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dxDAO aims to power DeFi protocols through decentralized governance
I found this article on internet. It's repost of it to help educate people about all DXDao advantages: These are positive and necessary steps for DeFi. The new governance structures are intended to help coordinate across community stakeholders and make better decisions. These dynamics are influenced by the issues covered in Dose of DeFi, but I believe they deserve their own focused analysis. Govern Thisaims to educate token holders and make them better voters. Emphasis will be placed on specific governance proposals and relaying community governance discussions on forums and weekly calls. Governance is a coordination technology that has helped countries and companies build more than the sum of their parts. Blockchains are also a coordination technology, but for computers, not humans***.*** Govern Thiswill track the development of the melding of these two over the coming years. Like governance,Govern Thisis a work in progress. I would appreciate any feedback on format, topics covered or any other suggestions to make the newsletter better. Just hit reply. The first issue ofGovern Thisis below. Pleaseclick here to subscribe. Thanks for reading, Chris 📷 dxDAO aims to power DeFi protocols through decentralized governance Gnosis launched a long-awaited DEX last week with batched auctions for low-liquidity trade pairs. The front-end, Mesa.Eth.Link is owned and operated by dxDAO, a decentralized collective that hopes to power other DeFi protocols. While dYdX does not have any specific governance plans (yet), this tweet from dYdX founder Antonio Juliano is a common approach to governance. 📷Antonio Juliano @AntonioMJuliano3) 0x should focus less on governance in the short term. It’s way more important to first build something with a large amount of adoption that’s worth governing December 6th 2018 3 Retweets62 Likes The tweet at the end of 2018 was in response to 0x and its native token, ZRX. The project was popular but the token had no use case outside of governance. This governance strategy – build now, decentralize later – is widely accepted in the space and is perhaps best exemplified by the A16Z’s Jesse Walden’s post, “Progressive Decentralization: A Playbook for Building Crypto Applications”, which the A16Z-backed Compound has essentially implemented (more in the section below). dxDAO, on the other hand, maintains that decentralization must come at the beginning or else the core team and investors will have an outsized influence on the project in formal (token voting) or informal ways (dictators for life). Background dxDAO was launched in May 2019, spun out of a collaboration between Gnosis and DAOstack over managing the DutchX platform. dxDAO’s key governance design is separating financial rights to the DAO (DXD) from voting power over the DAO (Reputation). It used an Edgeware-style lock drop to distribute reputation to stakeholders in May of last year. Any user could lock up ETH or an accepted ERC-20 for a month and receive Reputation, which are voting rights in dxDAO, even though it is not a token and cannot be transferred. Over 400 unique Ethereum addresses participated in the distribution scheme. Gnosis went through a pretty extensive process in July 2019 to “step back” from its involvement in the DAO, and since then, the community and dxDAO have aligned behind a mission of “putting the ‘De’ in Decentralized Finance”. Following on last week’s launch of Mesa.ETH.Link, dxDAO is conducting a fundraiser or (“DAICO”?) to help fund its new slate of DeFi products, including a prediction market platform (Omen) and a privacy-centric DeFi dashboard (Mix). Project launch is typically when a project is most centralized. Execution is hard and direction and accountability are important. dxDAO’s approach will be an interesting counterexample to the “decentralize later” trend and may provide insight into new governance strategies. Click here for more information about the dxDAO fundraiser. Here’s what is on the dxDAO docket this week:
There are no explicit plans yet, but the widely held assumption is that the COMP distribution will be determined by the interest earned and paid by users on the protocol since its inception. This is a clever way that only incentivizes more use of the protocol and is hard to game because interests accrues over time. But the question still remains, what will the COMP community look like and what values will it espouse? Can emergent cultures arise out of Silicon Valley too? Here’s what is on the Compound docket this week:
Governance AMA with Compound CEO Robert Leshner - Robert answered a variety of questions on ETH2.0 (staking yield is of great interest), Chainlink (Compound’s oracle system is better), contentious forks (Compound would signal a preference on chain) and how Covid-19 changed his mind about remote work. They also announced…
Proposal: Add USDT Support – announced on the AMA, USDT was approved by Compound users in a poll last September but had yet to be included. The proposal to add the largest stablecoin in the world is the first test for the new governance portal. (Very) notably, the proposal does not allow USDT to be used as collateral, as Compound currently does with wBTC. It’s not clear if Compound wants to be in the largest stablecoin market or not and underscores the governance challenges of straddling both worlds.
Head of Community Rich started off with a new meme for governance: the path from intent to implementation, discussing how forums, polls and other initiatives are designed to capture the intent of the community, and then “empowered people” are tasked with implementing that, foreshadowing upcoming changes.
Half of the call was devoted to the addition of WBTC as collateral with representatives from WBTC, Bitgo and CoinList in attendance. CoinList’s WBTC announcement gives WBTC the type of liquidity needed for Maker’s auctions (“can redeem WBTC in less than 2 minutes and burn less than that”). Most of the discussion revolved around the circular loop from BTC->DAI in times of high volatility. While there was some concern that WBTC liquidity was dependent on acceptance as Maker collateral, most on the call seemed to support the addition. The strongest support seemed to come from the Maker Foundation’s market making team, who is reportedly the largest market maker for WBTC. There’s more in the Maker forum thread.
State of the peg – Vishesh’s overview (graphs can be seen here) showed that the peg had come down to $1.01x area but most of the discussion was around the debt ceiling. At the time of the call it was 4 million away from its 90m debt ceiling. Vishesh advocated for a more programmatic lifting of the debt ceiling. Update: Dai hit the 90m debt ceiling Friday evening ET. Should help the peg.
