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A few stories about Brian Krebs: The independent cybercrime journalist who exposes criminals on the internet

First, a bit of introduction before we get into the living drama that is Brian Krebs.
Brian Krebs has been a journalist for decades, starting in the late 90s. He got his start at The Washington Post, but what he's most famous for are his exposes on criminal businesses and individuals who perpetuate cyber crime worldwide. In 2001, he got his interest in cybercrime piqued when a computer worm locked him out of his own computer. In 2005, he shifted from working as a staff writer at The Washington Post's tech newswire to writing for their security blog, "Security Wire". During his tenure there, he started by focusing on the victims of cybercrime, but later also started to focus on the perpetrators of it as well. His reporting helped lead to the shutdown of McColo, a hosting provider who provided service to some of the world's biggest spammers and hackers. Reports analyzing the shutdown of McColo estimated that global spam volume dropped by between 40 and 70 percent. Further analysis revealed it also played host to child pornography sites, and the Russian Business Network, a major Russian cybercrime ring.
In 2009, Krebs left to start his own site, KrebsOnSecurity. Since then, he's been credited with being the first to report on major events such as Stuxnet and when Target was breached, resulting in the leakage of 40 million cards. He also regularly investigates and reveals criminals' identities on his site. The latter has made him the bane of the world of cybercrime, as well as basically a meme, where criminals will include references like Made by Brian Krebs in their code, or name their shops full of stolen credit cards after him.
One of his first posts on his new site was a selection of his best work. While not particularly dramatic, they serve as an excellent example of dogged investigative work, and his series reveal the trail of takedowns his work has documented, or even contributed to.
And now, a selection of drama involving Krebs. Note, all posts are sarcastically-tinged retellings of the source material which I will link throughout. I also didn't use the real names in my retellings, but they are in the source material. This took way too long to write, and it still does massively condense the events described in the series. Krebs has been involved with feuds with other figures, but I'd argue these tales are the "main" bits of drama that are most suited for here.

Fly on the Wall

By 2013, Krebs was no stranger to cybercriminals taking the fight to the real world. He was swatted previously to the point where the police actually know to give him a ring and see if there'd actually been a murder, or if it was just those wacky hackers at it again. In addition, his identity was basically common knowledge to cybercriminals, who would open lines of credit in his name, or find ways to send him money using stolen credit cards.
However, one particular campaign against him caught his eye. A hacker known as "Fly" aka "Flycracker" aka "MUXACC1" posted on a Russian-language fraud forum he administered about a "Krebs fund". His plan was simple. Raise Bitcoin to buy Heroin off of a darknet marketplace, address it to Krebs, and alert his local police via a spoofed phone call. Now, because Krebs is an investigative journalist, he develops undercover presences on cybercrime forums, and it just so happened he'd built up a presence on this one already.
Guys, it became known recently that Brian Krebs is a heroin addict and he desperately needs the smack, so we have started the "Helping Brian Fund", and shortly we will create a bitcoin wallet called "Drugs for Krebs" which we will use to buy him the purest heroin on the Silk Road. My friends, his withdrawal is very bad, let’s join forces to help the guy! We will save Brian from the acute heroin withdrawal and the world will get slightly better!
Fly had first caught Krebs' attention by taunting him on Twitter, sending him Tweets including insults and abuse, and totally-legit looking links. Probably either laced with malware, or designed to get Krebs' IP. He also took to posting personal details such as Krebs' credit report, directions to his house, and pictures of his front door on LiveJournal, of all places.
So, after spotting the scheme, he alerted his local police that he'd probably have someone sending him some China White. Sure enough, the ne'er-do-wells managed to raise 2 BTC, which at the time was a cool $200 or so. They created an account on the premiere darknet site at the time, The Silk Road under the foolproof name "briankrebs7". They found one seller who had consistently high reviews, but the deal fell through for unknown reasons. My personal theory is the seller decided to Google where it was going, and realized sending a gram of dope into the waiting arms of local law enforcement probably wasn't the best use of his time. Still, the forum members persevered, and found another seller who was running a buy 10 get 2 free promotion. $165 of Bitcoin later, the drugs were on their way to a new home. The seller apparently informed Fly that the shipment should arrive by Tuesday, a fact which he gleefully shared with the forum.
While our intrepid hero had no doubt that the forum members were determined to help him grab the tail of the dragon, he's not one to assume without confirmation, and enlisted the help of a graduate student at UCSD who was researching Bitcoin and anonymity on The Silk Road, and confirmed the address shared by Fly was used to deposit 2 BTC into an account known to be used for money management on the site.
By Monday, an envelope from Chicago had arrived, containing a copy of Chicago confidential. Taped inside were tiny baggies filled with the purported heroin. Either dedicated to satisfied customers, or mathematically challenged, the seller had included thirteen baggies instead of the twelve advertised. A police officer arrived to take a report and whisked the baggies away.
Now, Fly was upset that Krebs wasn't in handcuffs for drug possession, and decided to follow up his stunt by sending Krebs a floral arrangement shaped like a cross, and an accompanying threatening message addressed to his wife, the dire tone slightly undercut by the fact that it was signed "Velvet Crabs". Krebs' curiosity was already piqued from the shenanigans with the heroin, but with the arrival of the flowers decided to dive deeper into the сука behind things.
He began digging into databases from carding sites that had been hacked, but got his first major breakthrough to his identity from a Russian computer forensics firm. Fly had maintained an account on a now-defunct hacking forum, whose database was breached under "Flycracker". It turns out, the email Flycracker had used was also hacked at some point, and a source told Krebs that the email was full of reports from a keylogger Fly had installed on his wife's computer. Now, because presumably his wife wasn't part of, or perhaps even privy to her husband's illicit dealings, her email account happened to be her full legal name, which Krebs was able to trace to her husband. Now, around this time, the site Fly maintained disappeared from the web, and administrators on another major fraud forum started purging his account. This is a step they typically take when they suspect a member has been apprehended by authorities. Nobody knew for sure, but they didn't want to take any chances.
More research by Krebs revealed that the criminals' intuition had been correct, and Fly was arrested in Italy, carrying documents under an assumed name. He was sitting in an Italian jail, awaiting potential extradition to the United States, as well as potentially facing charges in Italy. This was relayed to Krebs by a law enforcement official who simply said "The Fly has been swatted". (Presumably while slowly removing a pair of aviator sunglasses)
While Fly may have been put away, the story between Krebs and Fly wasn't quite over. He did end up being extradited to the US for prosecution, but while imprisoned in Italy, Fly actually started sending Krebs letters. Understandably distrustful after the whole "heroin" thing, his contacts in federal law enforcement tested the letter, and found it to be clean. Inside, there was a heartfelt and personal letter, apologizing for fucking with Krebs in so many ways. He also forgave Krebs for posting his identity online, leading him to muse that perhaps Fly was working through a twelve-step program. In December, he received another letter, this time a simple postcard with a cheerful message wishing him a Merry Christmas and a Happy New Year. Krebs concluded his post thusly:
Cybercrooks have done some pretty crazy stuff to me in response to my reporting about them. But I don’t normally get this kind of closure. I look forward to meeting with Fly in person one day soon now that he will be just a short train ride away. And he may be here for some time: If convicted on all charges, Fly faces up to 30 years in U.S. federal prison.
Fly ultimately was extradited. He plead guilty and was sentenced to 41 months in jail

vDOS and Mirai Break The Internet

Criminals are none too happy when they find their businesses and identities on the front page of KrebsOnSecurity. It usually means law enforcement isn't far behind. One such business was known as vDOS. A DDOS-for-hire (also known as a "booter" or a "stresser") site that found itself hacked, with all their customer records still in their databases leaked. Analysis of the records found that in a four-month time span, the service had been responsible for about 8.81 years worth of attack time, meaning on average at any given second, there were 26 simultaneous attacks running. Interestingly, the hack of vDOS came about from another DDOS-for-hire site, who as it turns out was simply reselling services provided by vDOS. They were far from the only one. vDOS appeared to provide firepower to a large number of different resellers.
In addition to the attack logs, support messages were also among the data stolen. This contained some complaints from various clients who complained they were unable to launch attacks against Israeli IPs. This is a common tactic by hackers to try and avoid unwanted attention from authorities in their country of residence. This was confirmed when two men from Israel were arrested for their involvement in owning and running vDOS. However, this was just the beginning for this bit of drama.
The two men arrested went by the handles "applej4ck" and "Raziel". They had recently published a paper on DDOS attack methods in an online Israeli security magazine. Interestingly, on the same day the men were arrested, questioned, and released on bail, vDOS went offline. Not because it had been taken down by Israeli authorities, not because they had shut it down themselves, but because a DDOS protection firm, BackConnect Security, had hijacked the IP addresses belonging to the company. To spare a lot of technical detail, it's called a BGP hijack, and it basically works by a company saying "Yeah, those are our addresses." It's kind of amazing how much of the internet is basically just secured by the digital equivalent of pinky swears. You can read some more technical detail on Wikipedia. Anyway, we'll get back to BackConnect.
Following the publication of the story uncovering the inner workings of vDOS, KrebsOnSecurity was hit with a record breaking DDOS attack, that peaked at 620/Gbps, nearly double the most powerful DDOS attack previously on record. To put that in perspective, that's enough bandwidth to download 5 simultaneous copies of Interstellar in 4K resolution every single second, and still have room to spare. The attack was so devastating, Akamai, one of the largest providers of DDOS protection in the world had to drop Krebs as a pro bono client. Luckily, Google was willing to step in and place his site under the protection of Google's Project Shield, a free service designed to protect the news sites and journalists from being knocked offline by DDOS attacks.
This attack was apparently in retaliation for the vDOS story, since some of the data sent in the attack included the string "freeapplej4ck". The attack was executed by a botnet of Internet of Things (or IoT) devices. These are those "smart" devices like camera systems, routers, DVRs. Basically things that connect to the cloud. An astounding amount of those are secured with default passwords that can be easily looked up from various sites or even the manufacturers' websites. This was the start of a discovery of a massive botnet that had been growing for years.
Now time for a couple quick side stories:
Dyn, a company who provides DNS to many major companies including Twitter, Reddit, and others came under attack, leaving many sites (including Twitter and Reddit) faltering in the wake of it. Potentially due to one of their engineers' collaboration with Krebs on another story. It turned out that the same botnet that attacked Krebs' site was at least part of the attack on Dyn
And back to BackConnect, that DDOS protection firm that hijacked the IP addresses from vDOS. Well it turns out BGP Hijacks are old hat for the company. They had done it at least 17 times before. Including at least once (purportedly with permission) for the address 1.3.3.7. Aka, "leet". It turns out one of the co-founders of BackConnect actually posted screenshots of him visiting sites that tell you your public IP address in a DDOS mitigation industry chat, showing it as 1.3.3.7. They also used a BGP Hijack against a hosting company and tried to frame a rival DDOS mitigation provider.
Finally, another provider, Datawagon was interestingly implicated in hosting DDOS-for-hire sites while offering DDOS protection. In a Skype conversation where the founder of Datawagon wanted to talk about that time he registered dominos.pizza and got sued for it, he brings up scanning the internet for vulnerable routers completely unprompted. Following the publication of the story about BackConnect, in which he was included in, he was incensed about his portrayal, and argued with Krebs over Skype before Krebs ultimately ended up blocking him. He was subsequently flooded with fake contact requests from bogus or hacked Skype accounts. Shortly thereafter, the record-breaking DDOS attack rained down upon his site.
Back to the main tale!
So, it turns out the botnet of IoT devices was puppeteered by a malware called Mirai. How did it get its name? Well, that's the name its creator gave it, after an anime called Mirai Nikki. How did this name come to light? The creator posted the source code online. (The name part, not the origin. The origin didn't come 'til later.) The post purported that they'd picked it up from somewhere in their travels as a DDOS industry professional. It turns out this is a semi-common tactic when miscreants fear that law enforcement might come looking for them, and having the only copy of the source code of a malware in existence is a pretty strong indicator that you have something to do with it. So, releasing the source to the world gives a veneer of plausible deniability should that eventuality come to pass. So who was this mysterious benefactor of malware source? They went by the name "Anna-senpai".
As research on the Mirai botnet grew, and more malware authors incorporated parts of Mirai's source code into their own attacks, attention on the botnet increased, and on the people behind it. The attention was presumably the reason why Hackforums, the forum where the source code was posted, later disallowed ostensible "Server Stress Tester" services from being sold on it. By December, "Operation Tarpit" had wrought 34 arrests and over a hundred "knock and talk" interviews questioning people about their involvement.
By January, things started to come crashing down. Krebs published an extensive exposé on Anna-senpai detailing all the evidence linking them to the creation of Mirai. The post was so big, he included a damn glossary. What sparked the largest botnet the internet had ever seen? Minecraft. Minecraft servers are big business. A popular one can earn tens of thousands of dollars per month from people buying powers, building space, or other things. It's also a fiercely competitive business, with hundreds of servers vying for players. It turns out that things may have started, as with another set of companies, two rival DDOS mitigation providers competing for customers. ProTraf was a provider of such mitigation technology, and a company whose owner later worked for ProTraf had on at least one occasion hijacked addresses belonging to another company, ProxyPipe. ProxyPipe had also been hit with DDOS attacks they suspected to be launched by ProTraf.
While looking into the President of ProTraf, Krebs realized he'd seen the relatively uncommon combination of programming languages and skills posted by the President somewhere else. They were shared by Anna-senpai on Hackforums. As Krebs dug deeper and deeper into Anna-senpai's online presence, he uncovered other usernames, including one he traced to some Minecraft forums where a photoshopped picture of a still from Pulp Fiction contained the faces of BackConnect, which was a rival to ProTraf's DDOS mitigation business, and another face. A hacker by the name of Vyp0r, who another employee of ProTraf claimed betrayed his trust and blackmailed him into posting the source of another piece of malware called Bashlite. There was also a third character photoshopped into the image. An anime character named "Yamada" from a movie called B Gata H Hei.
Interestingly, under the same username, Krebs found a "MyAnimeList" profile which, out of 9 titles it had marked as watched, were B Gata H Hei, as well as Mirai Nikki, the show from which Mirai derived its name. It continues on with other evidence, including DDOS attacks against Rutgers University, but in short, there was little doubt in the identity of "Anna-senpai", but the person behind the identity did contact Krebs to comment. He denied any involvement in Mirai or DDOS attacks.
"I don’t think there are enough facts to definitively point the finger at me," [Anna-senpai] said. "Besides this article, I was pretty much a nobody. No history of doing this kind of stuff, nothing that points to any kind of sociopathic behavior. Which is what the author is, a sociopath."
He did, however, correct Krebs on the name of B Gata H Kei.
Epilogue
Needless to say, the Mirai botnet crew was caught, but managed to avoid jailtime thanks to their cooperation with the government. That's not to say they went unpunished. Anna-senpai was sentenced to 6 months confinement, 2500 hours of community service, and they may have to pay up to $8.6 million in restitution for their attacks on Rutgers university.

