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Some news you may have missed out on part 134.

-Rupee continues to recover, gains Rs4.16 in four months
The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows.
The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune.
Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar
The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months.
-ExxonMobil to help build LNG terminal in Pakistan
After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner.
Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan.
-Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years
he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years.
All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community.
The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony.
-Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman
Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year.
Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization.
-Pakistan, Nepal agree to enhance trade ties
President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported.
According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting.
Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region.
-CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro
Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation.
“The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting.
While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty.
-Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019
According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019.
Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales.
No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft.
-DRAP to launch countrywide drive against substandard, spurious medicines
The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday.
He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines.
-Foreign exchange: SBP reserves increase $79m to $7.89b
The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves.
On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark.
-Ease of business: Pakistan up 28 places on World Bank index
Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad,
Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year.
The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures.
-CM approves Rs 500m for Punjab Housing & Town Planning Agency
Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy.
While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages.
-KSE 100 gains 204 points amid improved sentiments
The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average.
Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments.
The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78.
-Sindh to reserve 0.5% job quota for transgender persons
The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.”
CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people.
A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years.
-Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott
Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil.
The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year.
India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir.
-“World’s two major companies setting up solar panel plants in Pakistan”
Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.”
Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders.
-Pakistan Navy organizes free medical camp in Balochistan
Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities.
-Lahore to get Tram service soon
Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic.
The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well.
-10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’
Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities.
The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals.
-PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan
Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it.
“The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years.
-Punjab Forest Department develops ‘record keeping’ mechanism
Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods.
‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines.
-Hutchison Port Holdings announces $240m investment in Pakistan
Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng.
Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion.
-Punjab's tax collection jumps 44%
Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday.
The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme.
-‘SECP recognised as 7th most effective regulator in world’
The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’.
“Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.”
The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018.
-Pakistan China bilateral trade crosses $19 billion, highest ever in history
Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further.
“The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added.
-Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports
The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty.
Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract.
-Current account deficit shrinks massive 64pc
The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill.
The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn.
The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period.
-Food imports down 24pc, exports up 14pc in Q1 FY20
Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year.
The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS).
-Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan
Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added.
-Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel
China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio.
The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip:
-In a positive development, Pakistan projected among top 20 rising economic growth engines of the World
Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF).
-In a positive development, Pakistan textile exports register increase
Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS).
The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million.
-Kartarpur Corridor will open to public on November 9: PM Imran
Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said.
-'$1.2b penalty in Karkey case likely to be waived'
Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived.
“International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added.
-Punjab Govt to Introduce a Unified Tax Collection System
Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country.
-PM To Launch Clean Green Pakistan Index for Multiple Cities
Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation.
The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition.
-PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28
Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign.
-Sindh govt invites bids for Dhabeji SEZ
The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers.
Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month.
-Rice exports surge 51pc in first quarter FY20
Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19.
According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
submitted by FashBasher1 to pakistan [link] [comments]

Some news you may have missed out on part 75.

Thanks to all who gave me such wonderful appreciation and to the mods who gave me platinum, I don't deserve your praise, I just love our country. I want it to succeed.
Now let's get riiiiiiiiigt into the neeeeeeewwws.
-PM Khan makes it to Foreign Policy magazine's 2019 Global Thinkers list
Prime Minister Imran Khan has been named among Foreign Policy magazine's 2019 list of 'Global Thinkers'. The short writeup on the premier states that Khan, "a former cricket star, finally got the job he had long coveted ─ prime minister"."His reward was an incredibly difficult to-do list, starting with Pakistan's looming fiscal and debt crises," it added.
Prime Minister Khan shares the spotlight with other world leaders including German Chancellor Angela Merkel, former US president Barack Obama and his wife Michelle, New Zealand Prime Minister Jacinda Ardern, and US lawmaker Alexandria Ocasio-Cortez.
-Atletico shoot for football future in Pakistan
Spain´s Atletico Madrid are taking on a challenge tougher than winning La Liga — developing football in cricket-mad Pakistan, where bat and ball are king, pitches come with stumps not goalposts, and even the prime minister is a former World Cup winner. During a recent session at the club´s new facility in Lahore — the country´s first European football academy — a cabal of Spanish coaches watched as a new class of young Pakistani hopefuls fired off penalty kicks.
-National Job Programme to be launched for providing jobs to youth
The National Job Programme will be launched under the Prime Minister’s Youth Programme for providing job opportunities to the educated youth. In this connection Special Assistant to Prime Minister on Youth Affairs Muhammad Usman Dar held a meeting with Gesellschaft für Internationale Zusammenarbeit in Islamabad on Monday to explore avenues of collaboration for the development of an effective National Job Programme.
The special assistant to the prime minister appreciated GIZ for its role in the development of Technical and Vocational Education and Training (TVET) sector in Pakistan. He expressed hope to leverage their expertise in the field for creating better employment opportunities for the youth. The National Job Programme would include vocational training of youth in best Technical and Vocational Training Institutes and their placements in relevant industries to spur national economic growth.
-You Can Even Sleep in This New Luxury Bus Service from Karachi to Quetta
The 9-hour journey between Karachi and Quetta has now been made easier thanks to a newly launched luxury service. ‘Super International’ is aiming to make the experience of traveling on a bus as comfortable as possible. For that, apart from the usual amenities, it offers an onboard sleeping facility. Hence, the company’s slogan ‘Sleep Well, Live Well.” According to details, the bus will depart from Sadar area of Karachi on alternate days throughout the week. The ticket price is still to be confirmed but it will be around Rs. 3,000 per person.
-KSE 100 picks 237 points on foreign inflow news
The benchmark KSE 100 index of Pakistan Stock Exchange surged by 237.27 points or (+0.60%) closed at 39,543 on Monday. Analysts at Arif Habib Limited said that the Market moved upwards on the back of positive news flow on financial support from friendly countries in Gulf, as well as anticipation of China’s support in the offing. Higher international crude prices helped E&P sector to perform better, with OGDC and PPL scoring 4M and 3.1M shares respectively. Besides, expectation of improvement in Core Delta for EPCL, helped stock reach new highs and last half hour’s trading pulled the price back above 41.
-Federal government released Rs 233 billion under PSDP
The federal government has released Rs233.4 billion against the total allocation of Rs675 billion under its Public Sector Development Programme (PSDP) 2018-19 for various ongoing and new schemes. The released funds include Rs86.5 billion for federal ministries, Rs111 billion for corporations, and Rs25.6 billion for special areas, according to a data released by Ministry of Planning, Development and Reform on Monday. Out of these allocations, the government released Rs101.46 billion for National Highway Authority out of total allocation of Rs185.2 billion, whereas Rs9.6 billion have been released for NTDC and PEPCO for which an amount of Rs33.36 billion was allocated under PSDP 2018-19. Similarly, Rs4.6 billion have been released for Communication Division (other than National Highway Authority) for which the government has earmarked Rs13.97 billion under PSDP 2018-19. Railways Division received Rs8.07 billion out of its total allocation of Rs28.06 billion whereas Aviation Division received Rs443.5 million out of total allocation of Rs3.65 billion. The government also released an amount of Rs11.8 billion for various development projects of Higher Education Commission out of total allocation of Rs30.9 billion.
The government also released Rs2.2 billion for National Health Services, Regulations and Coordination Division, for which an amount of Rs10.9 billion have been allocated. An amount of Rs1.44 billion has been released for Finance Division out of its total allocations of Rs12.34 billion and Rs540.68 million have been released for Climate Change Division out of its total allocations of Rs802.7 million for the current year, Rs20.3 million for Human Rights Division, and Rs408.5 million for National Food Security and Research Division.
-Discussions Continue on Economic Bailout Package for Pakistan: IMF
International Monetary Fund (IMF) and Pakistan are continuing discussions for a bailout package. Fitch Solutions stated in its latest report that the latest round of Chinese largesse has given Islamabad the confidence to snub the IMF’s more stringent requirements for obtaining funds. However, should Pakistan experience acute signs of a currency crisis over the coming months, we would not be surprised to see talks between Pakistan and the IMF resume, it added.