Single Collateral Dai shutdown – the process has begun. A poll passed with May 12 as the official SCD shutdown. Just yesterday, an executive just passed yesterday to make the MKR oracle fee-less, which will help with migration. Many in the community think the migration of debt from SCD will do more than enough to restore the peg. 13 MIPs and 2 sub proposals – Core to the new Maker governance process is the “Maker Improvement Proposals (MIPs), which are modeled off of BIPs (for Bitcoin) and EIPs (for Ethereum). The two sub-proposals are to appoint the Smart Contracts Team and assign Charles St. Louis as the MIP editor. The 13 MIPs are listed below:
By and large, the MIPs codify many of the informal Maker governance processes. There is currently a request for comments period (MIP forum) and there will be an informal poll on Monday, April 27 on whether to proceed with the 13 MIPs and 2 sub proposals. If it’s a “Yes”, than an executive for an official ratification vote would start on May 1 and lasts for 4 days. If it passes, the official governance cycle will begin and the rest of the MIPs will likely be approved from May 4 – 6. Other Governing Things
Synthetix trials incentivzation program to encourage ETH shorts to balance debt position Link
PieDAO community call on audit and post imBTC actions Link
Coinbase Custody double downs on DeFi governance Link
Terra considers punishing validators that don’t vote Link
0x governance proposal to decrease epoch length to 7 days Link
That’s it! Feedback definitely appreciated. Just hit reply. Written in Brooklyn where it rained all day. No euchre today, but yesterday was epic. Govern This is written byChris Powers. Opinions expressed are my own. All content is for informational purposes and is not intended as investment advice.
Mitch McConnell's Brother-in-Law One of the Masterminds of Trump-Russia
Jim Breyer, Mitch McConnell's brother-in-law, Facilitates Russia’s Takeover of Facebook through Yuri Milner In 2005 Jim Breyer, a partner at Accel Partners, invested $1 million of his own money into Facebook and gained a seat on the board (1). In Feb 2009 Jim Breyer visited Russia with a number of other Silicone Valley investors. While there, Yuri Milner, a Russian tech entrepreneur who founded DST with close ties to the Kremlin, hosted a dinner to cap the entire event (2). As one Moscow source put it:
DST has the backing of the big boys at the top in the Kremlin, which is why it will go from strength to strength (5)
Milner found out Breyer liked Impressionist art and took him to Russian’s Hermitage Museum to view Matisse paintings otherwise closed off to the public. Three months later Yuri Milner’s DST invested into Facebook at a bloated value. (2)
Mr Milner dismissed suggestions that at a valuation of $10bn he overpaid for his stake in Facebook, especially given that the social networking site has yet to prove it has turned to profit. (3) it’s seen as a desperate and rather vulgar deal on the one hand—Milner buying a small stake in Facebook, valuing the entire company at $10 billion—and, on the other, Facebook debasing itself by taking Russian money. Russian money! In fact, it seems rather like a desperate deal for both parties (in the midst of the banking crisis, Facebook has only two other bidders for this round—and none from the top VC tier) (4)
By the end of 2009, DST would own 10% of Facebook. Later revealed by the Paradise Papers, DST’s investments into Facebook were financed by the Russian government through state-owned Gazprom. That’s right, in 2009 Russia owned 10% of Facebook. (6) Soon after, the two continued to work together on other investments. Breyer introduced Milner to Groupon, and Milner helped Breyer’s Accel invest into Spotify (7). In 2010 an Accel representative joined a gaggle of Silicon Valley investors to Russia and signed a letter promising to invest into the country (8).
Jim Breyer and Rupert Murdoch Then in Nov 2010 Jim Breyer invested into Artsy.net, run by Rupert Murdoch’s then-wife, Wendi Deng, and Russia oligarch Roman Abramovich’s then-wife, Dasha Zhukova. Jared Kushner’s brother, Josh, also invested in the fledgling company (1). At the time Rupert Murdoch’s News Corporation had a joint venture with the Russian mob-linked oligarch Boris Berezovsky, called LogoVaz News Corporation, that invested in Russian media (4). It was Berezovsky’s protege close to Putin, Roman Abramovich, who tied Berezovsky to the mob.
According to the Mirror Online, Abramovich paid Berezovsky tens, and even hundreds, of millions every year for "krysha", or mafia protection. (5)
In June 2011, Rupert Murdoch ended his foray into social media by selling Myspace to Justin Timberlake (2) and elected Jim Breyer to the board of News Corp (3).
Jim Breyer invests in Wickr with Erik Prince In 2012 Breyer invested in a encrypted messenger app, Wickr. Other investors include Gilman Louie and Erik Prince. To understand the connection, we need to go back to 1987. Breyer, newly hired to Accel Partners, made his first investment with Louie’s video game company that owned the rights to the Soviet Union’s first video game export, Tetris (1). Louie went off to become the founding CEO of the CIA-backed In-Q-Tel which invested in Palantir. Palantir’s founder, Peter Thiel, sat on the board of Facebook with Breyer (2)(3). On the board of In-Q-Tel is Buzzy Krongard (7), the man who helped Erik Prince’s Blackwater receive their first CIA contract, who also joined the board of Blackwater in 2007 (6). Around that same time, 2012-2013, Prince met Vincent Tchenguiz, founder of Cambridge Analytica's parent company, SCL (8), and was introduced to Cyrus Behbehani of Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (9). Cyrus Behbehani sat on the board of RusAl with Christophe Charlier, who is also Chairman of the board at Renaissance Capital (10), an early investor of DST (11).
Jim Breyer and Yuri Milner invest in Prismatic That same year, 2012, Jim Breyer invested in Prismatic, a news aggregate app, with Yuri Milner.