Other Stories

I don't have the time or energy to write another effortpost, and as is I'm over 20,000 characters, so here's a few other tidbits of Krebs' clashes with miscreants.
submitted by HereComesMyDingDong to internetdrama [link] [comments]

For Trading Jan 9

For Trading January 9th
DJIA Reverses 800 Off Lows Finishes +161
Bonds, Oil & Gold Lower TSLA Closes in on $500
Join Us Every Day, Link Below
Today’s market started off lower by just 60 after last night’s decline on the Iran bombing of al-Asad base in Iraq but within minutes we were unchanged and higher. The lows overnight in the DJIA were 28,084 but we were never below 28,522 today. There were similar moves in all of the futures with Oil exploding up to $65.65 (finished 59.61), Gold to $1,613 (1,560), S&P 3181 (3250), DJ (28,770), NAZ 8678 (8944), Bonds 159-19 (156-12). These moves are amazing in size. The only time I’ve ever seen this kind of reversal overnight was Election night 2016. So, the closes were DJIA +161.41 (.56%), NASDAQ +60.66 (.67%), S&P 500 +15.87 (.49%), the Russell +5.29 (.32%) and the Transports +96.08 (.88%). The NAZ and S&P made new all-time highs. Market internals were 3:2 on NYSE and 1.3:1 NAZ. DJIA was 21:9 with the biggest losers, BA -40, WBA -24DPs, BA on the crash in Iran and WBA on earnings.
So, my opinion on what happened last night: I was impressed by the restraint of the “Tweeter-in Chief” and was somewhat pleasantly surprised. Not sure I could have done the same. My assumption is that China (his only possible success) caused the restraint, since they absolutely support Iran. But after thinking about it all day, and this is where being an OLD guy pays off, I recalled the nuclear proliferation of the 50’s and 60’s and the doctrine called “MAD,” mutually assured destruction. And it occurred to me that that doctrine may have gone through changes over the years, but it seems that with all of the posturing, that no one actually wants the kind of war that we would have on the escalation with a state that has nothing to lose. There are no wars like WW1 or WW2, or Korea or Viet Nam. We’re not landing 150,000 young men on the shores of the Arabian Sea (as in Normandy), the technology of war having changed so dramatically. One other minor comment based on history, wars are both highly inflationary and the stock market loves them. (Good thing nobody told Trump). During WW1 and WW2, the DJIA rose 152%. We had up markets during Korea and both Bush Gulf/Iraq wars. We’re still in Afghanistan, but the market has under 9,200 in October 2001 when that mess started. Just the facts…
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights.
SECTORS: Other names in the news: Today’s market was clearly governed by the Iran news, but there were still earnings related issues. Walgreen (WBA) was the problem with softness in both the RX and front of the store sales. Volumes grew a paltry 1.8% and while the company said they stand by full year guidance, the stock finished $55.83 -3.46 (5.84%). There are rumors that KKR is interested in a deal, but no word from either company. The BA news was about the crash of a Ukrainian Air 737 in Tehran. While there is no information regarding any manufacturing issue, the stock sold off to close $331.37 – 5.91 (1.75%).
On the downside, as I mentioned here 10 days ago, ITCI, a “homerun of the day” that had moved from $12 to $43 on news of their approval of a new schizophrenia drug, decided to replenish their cash with a new offering, did 10 million shares at $29.50 sending the stock back to $26.34 -4.66 (15.03%).
On the upside we had Applied Therapeutics (APLT) had solid topline results for Galactosemia, a metabolic drug, which sent the stock, which traded around $10 all last year and doubled in late October, and had risen to close $26.16 yesterday opened $31.75, traded $40.14 and finished the day $35.18 +9.02 (34.48%).
And, today’s HOMERUN OF THE DAY was Shiftpixy (PIXY) a company that has designed a staffing platform for the disruptive “gig” economy and has assigned 60% of its contracted book of biz for $20million and expects to replace its cash-flow to breakeven in their next-gen platform business. The stock was reversed 1:40 in December and close yesterday $8.07, opening today $24.51 and trading to $27.50 before closing $19.25 +11.18 (138.54%).
BIOPHARMA: was HIGHER with BIIB +2.47, ABBV +.73, REGN +9.29, ISRG -1.02, MYL +.05 TEVA -.11, VRTX +6.21, BCH -.07, INCY -.51, ICPT +1.56, LABU +2.29 and IBB $120.89 +1.74 (1.46%).
CANNABIS: stocks were MIXED with TLRY +.67, CGC +.35, GWPH +2.75, ACB -.05, PYX -.07, APHA +.03, NBEV -.05, ACRGF +.18, CURLF +.12, KERN -.45 and MJ $15.39 +.15 (.92%).
DEFENSE: was MIXED with No moves over 1% and ITA $229.80 -1.53 (.66%).
RETAIL was MIXED with M +.45 (on better sales), JWN +.66, KSS -.79, DDS -.06, JCP +.02, WMT -.18, TGT -.07, TJX +.33, RL -.29, UAA -.28, LULU +3.78, TPR +.18, CPRI +.43 and XRT $45.40 +.09 (.20%).
FAANG and Big Cap: were HIGHER across the board with GOOGL +9.93, AMZN -11.36, AAPL +5.60, FB +3.04, NFLX +9.25, NVDA +1.07, TSLA $495.05 +26.99 (5.75%), BABA +1.37, BIDU +1.90, BOX -.11, IBM +1.31, BA -5.02, CAT +1.30, and XLK $93.51 +.99 (1.07%).
FINANCIALS were HIGHER with GS +3.03, JPM +1.62, BAC +.41, MS +.86, C +.86, PNC +.96, AIG +.60, TRV +1.45, AXP +3.34 and XLF $30.73 +.20 (.66%).
OIL, $59.61 -3.09. Today’s action was downhill from the start after trading as high as $65.65 last night on the Iran news, but today after tensions were seemingly over, prices fell all day. The stocks were LOWER with the XLE $59.71-1.00 (1.65%).
METALS, GOLD: $1,560.20 -14.70 after breaking out “of the box” earlier last week, and the Iran news, we traded as high as $1,613 before turning down. On a technical basis, I would be a buyer anywhere near 1,540-1,545.
BITCOIN: closed $8110 -170. We broke to the upside on the news and traded up to 8595, a new recovery high. I said “I really interested to see what happens with the 5 and 20-day MA’s now since they are within .02 of each other. Well, they resolved to the upside and I believe we will try 8,000 again but as a pull-back this time. We own 750 GBTC with an average of $8.99. GBTC closed $9.33 -77 today.
Tomorrow is another day.
CAM
submitted by Dashover to optionstrading [link] [comments]