-PM Imran Khan holds important meeting with Qatari PM, followed by official dinner
Prime Minister Imran Khan met Prime Minister of Qatar Abdullah bin Nasser bin Khalifa Al Thani at his residence in Doha on Monday. Bilateral relations, with a focus on economic cooperation between the two countries, were discussed during the meeting. The Qatari Prime Minister also hosted a dinner in the honour of Prime Minister and his delegation.
-USD likely to trade in Rs138 and 139 range, positive news expected from Qatar: Malik Bostan
President Forex Association of Pakistan (FAP), Malik Bostan Khan has said that at positive news is expected from the Prime Minister Imran Khan’s visit of Qatar, adding that if Pakistan is able to get deferred payment facility on imported gas from Qatar, the country will sail out of economic crisis in three years. He said Pakistan’s delegation visiting Qatar would also discuss human resource and security exports to Qatar, which will give a boost to remittances.
-Over 3.9 crore children under age of five to undergo polio immunization across Pakistan
The first nationwide polio vaccination campaign of 2019 started across the country on Monday to immunize over 39 million children despite harsh cold weather with continuous rainfall and snowfall on hilly areas. According to an official of National Emergency Operations Centre (EOC), as many as 260,000 front line workers started going door to door across all provinces and towns to ensure more than 39 million children under the age of five receive two drops of the vaccine to protect them against the polio virus.
-Pakistan sees increase in IT exports, government targets $7 billion
The Information Technology (IT) and Telecommunication industry of the country has contributed US $ 540 million foreign exchange to national kitty through exports during first two quarters of this fiscal year 2018-2019. The telecommunication, computer and information services managed to export IT and IT-enabled services worth US $ 540 million, seeing an increase of US $ 20 million as compared to exports figures of same period last year, statistics of State Bank of Pakistan (SBP) revealed. It is pertinent to mention here that Pakistan's IT industry achieved a benchmark of US $ 1.065 billion of exports in last financial year 2017-18.
Federal Minister for Information Technology and Telecommunication Dr Khalid Maqbool Siddiqui Monday said that IT sector would bring a change in the country in future, so it is need of the hour time to digitalize the country. Talking to the media persons during his visit to the Virtual University (VU) here, he said that Pakistan was earning one billion dollars per annum through software development and its volume could be increased up to seven billion dollars per annum in the next five years
Similarly: IT exports fetch $540m in six months
According to Pakistan Software Export Board (PSEB), Pakistan’s IT & ITES-BPO industry comprises more than 2,500 companies, and this number is growing each year. The industry employs over 300,000 English-speaking professionals with many world-class experts in current and emerging IT products and technologies.
-UNGA president acknowledges Pakistan's peace-keeping history
President of the United Nations General Assembly(UNGA), Ms Maria Fernanda Espinosa Monday acknowledged Pakistan’s meritorious contributions to the United Nation peacekeeping missions and termed it one of the largest countries to have contributed to bringing peace in areas marred by insecurity and unrest. Ms Fernanda stated this while interacting with faculty members and students of National University of Science and Technology (NUST) during her visit to the university.
Ms Fernanda, accompanied by Ms Maleeha Lodhi, Permanent Representative of Pakistan to the UN, paid a visit to Centre for International Peace and Stability (CIPS) at NUST. Lt Gen Naweed Zaman, HI (M), (Retd), Rector NUST, along with NUST senior management and faculty received the esteemed guests upon arrival at the main campus. She also lauded NUST for providing peacekeeping training both to local and foreign troops.
-More than 40 World Nations to participate in Pakistan Navy International Exercise
Pakistan Navy will host AMAN 19 exercise in February this year under the slogan of 'Together for Peace'. According to Pakistan Navy , more than forty countries will participate in the exercise. It is aimed at fostering maritime cooperation, promoting safe and security maritime environment for regional and global stability and for preserving oceans which is the common heritage of mankind.
-Gwadar to be made a modern port city
The Federal Minister for Planning, Development and Reform Makhdum Khusro Bakhtyar chaired a meeting to review progress on Gwadar City Master Plan project here on Monday. The meeting was attended by Federal Minister for Maritime Affairs Syed Ali Haider Zaidi, Commander Southern Command, Gen. Asim Saleem Bajwa, Balochistan Provincial Minister for Information Zahoor Ahmed Buledi, Secretary Planning Zafar Hasan and other officials, said in statement issued by Ministry for Planning, Development and Reform.
Director General Gwadar Development Authority, Dr. Sajjad Hussain and Project Director China Pakistan Economic Corridor Hasaan Duad briefed the participants regarding the master plan. It was agreed to develop Gwadar as a modern smart port city, keeping in view the international standards being followed across the globe.
-Top Pakistani company announces completion of mega construction project in Iraq
Attock Cement on Monday announced it had finished civil, mechanical and electrical work on its Iraq project and the cement grinding unit was at commissioning stage. In a notification sent to the Pakistan Stock Exchange (PSX), Attock Cement said it was in the process of obtaining permission for the import of clinker. It added once it got the approval, the company would start the process of import of clinker and thereafter commence trial production.
-European Union to provide 40 Million Euros for Balochistan Water Conservation Projects
European Union and International Union for Conservation of Nature (IUCN) have agreed to work in Balochistan in Water Conservation projects. This was told by EU Ambassador to Pakistan Jean-Francois Cautaian and IUCN Country Representative Mahmood Akhtar Cheema who called on Advisor to Prime Minister on Climate Change Malik Amin Aslam.
Under the agreement European Union will provide forty million Euros and IUCN will provide technical and human resource assistance.The Advisor briefed the delegation about the Ministry of Climate Change performance in environmental protection and conservation and apprised them the" Recharge Pakistan Project " which aims at raising the under water table by conserving flood water in the right and left bank of Indus River reservoirs, that water could be utilised for domestic as well as horticulture purposes.
-Pakistan, Turkey could increase bilateral trade between through FTA
Free Trade Agreement (FTA) between Pakistan and Turkey could potentially increase bilateral trade with direct impact in the emerging geo-political scenario, said Secretary General of The Businessmen Panel (BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawad on Monday.
-Punjab government to construct tunnel at Baba Guru Nanak birthplace for Sikh Pilgrims
Provincial Minister Human Rights & Minority Affairs Aijaz Alam Augustine Monday said Pakistan Tehreek-e-Insaf (PTI) government had planned the construction of a tunnel from the railway station Nankana Sahib to the birthplace of Baba Guru Nanak to facilitate the Sikh pilgrims. The minister was talking to a delegation of minorities, led by MPA Mahendra Pal Singh, here.
He said that after completion of the project, the Sikh pedestrian pilgrims would be able to reach the birthplace of Baba Guru Nanak more comfortably. He said that under the PTI government, equal opportunities were being provided to the minorities in each sector besides protecting them. He said that provision of special funds for upgradation of the minority communities' worship places, upkeep and protection of their graveyards and their residential areas would be ensured. MPA Mahendra Pal Singh acknowledged the efforts made by the PTI government for the Sikh community.
-$1 billion export opportunity for Pakistan
Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq has said Pakistan has great potential to export at least one billion dollars handmade wood furniture annually if the government properly patronizes furniture industry. In a statement, he urged the government to introduce a skill development programme for the export-oriented furniture industry with a view to promoting the country’s value-added sector. He said that a tax exempted furniture sector in Pakistan will enliven the economy in general, create new jobs and increase production level
-Bakhtiar calls for investor-friendly regulations in Gwadar
Planning, Development and Reform Minister Makhdoom Khusro Bakhtiar on Monday called for the provision of basic facilities to uplift Gwadar. He was chairing a meeting in the federal capital to review progress made on the Gwadar Master Plan project. The Gwadar Development Authority director general briefed the meeting about the master plan. It was decided that Gwadar would be made a green, clean and environment-friendly city. The minister instructed the authorities to initiate the process of preparing investor-friendly regulations in order to attract maximum investment in the port city.
-‘Govt taking all possible measures to facilitate private sector’
President Dr Arif Alvi said on Monday that revival of the economy was among his top priorities, adding that the government was committed to taking all possible measures to facilitate businesses. “The government is committed to developing the private sector through investment promotion, improvement in the ease of doing business, employment generation and fast growth of manufacturing sector,” he stated while talking to Amreli Steels Chairman Abbas Akberali.