Prismatic’s technology works by crawling Facebook, Twitter and the web (“anything with a URL”) to find news stories. It then uses machine learning to categorize them by Topic and Publication. Prismatic users follow these Topics and Publications, as well as Individuals and the algorithm then uses these preferences and user-activity signals to present a relevant Newsfeed. (1)
Sounds like the beginning of what could be a propaganda dissemination tool. That goes in-line with Yuri Milner’s vision of Social Media. Milner’s theory:
“Zuckerberg’s Law”: Every 12 to 18 months the amount of information being shared between people on the web doubles... Over time people will bypass more general websites such as Google in favor of sites built atop social networks where they can rely on friends’ opinions to figure out where to get the best fall handbag, how to change a smoke detector, or whether to vacation in Istanbul or Rome. “You will pick your network, and the network will filter everything for you,” Milner explained. (2)
So how does Milner intend to utilize the data gathered through social media? Let’s see what Milner did to Russia’s top social media site, VK:
In January 2014, Durov sold his 12 percent stake to Ivan Tavrin, the CEO of major Russian mobile operator Megafon, whose second-largest shareholder is Alisher Usmanov, one of Russia’s most powerful oligarchs, a man who has long been lobbying to take over VK. Then, in April 2014, Durov stated he had sold his stake in the company and became a citizen of St Kitts and Nevis back in February after "coming under increasing pressure" from the Russian Federal Security Service to hand over personal details of users who were members of a VK group dedicated to the Euromaidan protest movement in Ukraine. (3)
The Euromaidan protest ousted the Russian-backed president of Ukraine, Viktor Yanukovych, whom Paul Manafort had worked to install. (4)
Facebook talks US Elections with Russia In Oct 2012 Zuckerberg traveled to Moscow and met Dmitry Medvedev where they had a very interesting conversation:
Mr. Zuckerberg and Mr. Medvedev talked about Facebook’s role in politics, though only jokingly in reference to its importance in the American presidential campaign, according to Mr. Medvedev’s press office. (1)
While there he also visited Victor Vekselberg's Skolkovo, who’s currently under investigation by Mueller for donations to Trump (2).
As Obama’s effort to reboot diplomatic relations [with Russia] sputtered, federal officials began raising alarms about the Skolkovo Foundation’s ties to Putin. “The foundation may be a means for the Russian government to access our nation’s sensitive or classified research, development facilities and dual-use technologies” (3)
And took time to teach Russian's how to hack Facebook friend data, the same hack used by Cambridge Analytica, Donald Trump’s campaign data firm.
In a 2012 video, Facebook's Simon Cross shows the Moscow crowd how they can "get a ton of other information" on Facebook users and their friends. "We now have an access token, so now let's make the same request again and see what happens," Cross explains (YouTube). "We've got a little bit more data, but now we can start doing really interesting stuff. We can get my friends. We can get some more information about one of my friends. Here's Connor, who you'll meet later. Say 'hello,' Connor. He's waving. And we can also get a ton of other information as well." (4)
Facebook later hired the individual who hacked Facebook and sold the data to Cambridge Analytica (5). A month after that visit, Putin propaganda mouth-piece Konstantin Rykov, claims he began helping with Trump’s presidential aspirations (6). Days later, Trump registered “Make America Great Again” (7). The following year, Russia's Troll Factory, the Internet Research Agency, was created as was Cambridge Analytica.
Andrei Shleifer and Len Blavatnik Len Blavatnik, a US-Russian oligarch currently under investigation by Mueller, graduated from Harvard in 1989 and quickly formed Renova-Invest with Viktor Vekselberg, another oligarch under Mueller’s investigation (7)(8). Since then Blavatnik has maintained close ties to the university. In 1992, after the fall of the Soviet Union, Andrei Shleifer led a consortium of Harvard professors to assist Russia’s vice-president, Antaoly Chubais, with the privatization of Russia’s state-run assets. Scandal broke when it was revealed Shleifer, through Blavatnik’s company and with Blavatnik’s guidance, invested in the very companies he worked to privatize. (6) Years later, Shleifer continued to fund loans to Blavatnik for Russian ventures through his hedge fund, managed by his wife, Nancy Zimmerman (9), and created the Russian Recovery Fund which bought $230 million of Russian debt from Julian Robertson’s Tiger Management (10), who’s seed fun, Tiger Global, later invested in Milner’s DST. Len Blavatnik and Viktor Vekselberg are major investors in Rusal (11). Schleifer is still a professor at Harvard.
Breyer and Harvard On April 2013, two months after Breyer was elected to the board of Harvard (1), Len Blavatnik, donated $50 million to the school (2) and joined the Board of Dean’s Advisors (3)(4) and Harvard’s Global Advisory Council (6) alongside Breyer. The next month Breyer announced plans to step down from the board of Facebook with an intention of focusing on his latest Harvard appointment (5). In 2016 Len Blavatnik donated over $7 million to GOP candidates, including $2.5 million to Mitch McConnell himself (7).
Breyer invests in Russian Companies In 2014 Breyer’s Accel Partners invested in Russian hotel booking site, Ostrovok, along with Yuri Milner, Esther Dyson (1), Mark Pincus, and Peter Thiel (2). Accel Partners also invested in Avito.ru in 2012 (3) and KupiVIP.ru in 2011 (4).
Jim Breyer, Blackstone Group, and Saudi Arabia In 2011 Schwarzman was named to the board of the Russian Direct Investment Fund (2), headed by Kirill Dimitriev. In June 2016, during Trump’s presidential campaign, Jim Breyer met with Saudi Crown Prince Mohammed bin-Salman, or MBS (8). The next month Breyer joined the board of Blackstone Group (1) alongside Stephen Schwarzman and Jacob Rothschild (3). In the past Blackstone Group had loaned Kushner Companies a combined $400 million over multiple projects (7). In the 2018 election cycle, Schwzarman donated $5 million to the pro-McConnell superPAC, Senate Majority PAC (13). Jacob’s brother, Nat, is business partners with both Oleg Deripaska (4), Rupert Murdoch, and Dick Cheney (5). Nat is also a major investor in Glencore, one of the purchasers of Rosneft stock detailed in the Steele Dossier (6), and RusAl. In January 2017, Breyer’s business partner at Wickr, Erik Prince, was introduced to Dimitriev by MBS’s emissary, George Nader, and the Crown Prince of the UAE (10). On October 22, 2018, three weeks after the murder of Jamal Khashoggi, when most American investors were spooked away from Saudi Arabia, Jim Breyer showed up at an MBS-hosted Saudi business summit alongside Kirill Dimitriev of the Russian Direct Investment Fund (9). That same day, MBS pledged $20 billion for Blackstone Group's new infrastructure fund (11) to fund Elaine Chao's $1.5 trillion infrastructure plan (12). Elaine Chao, Mitch McConnells wife and Jim Breyer's sister-in-law, is Trump's Secretary of Transportation.