For Trading Jan 9

For Trading January 9th
DJIA Reverses 800 Off Lows Finishes +161
Bonds, Oil & Gold Lower TSLA Closes in on $500
Join Us Every Day, Link Below
Today’s market started off lower by just 60 after last night’s decline on the Iran bombing of al-Asad base in Iraq but within minutes we were unchanged and higher. The lows overnight in the DJIA were 28,084 but we were never below 28,522 today. There were similar moves in all of the futures with Oil exploding up to $65.65 (finished 59.61), Gold to $1,613 (1,560), S&P 3181 (3250), DJ (28,770), NAZ 8678 (8944), Bonds 159-19 (156-12). These moves are amazing in size. The only time I’ve ever seen this kind of reversal overnight was Election night 2016. So, the closes were DJIA +161.41 (.56%), NASDAQ +60.66 (.67%), S&P 500 +15.87 (.49%), the Russell +5.29 (.32%) and the Transports +96.08 (.88%). The NAZ and S&P made new all-time highs. Market internals were 3:2 on NYSE and 1.3:1 NAZ. DJIA was 21:9 with the biggest losers, BA -40, WBA -24DPs, BA on the crash in Iran and WBA on earnings.
So, my opinion on what happened last night: I was impressed by the restraint of the “Tweeter-in Chief” and was somewhat pleasantly surprised. Not sure I could have done the same. My assumption is that China (his only possible success) caused the restraint, since they absolutely support Iran. But after thinking about it all day, and this is where being an OLD guy pays off, I recalled the nuclear proliferation of the 50’s and 60’s and the doctrine called “MAD,” mutually assured destruction. And it occurred to me that that doctrine may have gone through changes over the years, but it seems that with all of the posturing, that no one actually wants the kind of war that we would have on the escalation with a state that has nothing to lose. There are no wars like WW1 or WW2, or Korea or Viet Nam. We’re not landing 150,000 young men on the shores of the Arabian Sea (as in Normandy), the technology of war having changed so dramatically. One other minor comment based on history, wars are both highly inflationary and the stock market loves them. (Good thing nobody told Trump). During WW1 and WW2, the DJIA rose 152%. We had up markets during Korea and both Bush Gulf/Iraq wars. We’re still in Afghanistan, but the market has under 9,200 in October 2001 when that mess started. Just the facts…
Our “open forum” on Discord, which allows me to interact with subscribers and others to allow direct questions and chart opinions on just about any stock, continues to grow with more participants every day. It is informative and allows me to share insights as the market is open and moving. The link is: https://discord.gg/ATvC7YZ and I will be there and active from before the open and all day. It’s a great place to share ideas and gain some insights.
SECTORS: Other names in the news: Today’s market was clearly governed by the Iran news, but there were still earnings related issues. Walgreen (WBA) was the problem with softness in both the RX and front of the store sales. Volumes grew a paltry 1.8% and while the company said they stand by full year guidance, the stock finished $55.83 -3.46 (5.84%). There are rumors that KKR is interested in a deal, but no word from either company. The BA news was about the crash of a Ukrainian Air 737 in Tehran. While there is no information regarding any manufacturing issue, the stock sold off to close $331.37 – 5.91 (1.75%).
On the downside, as I mentioned here 10 days ago, ITCI, a “homerun of the day” that had moved from $12 to $43 on news of their approval of a new schizophrenia drug, decided to replenish their cash with a new offering, did 10 million shares at $29.50 sending the stock back to $26.34 -4.66 (15.03%).
On the upside we had Applied Therapeutics (APLT) had solid topline results for Galactosemia, a metabolic drug, which sent the stock, which traded around $10 all last year and doubled in late October, and had risen to close $26.16 yesterday opened $31.75, traded $40.14 and finished the day $35.18 +9.02 (34.48%).
And, today’s HOMERUN OF THE DAY was Shiftpixy (PIXY) a company that has designed a staffing platform for the disruptive “gig” economy and has assigned 60% of its contracted book of biz for $20million and expects to replace its cash-flow to breakeven in their next-gen platform business. The stock was reversed 1:40 in December and close yesterday $8.07, opening today $24.51 and trading to $27.50 before closing $19.25 +11.18 (138.54%).
BIOPHARMA: was HIGHER with BIIB +2.47, ABBV +.73, REGN +9.29, ISRG -1.02, MYL +.05 TEVA -.11, VRTX +6.21, BCH -.07, INCY -.51, ICPT +1.56, LABU +2.29 and IBB $120.89 +1.74 (1.46%).
CANNABIS: stocks were MIXED with TLRY +.67, CGC +.35, GWPH +2.75, ACB -.05, PYX -.07, APHA +.03, NBEV -.05, ACRGF +.18, CURLF +.12, KERN -.45 and MJ $15.39 +.15 (.92%).
DEFENSE: was MIXED with No moves over 1% and ITA $229.80 -1.53 (.66%).
RETAIL was MIXED with M +.45 (on better sales), JWN +.66, KSS -.79, DDS -.06, JCP +.02, WMT -.18, TGT -.07, TJX +.33, RL -.29, UAA -.28, LULU +3.78, TPR +.18, CPRI +.43 and XRT $45.40 +.09 (.20%).
FAANG and Big Cap: were HIGHER across the board with GOOGL +9.93, AMZN -11.36, AAPL +5.60, FB +3.04, NFLX +9.25, NVDA +1.07, TSLA $495.05 +26.99 (5.75%), BABA +1.37, BIDU +1.90, BOX -.11, IBM +1.31, BA -5.02, CAT +1.30, and XLK $93.51 +.99 (1.07%).
FINANCIALS were HIGHER with GS +3.03, JPM +1.62, BAC +.41, MS +.86, C +.86, PNC +.96, AIG +.60, TRV +1.45, AXP +3.34 and XLF $30.73 +.20 (.66%).
OIL, $59.61 -3.09. Today’s action was downhill from the start after trading as high as $65.65 last night on the Iran news, but today after tensions were seemingly over, prices fell all day. The stocks were LOWER with the XLE $59.71-1.00 (1.65%).
METALS, GOLD: $1,560.20 -14.70 after breaking out “of the box” earlier last week, and the Iran news, we traded as high as $1,613 before turning down. On a technical basis, I would be a buyer anywhere near 1,540-1,545.
BITCOIN: closed $8110 -170. We broke to the upside on the news and traded up to 8595, a new recovery high. I said “I really interested to see what happens with the 5 and 20-day MA’s now since they are within .02 of each other. Well, they resolved to the upside and I believe we will try 8,000 again but as a pull-back this time. We own 750 GBTC with an average of $8.99. GBTC closed $9.33 -77 today.
Tomorrow is another day.
CAM
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US Economic Warfare and Likely Foreign Defenses – by Michael Hudson • 23 July 2019