The president underscored that investment in value-added products, where the country enjoyed a comparative advantage, was vital for economic revival. He said despite all challenges, the incumbent government was striving hard to develop an ecosystem which could attract investment in the country.
-FBR resolved 20% of total tax evasion and fraud cases involving billion of rupees in 2018, unearthed tax evasion worth Rs170 billion throughout Pakistan last year
Around 20% of the overall tax evasion and fraud cases involving billions of rupees have been resolved by the tax department during 2018.
The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan. Moreover, official data regarding these cases shows around 50,000 real estate transactions worth around Rs600 billion at deputy commissioner (DC) rate have been unearthed. However, the market value of these transactions unearthed is possibly going to be higher than the stated amount.
Out of these, around 7,500 transactions included people who were not present in tax rolls. Likewise, cases of people not on the tax rolls who purchased vehicles more than Rs10 million were also unearthed. According to an official, the number of these kinds of people numbers in the thousands in Islamabad alone. And all case reports were forwarded to the Federal Board of Revenue’s regional tax offices (RTOs) and large taxpayers’ units (LTUs) for recovery and execution.
-Govt to install 0.1m digital meters by Feb-end
Federal Minister for Power Omar Ayub Khan has directed electricity distribution companies to immediately undertake GIS (geographic information system) mapping of all 11-kilovolt feeders and replace 100,000 electromagnetic meters with digital meters by the end of February 2019 in order to reduce line losses.
The directives were issued in a meeting with chief executive officers of all the power distribution companies at the committee room of the Power Division on Monday.
The minister directed the CEOs to personally inspect the power transformers of various capacities on a random basis to ascertain their mechanical fitness. He also called for launching a clean-up operation in the highly populated areas and removing hazardous wires and other such things.
-Peshawar airport to commence night-time flight operations after five years
After a gap of five years, Bacha Khan International Airport in Peshawar will start night-time flight operations from January 22. The first flight, after the resumption of 24-hour flight operations, will be to Sharjah. Night flight operations were ceased in 2014 after gunmen fired at a Pakistan International Airlines (PIA) aircraft while it was landing. One passenger was reported dead in the incident while a member of the cabin crew was injured.
Khyber Pakhtunkhwa (K-P) Chief Minister Mahmood Khan was apprised about the plan and has been requested to appear for the inaugural flight. On January 3, the Civil Aviation Authority (CAA) installed a state-of-the-art full body scanner at the terminal to check for smuggling and money laundering.
-Weekly review: KSE-100 index posts gains for third successive week
The stock market had a somewhat decent performance during the outgoing week as the KSE-100 index advanced 258 points or 0.66% to settle at 39,307.
It was the third successive weekly rise, indicating that the cloud of uncertainty that hovered over the market was finally vanishing. The renewed interest was seen ahead of the upcoming mini-budget announcement, hinting that the new finance bill may bring good news for the investors. Expectations of a possible reduction or abolition of advance tax of 0.02% on brokers fuelled positive sentiments at the bourse.
The positivity was evident on first trading day of the week as the benchmark index rallied, following Finance Minister Asad Umar’s reassurances to the business community during his visit to Karachi at the weekend. Additionally, anticipation of measures to improve ease of doing business and reduction in input cost for the export-oriented sector also helped boost sentiments.
-Mazari underscores need for restructuring in Sindh, Punjab police
Underscoring the need for restructuring in Sindh and Punjab police, Minister for Human Rights Shireen Mazari on Monday accused Pakistan Muslim League-Nawaz (PML-N) government of politicizing police. Mazari said that time has come to end the decades of tolerance for killing through encounters. She said that cops involved in Sahiwal shootout should be given exemplary punishment. The minister clarified that Prime Minister Imran Khan had not appreciated the counter terrorism department.
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Automated Forex Trading - Can Forex Robots Really Deliver What They Promise?

There are many benefits of retail forex trading. Many people choose it because it may not involve commissions or middlemen, or is a 24 hour market with high liquidity and very low barriers of entry. Along with these benefits, the forex market is surrounded by many myths. Some of the common myths are: Many people think that forex trading makes them rich in no time. But you need to understand that forex trading is just like any other speculative market, huge gains can occur but that is always accompanied by a lot of risks as well. And with any speculative market, long-term success does not come easy, rather a lot of hard work and dedication is involved. It is a very common myth that forex market is predictable. Many companies on the Internet and other media claim that they have found a scientific method, system, or indicator to predict the market. While it is true that some systems do show great returns for a limited period, the market is quick to dispose of these, usually within 6 months. Conventional wisdom alone would suggest the guy selling you a system on the Internet isn't using it himself - or why would he sell it? One of the most enduring myths about the forex market is that experts can guide the traders to untold riches. Again, experts can be a wealth of information, but seldom would any expert give away the golden goose unless it is not laying eggs anymore. And remember "experts" is a loose term where someone in a position of authority is usually placed on TV to decimate information with a hidden agenda. Just remember to second guess everything and do your own homework.
https://supplementdiary.com/proflexoral-review/ https://discountdevotee.com/physiotru-review/ https://binaryforexuniversity.com/tradecoins-com-review/ https://shockingtruereviews.com/prosper-wellness-cbd-review/
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[Table] IAmA: We Are the Hosts of the Let's Talk Bitcoin! Show! We just spent 4 days at Bitcoin2013, Ask Us Anything!

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Date: 2013-05-24
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Questions Answers
Hi all! I was wondering, what do you think it would take to get bitcoin from a niche currency used mainly by internet denizens to go mainstraim? I know the slow creep of more small companies accepting bitcoin helps, but what do you think that final cusp will be, and will it ever come to that? Thanks for taking the time to do this! There are several potential tipping points, but my favorite one is a large corporation accepting Bitcoin.
Amazon has an incredibly small operating margin, less than 1% - They have more than that in transaction costs, so if they were to accept Bitcoins for product and offer Bitcoins as payment to their affiliates it would cause a rush of other companies to jump onboard for the same reasons.
Once that happens with one large company, it sets a precedent. Doing something new is scary, and when the regulatory environment is uncertain like it is with Bitcoin the choice to accept could potentially cost you a lot of money later if it's retroactively made not OK and the value of the currency plummets.
But once a company like Amazon or Google jumps in, they have enough political swing and momentum that attacking Bitcoin becomes attacking them, and they'll fight that tooth and nail if it's saving them money.
Another example of a tipping point would be a country, ANY country, adopting it as their formal currency OR issuing a new currency with Bitcoins as the transparent backing of it. With bitcoin you can have a functional gold standard, because the gold doesn't need to be hidden from sight.
It is the hiding that makes gold standards dangerous - The people who issue currency with the gold as backing have no reason to issue the correct amount when only they know how much is out there, and how much gold they have.
I guess the Supreme Court has decided this does not apply to taxes, which is crap. Or are you talking about other countries? Thank you :) I actually mean something along the lines of "It is illegal to trade dollars for any cryptocurrency that does not have a real name and social security associated with it"
Will bitcoins ever be able to be traded like other recognized currencies in similar ways to Forex? More specifically, will there ever be retail brokers offering margin trading accounts that allow you to buy and sell bitcoin with leverage? There are already really small niche sites you can trade Bitcoin at leverage with, but it's just a bad idea. With a "normal" commodity market, like say chickens, if you think chickens are undervalued and want to profit from them you can buy forward production of say, a million chickens. Then when the option comes due, if you're on the profitable side of the trade you can essentially sell it for cash and the chickens never need to be delivered. In that way, it almost doesn't matter if the chickens ever existed to begin with because you never intended to take posession. With Bitcoin, it's different - Converting a bitcoin options contract into US dollars, yen, whatever actually is more expensive and time consuming than just "accepting delivery" of the bitcoins themselves. You can still sell them for whatever currency you want, but it is at the time of your choosing rather than at the point of settlement. What that means is that if you sell an option and the Bitcoins don't really exist, you could be screwed. You either default or buy them at market price which can be very painful given how volatile the pricing is right now. It is a bad idea to play with leverage in Bitcoin because if you lose, you potentially lose very big. Additionally, it's bad to buy an option because you introduce the possibility of the counterparty (supply) not being able to deliver, whereas if you just bought Bitcoins you have the Bitcoins.