Imagine if there was one desk that all stories could cross so that, at 4am, a media plan could be decided upon and disseminated where all news outlets coordinated to set the goalposts of debate and hyper focused on specific issues to drive a narrative to control how you vote and how you spend money; where Internet shills were given marching orders in tandem to what was shown on television, printed in newspapers and spread throughout articles on the World Wide Web. https://i.imgur.com/Elnci0M.png In the past, we had Operation Mockingbird, where the program was supremely confident that it could control stories around the world, even in instructions to cover up any story about a possible “Yeti” sighting, should it turn out they were real. https://i.imgur.com/121LXqy.png If, in 1959, the government was confident in its ability to control a story about a Yeti, then what is their level of confidence in controlling stories, today? https://i.imgur.com/jQFVYew.png https://i.imgur.com/ZKMYGJj.png In fact, we have a recent example of a situation similar to the Yeti. When Bill Clinton and Loretta Lynch met on the TARMAC to spike the Hillary email investigation, the FBI was so confident it wasn’t them, that their entire focus was finding the leaker, starting with searching within the local PD. We have documentation that demonstrates the state of mind of the confidence the upper levels of the FBI have when dealing with the media. https://i.imgur.com/IbjDOkI.png https://i.imgur.com/NH86ozU.png The marriage between mainstream media and government is a literal one and this arrangement is perfectly legal. https://i.imgur.com/OAd4vpf.png But, this problem extends far beyond politics; the private sector, the scientific community, even advice forums are shilled heavily. People are paid to cause anxiety, recommend people break up and otherwise sow depression and nervousness. This is due to a correlating force that employs “systems psychodynamics”, focusing on “tension centered” strategies to create “organizational paradoxes” by targeting people’s basic assumptions about the world around them to create division and provide distraction. https://i.imgur.com/6OEWYFN.png https://i.imgur.com/iG4sdD4.png https://i.imgur.com/e89Rx6B.png https://i.imgur.com/uotm9Cg.png https://i.imgur.com/74wt9tD.png In this day and age, it is even easier to manage these concepts and push a controlled narrative from a central figure than it has ever been. Allen & Co is a “boutique investment firm” that managed the merger between Disney and Fox and operates as an overseeing force for nearly all media and Internet shill armies, while having it’s fingers in sports, social media, video games, health insurance, etc. https://i.imgur.com/zlpBh3c.png https://i.imgur.com/e5ZvFFJ.png Former director of the CIA and Paul Brennan’s former superior George Tenet, holds the reigns of Allen & Co. The cast of characters involves a lot of the usual suspects. https://i.imgur.com/3OlrX7G.png
In 1973, Allen & Company bought a stake in Columbia Pictures. When the business was sold in 1982 to Coca-Cola, it netted a significant profit. Since then, Herbert Allen, Jr. has had a place on Coca-Cola's board of directors. Since its founding in 1982, the Allen & Company Sun Valley Conference has regularly drawn high-profile attendees such as Bill Gates, Warren Buffett, Rupert Murdoch, Barry Diller, Michael Eisner, Oprah Winfrey, Robert Johnson, Andy Grove, Richard Parsons, and Donald Keough. Allen & Co. was one of ten underwriters for the Google initial public offering in 2004. In 2007, Allen was sole advisor to Activision in its $18 billion merger with Vivendi Games. In 2011, the New York Mets hired Allen & Co. to sell a minority stake of the team. That deal later fell apart. In November 2013, Allen & Co. was one of seven underwriters on the initial public offering of Twitter. Allen & Co. was the adviser of Facebook in its $19 billion acquisition of WhatsApp in February 2014. In 2015, Allen & Co. was the advisor to Time Warner in its $80 billion 2015 merger with Charter Communications, AOL in its acquisition by Verizon, Centene Corporation in its $6.8 billion acquisition of Health Net, and eBay in its separation from PayPal. In 2016, Allen & Co was the lead advisor to Time Warner in its $108 billion acquisition by AT&T, LinkedIn for its merger talks with Microsoft, Walmart in its $3.3 billion purchase of Jet.com, and Verizon in its $4.8 billion acquisition of Yahoo!. In 2017, Allen & Co. was the advisor to Chewy.com in PetSmart’s $3.35 billion purchase of the online retailer.
Previous conference guests have included Bill and Melinda Gates, Warren and Susan Buffett, Tony Blair, Google founders Larry Page and Sergey Brin, Allen alumnus and former Philippine Senator Mar Roxas, Google Chairman Eric Schmidt, Quicken Loans Founder & Chairman Dan Gilbert, Yahoo! co-founder Jerry Yang, financier George Soros, Facebook founder Mark Zuckerberg, Media Mogul Rupert Murdoch, eBay CEO Meg Whitman, BET founder Robert Johnson, Time Warner Chairman Richard Parsons, Nike founder and chairman Phil Knight, Dell founder and CEO Michael Dell, NBA player LeBron James, Professor and Entrepreneur Sebastian Thrun, Governor Chris Christie, entertainer Dan Chandler, Katharine Graham of The Washington Post, Diane Sawyer, InterActiveCorp Chairman Barry Diller, Linkedin co-founder Reid Hoffman, entrepreneur Wences Casares, EXOR and FCA Chairman John Elkann, Sandro Salsano from Salsano Group, and Washington Post CEO Donald E. Graham, Ivanka Trump and Jared Kushner, and Oprah Winfrey.
https://i.imgur.com/VZ0OtFa.png George Tenet, with the reigns of Allen & Co in his hands, is able to single-handedly steer the entire Mockingbird apparatus from cable television to video games to Internet shills from a singular location determining the spectrum of allowable debate. Not only are they able to target people’s conscious psychology, they can target people’s endocrine systems with food and pornography; where people are unaware, on a conscious level, of how their moods and behavior are being manipulated. https://i.imgur.com/mA3MzTB.png
"The problem with George Tenet is that he doesn't seem to care to get his facts straight. He is not meticulous. He is willing to make up stories that suit his purposes and to suppress information that does not." "Sadly but fittingly, 'At the Center of the Storm' is likely to remind us that sometimes what lies at the center of a storm is a deafening silence."