https://outline.com/VM2DEM • 5,400 Words •
Today’s world is at war on many fronts. The rules of international law and order put in place toward the end of World War II are being broken by U.S. foreign policy escalating its confrontation with countries that refrain from giving its companies control of their economic surpluses. Countries that do not give the United States control of their oil and financial sectors or privatize their key sectors are being isolated by the United States imposing trade sanctions and unilateral tariffs giving special advantages to U.S. producers in violation of free trade agreements with European, Asian and other countries.
This global fracture has an increasingly military cast. U.S. officials justify tariffs and import quotas illegal under WTO rules on “national security” grounds, claiming that the United States can do whatever it wants as the world’s “exceptional” nation. U.S. officials explain that this means that their nation is not obliged to adhere to international agreements or even to its own treaties and promises. This allegedly sovereign right to ignore on its international agreements was made explicit after Bill Clinton and his Secretary of State Madeline Albright broke the promise by President George Bush and Secretary of State James Baker that NATO would not expand eastward after 1991. (“You didn’t get it in writing,” was the U.S. response to the verbal agreements that were made.)
Likewise, the Trump administration repudiated the multilateral Iranian nuclear agreement signed by the Obama administration, and is escalating warfare with its proxy armies in the Near East. U.S. politicians are waging a New Cold War against Russia, China, Iran, and oil-exporting countries that the United States is seeking to isolate if cannot control their governments, central bank and foreign diplomacy.
The international framework that originally seemed equitable was pro-U.S. from the outset. In 1945 this was seen as a natural result of the fact that the U.S. economy was the least war-damaged and held by far most of the world’s monetary gold. Still, the postwar trade and financial framework was ostensibly set up on fair and equitable international principles. Other countries were expected to recover and grow, creating diplomatic, financial and trade parity with each other.
But the past decade has seen U.S. diplomacy become one-sided in turning the International Monetary Fund (IMF), World Bank, SWIFT bank-clearing system and world trade into an asymmetrically exploitative system. This unilateral U.S.-centered array of institutions is coming to be widely seen not only as unfair, but as blocking the progress of other countries whose growth and prosperity is seen by U.S. foreign policy as a threat to unilateral U.S. hegemony. What began as an ostensibly international order to promote peaceful prosperity has turned increasingly into an extension of U.S. nationalism, predatory rent-extraction and a more dangerous military confrontation.
Deterioration of international diplomacy into a more nakedly explicit pro-U.S. financial, trade and military aggression was implicit in the way in which economic diplomacy was shaped when the United Nations, IMF and World Bank were shaped mainly by U.S. economic strategists. Their economic belligerence is driving countries to withdraw from the global financial and trade order that has been turned into a New Cold War vehicle to impose unilateral U.S. hegemony. Nationalistic reactions are consolidating into new economic and political alliances from Europe to Asia.
We are still mired in the Oil War that escalated in 2003 with the invasion of Iraq, which quickly spread to Libya and Syria. American foreign policy has long been based largely on control of oil. This has led the United States to oppose the Paris accords to stem global warming. Its aim is to give U.S. officials the power to impose energy sanctions forcing other countries to “freeze in the dark” if they do not follow U.S. leadership.
To expand its oil monopoly, America is pressuring Europe to oppose the Nordstream II gas pipeline from Russia, claiming that this would make Germany and other countries dependent on Russia instead of on U.S. liquified natural gas (LNG). Likewise, American oil diplomacy has imposed unilateral sanctions against Iranian oil exports, until such time as a regime change opens up that country’s oil reserves to U.S., French, British and other allied oil majors.
U.S. control of dollarized money and credit is critical to this hegemony. As Congressman Brad Sherman of Los Angeles told a House Financial Services Committee hearing on May 9, 2019: “An awful lot of our international power comes from the fact that the U.S. dollar is the standard unit of international finance and transactions. Clearing through the New York Fed is critical for major oil and other transactions. It is the announced purpose of the supporters of cryptocurrency to take that power away from us, to put us in a position where the most significant sanctions we have against Iran, for example, would become irrelevant.”[1]
The U.S. aim is to keep the dollar as the transactions currency for world trade, savings, central bank reserves and international lending. This monopoly status enables the U.S. Treasury and State Department to disrupt the financial payments system and trade for countries with which the United States is at economic or outright military war.
Russian President Vladimir Putin quickly responded by describing how “the degeneration of the universalist globalization model [is] turning into a parody, a caricature of itself, where common international rules are replaced with the laws… of one country.”[2] That is the trajectory on which this deterioration of formerly open international trade and finance is now moving. It has been building up for a decade. On June 5, 2009, then-Russian President Dmitry Medvedev cited this same disruptive U.S. dynamic at work in the wake of the U.S. junk mortgage and bank fraud crisis.
Those whose job it was to forecast events … were not ready for the depth of the crisis and turned out to be too rigid, unwieldy and slow in their response. The international financial organisations – and I think we need to state this up front and not try to hide it – were not up to their responsibilities, as has been said quite unambiguously at a number of major international events such as the two recent G20 summits of the world’s largest economies.
Furthermore, we have had confirmation that our pre-crisis analysis of global economic trends and the global economic system were correct. The artificially maintained uni-polar system and preservation of monopolies in key global economic sectors are root causes of the crisis. One big centre of consumption, financed by a growing deficit, and thus growing debts, one formerly strong reserve currency, and one dominant system of assessing assets and risks – these are all factors that led to an overall drop in the quality of regulation and the economic justification of assessments made, including assessments of macroeconomic policy. As a result, there was no avoiding a global crisis.[3]
That crisis is what is now causing today’s break in global trade and payments.
Warfare on many fronts, with Dollarization being the main arena
Dissolution of the Soviet Union 1991 did not bring the disarmament that was widely expected. U.S. leadership celebrated the Soviet demise as signaling the end of foreign opposition to U.S.-sponsored neoliberalism and even as the End of History. NATO expanded to encircle Russia and sponsored “color revolutions” from Georgia to Ukraine, while carving up former Yugoslavia into small statelets. American diplomacy created a foreign legion of Wahabi fundamentalists from Afghanistan to Iran, Iraq, Syria and Libya in support of Saudi Arabian extremism and Israeli expansionism.
The United States is waging war for control of oil against Venezuela, where a military coup failed a few years ago, as did the 2018-19 stunt to recognize an unelected pro-American puppet regime. The Honduran coup under President Obama was more successful in overthrowing an elected president advocating land reform, continuing the tradition dating back to 1954 when the CIA overthrew Guatemala’s Arbenz regime.
U.S. officials bear a special hatred for countries that they have injured, ranging from Guatemala in 1954 to Iran, whose regime it overthrew to install the Shah as military dictator. Claiming to promote “democracy,” U.S. diplomacy has redefined the word to mean pro-American, and opposing land reform, national ownership of raw materials and public subsidy of foreign agriculture or industry as an “undemocratic” attack on “free markets,” meaning markets controlled by U.S. financial interests and absentee owners of land, natural resources and banks.
A major byproduct of warfare has always been refugees, and today’s wave fleeing ISIS, Al Qaeda and other U.S.-backed Near Eastern proxies is flooding Europe. A similar wave is fleeing the dictatorial regimes backed by the United States from Honduras, Ecuador, Colombia and neighboring countries. The refugee crisis has become a major factor leading to the resurgence of nationalist parties throughout Europe and for the white nationalism of Donald Trump in the United States.
Dollarization as the vehicle for U.S. nationalism
The Dollar Standard – U.S. Treasury debt to foreigners held by the world’s central banks – has replaced the gold-exchange standard for the world’s central bank reserves to settle payments imbalances among themselves. This has enabled the United States to uniquely run balance-of-payments deficits for nearly seventy years, despite the fact that these Treasury IOUs have little visible likelihood of being repaid except under arrangements where U.S. rent-seeking and outright financial tribute from other enables it to liquidate its official foreign debt.
The United States is the only nation that can run sustained balance-of-payments deficits without having to sell off its assets or raise interest rates to borrow foreign money. No other national economy in the world can could afford foreign military expenditures on any major scale without losing its exchange value. Without the Treasury-bill standard, the United States would be in this same position along with other nations. That is why Russia, China and other powers that U.S. strategists deem to be strategic rivals and enemies are looking to restore gold’s role as the preferred asset to settle payments imbalances.
The U.S. response is to impose regime change on countries that prefer gold or other foreign currencies to dollars for their exchange reserves. A case in point is the overthrow of Libya’s Omar Kaddafi after he sought to base his nation’s international reserves on gold. His liquidation stands as a military warning to other countries.
Thanks to the fact that payments-surplus economies invest their dollar inflows in U.S. Treasury bonds, the U.S. balance-of-payments deficit finances its domestic budget deficit. This foreign central-bank recycling of U.S. overseas military spending into purchases of U.S. Treasury securities gives the United States a free ride, financing its budget – also mainly military in character – so that it can taxing its own citizens.
Trump is forcing other countries to create an alternative to the Dollar Standard
The fact that Donald Trump’s economic policies are proving ineffective in restoring American manufacturing is creating rising nationalist pressure to exploit foreigners by arbitrary tariffs without regard for international law, and to impose trade sanctions and diplomatic meddling to disrupt regimes that pursue policies that U.S. diplomats do not like.
There is a parallel here with Rome in the late 1st century BC. It stripped its provinces to pay for its military deficit, the grain dole and land redistribution at the expense of Italian cities and Asia Minor. This created foreign opposition to drive Rome out. The U.S. economy is similar to Rome’s: extractive rather than productive, based mainly on land rents and money-interest. As the domestic market is impoverished, U.S. politicians are seeking to take from abroad what no longer is being produced at home.
What is so ironic – and so self-defeating of America’s free global ride – is that Trump’s simplistic aim of lowering the dollar’s exchange rate to make U.S. exports more price-competitive. He imagines commodity trade to be the entire balance of payments, as if there were no military spending, not to mention lending and investment. To lower the dollar’s exchange rate, he is demanding that China’s central bank and those of other countries stop supporting the dollar by recycling the dollars they receive for their exports into holdings of U.S. Treasury securities.
This tunnel vision leaves out of account the fact that the trade balance is not simply a matter of comparative international price levels. The United States has dissipated its supply of spare manufacturing capacity and local suppliers of parts and materials, while much of its industrial engineering and skilled manufacturing labor has retired. An immense shortfall must be filled by new capital investment, education and public infrastructure, whose charges are far above those of other economics.
Trump’s infrastructure ideology is a Public-Private Partnership characterized by high-cost financialization demanding high monopoly rents to cover its interest charges, stock dividends and management fees. This neoliberal policy raises the cost of living for the U.S. labor force, making it uncompetitive. The United States is unable to produce more at any price right now, because its has spent the past half-century dismantling its infrastructure, closing down its part suppliers and outsourcing its industrial technology.
The United States has privatized and financialized infrastructure and basic needs such as public health and medical care, education and transportation that other countries have kept in their public domain to make their economies more cost-efficient by providing essential services at subsidized prices or freely. The United States also has led the practice of debt pyramiding, from housing to corporate finance. This financial engineering and wealth creation by inflating debt-financed real estate and stock market bubbles has made the United States a high-cost economy that cannot compete successfully with well-managed mixed economies.
Unable to recover dominance in manufacturing, the United States is concentrating on rent-extracting sectors that it hopes monopolize, headed by information technology and military production. On the industrial front, it threatens to disrupt China and other mixed economies by imposing trade and financial sanctions.
The great gamble is whether these other countries will defend themselves by joining in alliances enabling them to bypass the U.S. economy. American strategists imagine their country to be the world’s essential economy, without whose market other countries must suffer depression. The Trump Administration thinks that There Is No Alternative (TINA) for other countries except for their own financial systems to rely on U.S. dollar credit.
To protect themselves from U.S. sanctions, countries would have to avoid using the dollar, and hence U.S. banks. This would require creation of a non-dollarized financial system for use among themselves, including their own alternative to the SWIFT bank clearing system. Table 1 lists some possible related defenses against U.S. nationalistic diplomacy.
As noted above, what also is ironic in President Trump’s accusation of China and other countries of artificially manipulating their exchange rate against the dollar (by recycling their trade and payments surpluses into Treasury securities to hold down their currency’s dollar valuation) involves dismantling the Treasury-bill standard. The main way that foreign economies have stabilized their exchange rate since 1971 has indeed been to recycle their dollar inflows into U.S. Treasury securities. Letting their currency’s value rise would threaten their export competitiveness against their rivals, although not necessarily benefit the United States.
Ending this practice leaves countries with the main way to protect their currencies from rising against the dollar is to reduce dollar inflows by blocking U.S. lending to domestic borrowers. They may levy floating tariffs proportioned to the dollar’s declining value. The U.S. has a long history since the 1920s of raising its tariffs against currencies that are depreciating: the American Selling Price (ASP) system. Other countries can impose their own floating tariffs against U.S. goods.
Trade dependency as an aim of the World Bank, IMF and US AID
The world today faces a problem much like what it faced on the eve of World War II. Like Germany then, the United States now poses the main threat of war, and equally destructive neoliberal economic regimes imposing austerity, economic shrinkage and depopulation. U.S. diplomats are threatening to destroy regimes and entire economies that seek to remain independent of this system, by trade and financial sanctions backed by direct military force.
Dedollarization will require creation of multilateral alternatives to U.S. “front” institutions such as the World Bank, IMF and other agencies in which the United States holds veto power to block any alternative policies deemed not to let it “win.” U.S. trade policy through the World Bank and U.S. foreign aid agencies aims at promoting dependency on U.S. food exports and other key commodities, while hiring U.S. engineering firms to build up export infrastructure to subsidize U.S. and other natural-resource investors.[4] The financing is mainly in dollars, providing risk-free bonds to U.S. and other financial institutions. The resulting commercial and financial “interdependency” has led to a situation in which a sudden interruption of supply would disrupt foreign economies by causing a breakdown in their chain of payments and production. The effect is to lock client countries into dependency on the U.S. economy and its diplomacy, euphemized as “promoting growth and development.”
U.S. neoliberal policy via the IMF imposes austerity and opposes debt writedowns. Its economic model pretends that debtor countries can pay any volume of dollar debt simply by reducing wages to squeeze more income out of the labor force to pay foreign creditors. This ignores the fact that solving the domestic “budget problem” by taxing local revenue still faces the “transfer problem” of converting it into dollars or other hard currencies in which most international debt is denominated. The result is that the IMF’s “stabilization” programs actually destabilize and impoverish countries forced into following its advice.
IMF loans support pro-U.S. regimes such as Ukraine, and subsidize capital flight by supporting local currencies long enough to enable U.S. client oligarchies to flee their currencies at a pre-devaluation exchange rate for the dollar. When the local currency finally is allowed to collapse, debtor countries are advised to impose anti-labor austerity. This globalizes the class war of capital against labor while keeping debtor countries on a short U.S. financial leash.
U.S. diplomacy is capped by trade sanctions to disrupt economies that break away from U.S. aims. Sanctions are a form of economic sabotage, as lethal as outright military warfare in establishing U.S. control over foreign economies. The threat is to impoverish civilian populations, in the belief that this will lead them to replace their governments with pro-American regimes promising to restore prosperity by selling off their domestic infrastructure to U.S. and other multinational investors.
chart hudson
There are alternatives, on many fronts
Militarily, today’s leading alternative to NATO expansionism is the Shanghai Cooperation Organization (SCO), along with Europe following France’s example under Charles de Gaulle and withdrawing. After all, there is no real threat of military invasion today in Europe. No nation can occupy another without an enormous military draft and such heavy personnel losses that domestic protests would unseat the government waging such a war. The U.S. anti-war movement in the 1960s signaled the end of the military draft, not only in the United States but in nearly all democratic countries. (Israel, Switzerland, Brazil and North Korea are exceptions.)
The enormous spending on armaments for a kind of war unlikely to be fought is not really military, but simply to provide profits to the military industrial complex. The arms are not really to be used. They are simply to be bought, and ultimately scrapped. The danger, of course, is that these not-for-use arms actually might be used, if only to create a need for new profitable production.
Likewise, foreign holdings of dollars are not really to be spent on purchases of U.S. exports or investments. They are like fine-wine collectibles, for saving rather than for drinking. The alternative to such dollarized holdings is to create a mutual use of national currencies, and a domestic bank-clearing payments system as an alternative to SWIFT. Russia, China, Iran and Venezuela already are said to be developing a crypto-currency payments to circumvent U.S. sanctions and hence financial control.
In the World Trade Organization, the United States has tried to claim that any industry receiving public infrastructure or credit subsidy deserves tariff retaliation in order to force privatization. In response to WTO rulings that U.S. tariffs are illegally imposed, the United States “has blocked all new appointments to the seven-member appellate body in protest, leaving it in danger of collapse because it may not have enough judges to allow it to hear new cases.”[5] In the U.S. view, only privatized trade financed by private rather than public banks is “fair” trade.
An alternative to the WTO (or removal of its veto privilege given to the U.S. bloc) is needed to cope with U.S. neoliberal ideology and, most recently, the U.S. travesty claiming “national security” exemption to free-trade treaties, impose tariffs on steel, aluminum, and on European countries that circumvent sanctions on Iran or threaten to buy oil from Russia via the Nordstream II pipeline instead of high-cost liquified “freedom gas” from the United States.
In the realm of development lending, China’s bank along with its Belt and Road initiative is an incipient alternative to the World Bank, whose main role has been to promote foreign dependency on U.S. suppliers. The IMF for its part now functions as an extension of the U.S. Department of Defense to subsidize client regimes such as Ukraine while financially isolating countries not subservient to U.S. diplomacy.
To save debt-strapped economies suffering Greek-style austerity, the world needs to replace neoliberal economic theory with an analytic logic for debt writedowns based on the ability to pay. The guiding principle of the needed development-oriented logic of international law should be that no nation should be obliged to pay foreign creditors by having to sell of the public domain and rent-extraction rights to foreign creditors. The defining character of nationhood should be the fiscal right to tax natural resource rents and financial returns, and to create its own monetary system.
The United States refuses to join the International Criminal Court. To be effective, it needs enforcement power for its judgments and penalties, capped by the ability to bring charges of war crimes in the tradition of the Nuremberg tribunal. U.S. to such a court, combined with its military buildup now threatening World War III, suggests a new alignment of countries akin to the Non-Aligned Nations movement of the 1950s and 1960s. Non-aligned in this case means freedom from U.S. diplomatic control or threats.
Such institutions require a more realistic economic theory and philosophy of operations to replace the neoliberal logic for anti-government privatization, anti-labor austerity, and opposition to domestic budget deficits and debt writedowns. Today’s neoliberal doctrine counts financial late fees and rising housing prices as adding to “real output” (GDP), but deems public investment as deadweight spending, not a contribution to output. The aim of such logic is to convince governments to pay their foreign creditors by selling off their public infrastructure and other assets in the public domain.
Just as the “capacity to pay” principle was the foundation stone of the Bank for International Settlements in 1931, a similar basis is needed to measure today’s ability to pay debts and hence to write down bad loans that have been made without a corresponding ability of debtors to pay. Without such an institution and body of analysis, the IMF’s neoliberal principle of imposing economic depression and falling living standards to pay U.S. and other foreign creditors will impose global poverty.
The above proposals provide an alternative to the U.S. “exceptionalist” refusal to join any international organization that has a say over its affairs. Other countries must be willing to turn the tables and isolate U.S. banks, U.S. exporters, and to avoid using U.S. dollars and routing payments via U.S. banks. To protect their ability to create a countervailing power requires an international court and its sponsoring organization.
Summary
The first existential objective is to avoid the current threat of war by winding down U.S. military interference in foreign countries and removing U.S. military bases as relics of neocolonialism. Their danger to world peace and prosperity threatens a reversion to the pre-World War II colonialism, ruling by client elites along lines similar to the 2014 Ukrainian coup by neo-Nazi groups sponsored by the U.S. State Department and National Endowment for Democracy. Such control recalls the dictators that U.S. diplomacy established throughout Latin America in the 1950s. Today’s ethnic terrorism by U.S.-sponsored Wahabi-Saudi Islam recalls the behavior of Nazi Germany in the 1940s.
Global warming is the second major existentialist threat. Blocking attempts to reverse it is a bedrock of American foreign policy, because it is based on control of oil. So the military, refugee and global warming threats are interconnected.
The U.S. military poses the greatest immediate danger. Today’s warfare is fundamentally changed from what it used to be. Prior to the 1970s, nations conquering others had to invade and occupy them with armies recruited by a military draft. But no democracy in today’s world can revive such a draft without triggering widespread refusal to fight, voting the government out of power. The only way the United States – or other countries – can fight other nations is to bomb them. And as noted above, economic sanctions have as destructive an effect on civilian populations in countries deemed to be U.S. adversaries as overt warfare. The United States can sponsor political coups (as in Honduras and Pinochet’s Chile), but cannot occupy. It is unwilling to rebuild, to say nothing of taking responsibility for the waves of refugees that our bombing and sanctions are causing from Latin America to the Near East.
U.S. ideologues view their nation’s coercive military expansion and political subversion and neoliberal economic policy of privatization and financialization as an irreversible victory signaling the End of History. To the rest of the world it is a threat to human survival.
The American promise is that the victory of neoliberalism is the End of History, offering prosperity to the entire world. But beneath the rhetoric of free choice and free markets is the reality of corruption, subversion, coercion, debt peonage and neofeudalism. The reality is the creation and subsidy of polarized economies bifurcated between a privileged rentier class and its clients, their debtors and renters. America is to be permitted to monopolize trade in oil and food grains, and high-technology rent-yielding monopolies, living off its dependent customers. Unlike medieval serfdom, people subject to this End of History scenario can choose to live wherever they want. But wherever they live, they must take on a lifetime of debt to obtain access to a home of their own, and rely on U.S.-sponsored control of their basic needs, money and credit by adhering to U.S. financial planning of their economies. This dystopian scenario confirms Rosa Luxemburg’s recognition that the ultimate choice facing nations in today’s world is between socialism and barbarism.
Keynote Paper delivered at the 14th Forum of the World Association for Political Economy, July 21, 2019.
Notes
[1] Billy Bambrough, “Bitcoin Threatens To ‘Take Power’ From The U.S. Federal Reserve,” Forbes, May 15, 2019. https://www.forbes.com/sites/billybambrough/2019/05/15/a-u-s-congressman-is-so-scared-of-bitcoin-and-crypto-he-wants-it-banned/#36b2700b6405.
[2] Vladimir Putin, keynote address to the Economic Forum, June 5-6 2019. Putin went on to warn of “a policy of completely unlimited economic egoism and a forced breakdown.” This fragmenting of the global economic space “is the road to endless conflict, trade wars and maybe not just trade wars. Figuratively, this is the road to the ultimate fight of all against all.”
[3] Address to St Petersburg International Economic Forum’s Plenary Session, St Petersburg, Kremlin.ru, June 5, 2009, from Johnson’s Russia List, June 8, 2009, #8,
[4] https://www.rt.com/business/464013-china-russia-cryptocurrency-dollar-dethrone/ . Already in the late 1950s the Forgash Plan proposed a World Bank for Economic Acceleration. Designed by Terence McCarthy and sponsored by Florida Senator Morris Forgash, the bank would have been a more truly development-oriented institution to guide foreign development to create balanced economies self-sufficient in food and other essentials. The proposal was opposed by U.S. interests on the ground that countries pursuing land reform tended to be anti-American. More to the point, they would have avoided trade and financial dependency on U.S. suppliers and banks, and hence on U.S. trade and financial sanctions to prevent them from following policies at odds with U.S. diplomatic demands.
[5] Don Weinland, “WTO rules against US in tariff dispute with China,” Financial Times, July 17, 2019.
https://xenagoguevicene.wordpress.com/2019/07/29/u-s-economic-warfare-and-likely-foreign-defenses-by-michael-hudson-%e2%80%a2-23-july-2019/
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Archives for https://www.reddit.com/r/internetdrama/comments/akzpg0/a_few_stories_about_brian_krebs_the_independent/