Do you believe bitcoin is important locally as well as on the internet? If so, how are you promoting bitcoin in your local communities? Cryptocurrencies (of which Bitcoin is the most prominent) are the first real competition to the types of money we've used all our lives. With Dollars, Yen, Whatever - Ultimately there are a handful of people who get to decide how and why the currency should be managed.
If they did a good job, it might be fine - But the reality is the decision made affecting all users of the currency are to the benefit of a very few , at the cost of the many.
Bitcoin is different - The rules that govern it, are the rules that govern it. Nobody can break them, and if they're ever broken it's because more than 51% of the distributed power in the system (anyone can buy a mining rig and join this group). For me, that's incredibly important. Rules should apply evenly to everyone because otherwise they're not rules at all.
Local communities can benefit because it removes payment processors from merchant relationships, removes chargeback risk, and basically acts like Cash on the internet.
What are some of the more exciting things you (each of you?) envision for Bitcoin in the short to medium term? Discounts :) We've been talking about the deflationary business model, and during this period where the value is going to go up pretty fast (over the next several years) as adoption ramps up, businesses are going to be giving major discounts to those who choose to spend them.
From the merchants perspective, this is actually a huge win - They get to have lower prices than their US Dollar (or local currency) competitors, and the value of the Bitcoins they receive goes up over time instead of going down with printed currencies. Once this becomes pervasive in the Bitcoin economy, it will mean that even at those discounted prices they are STILL profitable because their suppliers are also offering them discounts to pay in Bitcoin.
Right now we're at the beginning of this cycle, you can see BitcoinStore.com is attempting it (Disclosure - They have sponsored us in the past, we run a 30s advertisement for them per show) but it's hard to be the first one doing it because it looks like you're sacrificing yourself when really it's just the model that makes the most sense.
Not to be the doom and gloom person but in the future what do you think will/would be the "last nail in the coffin" for Bitcoin? It depends what you mean by "last nail in the coffin"
How did you meet/find Andreas and Stephanie and how did you persuade them to be part of your show? I put out a call for staff several months ago, Andreas found me through that and joined the team initially as a correspondent providing expertise and commentary while Mt.Gox was having a lot of problems. Once we re-started the show as a twice-weekly, he graciously offered to join the hosting staff and gladly took him up on it.
I found Stephanie through her show Porc therapy, and a listener named Justus - He mentioned she did voicework, and I hired her to do some of our early introductions and advertising spots. When we went through the re-organization I offered her an occasional hosting role, and never bothered finding other hosts because I was so happy with our dynamic and varied viewpoints.
Both of the other hosts on the show are real professionals, and it's been my distinct pleasure to work with them.
Thanks for responding! Andreas is my fave (though I enjoy yours and Stephanie's comments too). Everybody has their favorite :) I think the fact that we all have people disagreeing with us at times means we're doing the job, and providing multiple and varied perspectives.
What recording tools are you using? We started off using Skype, Virtual Audio Cables (VAC) and Adobe Audition (creative suite)
Now we use Mumble instead of Skype, but the rest is the same.
I edit the host segments for content (sometimes we go on and on and on) and I edit the interviews for presentation, rarely removing any content. Many times the skillset that enables you to have a really smart idea is not the same skillset that lets you present that idea, perfectly, the first time. Our interview subjects tell me all the time "I love how smart I sound" and I get to say "You are smart, I just removed the brain processing noises"
Assuming bitcoin reaches critical mass, how does bitcoin cope with the criticism of rewarding early adopters? Do you see a potential uproar about inequity? Is there outrage against people who bought Apple stock at $30? Bitcoin is a currency that right now, and for the next few years, acting like an IPO. People who got in early got in cheap, but there was a whole lot of risk because people weren't using it much, there wern't vendors accepting it, so the use case is much more speculative.
We're very much still in the early adoption phase right now - Less than %.01 of internet users are Bitcoin users, as that number grows while the number of coins being added to the total pool grows at a much slower rate, the price per coin has to go up. If Bitcoin fails and everybody abandons it, this works the opposite way - but it actually solves a number of problems (microtransactions, fees, international money transfers, automated payment systems) so I'm not super concerned about that.
One of my favorite quotes, by Douglas Adams.
>It is a rare mind indeed that can render the hitherto non-existent >blindingly obvious. The cry 'I could have thought of that' is a very >popular and misleading one, for the fact is that they didn't, and a very >significant and revealing fact it is too.
What do you make of the download trend of the bitcoin client software in China? Isn't this a big story? China has lots of restrictive controls on their local currency, so Bitcoin has a real use case there. This is one of many scenarios where given even 1% adoption, the price must go very much above where it is now.
You commented on a recent episode about how Satochi Dice was going to block US traffic to the site due to uncertain regulations. Can't bitcoin work around that? If you send bitcoin to the addresses of the various bets - it still works right? Thanks for your show - I await each new podcast. Yes, if you already have the specific betting addresses it doesn't matter where you are in the world. It is only the website that does not allow US IPs, they did this to be very clear they were trying to respect the US gambling laws.
I spoke with Erik Voorhees about this among other things at the conference, you can find that interview here Link to letstalkbitcoin.com
I'd like to thank all three of you for doing this podcast, it's always thought provoking and fun to listen to. Plus, Stephanie does have a very sexy voice... But I do have a question, Right now, I don't know the answer to that question.
How do miners determine which transactions will be confirmed first and which get put to the back of the line? Shouldn't they be confirmed in a 'first come, first serve' basis? But the development team has made it clear they're moving towards a market-based mechanism where Miners set the minimum transaction fee they will accept, and process on a first-come/highest-fee model. People who want their transaction to process fast will put a higher fee and it will be prioritized, while people who don't care about delivery time will be able to send no fee and be subsidized by those paying higher fees.
*edit: As well, do you still plan on using some time on the show to go into more detail about mining? I think it was mentioned a few weeks ago that the topic might be explored in further detail. There will be fewer miners who accept free or very low fee transactions, so there you go.
How would Bitcoin change our financial system as we know it? In the same way the automobile changed the horse-and-buggy system as they knew it. If you play out the logic, one functionally obsoletes the other. I was talking with a financial reporter the other day who has been coming around to bitcoin, and he said to me "You know, if they were building the banking system from scratch today I think this is pretty close to what it would look like"
Andreas answered a question below about bitcoin and self driving cars, fixing spam on the internet by using Bitcoin addresses with tiny amounts of BTC in them to prove you're a real person and not a single-use bot, there are so many crazy and impossible things that become actually probable when you're talking in the context of a world built on decentralized, rules-based, cryptographically secured, instantly transmittable, person to person internet cash.
I have never been so hopeful for our future as I am now that I've thrown my days into bitcoin. Bitcoin 2013 was a fine conference and a wonderful experiance, so many very smart people have quit their jobs or left their studies to do the same thing I have.
We know we're building the future, and it's a better one than we have today.
Have any of you heard about how in Africa much of the exchange in value is done with mobile phone minutes? It seems to me - whatever the US attempts to do with Bitcoin - there will be other places that it will bubble up in. What about Argentina and other places where they actually understand what damage a desperate government can do to a currency? I would agree with you. Until recently it's been impossible to use Bitcoins on a "dumb cell phone" - That changed recently with Link to phoneacoin.com and others.
Bitcoin solves problems that the world has had for decades, it takes the power to destroy the currency away from government so they cannot do it no matter how much they want to, or how desperately they think they need to.
No government wants to destroy a currency, they just don't want to acknowledge they've trapped themselves with debt and have no way out.
Who invented Bitcoin? What is to stop whoever did so initially issuing themselves the equivalent of $79 zillion in Bitcoin currency prior to it taking off? Is there commission charged on each transaction that occurs? If so, how much, and who receives this? The true creator is not known, he went by a false name "Satoshi".