https://i.imgur.com/YHMJnnP.png Tenet joined President-elect Bill Clinton's national security transition team in November 1992. Clinton appointed Tenet Senior Director for Intelligence Programs at the National Security Council, where he served from 1993 to 1995. Tenet was appointed Deputy Director of Central Intelligence in July 1995. Tenet held the position as the DCI from July 1997 to July 2004. Citing "personal reasons," Tenet submitted his resignation to President Bush on June 3, 2004. Tenet said his resignation "was a personal decision and had only one basis—in fact, the well-being of my wonderful family—nothing more and nothing less. In February 2008, he became a managing director at investment bank Allen & Company. https://i.imgur.com/JnGHqOS.png We have the documentation that demonstrates what these people could possibly be doing with all of these tools of manipulation at their fingertips. The term for it is “covert political action” for which all media put before your eyes is used to serve as a veneer… a reality TV show facade of a darker modus operandum. https://i.imgur.com/vZC4D29.png https://www.cia.gov/library/center-for-the-study-of-intelligence/kent-csi/vol36no3/html/v36i3a05p_0001.htm
It is now clear that we are facing an implacable enemy whose avowed objective is world domination by whatever means and at whatever costs. There are no rules in such a game. Hitherto acceptable norms of human conduct do not apply. If the US is to survive, longstanding American concepts of "fair play" must be reconsidered. We must develop effective espionage and counterespionage services and must learn to subvert, sabotage and destroy our enemies by more clever, more sophisticated means than those used against us. It may become necessary that the American people be made acquainted with, understand and support this fundamentally repugnant philosophy.
Intelligence historian Jeffrey T. Richelson says the S.A. has covered a variety of missions. The group, which recently was reorganized, has had about 200 officers, divided among several groups: the Special Operations Group; the Foreign Training Group, which trains foreign police and intelligence officers; the Propaganda and Political Action Group, which handles disinformation; the Computer Operations Group, which handles information warfare; and the Proprietary Management Staff, which manages whatever companies the CIA sets up as covers for the S.A.
…Those operations we inaugurated in the years 1955-7 are still secret, but, for present purposes, I can say all that’s worth saying about them in a few sentences – after, that is, I offer these few words of wisdom. The ‘perfect’ political action operation is, by definition, uneventful. Nothing ‘happens’ in it. It is a continuing arrangement, neither a process nor a series of actions proceeding at a starting point and ending with a conclusion.
CIA FBI NSA Personnel Active in Scientology: https://i.imgur.com/acu2Eti.png When you consider the number of forces that can be contained within a single “political action group” in the form on a “boutique investment firm,” where all sides of political arguments are predetermined by a selected group of actors who have been planted, compromised or leveraged in some way in order to control the way they spin their message. https://i.imgur.com/tU4MD4S.png The evidence of this coordinated effort is overwhelming and the “consensus” that you see on TV, in sports, in Hollywood, in the news and on the Internet is fabricated.
Under the guise of a fake account a posting is made which looks legitimate and is towards the truth is made - but the critical point is that it has a VERY WEAK PREMISE without substantive proof to back the posting. Once this is done then under alternative fake accounts a very strong position in your favour is slowly introduced over the life of the posting. It is IMPERATIVE that both sides are initially presented, so the uninformed reader cannot determine which side is the truth. As postings and replies are made the stronger 'evidence' or disinformation in your favour is slowly 'seeded in.' Thus the uninformed reader will most likely develop the same position as you, and if their position is against you their opposition to your posting will be most likely dropped. However in some cases where the forum members are highly educated and can counter your disinformation with real facts and linked postings, you can then 'abort' the consensus cracking by initiating a 'forum slide.'
When you find yourself feeling like common sense and common courtesy aren’t as common as they ought to be, it is because there is a massive psychological operation controlled from the top down to ensure that as many people as possible are caught in a “tension based” mental loop that is inflicted on them by people acting with purpose to achieve goals that are not in the interest of the general population, but a method of operating in secret and corrupt manner without consequences. Notice that Jeffrey Katzenberg, of Disney, who is intertwined with Allen & Co funds the Young Turks. He is the perfect example of the relationship between media and politics.
Katzenberg has also been involved in politics. With his active support of Hillary Clinton and Barack Obama, he was called "one of Hollywood's premier political kingmakers and one of the Democratic Party's top national fundraisers."
Last week, former DreamWorks Animation CEO Jeffrey Katzenberg’s new mobile entertainment company WndrCo was part of a $20 million funding round in TYT Network, which oversees 30 news and commentary shows covering politics, pop culture, sports and more. This includes the flagship “The Young Turks” program that streams live on YouTube every day. Other investors in the round included venture capital firms Greycroft Partners, E.ventures and 3L Capital, which led the round. This brings total funding for Young Turks to $24 million.
Hollywood activism long has been depicted as a club controlled by a handful of powerful white men: Katzenberg, Spielberg, Lear, David Geffen, Haim Saban and Bob Iger are the names most often mentioned. But a new generation of power brokers is ascendant, including J.J. Abrams and his wife, Katie McGrath, cited for their personal donations and bundling skills; Shonda Rhimes, who held a get-out-the-vote rally at USC's Galen Center on Sept. 28 that drew 10,000 people; CAA's Darnell Strom, who has hosted events for Nevada congresswoman Jacky Rosen and Arizona congresswoman Kyrsten Sinema; and former Spotify executive Troy Carter, who held three fundraisers for Maryland gubernatorial candidate Ben Jealous (Carter also was a fundraiser for President Obama).