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  1. This Post - archive.org, megalodon.jp, removeddit.com, archive.is
  2. name their shops full of stolen cre... - archive.org, megalodon.jp, archive.is
  3. selection of his best work - archive.org, megalodon.jp, archive.is
  4. swatted previously - archive.org, megalodon.jp, archive.is
  5. one particular campaign against him... - archive.org, megalodon.jp, archive.is
  6. it was signed "Velvet Crabs" - archive.org, megalodon.jp, archive.is
  7. decided to dive deeper - archive.org, megalodon.jp, archive.is
  8. He did end up being extradited to t... - archive.org, megalodon.jp, archive.is
  9. plead guilty - archive.org, megalodon.jp, archive.is
  10. 41 months in jail - archive.org, megalodon.jp, archive.is*
  11. One such business was known as vDOS... - archive.org, megalodon.jp, archive.is
  12. two men from Israel - archive.org, megalodon.jp, archive.is
  13. Wikipedia - archive.org, megalodon.jp, archive.is*
  14. a record breaking DDOS attack - archive.org, megalodon.jp, archive.is
  15. came under attack - archive.org, megalodon.jp, archive.is
  16. was at least part of the attack on ... - archive.org, megalodon.jp, archive.is
  17. BGP Hijacks are old hat - archive.org, megalodon.jp, archive.is
  18. hosting DDOS-for-hire sites while o... - archive.org, megalodon.jp, archive.is
  19. The creator posted the source code ... - archive.org, megalodon.jp, archive.is
  20. later disallowed ostensible "Server... - archive.org, megalodon.jp, archive.is
  21. "Operation Tarpit" - archive.org, megalodon.jp, archive.is
  22. 34 arrests and over a hundred "knoc... - archive.org, megalodon.jp, archive.is
  23. extensive exposé on Anna-senpai - archive.org, megalodon.jp, archive.is
  24. managed to avoid jailtime - archive.org, megalodon.jp, archive.is
  25. 6 months confinement, 2500 hours of... - archive.org, megalodon.jp, archive.is
  26. was selling data to hackers on the ... - archive.org, megalodon.jp, archive.is
  27. previously ran a hacking forum and ... - archive.org, megalodon.jp, archive.is
  28. baited by hacking forum admins - archive.org, megalodon.jp, archive.is
  29. Pissed off a hacking group - archive.org, megalodon.jp, archive.is
  30. exposing the source they used to pu... - archive.org, megalodon.jp, archive.is
  31. a doxxer / swatter - archive.org, megalodon.jp, archive.is
  32. for helping his buddy dump the budd... - archive.org, megalodon.jp, archive.is
  33. butted heads with Apophis Squad - archive.org, megalodon.jp, archive.is
  34. might not have been so ethical afte... - archive.org, megalodon.jp, archive.is
  35. shitting up the internet with insec... - archive.org, megalodon.jp, archive.is
  36. with public shaming should they not... - archive.org, megalodon.jp, archive.is
  37. was tied to a Russian security firm - archive.org, megalodon.jp, archive.is
  38. weird obsession with AC/DC - archive.org, megalodon.jp, archive.is
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Combined Score 126361 190816