He actually holds about 250,000 coins if I recall correctly because he was the first miner. Bitcoin is a protocol, a set of rules. It's open source, and anyone who wants to look at it can see that there is not a mechanism to just create more coins by typing in a magic word. There are no commissions, although there are fees that go to the miners who process and verify transactions.
Great podcast, can't wait for the next one! It depends on the mesh. If the mesh was never connected to the internet, it would be a parralel Bitcoin network able to transact with itself but if it was ever connected to the larger network any conflicting transactions would be "lost" as the two ledgers (the big one, and the disconnected one) try to reckon their differences. Only one winner, so that means there is a loser.
You discussed mesh networks in 3rd world countries and how bitcoin could be used in such a scenario. If the [mesh] network is disconnected from the internet, how would transactions on the blockchain be verified? Couldn't the time the mesh network was disconnected make it vulnerable to hacking the [mesh network's] blockchain? More interesting might be disconnected communities running their own fork or version of Bitcoin, that way if they're ever connected it can be an exchange process (trading their coins for "bitcoins" rather than a reckoning (Seeing who has a bigger network and canceling out transactions on the smaller one that conflict)
1) The price for one Bitcoin seems to fluctuate quite a bit. The most successful currencies remain relatively stable over time (e.g. the Dollar). Will Bitcoin ever need to reach a certain level of stability to be a successful unit of trade? and if so, what do you think needs to happen before then? 1 - Yes! Once everyone who has purchased Bitcoin has purchased them, the price will stabilize. In practice this will start happening long before absolute stability, and as soon as people start thinking about prices in terms of BTC instead of their local currency it almost doesn't matter.
2) If Bitcoin ever becomes a widely accepted form of payment (seems a lot of businesses already accept it), how do you think the US government will proceed/react/regulate/etc. considering that technically only the feds can issue currency? 2 - "The Feds" are not the only ones who can issue currency - They have legal tender laws which mean people MUST accept their money, but nothing prevents you from circulating a voluntary currency like Bitcoin.
Do you foresee companies like paypal incorporating bitcoin into their businesses in the future as a more credible exchange than these ones that are currently running? No. Paypal again is the proverbial horse-drawn-buggy manufacturer- Sure they might go to the worlds faire and while observing the new fangled automobiles say to themselves 'we might integrate this into our existing machines!' when the fact is that it obsoletes those existing machines.
Paypal makes their money by standing in the middle of transactions collecting fees, Bitcoin serves its function by connecting people who want to do commerce directly to one-another, and what fees are paid are a tiny fraction of what Paypal does. If paypal accepted Bitcoin, it would not be Bitcoin any more because they would have mechanisms to freeze accounts at the very least to mitigate risk. That is not possible with Bitcoin by itself.
Thanks for the well thought out response, I genuinely appreciated that you took the time for this! I do have a follow up question, how does one get bit coin in an easy way? Lets say I have 300$ that I want in bit coin.. whats the best way to approach this? Probably a company like bitinstant.com, bitstamp.com, or btcquick.com - For larger amounts they don't make too much sense but at that level its your best bet.
Not to be rude, but how do you expect for a currency without a standard like gold silver etc. to not crash down in a blaze of glory? What standard is your currency backed by?
Hi There. I was at the San Jose convention hall last weekend attending Big Wow Comicfest and that's where I saw Bitcoin2013! Mostly Bitcoin 2013 was an opportunity for people building the future of Bitcoin to meet each other and network. There were speakers talking about a wide variety of issues, and vendors of Bitcoin services who were showing their latest innovations and systems.
What information was presented at this event that couldn't be done justice disseminated over the internet? The information will eventually be online, but the probably 200 people I got to meet in real life will not (in real life)
What resources do you think I should review as a total newbie to bitcoin? Or if possible, what's the one sentence pitch to get a newb involved? For people brand new, www.weusecoins.com is a good place to start For people who want to learn how it works, www.letstalkbitcoin.com/learn will direct you to the Bitcoin Education Project, which is a series of free and very high quality lectures that will tell you everything you ever wanted to know and more about Bitcoin, How it works, and all the little sub-topics that you'll eventually want to learn about.
The pitch is "It's like cash that lives on the internet, and is as easy to spend on the internet as buying a candybar in a store with a dollar"
Would any of you hazard a guess at the bitcoin exchange rate at the end of 2013? Sure, i'll make a wild guess.
$1000.
If and when a large user comes onboard, I think thats the next price at which we'll bounce around for a while, just like 100 became the sticky point after the last major bout of adoption.
How do bitcoins relate to the law? For example, what would be the crime if somone hacked your account and stole your bitcoins? It's not exactly theft of money, or is it? Bitcoins are your property, it's illegal for someone to steal your property whether it is money or not. Right now there is little that can be done about theft, but eventually I expect a class of "Blockchain Forensic Investigators" to emerge who will track down your stolen coins for a % based fee.
On your last show you mentioned the diversity of the Bitcoiners who attended BitCoin2013 - which nation was most represented in your opinion? Were there any Chinese nationals present (we've heard that they've suddenly gotten the bitcoin bug in the last month)? Did the other nations talk about regulatory problems or is that just a US concern? I met the gentleman from BTC-China, but other than that I actually didn't see any obvious chinese nationals. We saw lots of eastern europeans and south americans.
Other nations are not talking about the regulatory issue as far as I can tell, it seems like everyone is waiting to see what the US does, which is not abnormal in a very new situation like this.
Isn't having an inherently deflationary currency a terrible idea? How is bitcoin different from geeky goldbuggery? Because you can't divide a gold coin into .0001 without incurring cost and expense. That's not the case with Bitcoin, so the deflationary aspect of it is largely moot.
There is a tendency to listen to modern "economics" which makes this arguement, saying that the money supply must expand because otherwise it drives down profitability in a race to the bottom.
I think in practice we'll find that people don't work against their own best interest, and while during the initial adoptions stages of Bitcoin there will be significant discounts offered to those who pay with Bitcoin vs. legacy currency, once the market becomes saturated and the price levels out those discounts will be scaled way back.
Right now it makes sense to heavily discount, because the expectation is that the value of the Bitcoins will go up during this period of adoption, that won't always be true and the discount is a reflection of anticipated future returns.
Was it bad when people saved money in banks that paid 10% interest? No, that's called capital formation. There is a thought that given a deflationary currency nobody will spend any money, that's nonsense. Just because your currency gains value over time doesn't mean that you no longer have costs that must be paid for. What Deflationary currencies do is say "Ok, you could spend it on that, but is it worth it relative to what you'll gain by not?"
That's a good thing. Our system right now works on the opposite theory - Spend money NOW because if you're dumb enough to keep it in the bank it will actually lose value over time between the couple points of "official" inflation and less than 1% artifical interest rates. The situation is like this now because the fed is trying to make people spend as much money as possible with the hope that the flows will "restart the economic engine"
Too bad this isn't how things work, not that it'll stop us from trying it over and over again.
In the 2008 financial crash, govts bailed out the banks because there was no other way to maintain the whole financial ecosystems of payrolls, invoices and trade, all of which go through the banking system. Honestly? No. Bitcoin would be great in this role, but governments around the world rely on their ability to expand the money supply (print money, or sell debt) in order to fund their deficits. They also manipulate interest rates to be low so that debt is very inexpensive.
Can you envisage another financial crash in the future where govt says, "We don't need to do a bailout, as we've got this alternative payment system" and then instructs businesses and employees to just get themselves a bitcoin address and work through the Bitcoin system? Bitcoin doesn't have a central control mechanism, so there is no group or person who can say "OK - the interest rate is 1%" - If that's really what the interest rate wants to be based on market forces, it'll be that - But if not, there isn't much anyone can do to stop it.
What type of notes and agenda does the team coordinate on before a show? We use Basecamp, and it really depends. Right now we have a show prep thread that has 30+ posts in it for episode 11, we'll probably use 5 of those.
The agenda is really basic - As we get near recording time topics are selected (generally by me, but I like to get the other hosts to do it since they provide most of the commentary in Host segments) and I form a schedule, then we run through the recording session hitting each topic.
Over the last weeks we've brought two researchers onto the team, so that has helped a TON.