Viacom, after splitting off from Les Moonves Les Moonves ' CBS , still holds Paramount Pictures, and that movie studio in December agreed to acquire DreamWorks SKG, the creative shop founded by the Hollywood triumvirate of Steven Spielberg, David Geffen and Jeffrey Katzenberg (a former exec at The Walt Disney Co.). DreamWorks Animation had been spun off into a separate company. Now it's time for Freston to make back some money--and who better to do a little business with than George Soros? The billionaire financier leads a consortium of Soros Strategic Partners LP and Dune Entertainment II LLC, which together are buying the DreamWorks library--a collection of 59 flicks, including Saving Private Ryan, Gladiator, and American Beauty.
1943 Uprising at Treblinka Concentration Camp (crematorium destroyed)
1944 Jewish survivors of Kovono Ghetto emerge from their bunker
1944 Turkey breaks diplomatic relationship with nazi-Germany
1945 After 3½ days suffering exhaustion, lack of water and shark attacks in the Philippine Sea, the surviving crew of USS Indianapolis are spotted by Wilbur “Chuck” Gwinn, a PV-1 Ventura pilot on a routine sector search. 316 had survived.
1945 Potsdam Conference between Joseph Stalin, Harry Truman and Winston Churchill ends
1948 Fanny Blankers-Koen of the Netherlands wins the 100m in 11.9 at the London Olympics; 1st of unprecedented 3 individual track & field gold medals
1948 Danish swimmer Greta Anderson (1:06.3) touches out American Ann Curtis by 0.2 in the women's 100m freestyle at the London Olympics
1948 Italians Adolfo Consolini and Giuseppe Tosi go 1-2 in the men's discus final at the London Olympics
1952 17 year-old future world champion Floyd Patterson wins the gold medal in the middleweight division at the Helsinki Olympic Games with a 1st round KO of Romanian Vasile Tita
1953 Betty Jack Davis, singer (w/Skeeter Davis), killed in car crash
1953 KCPQ TV channel 13 in Tacoma-Seattle, WA (IND) begins broadcasting
1967 The second Blackwall Tunnel opens in Greenwich, London
1967 "In the Heat of the Night" directed by Norman Jewison, based on John Ball's novel of the same name, starring Sidney Poitier and Rod Steiger premieres in New York (Academy Awards Best Picture 1968)
1968 35th Chicago College All-Star Game: Green Bay 34, All-Stars 17, 69,917 at Soldier Field
1968 Ron Hansen (Washington) & Tim Cullen (Chicago WS) become the first MLB players to be traded for each other twice in the same season, they had been traded in February in opposite directions
1969Bob Dylan makes surprise appearance at Hibbing HS Minn 10th reunion
Latest interview with Jeffrey Gundlach. Transcript of interview.
CNBC Exclusive: CNBC Transcript: DoubleLine Capital CEO Jeffrey Gundlach Speaks with CNBC’s Scott Wapner Today Published Mon, Dec 17 2018 • 4:06 PM EST WHEN: Today, Monday, December 17, 2018 WHERE: CNBC’s “Fast Money Halftime Report ” The following is the unofficial transcript of a CNBC EXCLUSIVE interview with DoubleLine Capital CEO Jeffrey Gundlach and CNBC’s Scott Wapner on CNBC’s “Fast Money Halftime Report” (M-F 12PM – 1PM) today, Monday, December 17th. The following are links to video from the interview on CNBC.com: https://www.cnbc.com/video/2018/12/17/doublelines-jeffery-gundlach-this-is-definitely-a-bear-market-stocks.html, https://www.cnbc.com/video/2018/12/17/doubleline-jeffrey-gundlach-government-dysfunction-negative-world-economy-congress-demorcrat-house.html, https://www.cnbc.com/video/2018/12/17/a-high-quality-bond-portfolio-is-2019s-best-bet-says-doublelines-gundlach.html, https://www.cnbc.com/video/2018/12/17/jeffrey-gundlach-federal-reserve-should-not-raise-interest-rates-december-jay-powell.html, and https://www.cnbc.com/video/2018/12/17/doublelines-gundlach-tariffs-are-only-going-to-get-worse-in-the-trade-war-before-they-get-better.html. All references must be sourced to CNBC. SCOTT WAPNER: Welcome to Los Angeles Jeffrey. Thank you for having us back. JEFFREY GUNDLACH: Welcome to DoubleLine. SCOTT WAPNER: Almost a year to the day we were last with you. JEFFREY GUNDLACH: I think it was December 13th last year. SCOTT WAPNER: That’s right. We’re still volatile in the market. Today is another representation of that. We’re still about 50 points above on the S&P of the February lows. JEFFREY GUNDLACH: Yes. SCOTT WAPNER: Do you think we’re going to go below that? JEFFREY GUNDLACH: Well in the fullness of time, I think absolutely we’ll go below that. I’m pretty sure this is a bear market. People like this definition of 20% down as a bear market, but that’s obviously very arbitrary. I’ve been around over 35 years in the business and have seen a number of bear markets. It’s more about how you lead into it, how it develops and how the sentiment changes, and I think we’ve had pretty much all of the variables that characterize a bear market I remember going -- usually something happens that really doesn’t make any sense at all and I’m kind of amazed how it goes on longer than it should like back in the dotcom days when companies were being IPO’d and had no sales let alone revenues that’s hard to be and they would actually explode to the upside on the IPO. That’s kind of crazy and then we had the subprime lending with pick a pay loans back in ’05 and ’06 and that was kind of crazy and that went on longer than it should have. This time like we talked about a year ago it was crypto, bitcoin which was truly a mania, we talked a year ago it just went up. Maybe in the end it’s a good thing or the block chain technology is a good thing. The way it was being treated and believed in was a mania and then it crashed about a week after we met a year ago and it was at 17,500 when we were speaking right in this spot and of course now it’s down below 3,500 so an 85% decline. And one after another you start to see various sectors of the global financial markets give it up. The global stock market peaked January 26th. And so did the New York Stock Exchange composite, January 26 but the Dow Jones Industrials, the Nasdaq, the S&P 500. All of these things, one by one, started to roll over and come the summertime or later in the summertime you were down to the FAANGs and then you were down to two stocks it was amazon and apple and then amazon gave it up. And then finally when they decided they weren’t going to tell you how many phones they sold anymore apple gave it up. SCOTT WAPNER: That was the last straw. JEFFREY GUNDLACH: That was kind of the last straw. It was October 3rd when the tariffs -- well, it was that USMC -- whatever it’s called, it’s really NAFTA but it was announced we would have this change in NAFTA that would lead to a requirement that a certain fraction of car parts be made in higher costs locales which basically meant not Mexico. A senior executive at ford motor said, well obviously we’re going to have to raise the prices on our cars if input prices are going up. Suddenly the market seemed to wake up to the