Top Submitters' Top Submissions

  1. 5209 points, 43 submissions: dEBRUYNE_1
    1. [Mandatory Upgrade] Monero 0.11.0.0 "Helium Hydra" Released (354 points, 384 comments)
    2. Monero Compatible Bulletproofs (343 points, 61 comments)
    3. Monero GUI 0.11.1.0 "Helium Hydra" Released (311 points, 178 comments)
    4. A note on fees (228 points, 80 comments)
    5. Monero Core GUI Beta 1 Released (213 points, 145 comments)
    6. The GUI binaries have been finalized! (205 points, 115 comments)
    7. [MANDATORY UPGRADE] Monero 0.10.3.1 "Wolfram Warptangent" Released & Monero GUI Beta 2 Released (190 points, 127 comments)
    8. Monero GUI 0.11.1.0 "Helium Hydra" Megathread - Download links, guide on how to get started, and guides to resolve common issues (missing a transaction / zero balance, freezing / buggy GUI, transaction stuck as pending, and GUI using all bandwidth) (187 points, 189 comments)
    9. [Seeks Funding] Moneromooo full time coding, January-March (179 points, 55 comments)
    10. A small note on second-layer stuff (e.g. side-chains, lightning network) (145 points, 148 comments)
  2. 2430 points, 18 submissions: SamsungGalaxyPlayer
    1. Welcome! If you're new to Monero, please take a few minutes to learn WHY Monero is different :) (313 points, 51 comments)
    2. This is the first time Monero's StackExchange has exceeded 10,000 visitors per day. Congratulations all! This community rules! (268 points, 10 comments)
    3. Disclosure of a Major Bug in CryptoNote-Based Currencies (198 points, 253 comments)
    4. I'm Disappointed (197 points, 278 comments)
    5. Monero Meetup Kit, here we come! (171 points, 21 comments)
    6. Multisig n-1/n Pulled to GitHub for Review (162 points, 33 comments)
    7. Custom Monero Hardware Wallet Updates (136 points, 54 comments)
    8. Put your money where your mouth is (123 points, 74 comments)
    9. An Unofficial Response to "An Empirical Analysis of Linkability in the Monero Blockchain" (122 points, 20 comments)
    10. Update Regarding Minimum Ringsizes (111 points, 75 comments)
  3. 2387 points, 21 submissions: Rehrar
    1. Purism Collaborates with Cryptocurrency Monero to Enable Mobile Payments (330 points, 28 comments)
    2. We up now boiz. (247 points, 74 comments)
    3. New website pretty much done, update in comments. (173 points, 67 comments)
    4. MASSIVE Website Update! (140 points, 52 comments)
    5. Don't like something? Change it. We're not doing something? Do it. Get involved! (139 points, 43 comments)
    6. How to help Monero - Why Monero? (132 points, 16 comments)
    7. ENOUGH with the BTC/BCH debate here! (125 points, 43 comments)
    8. Getmonero.org redesign! Please critique and discuss. (111 points, 81 comments)
    9. How to help Monero (part 2.5) - Rethinking Organization (99 points, 6 comments)
    10. Now that we've taken a breather, let's calmly discuss Wikipedia (99 points, 39 comments)
  4. 1979 points, 7 submissions: cslashm
    1. Ledger Hardware Wallet - Monero integration started (392 points, 135 comments)
    2. Ledger Hardware Wallet - Monero integration : some news #4 (384 points, 155 comments)
    3. Ledger Hardware Wallet - Monero integration : some news (289 points, 67 comments)
    4. Ledger Hardware Wallet - Monero integration : some news #3 (270 points, 65 comments)
    5. Ledger Hardware Wallet - Monero integration : some news #2 (231 points, 58 comments)
    6. Ledger Hardware Wallet - Monero integration : some news #5 (213 points, 102 comments)
    7. Ledger Hardware Wallet - Monero integration protocol and application specification (200 points, 108 comments)
  5. 1857 points, 17 submissions: serhack
    1. Hello world! Mastering Monero is coming soon! (270 points, 114 comments)
    2. Purism can accept Monero (220 points, 36 comments)
    3. Monero Integrations Update #8 (145 points, 81 comments)
    4. Monero Integrations Update #11 (124 points, 29 comments)
    5. Monero Integrations Updates #7 (114 points, 49 comments)
    6. Monero Integrations Update 9 (112 points, 33 comments)
    7. Envato accepted Monero WooCommerce Payment Gateway! (105 points, 17 comments)
    8. Wordpress WooCommerce Extension Released (90 points, 40 comments)
    9. Web Integrations Update: First milestone completed (86 points, 25 comments)
    10. Monero Prestashop Payment Gateway by serhack | CodeCanyon (84 points, 18 comments)
  6. 1568 points, 8 submissions: fluffyponyza
    1. Project Coral Reef: furthering mainstream adoption of Monero (756 points, 224 comments)
    2. Addressing the Monero Enterprise Alliance troll video announcement (156 points, 175 comments)
    3. Yesterday we broke 10gbps serving Monero downloads, mostly to the USA, China, Russia, & Germany (155 points, 19 comments)
    4. My wife exercised her creative flair today, and it's amazing (126 points, 23 comments)
    5. Globee's Secret Project Fundraiser / Marketing Opportunity (116 points, 140 comments)
    6. [Funding Required] Shen Noether, for work on RingCT and multisig (yay) (114 points, 39 comments)
    7. Vegas, baby! (BlackHat, DefCon) (76 points, 35 comments)
    8. fluffypony's March Conference Circuit (Mostly Europe) (69 points, 24 comments)
  7. 1526 points, 13 submissions: Bitcoinfriend
    1. Charlie Lee tells Snowden why Monero is better than Zcash (259 points, 48 comments)
    2. Monero (XMR) Rise to the Top: Banking on Privacy (235 points, 26 comments)
    3. Highly Anonymous Cryptocurrency Monero Peeks Out Of The Shadows (141 points, 8 comments)
    4. All You Need to Know About the Monero Cryptocurrency in Six Minutes (139 points, 8 comments)
    5. 40k Subs, Growth Is Noticabley Speeding Up (132 points, 15 comments)
    6. Vice.com Article About Monero (125 points, 45 comments)
    7. Monero Mentioned In Fortune Article (100 points, 24 comments)
    8. Payza Adds New Cryptocurrencies to Exchange, Including Monero (77 points, 7 comments)
    9. We Just Surpassed Litcoin! (75 points, 22 comments)
    10. Monero Cited 4 times in New Forbes Article (65 points, 23 comments)
  8. 1297 points, 9 submissions: TheFuzzStone
    1. Monero’s Multisignature Implementation Officially Enters Testing Phase (334 points, 38 comments)
    2. A London startup is launching a debit card that lets you spend bitcoin and Monero (284 points, 58 comments)
    3. ┬┴┬┴┤( ͡° ͜ʖ├┬┴┬┴ psst, wanna some mobile wallet? (139 points, 19 comments)
    4. Sup-sup Monteros! One ukrainian exchange want to add Monero! Just put some like under this post. (107 points, 22 comments)
    5. Monerujo update! (100 points, 53 comments)
    6. "Yes, we're almost done with $XMR" (c) Coinomi (97 points, 45 comments)
    7. Happy #hard_fork! (91 points, 37 comments)
    8. News from [Monero_RU Team] (82 points, 8 comments)
    9. News from [Monero_RU] (63 points, 12 comments)
  9. 1256 points, 8 submissions: isrly_eder
    1. Can we take a moment to appreciate the diligence and testing that has gone into our multisig rather than a rushed implementation? (350 points, 63 comments)
    2. It's been 8 months since we lobbied Wikileaks to accept a truly anonymous currency. They accept BTC and LTC and call bitcoin "secure and anonymous" – it's time we let them know they're putting their supporters at risk (246 points, 27 comments)
    3. Can we give a shoutout to Coinhive? They're doing some incredible things to drive monero adoption (159 points, 84 comments)
    4. Reminder that Theresa May and Emanuel Macron want to completely ban end-to-end encryption. It's only a matter of time until they target us (153 points, 51 comments)
    5. More detail on the digital currency panel in U.S. Congress tomorrow, and an introduction to "Safe Harbors" - aka how monero can be regulated without being destroyed (112 points, 32 comments)
    6. [Privacy] Telegram CEO admits that the FBI directly tried to bribe/pressure him. This is why we need decentralization. (110 points, 18 comments)
    7. In 1996, Michael Froomkin wrote an article entitled Flood Control on the Information Ocean: Living With Anonymity, Digital Cash, and Distributed Databases, in which he predicted the issues digital cash would face, and why anonymity is paramount for consumer and constitutional protection (69 points, 9 comments)
    8. Mandatory reading. The corporate data dystopia isn't sci-fi, it's already here. If anyone asks you why monero exists, send them this. (57 points, 4 comments)
  10. 1204 points, 7 submissions: CryptoCurrencyFreak
    1. I wrote this detailed guide on how to buy Monero with fiat. It uses CoinBase and GDAX with minimal fees. Hope it helps! (518 points, 143 comments)
    2. How To Use Monero Anywhere Bitcoin Is Accepted With XMR.to (162 points, 23 comments)
    3. Snowden: Monero's privacy is primariy protected by the idea of Ring Signatures, which, while a huge step up from Bitcoin, are closer to a mechanism for "plausible deniability" than the true privacy intended by the zero-knowledge proofs used by Zcash. (162 points, 119 comments)
    4. Monero Update Released: Helium Hydra, Point Release 1 (149 points, 18 comments)
    5. I created a site where you can share your own XMR Stak configurations with others. (79 points, 20 comments)
    6. Monero.how Sells For $43,600 (77 points, 23 comments)
    7. Anyone have any idea why the heavy Monero use in Mexico? (57 points, 42 comments)

Top Commenters

  1. uy88 (4177 points, 1099 comments)
  2. fluffyponyza (3588 points, 479 comments)
  3. dEBRUYNE_1 (3169 points, 859 comments)
  4. gingeropolous (2777 points, 403 comments)
  5. SamsungGalaxyPlayer (2690 points, 318 comments)
  6. snirpie (2360 points, 308 comments)
  7. ferretinjapan (2077 points, 276 comments)
  8. serhack (2062 points, 384 comments)
  9. smooth_xmr (1981 points, 336 comments)
  10. c-789 (1588 points, 184 comments)

Top Submissions

  1. Monero is here. by zigzagzig (816 points, 81 comments)
  2. 'Be Your Own Bank', A Cautionary Tale by taushet (781 points, 250 comments)
  3. Multisignature just got merged! by ErCiccione (757 points, 138 comments)
  4. Project Coral Reef: furthering mainstream adoption of Monero by fluffyponyza (756 points, 224 comments)
  5. "Privacy matters" starter pack by novawind (684 points, 116 comments)
  6. Coinbase hiring developers to work on "any digital currency you'd like". Get hired and get Monero on Coinbase! :) by msloan7 (654 points, 54 comments)
  7. John Mcafee on Info Wars - "If Bitcoin does have a serious competitor, it will be Monero" by ricolah (620 points, 195 comments)
  8. Ledger to have Monero support before end of Q1 - 2018 by marksburgunder (620 points, 67 comments)
  9. Monero is taking off, I'm looking to get IN NOW. by ScourgeDL (561 points, 125 comments)
  10. Had some fun yesterday evening restyling the Monero GUI in a dark theme. What do you think? by knueffelbund (547 points, 57 comments)

Top Comments

  1. 262 points: sorceryofthetesticle's comment in Monero is taking off, I'm looking to get IN NOW.
  2. 252 points: Mineu9999's comment in John Mcafee on Info Wars - "If Bitcoin does have a serious competitor, it will be Monero"
  3. 193 points: CapnFartfaceMcGee's comment in This will make you all laugh
  4. 193 points: john_alan's comment in US Senate Bill to Criminalize Concealed Ownership of Cryptocurrencies
  5. 185 points: mraindeer's comment in John Mcafee on Info Wars - "If Bitcoin does have a serious competitor, it will be Monero"
  6. 181 points: EricMuyser's comment in I've dumped my gold and silver. It's just Monero now.
  7. 173 points: baltsar777's comment in Invested over $1m into Monero
  8. 169 points: thereluctantpoet's comment in 'Be Your Own Bank', A Cautionary Tale
  9. 164 points: ViolentlyPeaceful's comment in Monero Privacy is NOT a crime or something to feel guilty about
  10. 161 points: TinusMars's comment in What are good examples to use when someone assumes Monero's intent is only for 'bad things/people'?
Generated with BBoe's Subreddit Stats
submitted by phloating_man to monerotalks [link] [comments]

AAHAHAHAHAHAH PETYA is getting bigger and bigger!!!

