them. This is an easy fault to make (I'm only just becoming aware of it), if only because of everything around us, our social and moral codes, which define the very way in which we think, and the concepts we find possible or permissable to express, seem so fixed. They are eminantly, if generally gradually, fungible.[6]

The fuel-drug-price boundaries can blur

There's are arguments counter to all of what I've written above which can also be made. I'll consider these, before dismissing them as not sufficiently powerful, though worth reflection.
An alternative formulation of a psychoactive drug is that it is a means for lowering the cost of attaining some particular mental state. Morphine and heroin in particular operate directly on the brain's reward centres and mechanism, by way of a pathway I've discussed before: dopamine. In this sense, a drug addiction is what you get when you reduce the costs of accessing dopamine.
The fundamental problem I have with this is that dopamine itself is part of the reward and decisionmaking structure of the brain. That is, this is an interaction which doesn't change the inputs of the reward-seeking mechanisms, but the operation of that mechanism itself.
By a somewhat related argument, the point can be made that oil induces structural changes which fundamentally change the appeal of oil within an economic system or technological civilisation This is also true, and some of those dynamics, particularly the incestuous and fascinating interactions of oil and large-scale finance (another longer essay for a later day). But fundamentally these are second-order effects of a change in price structure.
Put another way:
Oil isn't the drug here, it's oil's price that drugs us. Oil does behave in some ways like a drug precursor though, which may be useful to keep in mind.

What does this give us?

The analysis provides us several useful devices.
The understanding of a drug such as morphine as operating directly on reward centres provides useful insights for addressing the problem:
I could go on.
But if your "drug" is your food, something essential for continued function, the dyanamics change.
First, we can put a bad meme to rest. Oil is not itself a drug, despite some drug-like behaviour.
Second, we gain an additional understanding of the absolutely critical function of prices. It's not that the market is right, but it is powerful. This is an absolutely crucial distinction.
Third, we're making progress toward a generalised understanding of Gresham's Law, a topic I'm developing.
Fourth, we're raising the issue of incomplete costing or accounting as a market dynamic. This is another topic I'm developing, and one which has impacts at the level of tens or hundreds of trillions, possibly quadrillions, of dollars of financial valuation. It's the result of some exceedingly poor understanding of underlying economic costs and value, as well as of incomplete (and now ignored) scientific understanding. Oil, religion, law, economics, and finance have some incredibly tangled dynamics.
Finally, and most importantly, if the goal is to replace oil, then both its capabilities and the cost dynamics must be addressed. This is challenging on both counts, as oil has numerous properties which make it an exceptionally appealing fuel:
Electric transmission, and battery storage can address some of this, but not all of it. Given what I've written above, that leaves us with a few options:
And finally: The cost or accounting basis for valuing fossil-fuel assets and depletion should, must, change.
In each of these, changing costs of energy options induce changes through other elements of the system. Changes to energy, transport, and commercial patterns, as well as the phenomenal changes in financial and political power by changing fossil-activity accounting will have profound changes on local, regional, national, and international dynamics.
Consider as only one example: timezones and timekeeping. Both of these arose from the specific need of railroads to coordinate movement of stock along tracks, as well as switching and signalling equipment. The effects have rippled through the rest of society, which now lives by the clock, and treats this as an entirely natural state of affairs. It's surprisingly recent.[7] Switching to more localised and less travel-intensive organisation might loosen or tighten time organisation: walkable or bikeable cities would be more flexible, whilst rail or transit-based systems might be more organised. Relocation flexibility of facilities -- particularly the practice of greenfield housing, office, or retail development in outlying and undeveloped areas -- would likely be less attractive where personal transport is less available.
The role of automobiles as badges of wealth, independence, mobility, virility, social affinity, rural access, and more, all or most at best ancillary to the primary role of transportation, will all but certainly change. With some of those roles being diminished, possibly disappearing, others being transferred to other indicators.
The cure for oil addiction is proper, that is, much higher, pricing.

Notes

  1. Adam Smith has an earlier formulation of this: "sometimes particular accidents, sometimes natural causes, and sometimes particular regulations of police, may, in many commodities, keep up the market price, for a long time together, a good deal above the natural price." Wealth of Nations, Book 1, Chapter 7. Smith also distinguishes market price from natural price, according to its total factors of production: "When the price of any commodity is neither more nor less than what is sufficient to pay the rent of the land, the wages of the labour, and the profits of the stock employed in raising, preparing, and bringing it to market, according to their natural rates, the commodity is then sold for what may be called its natural price." Ibid.
  2. Corollary: options, which is to say liberty, is a surplus condition. Mind that surplus can come either from increasing income or decreasing expenses, though the latter has a clear floor. Emma Rothschild develops this idea, numerous commentators have written on it in recent years in the ongoing wealth and inequality discussion.
  3. Pretty easily, as it turns out. I suggest reading about the Comstock Lode, if you don't mind my exchanging gold for (mostly) silver. As a teaser: Comstock himself (who died only modestly comfortably, not entirely broke) neither saw the full wealth of the ore lode bearing his name, nor was the guy who'd discovered it. He was the survivor of the four initial miners. It was the Grosh brothers, both dead within a year of the discovery, who'd actually found it. It turns out that a poor understanding of the true value of a mineral find, and the lack of financial capital to develop it, can limit the ability to benefit by a latent possession.
  4. This also suggests that an alternative to a rentier-ownership of certain factors of production which, I would argue, are fundamentally dendritic or network-based, tends strongly toward a feudal or warlord nature, at one extreme. Drugs and criminal gangs are the natural tendency of productive organisation in the absence of well-defined property rights. Another possible organisation is an open commons, particularly where there is no effective means of limiting access -- information markets tend toward this. I'm still mulling this over, as to how accurate this is, and what circumstances drive what dynamics.
  5. And for all that, Gustaf Erikson operated a fleet of windjammers operated commercially through the 1940s, in long-haul trade, on the basis that fuel was still a major cost of shipping. The advantage was not massive, but it was enough. Containerisation and scale of oil-fired shipping finally trumped wind, largely given a sailing ships maximum displacement limit of about 14,000 tonnes. Today's largest container ships, the Maersk "Triple-E" class, rate 170,000 tonnes.
  6. The times they start funging rapidly we call "revolutions" -- or apocalypses, or catastrophes, or collapses. Slower funging generally gets lumped under the general category of "decay of civilisation". These are functional changes.
  7. Prior to railroads, another transport dynamic, sea-based shipping, drove much of timekeeping considerations. The use of "dead reckoning", that is, deduced reckoning of location, based on astronomical observations, required a precise tracking of elapsed time in order to determine longitude. Errors of a few minutes time could correspond to many miles of mis-estimated position, and loss of entire naval fleets running aground spurred development of much more accurate clocks. (A form of value being represented by "loss avoidance" rather than "benefit gain".) As late as 1923, seven U.S. Navy destroyers ran aground at Honda Point due to failed dead reckoning.
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