fact that this was real and the next day the stock market tipped over in fact, on October 3rd, Jay Powell said we’re a long way from neutral. And that was a big problem, too. SCOTT WAPNER: That seemed to be the tipping point. JEFFREY GUNDLACH: Yes that with the USMCA thing and the Ford Motor executive, those things seemed to come together and coalesce into we’ve had enough. And, yeah, the Jay Powell thing was interpreted by the market as a scary thing, the fed was going to keep going a long distance further and then the market dropped over 10% and suddenly the Fed had to massage the rhetoric. And suddenly it was, well, we have a new definition of neutral maybe. We’re actually within the lower bound or close to the lower bound of neutral in an attempt to stabilize the market. So, yeah, it seems like a bear market to me in the way things trade with late day volume being bad and the like the best thing for the near term, I think, is that the most export sensitive stock market, South Korea, the Kospi bottomed October 29 so at least that’s not pushing to new lows and emerging markets broadly are doing better because they’re extremely export driven. Maybe this leg down is getting toward an exhaustion point the sentiment is pretty dark right now. I’d be happier on the short term outlook if the VIX would go above 40 which is usually a sign. SCOTT WAPNER: That would be quite a spike. JEFFREY GUNDLACH: Well, that’s typically what happens when you get to the bottom, there’s so much nervousness and fear but the Vix is a little bit disturbing how it doesn’t go higher. Actually as the market pushes to the down side. But i think this is a bear market and i think we’ll go below the February lows almost with certainty. SCOTT WAPNER: Is it a long lasting bear market or it can be short term as some have suggested on our air and then this secular bull market will resume? JEFFREY GUNDLACH: I don’t think so. I think it’s a bear market. I think we’ve had the first leg down and the second leg down is usually more painful than the first leg down if this is indeed a bear market. Maybe in the short term we’re getting flushed out. I think it’s lasted a long time. It has a lot to do with the fact i believe we’re in a situation that maybe unprecedented was too strong but it is highly unusual that we are increasing the budget deficit so spectacularly so late in the cycle while the fed is hiking interest rates. I know you’ve teased the segment by talking about the suicide mission I’ve been talking about for months. The fed almost seems to be on a suicide mission. What i mean by that the deficit in the United States is extraordinarily high from where we are in the economic cycle and given what the debt level accumulated is already. In the first two months of fiscal ’19 it was just announced last week there’s a funny thing that happened in November where the payments for December ended up being pushed to November because December 1st was on a Saturday if you take that out it’s $44 billion that’s a big number. So if you wake that out and say that’s December and not November. Still, the first two months of fiscal ’19, the budget deficit is going up at an annualized rate of $1.62 trillion. And that’s the official budget deficit. The actual budget deficit is larger than what the report -- for example, for fiscal ’18, which ends September 30th, the deficit was around $800 billion. But the national debt went up by $1.3 trillion almost now. Why? What’s the difference there? There are items that are off budget. So the budget deficit really for fiscal ’18 was $1.3 nearly trillion that’s 6% of GDP and we’re supposedly having a good economy and we’re supposedly having jobs growth and all this other great stuff. In actuality we increase the deficit by 6% of GDP since government deficit change is a significant fraction – a significant variable in the GDP equation it seems to me there’s no real economic growth that’s happening away from the deficit. So what worries me is that as we move into a weaker economy, which will happen at some points and certainly the economy looks weaker now than it did entering 2018, that the deficit will continue to expand at a rate which could be prohibitive for the usual decline in interest rates helping to stimulate the economy. That’s what I think is the real big variable investors need to focus on. And while this is happening with the deficit exploding, the fed is raising interest rates which means the interest expense is going to be increasing year by year as these zero interest rates that we had for a number of years start to roll off and the bonds have to be refloated once they mature, the next five years we have something like $7 trillion of treasuries that are maturing the average coupon on those treasuries is almost as low as 2%, slightly higher, 2.1%. When they roll over, they’re going to be at a higher interest rate because the fed has been on the suicide mission of raising interest rates so the interest expense on that $7 trillion of treasuries is going to be -- maybe the rate will be at 3% like it is now or maybe 4% and you might even see we have an expense that goes up $100, $140 billion. So kind of the … of our government is coming back to haunt us ultimately. In financial markets, these things go on so much longer than they should Ross Perot ran for president running infomercials about we were doomed on the deficit and there was a book written in 1992, that same year, that was somewhat sponsored by the Peterson Foundation called bankruptcy 1994. And the idea behind the book was we have this compounding curve and this debt problem that is going to come back and really cause us problems. Well, he was early. He was early by at least 26 years. But he’s right, you can’t keep going on with the debt finance scheme, and I’m worried when the next recession comes we could be looking at, well heck, we’re supposedly in a good economy and the next two months we’re running $1.6 trillion what if we go into a recession what’s the deficit going to be $3 trillion? And does that mean interest rates don’t go down during the next recession, which is an idea I’ve been noodling around for a long time maybe they go higher with I’ve had a call the next two years that come 2021 the ten-year treasury will be at 6%. I get a lot of pushback a lot of debt deflation is out there in the twitter-sphere absolutely wrong the economy can’t handle higher interest rates. Interest rates might have a life of their own. It might not matter what the market can handle or can’t handle. SCOTT WAPNER: they haven’t to this point. It’s been somewhat surprising that rates have remained where they are you said 3%. They hit 3%. 