A new wave of malware attacks has been launched this week in Europe and has spread all over the world for the last 2 days. The name of the virus - Petya is well known and we have already written about the ways to protect your computer from this ransomware. Unfortunately, Ukrainian government (the European country that was attacked in the beginning of the wave) did not read our recommendations and lots of governmental and business networks were infected with Perya virus.
IT specialists, working in the companies whose networks went down, are sharing the details of the attacks on Internet forums and claim that the majority of infected computers were running Windows 7, while Windows 10 PCs with the latest updates were ok.
Like all ransomwares, Petya demands money to unlock the computer and according to Blockchain 45 people have already paid total of almost 4 bitcoins. Though, according to the forum messages, the unlock codes to the infected computers were not sent after the payment. hitech-us.com/articles/entry/285/Petya-ransomware-strikes-back!
submitted by JohnPebko to petya [link] [comments]

State of the Redd-Nation :: August 01, 2016

Reddcoin Weekly Development Update

Welcome again Reddheads to another weekly monthly update of Reddcoin Development.
My apologies for what became a large gap in these updates, my focus had turned mainly to family over the last weeks as my son had been admitted to ICU some weeks back with a life threatening condition. This is now resolved and he is well on the road to recovery.
So now I can turn my attention back within the crypto-sphere and particularly with Reddcoin of course.
And although I have not been updating too much over this time, I have been generally keeping across the news and events in the crypto-space, and the last 4 weeks have not been without their share of excitement.
Probably the biggest news outside of Reddcoin and if you follow Ethereum and DAO, you no doubt have seen an interesting morphing of these projects, which recently has split off to 2 separate coins ETH and ETC. Time will tell how this plays out.
And although this external news is all quite interesting, my focus remains with the Reddcoin project and what needs to be delivered.
Here is the current status of what is happening:

New v2.0 Wallet is now almost complete

I have been saying it for a while, but the new wallet is almost completed. I have been putting the finishing touches and tidying the repository.
As you are probably aware, the original fork of Reddcoin was taken from litecoin, with this wallet build, it is now forked from bitcoin.
Over the last few weeks, I have been working with Jonathan to be granted write access to the official Reddcoin github repository and to be able to upload the relevant commits and compiled wallets. This access has now been granted.
So what will be provided when this release made public is:
In the meantime, in preparation of this public release of the new wallet, I am continuing to contact and engage with the various major exchanges and 3rd party services to advise them that we will have an updated wallet in the near future.

Reddcointalk Forum

Anyone who has visited the ReddcoinTalk forum over recent months would realise that we were starting to get a few issues operationally. Particularly regarding emails not going out.
Basically, one of the services that we use changed access, due to them changing their pricing structure. This subsequently broke our ability to be able to send emails out. In order to resolve this, we updated and changed email providers, but this also required updating the forum software to a more recent release.
Thankfully nodeBB is quite an active and developed product (active development is good to see). In the last 12 months or so, their releases have gone from 0.6.x to 1.1.x.
In order to upgrade the forum, it was needed to step through each of the releases incrementally. That's 5 upgrades!!
Long story short, I put some priority to get this testing done, validate the upgrade process and to make sure nothing would break. And last week, committed to get it rolled out.
The good news is, ReddcoinTalk is now running the most current software (v1.1.0), and everything seems to be working

Redd-ID

Over these last weeks, I have become more confident that the new wallet is now in a good state for release. With that, my attention has turned to the features of Redd-ID.
A couple of things have been taking place with this.
With the new v2 wallet, up to 80 bytes are available for OP_Return transactions which leaves a lot of scope for on-chain metadata and social networking ideas

Translations

I would like to thank again @Serkan34 who over the last months performed a commendable job in preparing languages to import into the new wallet. This brought the UI quite a few steps forward and we now have fairly good coverage for our international user base.
If you are interested, this is still a great way to contribute.

Getting involved

We are a global community, and cross many borders but boundaries do not need to hinder us.
The crypto currency world has not reached its tipping point yet, but when it does, it is sure to escalate at an amazing rate. There are going to be many ups and downs, and an interesting ride for sure.
If you would like to get involved and dont know where to start, reach out and we will see where you can jump in @Deadpool has a great Trello site going with activities that need looking at.

In Closing

Apologies again for the lack of updates, I should now be able to get these back to being more frequent moving forward.
As always, there is still plenty to do, but we are now closer to a public release of the wallet, which in turn will allow more development time for other cool features. A lot has been achieved already, and it feels like now is putting the polish on the final product.
I thank you all for your patience and support, it has been a long road, but the journey has been worth it.
So where ever you are, enjoy your week ahead
Keep on staking!
x-posted on (https://www.reddcointalk.org/topic/862/state-of-the-redd-nation-august-01-2016)
submitted by cryptognasher to reddCoin [link] [comments]

State of the Redd-Nation :: Apr 04, 2016

Reddcoin Weekly Development Update

Welcome again Reddheads to another weekly update of Reddcoin Development.
This last weeks efforts have continued to focus on the requirements for the ReddID and services. Additionally, there has been a renewed interest overall with Reddcoin, which has seen some old wallets coming back online. This has required a bit of effort to help some users getting their wallets operating again.
Still there are some activities to complete on the v2 wallet before I am happy to create a more general release, with language translations forming the bulk of the work to do. Suffice to say, I am somewhat pedantic to make sure everything is covered, especially since our audience covers many different nationalities.
Some discussions have also been raised on how to create further incentive to promote and support the network. And do we have a plan for such activities?

New Wallet - RC1d development update

The work this last week has focused on network resilience and language files.
Some of the extreme testing done on testnet has been putting nodes off-line for extended periods so that they fall behind by greater than 24hrs, and then establishing the network again. Testing was passed.
Language translation is a focal point of mine for the release of the new wallet. And having an interface that can be read in your native language is a better user experience than relying on falling back to English. We live in a global village so the UI (user interface) should be accessible to all.
After reviewing past work, I think we can leverage some of the translation work done in BTC core to transfer into Reddcoin, and this will make the translation process more of a review for 22 language files which are 100% complete. Thanks @thijs for the discussion on this
I will be putting some focus this week in getting the updated resources pushed to the transifex site

Translations

One of the activities that needs to be done is to review the current translations for Reddcoin V2.0. We follow the same procedure as Bitcoin, using a service by Traniflex to manage and maintain the translation files. As mentioned, I will be working on updating some of the resource files this week to help expedite the process.
We have already had a good start on the following languages
I would also like to get some focus on the following languages, which for some will be a review of work already done:
Of course your welcome to contribute to any other of the languages as well. We currently have 60 languages on file, and you can add to this if needed (Klingon anyone??)
PM me if you are interested (we have already had some starters)

ReddID Updates

I have been keeping generally pretty quite on the progress of ReddID as I want to focus on getting the core wallet completed. That said, there is still some good progress occurring and the basic functionality is now available including backend services, an API to integrate with (3rd Party services) and integrating with wallet services. There is still a ways to go, but I am excited by the progress being made.

Getting involved

Community awareness is still increasing at a steady rate, and statistically we are back at the levels seen in early 2015. The number of active nodes, google search trends and Reddcoin marketcap have all been increasing from October 2015. The big difference is the trend is in a positive direction.
Some of my goals this year are to increase traffic to each of our forum areas (including Reddit, ReddCoinTalk
2 weeks ago we experienced a small blip on the exchanges, and this was followed again by another blip this week where nearly 900BTC was traded on Poloniex during the 24hrs on Apr 2.
I am looking forward to an exciting year in 2016.
If you would like to get involved and dont know where to start, reach out and we will see where you can jump in

Rewards + Full-Nodes + Network Support

I am going to borrow the title from the posting on Reddit since it was raised there this week by @appleluckyapple (appleluckyapple)
When PoSV was introduced to the community in August 2014, it was done with a built in reward rate of approximately 5% per annum return on staking. It is considered a modest inflation rate in which to reward users who continue to keep their wallets online and staking.
The questions raised was if there is consideration for any of the following
  1. Boosting the reward for staking
  2. Introducing staking requirements for boosted rewards (similar to masternodes)
  3. Incentivizing network support
This could form the basis of a very long thread, but it is worth discussing so you know where the teams headspace is at. These very questions are often on our minds when we consider the on going health of the network
At the current exchange rate of 9-10sat with 100MM coins staking you would earn approx 5MM RDD which at todays rates would be $USD210 (assuming no change in the exchange rate)
So it would cost an initial $USD4172 to purchase 100MM RDD, with a return of $USD210. Interest is compounded
In Australia a return from the banks at this rate would be considered very generous (typically rates are 1.5% - 3%). In Russia, you can get up to 10% And in UK, you could expect to get 1.4%
It is my opinion, that 5% is a healthy middle ground, that provides some reward to operators of staking nodes. As indicated, you do need to be staking a reasonable amount to get any significant return.

But, is it enough??

If you consider for a moment, running a full Bitcoin node, you could expect to earn 0 BTC for your outlay. Which I think is one of the failings of the Bitcoin eco-system. There should also be an incentive for operators to support their full node requirements. Bitcoin miners receive the proceeds of mining a block, AND the transaction fees.
With Reddcoin, we have combined the functions. Node operators can be both 'miners' and full node operators. We don't need expensive mining equipment, with a home PC or even RaspberryPI being sufficient to handle the task of being a full node and staking. Additionally, when staking, if you stake a block that contains transaction fees, you also receive those fees.

How could this be increased??

One of the goals of the ReddID implementation is to provide a method to fund additional payments into the network.
Since the ReddID system was first announced Social-X architecture by Laudney, I have been thinking on a deeper enhanced solution to improve the support of the network.
In regards to this discussion, I would like to single out the items regarding ReddID registration fees. This list differs somewhat from the original proposal.
The overall goal is to create a dynamic crypto ecosystem to enhance the PoSV system and provide a means to transfer value between users.

The future

Although I did not touch on any of the points presented in the Reddit OP. I would not dismiss any of the ideas as not being valid, each has merit in their own right.
I have not presented a roadmap yet for Reddcoin, but 2016 has a lot to offer. With the new wallet, ReddID and tipping platform we have some exciting features to launch this year.

In Closing

Every week that passes a little more gets achieved, between the efforts of the Core team and the contributing community members we are getting a lot done. Sometimes it is hard to see this if you are not seeing the output (new exes, source code, etc) but it all will arrive in good time. Going into this week, I hope to tick off a few more from of my activities list.
Where ever you are, enjoy your week ahead
Keep on staking!
x-posted on (https://www.reddcointalk.org/topic/815/state-of-the-redd-nation-apr-04-2016)
submitted by cryptognasher to reddCoin [link] [comments]

State of the Redd-Nation :: May 23, 2016

Reddcoin Weekly Development Update

Welcome again Reddheads to another weekly update of Reddcoin Development.
This past week has achieved quite a few updates.

New v2.0 Wallet and testing progress

During this last week, I have been performing testing on the switch-over logic from v3 to v4 blocks on testnet using both the version 1.4.1 wallet and version 2.0.0.0 wallet. Results have been better than expected and I am very happy with the progress so far.

Network Testing with Super-Majority

The recent testing with testnet was performed by setting the super-majority to 510/1000 blocks (51%). That is, when there have been 510 v4 blocks created in the last 1000 blocks, the rules for v4 blocks are enabled (Enforce DER Signatures). v3 blocks will then be rejected by the network.
On mainnet, the setting will be updated to be a Super-Majority 85%

Staking with different versions

Wallet Staking Block Ver Accepted by v1.4.1 Accepted by v2.0.0 Rejected by v2.0.0
Ver 1.4.1 YES v3 YES NO YES
Ver 2.0.0 YES v4 YES YES NO
SOME NOTES: After the switch of Super-Majority completes, version 1.4.1 nodes will continue to stake however, the network will reject those blocks. This is expected behaviour.

Transferring between versions

v1.4.1 v2.0.0
v1.4.1 YES YES
v2.0.0 YES YES
SOME NOTES Current testing of transferring coins between different wallet versions has been successful. Current indications are that if you are not staking, you will be able to continue to use v1.4.1 wallets. More testing to be done.
If you have any questions, or would like to know more on this, please let me know.

Translations

Translations continue to be updated which is great to see. Thank you to all those who are contributing their time and effort.
@Serkan34 continues to dominate on the European languages.
This is the running list of desired languages, and if you like you can also check the overall running list on transiflex here.