I first learned about Bitcoins on an episode of The Good Wife. The one with Jason Biggs as the creator of BitCoin. Have you watched that episode and how accurate does that episode portray what's happening with Bitcoin in terms of legal stuff? Not having seen it but knowing TV, I'm gonna go out on a limb and say "not very well" Satoshi has not been identified, was a throw-away identity that was cryptographically secured, so probably never will.
Are there any conferences in Chicago anytime soon? I think a Q&A in public would be helpful for your show as well as bitcoin. I'll be speaking at an event in NYC on July 30, there will be one or two meetups while I'm there. There is also an event in October in Atlanta. I remember talking with a guy at Bitcoin2013 wearing a shirt that said "BitcoinChicago" so I'd suggest looking for a user-group.
We're planning on doing Q&As often, but none of us are really near Chicago so it's tough. Happy to do virtual Q&As over skype, live or recorded.
Oh dear. You're not all perfectly grammatical orators on the first try? I'm crushed! I really value my own time, and I know other people out there do too. I try to make the show as information dense as possible, thats the criteria we've been operating under from really day one.
We're actually talking about cutting the show in half and releasing it more often (still recording the same amount) because people can get tired of listening to such dense content for an hour or more.
US Treasury recently issued a directive stating they would be monitoring any entity attempting to exchange virtual currency for USD (or any other currency, goods, or services), indicating that federal authorities take a dim view of what amounts to private coinage. Do you anticipate a Supreme Court case here defining what is and is not private coinage? 2.And given bitcoin's noted extra-legal uses, do you have any indication it is being decrypted by NSA? 3.Taking it a step further, do you think it could be a national security-sponsored international sieve for money laundering? It may eventually go to Supreme Court.
I think the market has done fine for bitcoin so far. I think the market will continue to take care of bitcoin. The idea of giving in willingly to regulation makes me cringe. There are two camps. Some people think that regulation is inevitable, and since it's going to happen anyways it's better to participate in the process and try to make it less bad. The other side thinks that by participating, you accept their authority to regulate it when really they have no right to regulate money and have proven to do a very bad job at it now for quite a number of years.
Thanks so much for doing this, I love the Bitcoin system, but hate the volatility. How do you recommend dealing with that? I've heard to convert it quickly to the currency of choice after any exchange has been made to avoid any more changes to the price. The easy solution is just buy and hold - If you need to buy something, do it when you need to and not before. Do not pre-order anything.
What is your prediction of the price for 1 btc in USD, exactly one year from now? Just for fun, since I know it is impossible to even guess the day to day price swings. As a wild guess number I'd say $1000 or less than a dollar. Very little middleground because if it's regulated out of existence it will still exist, but be hard to find and cheap - If adoption continues to path the price should accelerate with wild spikes up and down.
My partner is buying into bitcoin as well as litecoin. Any advice for him? (I personally don't understand it) Don't panic, invest for the long term, and don't buy any more than you can afford to lose 100% of because there are still things that could dramatically reduce the price of bitcoin (mostly regulatory stuff, I answered this elsewhere in the thread)
Hello, I just wrote a long post about the functions of using BTC to facilitate a 'free bank' using the principals of free money, similar to the WIR bank. Link to en.wikipedia.org Do you think that something like this would be possible using Bitcoin? Probably. Not really my area of expertise.
Why did bits take a dive at the same time gold took a tank? I don't pay attention to price, sorry.
We take full credit for any rise and blame others for any decline. Feel free to tip us from your gains! Lol.
Just wanted to say I love your show. I encourage you to please continue making high-quality podcast episodes. Thank you. I'm really excited to be able to be a journalist in such an exciting field in a time when journalism is under attack. Not sure if you've been following the so-called "AP scandal" but now is a weird time to be trying to report the truth in this world, and we couldn't have picked a more controversial topic to the global macro picture.
Bitcoins are the stupidest investment anyone could ever make. Pass. Link to static.quickmeme.com
Unfortunately, quickmeme doesn't let you copy image urls directly. Link to i.qkme.me
Yes, but they started being worth a set value. bitcoin was never backed by anything so its value was kind of made up. how do you expect to make a non goverment currency anybody with a computer can print to retain value? Because the pie is only so large, the more people who have computers devoted to the work just each get a smaller and smaller piece.
The rate of issuance for Bitcoin is currently 25 bitcoins every 10 minutes. Only one person or pool gets the whole 25 bitcoins, it's a race to find them. If there are 10 people looking, chances are pretty good you'll find some. If there are 100,000,000 people looking, chances are much less good that you'll find them first, but if there are that many people looking those 25 coins are probably worth a whole lot more.
The system is self balancing in this way, unlike the government currency system where they create 65 billion USD worth of new value every month to buy mortgage backed securities for face value to try and prop up the market. With more than a trillion USD being added in this way each year, how can a government currency retain its value?
Because the governments "pie" does infact have limits to making it, and only dropped gold standard after over 150 years of the doller having a defined worth, unlike bitcoin, where a random hacker can just print endless money. I'd direct you to security researcher Dan Kaminsky. Link to www.businessinsider.com
You'll find it's a little harder than you're describing. Like, impossible.
Last updated: 2013-05-29 11:06 UTC
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[Table] IAmA full-time Bitcoin day-trader, blogger, and explainer. I was a pro TCG player. Here until Midnight EST. AMA!

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Date: 2014-02-20
Link to submission (Has self-text)
Questions Answers
Let's say someone was looking for a stay at home computer job, would you recommend doing what you do? Is it something you can hop into, or is it something a lot of time must be put into before considerable income comes? You handle risk and pressure well, and you don't let your emotions guide your decision-making. Professional Poker and TCG players often develop this skillset.
You have experience working with stocks, bonds, derivatives, foreign exchange, or other financial instruments. If you have a strong mathematical background, that would also likely fulfill this.
You can invest significant capital into trading while remaining financially secure if it all suddenly vanishes.
You are capable of constantly monitoring a situation, waking up in the middle of the night if an alarm goes off, etc. It requires serious dedication.
You are good at keeping up with news, understanding market psychology, and "feeling" shifts in attitude and perception among other market participants.
Of those, I'd be most cautious if you don't meet no. 3. Going bust is a real possibility--day-trading a volatile commodity is inherently extremely high-risk. Nos. 2 and 4 are the easiest to learn or force through routine. No. 1 requires a person who approaches things in an emotionally detached manner. No. 5 is something that comes with investing enough time.
Second question: I'm answering this after that big block of text because this answer will come off like a get-rich-quick scheme. Yes, you can hop into it very quickly, and you can start making very high profits very quickly. I put in a small initial investment to test the waters, and made 10% on it in a few days. If you have the right skillset, composure, and resources, yes. It is a potentially very lucrative and exciting stay-at-home job. It is not for everyone, though.
As much as it would be beneficial for me (being in the industry and all), to tell everyone it's easy and that it will help them provide for themselves I feel that people need to know the real risks that are involved. Regardless, that's all a little irrelevant. We're not playing the house, and we're not flipping coins. We're playing other investors, and we're making actual decisions. You keep saying things like "98% lose money" and "Go onto any FOREX forum, and you will see from the users posts that they pretty much all lose money" but you don't back it up. Cool, yeah, it's a zero-sum game with a rake: a little more than half of the players will lose. That's expected. They'll probably complain about it, too, huh?
Retrospect can have a very positive effect. Got any real account trading statements I can have a look at? Let's see how fast you can come up with excuses not to show me ;) I only have and need one: I have chosen not to disclose my personal valuation for privacy reasons. Same reason I've had all along. I instead publicly disclose my trades, as they happen, on my website. The posts are timestamped, and the ones that are the start of a position contain the price I entered at. Go check the posts, then go check the charts, then go check my archive. But feel free to continue to arbitrarily call my credibility into question--that makes your argument better!
What leverage do you use? In Australia the leverage is typically 100:1, perhaps that's why your not seeing how risky I deem it to be. First, our argument so far has had nothing to do with risk. Second, I told you I am leveraged 2.5:1, two posts ago. Third, you realize I'm trading Bitcoin, not ForEx, correct? And that no one in their right mind would offer 100:1 leverage on Bitcoin due to its volatility?