3.25%. Here we are below 2.9% today. JEFFREY GUNDLACH: yes, on the ten year. I was focusing on the three year when it broke above 3.25% that was incredibly important frankly, I didn’t think we’d go back below 3.25 once we broke above because it seemed like such an important level. Here we are back below 3.25. But not impressively not in a way that would be consistent with a big decline in the global stock market. There’s a thing called the death cross. It’s a 50-day moving average goes below 200 a day particularly when they’re both declining. Presently about 80% of the countries in the MSCI World Index are in a death cross 80%. It’s amazing. And there was a chart that got a lot of play put out by deutsche bank about how many risk assets globally are in officially bear market down the arbitrary 20% number that, again, i don’t really ascribe to but so commonly used at that they used it and the highest in the data series going back to 1901. It’s like 90% of the risk assets around the world in dollar terms are in bear markets. So it’s a pretty widespread and coordinated set of weaknesses. SCOTT WAPNER: Are you saying that by embarking on this suicide mission that the fed shouldn’t raise interest rates this week? JEFFREY GUNDLACH: I don’t really think that’s the main thrust of my idea this week, yeah, they shouldn’t raise them this week. SCOTT WAPNER: They shouldn’t? JEFFREY GUNDLACH: No I don’t think they should. The bond market is saying, fed, you’ve got no way you should be raising interest rates look at the 2s, 3s, five-year part of the yield curve which are flat at 270 I guess that corroborative of a hike. But it is basically saying in the year 2019 you’re going to have a cut, this big, but a cut that was priced into the yield curve and in 2020 another cut. The problem, though, isn’t that the fed shouldn’t be raising rates. The problem is the fed shouldn’t have kept them so low for so long. SCOTT WAPNER: Sure. JEFFREY GUNDLACH: The problem we shouldn’t have had negative interest rates like we still have in Europe. We shouldn’t have done quantitative easing which is a circular financing scheme. The problem really is the deficit. The fed is kind of helpless here. The fact that the deficit is so out of control this late in the economic cycle, we have never before had the fed raise interest rates while the budget deficit was expanding it’s never happened. Because usually the budget deficit expands in response to a recession. It’s a way of stimulating to get us out of recession. Instead, we did it as a last gasp of keeping this economic recovery going by making it completely deficit based. SCOTT WAPNER: So this morning, President Trump once again Tweeted about the Fed. Quote, “It’s incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris burning, China way down, that the Fed is even considering another interest rate hike. Take the victory,” he stayed. Stan Druckenmiller, today, Op-Ed “Wall Street Journal”: The Fed should quote “Pause its double-barreled blitz of higher rates and tighter liquidity.” So they’re right, you agree with them? JEFFREY GUNDLACH: I do agree with them. I’ve been saying this pretty much all year, the double-barreled was actually -- he may have borrowed that from me, that’s how I’ve been talking about – it’s how I’ve been phrasing it all year – that we’ve really been tightening interest rates in a way that’s more than people understand. There’s a duo of economists at the Atlanta Fed called Wu and Xia, who did a study a few years back ‘What was the effect of quantitative easing?’ If they hadn’t done the quantitative easing and instead had taken the European model and gone to negative interest rates, how negative would those rates have had to be to have the same stimulative effect as the quantitative easing? And they concluded – and I don’t know if they’re right or not it’s very hypothetical – but their conclusion was that the quantitative easing amounted to 300 basis points of further cuts. So if they hadn’t done quantitative easing, to have the same stimulative effect, the Fed funds would have had been negative 300 basis points. Well let’s just say they’re right. Since they did about 2.5 trillion of quantitative easing and it was 300 basis points, 2.5 trillion divided by 3 is roughly $800 billion. Okay? So $800 billion is -- $800 billion divided by 4 means that’s what quantitative easing is one cut. So 100 basis points is $800 billion. So divided by 4. 25 basis points is $200 billion of quantitative easing. Well so far we’re pushing towards $400 billion -- we’re not there yet but we’re soon to be there -- of quantitative tightening. That means we’ve had would more rate hikes from quantitative tightening if Wu and Xia are right. So the Fed hasn’t just raised rates in that context eight times. They’ve raised them ten times. And the quantitative tightening is stated to be as high as $600 billion over fiscal ’19. So that’s another three rate hikes. So if they were going to follow their dots and raise rates so many times, there’s another three on top of that. So the amount of tightening has been underappreciated, I think, and Stan is right as he often is – he’s one of the greatest investors ever for, him and Chanos, the two titans of the hedge fund industry. They’re right that we are seeing the bond market react in a way that is historically very predictive of the Fed should not be doing this. And yet, we have this strange dynamic that they’ve almost promised a rate hike here in December. And then the President shows up with his Tweets trying to bully them into not doing it and it puts Jay Powell and the team in a very tough position. Because they’re damned if they do and damned if they don’t.
[Saturday, November 17 2018] Colorado adopts California emissions standards; It's now cheaper to build a new wind farm than to keep a coal plant running; Oil Demand for Cars Is Falling: Electric vehicles currently displace hundreds of thousands of barrels of oil a day
mvea Bitterness is a natural warning system to protect us from harmful substances, but weirdly, the more sensitive people are to the bitter taste of caffeine due to genetics, the more coffee they drink, reports a new study, which may be due to the learned positive reinforcement elicited by caffeine. Comments || Link
salvatoreportofino TIL that production of “No Country for Old Men” in Marfa, Texas was shut down for a day because of smoke drifting over from the nearby set of “There Will Be Blood” Comments || Link
diyblogger TIL most of the actors that auditioned for the role of Al Bundy on the sitcom Married with Children played him as angry and yelling. Ed O'Neil was the only one that portrayed him as a resigned loser Comments || Link
Starfthegreat TIL that the first Indian restaurant in the UK predates the first fish and chip joint by at least 49 years Comments || Link
Mass1m01973 The lilac-breasted roller is an African member of the roller family of birds. Usually found alone or in pairs, it perches conspicuously at the tops of trees, poles or other high vantage points from where it can spot insects, lizards, scorpions, snails Comments || Link
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