Wallet Recovery

As mentioned last week, wallet recover is no easy task. There are a few tools around on the net that can help, but it is no way guaranteed to provide 100% recovery.
So, it is important that you get in the habit of routinely backing up your wallet.dat file
For the second time in as many weeks, I have used the utility called pywallet that in my case has done a reasonable job to recover broken wallets. It is a python based tool that allows some low level manipulation of wallet files.
In this second case, it involved recovering the private keys from a testnet wallet (100K keys in total). The wallet.dat would load into Reddcoin-Qt, but then the application would sit spinning its wheels, without error, and no way to dump. Running the QT application with -salvage wallet would truncate the number of addresses that should have been available ion the wallet.
So, using the pywallet, I was able to load up read the available privatekeys in the wallet and dump the keys to a text file. This essentially was the same as last week. 100% of the privkeys were salvageable
I still have some problems importing those directly into a new wallet using the pywallet tool, and with such a large number of private keys, manual input was not an option.
I wrote a little script to pull the private keys from a text file and send a importprivatekey RPC command to the wallet. A little slower, but none the less it was effective and successful.
After starting the wallet with -rescan, it brought everything upto date with those associated addresses and their tx's into the wallet.

Large number of Micro Transactions on mainnet

Over the course of several weeks, there have been a number of instances where a large number of small transactions were broadcast onto the network.
It was brought up in a couple of forum messages on reddit and reddcointalk, so I thought it might be worthwhile just to touch on it again here.
Firstly, I would like to say, this is similar to reports that occurred on Bitcoin network where small transactions were sent to fill blocks. So I was interested to monitor just how such behaviours would occur on Reddcoins Mainnet and what the effects might be.
Reddcoin mainnet has in effect a 10x larger capacity that Bitcoin. The blocksize for Reddcoin is 1M, and the block generation time is targeted every minute (Bitcoin is 1M blocks every 10 minutes).
In the 'worst' case the maximum capacity that these transactions took on the network, was to occupy less than 25% of each block (about 230K in total)
With the number of transactions that were occurring, there were at times excesses of transactions that spilled over into subsequent blocks (again, only filling each of those to 25% capacity). When this occurred,e there were runs of up to 10-12 blocks that were filled.
In the current state of the network, where volume of transactions generally is low, it has been a good exercise to monitor the behaviour of sudden peak demand. I didnt hear of nay cases where normal transactions or staking were affected.
Thats is not to say, we are immune, If the normal operating capacity of a block was 50% or more, this would be more a concern and there could be an impact to the time of confirmation of a transaction.
Suffice to say, the current side effect is, a number of you may have a lot of small transactions sitting in your addresses. I would not be too concerned at this point, and would suggest to let the PoSV staking take care of those in due course (it will take a while to get selected due to the size), or in your next transfer, manually select a few to send them on their way.

Performance of PoSV

One of the things that has interested me for a long time with Reddcoin is how the POS mechanism behaves over time.
PoSV is unique amongst the POS crypto-currencies in the way that the weighting mechanism works, and in the way the stake reward is weighted depending on how long the coins have had to age.
A lot of things can influence the amount for each of your stake rewards,
Working with @deadpool, and @reddibrek, they have been trying to define it is simple to understand terms
But I am also studying the network in much greater detail in relation to a post on the ReddcoinTalk forum regarding PoSV v2.
This was the original statement made about 1 year ago, and I believe there is merit in re-visiting this PoSV v2 proposal. It provides and extra incentive to everyone who continues to stake, and in doing so get a bigger percentage of return.
So in my spare time I have been extracting information about the current network, the blockchain and the metrics of how it is functioning, what returns stakers currently get and whether this remains a viable option.

Getting involved

We are a global community, and cross many borders but boundaries do not need to hinder us.
The crypto currency world has not reached its tipping point yet, but when it does, it is sure to escalate at an amazing rate. There are going to be many ups and downs, and an interesting ride for sure.
If you would like to get involved and dont know where to start, reach out and we will see where you can jump in @Deadpool has a great Trello site going with activities that need looking at.

In Closing

There is still plenty to do, but we are getting closer and I look forward to another productive week.
So where ever you are, enjoy your week ahead
Keep on staking!
x-posted (https://www.reddcointalk.org/topic/839/state-of-the-redd-nation-may-23-2016)
submitted by cryptognasher to reddCoin [link] [comments]

MMW: 2016 Social and Technology Predictions

Original is found here
And tl;dr, I got quite a bit right last time around, more than 70%.
So here are my predictions for 2016. I bet roughly 70% will come true.
submitted by Yuli-Ban to MarkMyWords [link] [comments]

State of the Redd-Nation :: Mar 21, 2016

Reddcoin Weekly Development Update

Welcome again to another weekly update of Reddcoin Development.
There continues to be good progress on all fronts for the Core wallet development. The main focus currently remains on completing v2.0 wallet as it forms the foundation for Reddcoin moving forward. With this, there continues to be improvements and validation of the work that has been done so far. The good news is we are getting close to providing a full release
Building on the foundation of the Core Wallet will be the ReddID blockchain based identification system. As we have discussed before, the ReddID system will allow for the easy translation between an easy to remember UserID and a wallet address. This will simplify the transaction process between users
However, ReddID is just the beginning and how we use the ReddID system will go beyond just being able to easily identify the destination of a transfer. I have always promoted, usability and utility and on the side of utility is putting in place functions for the Reddcoin network that help promote and support an entire crypto-currency eco-system.
I will be providing updates to ReddID as development progresses

New Wallet - RC1d development update

We are working through at a good pace with the new wallet. I have pushed it out to a few more users this last week for testing and review. The more eyeballs on it now looking for bugs and the like will help to make a successful deployment.
We are getting close to the point where we need to start inform exchanges and service providers that a new release is pending. I would like to give them the opportunity to test and prepare themselves with the new version first before pushing out to the general population. The intention here is not to have a coordinated upgrade, but rather allow these businesses to prepare themselves as best as possible as usually there is addition checks and balances they will perform.
This week a special thanks goes out to both @Didi and @Deadpool
Over the last week @Didi has been begun preparing a document to detail the degree of improvement in the speed of syncing the blockchain from the initial start to completion. As everyone knows, the time to sync the blockchain is ever increasing and can take quite a while before the wallet can be used.
@Didi graciously has set up an environment to test using a combination of win32/64bit wallets using either SSD or normal HDD and to compare between v1.4.1 and v2.0.0. There are a lot of combinations to go over and a lot of data to download, so the testing is not yet complete , but I thought it worthwhile to mention that in the tests thus far the improvement has been significant. The sample data is small, but in the tests so far it is about twice as fast to download using v2.0.0
The following image shows a comparison of one pass
BlockChain Download Speed
After the discussion on translations last week, @Deadpool jumped in and immediately started getting the French translations into shape. He has now completed the 3 French files to 100%
Fantastic effort @Deadpool
French Language Update
This week, I will be making a pull of the language files and generating an updated binary suite
The reported bug from last week on the import of the addressbook has been removed from the issues list. This was not a bug, but rather the display of addresses moved within the GUI to a new location. This triggered an improvement to the labelling of the Tab to better indicate the operation.
The next stage will be to test the upgrade process of the network, simulating the the switch over to v4 blocks and a fall back plan.
Great progress and thanks to all.

ReddID Updates

Development progress on ReddID is coming along nicely. With some basic functionality now available in that I am able to write to and read data from the testnet blockchain.
There is a lot to cover here with both backend services and the client side. The goal is to provide a seamless user experience.
On the front end, I am focussing on the original browser wallet and incorporating the functionality to both register, maintain and use the ReddID. The importance here is to be as simple yet functional as possible. There are some additional functions to be able to search for users and verify the sending address
On the backend, I am looking at a number of different functions, the core component obviously being the managing and maintaining of the user space, but also some as yet not announced functions that will extend ReddID as an all encompassing tipping platform.
The goal is to create as decentralised platform as possible for tipping. That is, keep your funds off centralised servers, and have them in a wallet that you control.

Getting involved

Since last week, a few more of you have stepped up to get involved in the community in a more tangible way. I find it encouraging that the community support for this project continues to grow.
Since becoming involved as a developer, I have been less inclined to talk about price as a measure of success. And you wont find me talk about it too much these days. What I do look for is the trends and statistics showing the over all interest that the community has in this project.
It has been all of you who continue to contribute to comments on the forums, running nodes, participating in trading that show a steady upward trend. This has brought many new faces.
In the last week, I have also been visiting our friends on some of the chinese forums. It is good to see there is an interest there even though there are no trading exchanges.
If you would like to get involved and dont know where to start, reach out and we will see where you can jump in

Translations

One of the activities that needs to be done is to review the current translations for Reddcoin V2.0. We follow the same procedure as Bitcoin, using a service by Traniflex to manage and maintain the translation files.
I am looking for people who would like to have a look into the following languages:
Of course your welcome to contribute to any other of the languages as well. We currently have 60 languages on file, and you can add to this if needed (Klingon anyone??)
PM me if you are interested (we have already had some starters)

In Closing

This coming week is going to be rather short for me with a 4 day weekend looming. Suffice to say I find it hard to stop the ideas for Reddcoin coming. I have a running "Gnashers Brainstorming Doc" that is constantly updated and revised.
Where ever you are, have a good week
Keep on staking!
x-posted (https://www.reddcointalk.org/topic/801/state-of-the-redd-nation-mar-21-2016)
submitted by cryptognasher to reddCoin [link] [comments]

Russian hacker arrested for using botnet to extort antivirus bigwig Krebs, using heroin bought from a DNM [OVERFLOW ERROR: too many Bitcoin stereotypes]

This is an automatic summary, original reduced by 62%.
A Ukrainian hacker accused of trying to frame security reporter Brian Krebs for heroin possession has pleaded guilty to credit card fraud and illegally accessing more than 13,000 computers.
Sergey Vovnenko, 29, entered guilty pleas earlier this week to charges of aggravated identity theft and conspiracy to commit wire fraud.
When I first became acquainted with Vovnenko in 2013, I knew him only by his many hacker names, including "Fly" and "Flycracker," among others.
In the previous articles, Krebs explained that Vovnenko established a bitcoin fund so that members of his hacking forum could donate money.
Federal prosecutors said that from September 2010 to August 2012, Vovnenko was part of a conspiracy to hack computers, steal user names and passwords for bank accounts and other online services and to steal debit and credit card numbers.
Vovnenko fought extradition after he was detained by Italian authorities in June 2014.
Summary Source | FAQ | Theory | Feedback | Top five keywords: Vovnenko#1 hack#2 computers#3 forum#4 fraud#5
NOTICE: This thread is for discussing the submission topic only. Do not discuss the concept of the autotldr bot here.
submitted by autotldr to autotldr [link] [comments]

Russian hacker arrested for using botnet to extort antivirus bigwig Krebs, using heroin bought from a DNM [OVERFLOW ERROR: too many Bitcoin stereotypes]

Summary generated by cruyff8's autosummarizer of http://arstechnica.com/security/2016/01/hacker-accused-of-trying-to-frame-reporter-for-buying-heroin-pleads-guilty/:
A Ukrainian hacker accused of trying to frame security reporter Brian Krebs for heroin possession has pleaded guilty to credit card fraud and illegally accessing more than computers. Sergey Vovnenko entered guilty pleas earlier this week to charges of aggravated identity theft and conspiracy to commit wire fraud. I explained this whole ordeal in great detail last fall when Vovnenko initially was extradited from Italy to face charges here in the United States. In the previous articles Krebs explained that Vovnenko established a bitcoin fund so that members of his hacking forum could donate money.
submitted by cruyff8 to unitsd8u [link] [comments]

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