What's your last year's hourly salary? A year ago I was finishing up college and extricating myself from the TCG business I'd co-founded. I took very little in take-home pay over that period, but kept part ownership of the continuing business. Money isn't just about the number on your bank account--it's also about residual future income.
How many hours a week are you typically on a computer? On a computer, probably 50-55, if you add in time I spend on my phone, I'd say 65-70. Day trading takes constant watchfulness. I imagine it's like an easier version of taking care of a baby.
What are your favorite to sources of news besides waiting for it to get to the front/hot page of /Bitcoin when it's several hours old? I have an IFTTT for /BitcoinMarkets and /Bitcoin that notifies me early on about some posts.
What's the weirdest thing about your mom? She started a bookselling business online in her 50s and makes more money than me.
Or.
She's a little old lady who loves gadgets and technology.
What are your thoughts on Dogecoin and other bitcoin competitors? Do you think any have staying value? LTC.
DOGE.
NXT.
VTC.
Coins that offer something different or that have a strong community to them can be valuable prospects.
LTC is the first-mover scrypt coin - DOGE has the most non-techies interested in its success and is spreading quickly as a result - NXT is a cool generation two coin that has a lot of features BTC doesn't have - VTC is ASIC-resistant
Ok, let me spell it out to you. The retail forex market only makes up 5% of the total forex markets liquidity. The other 95% is from hedge funds and institutions. Therefore, 99% of the retail market losing their money is very possible, as that only makes up 4.95% of the whole market. Is it possible that 4.95% of the market generally loses? Yes. How is that infeasible? Nope. That's a false equivalence. It is possible that 4.95% of the market loses. It is not feasible, that, say, 99% of people with blue eyes lose. What, exactly, in empirical terms, is the difference between retail investors and hedge/institutions that causes this INCREDIBLE disparity? Would you care to respond to my above empirical argument that demonstrates that a zero-decision system is flipping a losing coin? Do you consider it feasible for 99% of people playing a 45-55 game to lose?
Are there options and/or futures markets for Bitcoin? Not really yet, but there will be more prominent ones soon. I hear about a new one pretty regularly, it seems, but nothing that seems truly legitimate has come out. I'm certainly excited for them, though.
Eventually, once Mr. Lawsky and co. get things sorted out, I'm certain we'll see a big-name investment bank start offering them.
From the time you started trading until today, what is your overall percentage return? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Ben, i told you I'd be here and asking about Hearthstone first. If there's one class that needs a bit of tuning, up or down, which is it and why? I think Mage needs basic, class-level tuning. I'm not sure what needs to be done exactly, but I don't like what the Mage class power does to gameplay. I've thought some about how different it would be if it could only hit minions, and I'd want to know if Blizzard had tried that out. The Mage power is too versatile, and over the long-term I think it will prove to be problematic.
What's your favorite card? Lord Jaraxxus is my favorite card. He has a truly legendary feel to him when you play him, but your opponent can still win, even though he's very powerful.
So, where do you think we go from here? I'm currently short, but I don't expect to be so for a lot longer. I don't think we'll get past 550. I also don't expect this drop to hold on for a really long time.
I haven't seen a good, substantive rationale for what the MtGox situation really has to do with Bitcoin price. Yes, it looks bad, it certainly doesn't help with our legitimacy, but is it really worth the incredible price declines we continue to see? I don't think so. I think we are seeing these impressive declines because the price on MtGox (which is a reflection of trust in MtGox relative to Bitcoin price, not just Bitcoin price) has been declining heavily. I don't expect it to continue forever, especially not with things like the Winkdex and the accompanying ETF launching.
MtGox is basically dead to me, for now at least. The sooner everyone stops paying attention to it, the sooner we can all get back on track, which I, for one, will be quite happy about.
Do you think that it's a good thing for a game when the developers of that game discourage certain playing styles (e.g. mill decks or decks that try to win in unconventional manners) whether in hearthstone, MTG, or other TCGs? It can be. I don't want the developers metaphorically over my shoulder outlawing strategies, but I don't mind if the strategies that are "less fun" for your opponent (Draw/Go, Mill, or Hard Combo from MTG, for example) are also less powerful. Most players prefer a game where the best decks are also among the most fun, because it means that they are playing against fun decks more often. Clearly the 2-cost 3/3 will be played most often. If you fix this by making both 2-cost guys 2/2s or 3/3s, or by making one a 2/3 and the other a 3/2, then you've done something--but it's not that interesting. If you instead make the 2-cost 2/2 have text that says "While you control the 3-cost 3/3, this gets +2/+2" and you give the 3 cost 3/3 text that says "While you control the 2-cost 2/2, it has Taunt" you now have more complex cards that reward players for doing something other than just playing the best stand-alone card.
Which do you think is a better option to encourage diversity in TCGs; improving/buffing cards/decks that hardly see any play versus weakening/nerfing cards that are overwhelmingly played? This is obviously a very simplistic example, but I hope it makes the point. Games are more fun when you give players more relevant choices: buffing and nerfing cards tends not to do that as well as promoting synergies does.
Where/what is the actual money behind bitcoin? If it does exist. You might need to rephrase your question for me to understand what you're asking. If you're asking why a Bitcoin has value, the answer is the same as any other good: because someone is willing to pay it.
If you're asking why someone is willing to pay that amount, my answer would be utility.
I just got started on Bitfinex (using your referral link) and am a little intimidated. What types of trades would I recommend I try as a beginner? From there, just keep careful watch, and see what happens. Be neutral and objective toward your own hypothesis, just like in science. Don't be biased by your hopes, be focused on the reality.
So far I've only done a liquidity swap offer to try it since it seemed (nearly) risk free. Have you done any liquidity swap or is it too low in profit? If I'm not going to be able to check my computer for a day or two, or I'm uncertain of what's going to happen the next few days, I do use the liquidity swap function. It's actually very profitable, relative to traditional investments. And you're right, it is low-risk. I'm a fan. Good job selecting it if you were intimidated--that's a good place to start. As far as actually starting trading, do science. Start with a hypothesis. If you were up at 5 AM today when MtGox published their announcement, a good hypothesis might have been something like: "This announcement is going to be a blow to their credibility, and might panic the markets. We'll probably drop by some amount as a result." Invest based on it, figure out around what price you want to take profits, and at what price you'll cut your losses and get out. Stick to those determinations unless something substantive changes. The time you tell yourself you can afford to not close your position because it will "rebound" back to where you want is also the time you lose your shirt.
Is it true that you like Balloons? No, I <3 them.
Lol to the question about your mom... Ben, from my understanding Bitcoin is anonymous, does this mean that you can avoid taxation when receiving payment? Bitcoin isn't anonymous. That's actually a common misconception. It's actually pseudonymous, like Reddit. You end up with an online identity--a wallet address--that you use with Bitcoin.
If I walk up to you on a street corner and buy Bitcoin with cash, then I'm pretty much anonymous. If I buy it from a large institution like Coinbase or some other company, they will have records of the address my Bitcoin was bought for. As a result, you can trace them down, generally speaking.
As for avoiding taxation, that's a general no.
What do you think Bitcoin's biggest hurdle is and how do you think it can be overcome? Are there any misconceptions about Bitcoin that you think people have? The biggest hurdle for Bitcoin to overcome is governments. Governments have a variety of reasons not to want an alternative currency. We seem to have done pretty well on that front here in the US, but for other countries (China) that is not the case. Past that, the other major hurdle is something I consider an inevitability: consumer adoption. Business adoption has begun in earnest, consumer adoption hasn't. It will when enough businesses take Bitcoin to give it sufficient utility for the average customer.
What trading platform do you use to daytrade Bitcoin? What is the standard margin that Bitcoin brokers offer? what's the typical ask/bid spread? I primarily use Bitfinex.
Very few Bitcoin brokers currently offer leverage, Bitfinex offers 2.5:1. Over time, I anticipate it will become more like current Forex, where 10:1 or greater leverage is common.
It varies by exchange depending on their fees. Huobi charges 0% fees, so their spread is generally tiny. Some exchanges can be as wide as 1.5%. Typically, I see spreads between .5 and .7%.
Do you invest in any other type of cryptocurrency? if so, which is your favorite besides bitcoin? I currently have no other holdings, but I've held DOGE and LTC at points and am considering VTC and NXT. DOGE is probably my favorite, because if the community can keep this up for a little longer it will snowball into amaze.
Can you trade me a Jace? TMS WWK, TMS FTV, Beleren, MA, or AoT?
Beleren. M10, M11, LOR, JVC, JVCJPN, or Book Promo?
M10 and if not possible then M11. Sure.
I've been reading your blog for quite some time and especially like your summaries for recent events. Keep up the good work! Do you use strict stop-loss orders for your trades? When do you decide to close a trade? Especially in situations where you can basically see you profit/loss grow by the minute. When is enough? Do you have a longterm bitcoin investment you don't touch or do you use everything you have for trading? I do use relatively strict stop losses, but they're not stop loss orders. My conditions usually aren't just the price hitting a certain point, but instead it sustaining for a brief period, or hitting it with a certain volume, or with a certain amount of resistance to retreat. I don't want my stop loss to be triggered by some idiot who dumps 300 BTC and temporarily drops the price 15, but only ends up really dropping it 3. I am very strict with myself about this, though, generally speaking--if I can't trust promises I make to myself, what good am I?
Let's say for example you have a sum x dollar and a sum y bitcoin on your trading account. How much % of x or y do you risk at every trade? I've seen a formula for the max. amount of investment and read numerous times that traders shouldn't risk more than one or two percent of their "bankroll". Do you generally have dollar and btc or just one of them at any given time? 100% of funds in every trade, so long as all funds are easily moved into the position. Common exceptions are lack of liquidity and funds being on other exchanges. My reasoning for being all-in all-the-time is that it's a profit-maximizing move. It is also risk-maximizing. My risk tolerance is infinite; most people's isn't. Only ever one. Generally BTC if I'm long, dollar if I'm short. I prefer to double-dip, as otherwise it would be in contradiction to the 100% plan. I use everything I have for trading. Again, profit-maximization, infinite risk tolerance.
I decide a closing price when I'm near either my stop loss or my profit aim. I place a limit order or multiple limit orders wherever I need to. I avoid market orders whenever possible. Enough is when I hit my goals or my loss tolerance. I decide these at the start, but I frequently re-evaluate them as news and market conditions develop.
What is a typical bid/ask spread for Bitcoin? It depends what exchange you're looking at, but generally .5-.7%.
What's the best way to popularize Bitcoin among the masses? Add your own but would love your thoughts on: -microtransactions developing nations -gift economy (tipping) I would suggest just running around shouting "You get to be your own bank" is probably the best way.
In all seriousness, though--we don't need to try. It's going to happen on its own from now on, as the news media slowly starts to pick up the story. People will start appearing on TV talking about it with more and more frequency. Things like the Dogelympic teams are great PR and help boost it up, as well, of course, but in general it's just going to follow the adoption curve of every other technology.
If it picks up in a few developing nations that have stable internet, it will be a massive revolution for them. Self-banking can do a huge amount of good for an economy like theirs. We might see reports on that. If a major newspaper decides to run a permanent paywall like what the Sun-Times tested recently, that could be big as well. The slow PR from tipping on Reddit is another way, to be honest. Every bit helps, but the cryptocurrency community is now large enough that we're going to do a significant amount of organic, word-of-mouth style growth.
Do you think that a magic game could beat harthstone? If they do a good job, absolutely. They have to focus on the right things. It needs to be mobile-available, easy to pick up and play, and fun.
Is there a good crypto currency to get in on now, before it explodes like bitcoin did? There are plenty of options. Check out coinmarketcap.com. Fair warning, there are plenty of horrible things there--treat it kind of like penny stocks. I like BTC, LTC, DOGE, NXT, and VTC.
Also, why is it such a pain in the ass to buy them with actual money? Like you have to have bitcoins to buy other crypto currency. It's such a pain to buy them with USD because no one has made a good system to do it on, like Coinbase. If you think there's a desire, go do it!
Well the way I look at it, is how the hell else would you be able to buy them? Not everyone has piles of bitcoins lying around and I really don't want to spend $600+ on a single bitcoin just to buy some other currencies. Ah, I see the problem! You can buy fractions of a Bitcoin using Coinbase--I think .01BTC (~$6) is their minimum.
The March 2013 appreciation was from American and European investors and November 2013 was mainly from Chinese investors. Which group of people do you think will be the next to buy (I hate using the word invest when talking about bitcoin) bitcoin for investment purposes? American institutional and hobby investors. That is, Wall Street and people who pay attention to Wall Street.
Which do you think will be a better long term (~5 years) investment, Bitcoins, Litecoins, Dogecoins, Fetch Lands, Shock Lands, or Original Dual Lands? Does it change for ~10 years? Either Bitcoin or Fetch lands for 5 years. For 10 years, Bitcoin. I'd be worried about the 10-year view for paper MTG.
Ive been mining Bitcoins for years now, i have a good sum im my wallet but i never plan to use them. Does this make me a bad person? Approximately yes.
Ben, I should've simultaneously copied and pasted all of my questions from the Spreecast over to here but here are a few... It seems like the conspiracy crowd has really latched onto the idea of Bitcoin as being a discreet form of currency. If Bitcoin is backed up by the internet why would people choose having a currency that's being tracked over say cash, gold, different commodities? Having a currency be tracked has negatives and positives, but it's overwhelmingly positive for the average consumer. Because it's tracked, you don't need to pay someone to move your money for you. There also are no chargebacks, which means merchants aren't getting scammed and passing those costs onto consumers. Theft costs everyone money. It's also very fast--transactions confirm in just 10 minutes, regardless of size or where it's going. Transferring dollars from here to China is very difficult--transferring Bitcoin? Just as easy as from anywhere else to anywhere.
My job is a mix of voodoo, intuition, science, and news. In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
No, just gambling. In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Anyway, how have the profits been from start to finish compared to the market? Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
Are you willing to disclose how much you have in your trading portfolio/what kind of profit you turn both % and $ wise? In USD, my percentage return calculated from investment to current valuation is about 300% over a little more than 2 months.
In BTC, my percentage return calculated from investment to current valuation is about 425% over a little more than 2 months.
Using my average per-coin buy-in price, if I had just bought-and-held, I would have lost about 27% of my initial investment value.
What would you say is the easiest method of shorting bitcoin or any other coin? For shorting Bitcoin or Litecoin, check here.
For other coins, there isn't really a good way yet, to the best of my knowledge. A few exchanges have plans to add short-selling, but Bitfinex is really the only one I know of that has.
What did you have for breakfast today. Didn't breakfast, was delicious.
Hey Ben, I know next to nothing about Bitcoin. I went to /bitcoin after seeing this AMA on your FB, and I noticed that everyone is going apeshit over "Gox". I have no idea what that means or why everyone is so sad/angry/suicidal. MtGox (which originally stood for Magic the Gathering Online eXchange) was the first prominent Bitcoin exchange. They've been going through some rather rough times lately, some of which I was an early cataloguer of here. In short, everyone is freaking out because the exchange may be insolvent. It's not really a big deal to Bitcoin as a whole, but it's certainly an obvious blow to credibility. In my view, people are primarily upset because MtGox has been a part of Bitcoin for a very long time, and it can be hard to let go of what we're used to. I expect that they will either fix the issues or will go out of business officially very soon.
Please explain what happened.
Tell me every artist in your iTunes. Daft Punk, detektivbyrån, Kid Cudi, Matisyahu, The White Panda.
Spotify for life, yo.
Follow up question, what % are you in BTC vs Fiat and when you are on the losing side of a trade do you find your self dumping in more to get right or do you pull the cord Unless my positions are on different exchanges or in different coins, they're all always 100% of what I'll put into that trade at entrance and exit. As a result, I end up with a binary choice: stay or reduce/close. I very rarely reduce position size, nearly always preferring to just end the position instead.
Last updated: 2014-02-25 04:57 UTC
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